Taxation Fast Track Quick Revision Income TaxI. Introduction to Taxation- Definition and concept of taxation
- Objectives of taxation
- Types of taxes
- Principles of taxation
II. Income Tax Basics- Overview of income tax
- Scope and chargeability of income tax
- Residential status and its impact on tax liability
- Assessment year and previous year
- Components of income: salary, house property, business or profession, capital gains, and other sources
- Exempt income and deductions under the Income Tax Act
III. Filing of Income Tax Returns- Basics of income tax return (ITR)
- Types of ITR forms and their applicability
- Documents required for filing ITR
- Computation of total income and tax liability
- Filing of ITR online and offline
- Due dates for filing ITR and consequences of non-compliance
IV. Tax Deductions and Exemptions- Deductions under section 80C, 80D, 80G, and other relevant sections
- Exemptions for specific incomes: agricultural income, dividends, etc.
- Tax planning strategies to minimize tax liability
V. Taxation of Individuals and HUFs- Residential status and tax implications for individuals and HUFs
- Basic exemption limit and tax slabs for individuals and HUFs
- Calculation of tax liability for individuals and HUFs
- Surcharge, education cess, and other additional taxes
VI. Taxation of Partnerships and LLPs- Taxation of partnership firms and limited liability partnerships (LLPs)
- Computation of taxable income for partnerships and LLPs
- Distribution of profit and tax implications
- Filing of income tax returns for partnerships and LLPs
VII. Taxation of Companies- Definition and classification of companies for tax purposes
- Computation of taxable income for companies
- Tax rates for domestic and foreign companies
- Minimum alternate tax (MAT) and alternate minimum tax (AMT)
- Dividend distribution tax (DDT) and other corporate taxes
VIII. Goods and Services Tax (GST)- Overview of GST and its implementation in India
- GST registration and compliance requirements
- Input tax credit and tax invoice under GST
- GST rates and exemptions
- GST return filing and payment procedures
IX. International Taxation- Double taxation avoidance agreements (DTAA)
- Transfer pricing and its implications
- Taxation of foreign income and assets
- Reporting requirements for foreign assets and income
X. Taxation for Non-Residents- Tax implications for non-resident individuals and foreign companies
- Tax rates and exemptions for non-residents
- Taxation of income from India and income sourced outside India
- Tax planning strategies for non-residents
Conclusion- Recap of key concepts and topics covered in the syllabus
- Importance of understanding taxation for individuals and businesses
- Continual learning and staying updated with changes in tax laws and regulations
This course is helpful for the following exams: Taxation