BASICS OF INCOME TAX AND TAXATION

This course offers a comprehensive introduction to the principles and practices of income tax law, designed to equip learners with the essential knowledge for personal and corporate tax management. The curriculum is structured around the foundational concepts of the governing tax acts, providing a robust legal and practical framework.

Students will gain a thorough understanding of the five heads of income: Salary, House Property, Profits and Gains from Business or Profession (PGBP), Capital Gains, and Income from Other Sources.1 The course emphasizes practical application, guiding learners through the process of computing gross total income, claiming eligible deductions, and accurately calculating final tax liability for individuals and other entities.

Key procedural aspects such as Tax Deducted at Source (TDS), Tax Collected at Source (TCS), advance tax payments, and the e-filing of returns are covered in detail. Upon completion, students will be proficient in preparing tax computations, identifying tax planning opportunities, and ensuring statutory compliance. This course is indispensable for students of commerce and finance, accounting professionals, and anyone aspiring to a career in taxation or seeking to manage their financial affairs more effectively.

At the end of the course, the student will able to;

• Acquire the complete knowledge of the tax evasion, tax avoidance and tax planning.

• Understand the provisions and compute income tax for various sources.

• Grasp amendments made from time to time in Finance Act.

• Compute total income and define tax complicacies and structure.

• Prepare and File IT returns of individual at his own.

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