Introduction to Taxation Management

Types of Taxes, concept, objectives and factors to be considered for Tax Planning. Tax Planning, Tax Evasion and Tax Avoidance. Tax Planning of Specific Categories of Income, Income from House Property and Income from business are also discussed.

Structure, Taxable and Exempt Incomes, Set-offs

Broad Schema of Income Tax Law, Finance Acts.  Rates of Taxes Applicable to Different Types of Taxpayers are also dealt.

Income Tax

Deductions, Computation, Payment and Accounting- deductions from Gross Total Income, Rebates and Reliefs and Computation of Taxable Income and Tax Payable, Filing of Income Tax Returns – Provisions, Forms and Due Dates, Notices and Assessments.

Taxation of Salaried Income

Definition of salary, Fringe benefits and perquisites, Profit in lieu of salary and tax planning avenues for salary income are dealt.

Taxation of Capital Gains

Meaning of Capital Gains and Capital Losses, types of Assets, meaning of ‘Asset Transfer’, Provisions relating to Capital Gains Tax and exemptions from Capital Gains Tax.

Tax Planning for Firms, HUFs and AOPs

Partnership firm under Income Tax Law, tax deductions available to firms, Provisions relating to interest and remuneration paid to partner, Computation of partnership firms’ book profit, Set-off and carry-forward of losses of Firms and taxation of HUFs and Associations of Persons (AOPs).

Corporate Taxation

Computation of taxable income, Carry-forward and set-off of losses for companies, Minimum Alternative Tax (MAT), Set-off and Carry-forward of Amalgamation Losses, Tax Planning for Amalgamation, Merger and Demerger of Companies, Tax Provisions for Venture Capital Funds

Tax Audit and Accounting for Income Tax

Tax Audit, Qualities and Qualifications Required in Tax Auditors, Forms, Reports and Returns and Tax Reporting and Disclosure in Financial Statements

Wealth Tax and Other Direct Taxes

Wealth Tax Act and Rules, definition of Wealth and Its Components Wealth escaping Assessment, Assets Exempt from Wealth Tax, Gift Tax Act and Rules and Estate Duty Act, Banking Transactions Act and Securities Transaction Act

Direct Taxes Code

Income Tax Charge, Income Tax on Distribution, Wealth Tax Prevention of Abuse of the Code and Tax Management.

Indirect Taxes

Central Excise, Customs Duty, Sales Tax and Value Added Tax (VAT), Service Tax, Entry Tax and Octopi and Purchase Tax

Service Tax Service Tax Law in India, the concept of ‘Negative List’, Categorization of Taxable and Tax-free Services, Exemptions and Rebates from Service Tax, Provisions for Rectification of Mistakes and schemes of Assessment

Service Tax Service Tax Law in India, the concept of ‘Negative List’, Categorization of Taxable and Tax-free Services, Exemptions and Rebates from Service Tax, Provisions for Rectification of Mistakes and schemes of Assessment

Tax Planning with Reference to Nature of Business

Relevance of Tax Provisions in Deciding the Nature of Business, Tax Provisions for Certain Types of Businesses, Businesses given Special Tax Treatment, Tax Provisions for Offshore Banking Units and Special Tax Zones.

Tax Aspects of Operating and Financial Decisions

Tax implications of financing decisions, tax considerations of Dividend Policy.