Course Description
This course provides a comprehensive understanding of the taxation principles related to capital gains, income from other sources, clubbing, aggregation of income, set-off, and carry forward of losses, computation of total income, and tax payable for individuals and companies. The focus is on practical applications, computation methodologies, and the legal framework governing taxation.
Syllabus
Module 1: Capital Gains
Unit 1: Basis of charge – Meaning of capital gains – definition of Capital Asset – items included under capital gains – types of capital gains: short term and long-term capital gains – computation of short term and long-term capital gains - exemption from capital gains/loss – calculation of original shares and bonus shares – computation of capital gains.
Module 2 -Income from Other Sources
Unit 1: Income from other sources – meaning and basis of charge – various types of incomes falling under this head – deductions allowed – expenses not deductible – computation of income under the head income from other sources.
Module 3 -Clubbing & Aggregation of Income, set off and carry forward of losses
Unit 1 – Income of other persons included in assessee’s total income - Aggregation of income – concept of set-off and carry forward of losses – Inter source adjustment – inter head adjustment –carry forward and set-off of loss from House property - and set off of business losses -loss in speculation business - and set off of losses of specified business – loss under the head capital gains – loss from the activity of owning and maintenance of race horses -order of set off of losses – submission of return of losses.
Module 4 –Computation of total income and tax payable and Filing of Returns
Unit 1: Deductions from Gross total income – Chapter VI A Deductions applicable to individuals (Sec 80 C – 80U) - Computation of Total Income- and Tax Liability - Rebates and reliefs- Computation of total income of individuals and tax liability.
Unit 2: Return of Income- Types of Return- Return Forms- Submission of return- Due date of filing return- Types of Assessment- E-filing of Return (Practical Lab) and verification of return- Provision & Procedures of Compulsory On-Line filing of returns for specified assesses
Module 5: Assessment of Companies
Unit 1: Types of companies as per the sections of Income Tax - Residential Status of a Company - Carry forward and set off of losses in Case of certain Companies - Deductions applicable to companies Corporate Taxes - Tax Liability and Minimum Alternate Tax - Tax on Distributed Profits of Company- Mutual Fund
- Teacher: Soumya Varma