Tax Planning & Management

Introduction: Definition, Cannons of Taxation Person, Assesse, Income, Previous Year, Assessment Year, Income Tax Important Dates and Forms. Residential Status & Tax Incidence: Individual Income Exempted from Tax.

Heads of Income – Salaries, Income from House Property, Profits & Gains from Business or Profession, Capital Gains, Income from Other sources., Clubbing of incomes, Calculation of Taxable Income, Tax Calculation including Surcharge and Marginal relief, Deduction, Rebate, Relief, Set Off & Carry Forward of Losses – Principles, Meaning, inter-sources & inter-head Set Off.

Tax Avoidance, Planning, & Evasion, Income Tax Authorities- Their appointment- Jurisdiction- Powers and functions- Provisions relating to collection and recovery of tax- Refund of tax, Offences, penalties and Prosecutions, Appeals and Revisions, Advance Tax, TDS, Advance Rulings, Avoidance of Double Taxation Agreements.

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.

Introduction to GST: GST Concepts –Advantages and Limitations of VAT – GST as the preferred Tax Structure. Model of GST. Need for Tax Reforms, GST Principles – Single GST, Dual GST; Transactions covered under GST; Impact of GST. Registration and Filing: – Rates of Tax – Rates in Foreign Countries – In India; Assessment and Administration of GST.