Overview:

The goal of financial accounting is to reflect the economic activities of the firm in its financial statements. This course introduces students to the accounting for income taxes with a particular focus on analyzing differences between accounting and tax treatments, computing tax provisions, and disclosing tax information in corporate financial statements. 

The students would be getting an exposure to the both internal and external uses of tax accounting disclosures.In doing so, the course builds a solid grounding in the preparation of accounting information, but also helps students gain an appreciation for the role of financial accounting in tax planning and compliance decisions.

Prerequisites:

• Candidates should have their own laptop and internet connection.
• They should have their account on Skype.

Course Content:

• INDIRECT TAXES
• Central Excise Duty

1. Appliacbility of Central Excise Duty
2. Calculation of Assessable Value
3. Calculation of Excise Duty
4. Concept of Cenvat Credit Account
5. Mode of Payment of Duty -- GAR 7 Challan or Cenvat Credit Account
6. CAS 4 Certification & Cost of Production with Live Example (Captive Consumption)
7. Job Work under Notification no. 214/86 & Sec.57(F)(4)
8. Excise Duty Liability in case of Export
9. SSI Unit exemptions
10. EOU/STP/EHTP/SEZ exemptions for Excise Duty
11. ARE 1, Excise Invoice, etc. forms
12. Procedure of Payment of Duty
13. Practical Training at Practicing Cost Accountant

Central Sales Tax

1. Applicability of Central Sales Tax
2. Calculation of CST
3. Filling of CST
4. Scope of Practice in CST

Custom Duty

1. Basic Concepts as per Indian Customs Act
2. Calculation of Customs Duty
3. Concept of CHA & his rights & Scope
4. Payment of Customs Duty
5. Scope of Practice in Customs Duty Payments

Service Tax

1. Basic Concepts as per Service Tax Act
2. Applicablity & Scope of Service Tax
3. Calculation of Service Tax
4. Filling of Service Tax & Returns
5. Payment of Service Tax
6. Scope of Practice in Service Tax

DIRECT TAXES

Income Tax

1. Basic Concepts in Income Tax

• Previous Year
• Assessment Year
• Assesses Types
• Residential Status of an assesses

1. Income from 5 heads

• Salary
• House Property
• Business / Profession
• Capital Gain
• Other Sources

1. Deductions under Chapter VI

• Agricultural Income & Exempted Incomes u/s 10
• Tax Calculations for different Assesses
• Interest u/s 234A, 234B & 234C
• Form 16, 16A & other forms
• Concept of TRP in Income Tax
• Role of Tax Consultants in Practical
• Online Returns Filing
• Online Income Tax Filling
• Training at Practicing CA

Wealth Tax

1. Basic Concepts in Wealth Tax
2. Assesses in Wealth Tax
3. Calculation of Wealth Tax
4. Other Important Concepts related to Wealth Tax

MISC TAXES

Profession Tax

1. Basic Concepts
2. Applicability of Profession Tax
3. Slab Rates of PT
4. Payment Procedure of PT