Module - 9 Income Tax and GST Return
1. **Introduction to Taxation**
– Meaning
– Types of Taxes – Direct and Indirect
– Direct Taxes: Income Tax, Corporate Tax, Property Tax
– Indirect Tax: GST
2. **Introduction to Income Tax**
– Definition and objectives of income taxation
– Historical development of income tax laws
– Overview of the income tax system in the country
– Definition of various terms used in Taxation: Assessee, Assessment Year, Previous Year/Financial Year
3. **Concepts of Income**
– Different types of income (e.g., salary, wages, interest, dividends, capital gains)
– Distinction between revenue and capital receipts
– Exempted incomes and tax-free allowances
4. **Residential Status and Scope of Total Income**
– Determination of residential status for tax purposes
– Scope of total income under the Income Tax Act
– Taxability of income earned by residents and non-residents
5. **Income from Salary**
– Computation of taxable income from salary
– Allowances and perquisites taxable under the Income Tax Act
– Deductions and exemptions available to salaried individuals
6. **Income from House Property**
– Taxation of rental income from house property
– Deductions available for interest on housing loan and property taxes paid
7. **Income from Business or Profession**
– Taxation of business income for individuals and entities
– Computation of business income under different methods (e.g., cash basis, accrual basis)
– Allowable deductions and expenses related to business or profession
8. **Income from Capital Gains**
– Taxation of capital gains from the sale of assets (e.g., stocks, real estate, securities)
– Classification of capital assets and computation of capital gains
– Exemptions and rollover provisions available for capital gains
9. **Income from Other Sources**
– Taxation of income from other sources not covered under the previous heads (e.g., interest income, dividend income, lottery winnings)
– Deductions and exemptions available for income from other sources
10. **Tax Deductions and Exemptions**
– Overview of deductions available under various sections of the Income Tax Act (e.g., Section 80C, Section 80D, Section 80G, TDS, Standard Deductions)
– Exemptions available for certain incomes (e.g., agricultural income, income of charitable institutions)
1. **E-Filing of Income Tax Return (ITR)**
– Meaning of ITR
– Types of ITR Forms
– Requirement for filing of ITR online (Income, PAN, Bank account details)
– Meaning of e-filing
– Types of e-filing
– Introduction to Income Tax Portal
– E-filing process
– Due date of filing of income tax return
2. **Tax Deducted at Source (TDS)**
– What Is TDS
– Who are Deductor & Deductee
– TAN (Tax Deduction and Collection Account Number)
– TDS deducted under different sections
– Due dates for TDS Payments & Return filing
– Issuance of TDS Certificate (Form 16, 16A, 16B)
– Return filing
– Penalty
– E-Filing of TDS Returns
– List of forms used in return (Form 24Q, 26Q, 26QB, 27Q)
1. **What is GST Return**
2. **Overview of the GST System**
3. **Objectives and Benefits of GST Implementation**
4. **Structure of GST in the Country**
– CGST (Central Goods and Services Tax)
– SGST (State Goods and Services Tax)
– IGST (Integrated Goods and Services Tax)
5. **Taxable Events under GST**
6. **Procedure for GST Registration**
7. **Concept of Input Tax Credit under GST**
8. **Types of GST Returns**
– GSTR-1
– GSTR-3B
– GSTR-9
9. **Frequency and Due Dates for Filing GST Returns**
10. **Formats of Various GST Return Forms**
11. **Online Filing Process for GST Returns**
12. **Penalties and Interest for Late Filing or Incorrect Filing of GST Returns**
13. **Emerging Issues and Challenges in GST Compliance**