INCOME TAX COURSE (Detailed) – ITR-1, 2,3,4, Relief u/s 89 (with form 10B), Agriculture income, Form 10IE

• Basic of Income Tax
• Types of Taxes
• Important Definitions
• Previous Year and Assessement Year
• Residental Status
• Gross Total Income vs Total Income
• Income tax Slab Rates for Individual
• Income tax Slab Rates for HUF
• Income tax Slab Rates for Partnership Firm
• Income tax Slab Rates for Limited Liability Partnership (LLP)
• Income tax Slab Rates for Companies
• Income tax Slab Rates for Co-operative Societies
• Income tax Slab Rates for Association of Persons
• Income tax Slab Rates for Trusts
• New Tax Slab Rates vs Old Tax Slab Rates (which one is better)
• Surcharge, Rebate, H. Cess
• Marginal Relief

• Introduction
• Basis of Charge of Income from Salaries
• Salary Allowances
• Retirement Benefits – Gratuity, Pension, Leave Encashment, PF
• Perquisites – ESOP, LTA, Medical Facilities, Fully Exempt Perks etc.
• Computation of Income From Salary
• Deductions under Salary – Standard Deduction, Professional Tax etc.

• Basis of charge of Income from House Property
• Gross Annual Value
• Deductions from Rental Incomes (Section 24)
• Special aspects – Arrear of Rent Received
• Special aspects – Co ownership
• Computation of Income from House Property

• Introduction
• Basis of Charge of Profits and Gains of Business or Profession
• Depreciation
• Allowability/Deduction of Expenditure
• Inadmissible Expenditure
• Presumptive Income

• • Basis of Charge of Capital Gains
  • Meaning & Concepts of Capital Asset
  • Transaction not regarded as Transfer
  • Computation of Capital Gain
  • Short Tern & Long Term Capital Gain
  • Cost of Acquisition
  • Cost of Improvement
  • Indexed Cost of Acquisition / Imporovement
  • Exemptions from Capital Gain (Section 54)

• Basis of Charge of Income from Other Sources
• Dividend, Interest on Securities
• Deductions
• Computation of Income from Other Sources
• Special Provisions (Section 56)

– Situations in which clubbing of Provisions are attached

• Income transfer with transfer Asset
• Revocable transfer of Asset
• Payment to Spouse from Concern in which Individual has substantial interest
• Transfer to Spouse
• Transfer to Son’s Wife
• Transfer for benefit of Spouse / Son’s Wife
• Minor Income
• Income from Conern in which Substantial Interest exists

– Other Aspects of Clubbing of Income

Set off and Carry forward of Losses

– Current Year Loss

• With in same source
• Any Head

– Brought Forward Loss

• Loss from Property
• Business Loss
• Unabsorbed Depreciation
• Capital Loss
• Loss under Other Sources

• 80 C – LIC, School Fee, NSC, PF, Housin Loan cost, FD etc.
• 80 D – Mediclaim (Self, Parents, Prventive Health Checkup etc.
• 80 DD / 80 U – Disability of Assessee / Dependent
• 80 DDB – Medical Treatment
• 80 E – Interest on Education Loan
• 80 EE – Interest on  Loan for Specified House Property
• 80 EEA – Interst on Loan taken for Certain House Property
• 80 EEB – Interest on Loan taken for Purchas of Electric Vechile
• 80 G – Donation to Apporved fund and Charitable Institutions
• 80 GG – Rent paid no HRA
• 80 GGA – Donation to Research Institutions etc.
• 80 GGB, 80GGC – Deduction to Pollitical Parties etc.
• 80 QQB – Royalty on Books
• 80 RRB – Royalty on Patents
• 80 TTA – Interest on Saving Account Deposits
• 80TTB – Interest on Deposits in case of Senior Citizens

• Advance Tax
• Interest for Delay in Return Filing
• Interest for Non payment / Short payment of Advance Tax
• Interest for Deferment of Advance Tax Instalments

Persons exempted form Income tax Return Filing

• ITR 1
• ITR 2
• ITR 3
• ITR 4

– Normal Return

– Belated Return

– Revised Return

– Defective Return

– Verification of Return

• Introduction
• Rates & Provisions

Tax Collection at Source (TCS)

• Introduction
• Rates & Provisions