Benjamin Franklin said there were only two things certain in life: death and taxes. Income tax explained in layman’s language & learning Income Tax made child’s play in this course.
If you are a professional like a doctor , trainer, consultant, employed in any industry or owner of a business or just a house maker with basic education equal to 12th Std, then this course will be useful to unravel the intricacies of the Income Tax law. This course explains in detail about Income, about deductions, about exemptions and how you can save tax using various provisions of the Income tax rules. It is not about the theory of Income tax but the very easy ways of practical applications in real life situations which can help you save a lot of tax. All the basic knowledge and terms that are used by Chartered Accountants are covered here.
It is catered for anyone who is interested to save money on Income Tax by planning financial affairs according to the provisions of the Income Tax law. Income tax is not about your finances alone but about your family and your circumstances also. If you are not saving those taxes then you are definitely losing money. What you need is to get used to those terms in Income Tax and be able to ask a few questions to your CA while filing returns. The CA can help us much better when we are informed about the provisions of Income Tax. Your awareness of the Income Tax provisions will help you manage your Income and taxes more effectively.
You need to prepare a time table to spend 15 – 20 minutes every day to complete at least one module per day.
Understanding what is income, assessment year and assessee
Exemptions Under section 10
Understanding income tax flow chart, sources of income,General deduction
Understanding sources of income in detail
Income from salary, what is included and what is exempt
House property income, understanding concept of SOP And LOP
Business and profession - calculating net profit
Understanding capital gains and capital loss
Income from other sources
Calculating Gross total income
Chapter VI A dedication - sec 80c, 80ccd (1), 80d, 80ccG,80TTA
Deduction under section 80dd, 80ddb,80E, 80U
Deduction under section 80G, 80GG, 80GGB, 80GGC
Calculation of taxable income
Calculating Gross tax, understanding tax slabs
Adjustments section- 234A,234B,234C, Rates of advance tax payment
Understanding miscellaneous provisions - sec 64, sec 269ss, 269T, 269st, 271d & 271E
Lazarus Dias is an MBA in finance and has been in Financial Planning and Investment consultancy for the last 30 years. He has a training company to impart knowledge and skills to Insurance Agents across the country. He conducts a three days workshop on Income Tax in laymans language. He also does Financial Planning for his clients and has clients like Alque Padamsee the Guru of Marketing, Mr Jitesh Pillai the Editor of Filmfare among others for financial planning. Recently he helped save additional Rs 40000/= tax per year just through one section for Mr Alque Padamsee.