INCOME TAXES COURSES

INCOME TAX COURSE:  

  Income tax is a tax payable, at the rate enacted by the Union Budget (Finance Act) for every Assessment Year, on the Total Income earned in the Previous Year by every Person. The changeability is based on nature of income, i.e., whether it is revenue or capital. The principles of taxation of income are-: Income Tax Rates/Slabs Rate (%) Up to 1,60,000 = NIL Up to 1,90,000 (for women)= NIL Up to 2,40,000 (for resident individual of 65 years or above)= NIL for men 1,60,001 – 5,00,000 = 10% 5,00,001 – 8,00,000 = 20% 8,00,001 upwards = 30%.

 

 Education cess is applicable @ 3 per cent on income tax, surcharge = NA

Residential Status The three residential status, viz., (i) ResiOrdinarily Residents (Residents) (ii) Resident but not Ordinarily Residents and (iii) Non Residents. There are several steps involved in determining the residential status of a person [1] All residents are taxable for all their income, including income outside India.[2] Non residents are taxable only for the income received in India or Income accrued in India. Not Ordinarily residents are taxable in relation to income received in India or income accrued in India and income from business or profession controlled from India. [edit]Heads of Income The total income of a person is divided into five heads, viz., taxable[3]: 1. Salaries 2. Income from House Property 3. Profits and Gains of Business or Profession 4. Capital Gains 5. Income from Other sourcesBusiness Level I Tax course

Business Types
Business Accounting Methods
Financial Statements
Business Income
ITR 4 & ITR 4S
Schedule s
Inventory
Depreciation
Deduction
Sale of Business Property
Self Employed Business VAT Taxes and return filing
Self Employed Business Excise Taxes and return filing
Self Employed Business issues
Business credits
Tax issues
Amended or Corrected Business Returns

INSTITUTE OF COMPANY ACCOUNTANTS:
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