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Direct Tax Fundamentals & Income Computation
Direct Tax Fundamentals & Income Computation
Module 1: Income Tax Framework & Basic Concepts
Overview of the Income Tax Act, Assessment Years (AY) vs. Financial Years (FY).
Residential status determination and scope of total income.
Understanding Old vs. New Tax Regimes (Section 115BAC).
Quarterly TDS Returns & TRACES Portal
Quarterly TDS Returns & TRACES Portal
Preparation and filing of quarterly TDS returns:
Form 24Q: TDS on Salaries.
Form 26Q: TDS on Non-Salary payments.
Form 27Q: TDS on Non-Residents.
Navigating the TRACES Portal:
Registering deductor profile.
Downloading Form 16 / 16A and Form 26AS.
Filing TDS correction returns and resolving default notices.
Computation Under the 5 Heads of Income
Computation Under the 5 Heads of Income
Income from Salaries: Form 16 components, HRA calculation, standard deduction, allowances, and perquisites.
Income from House Property: Self-occupied vs. let-out property, home loan interest deduction (Section 24b).
Profits & Gains from Business/Profession (PGBP): Presumptive taxation scheme (Sections 44AD, 44ADA, 44AE), allowable and disallowable expenses.
Capital Gains: Short-term vs. Long-term capital gains, cost inflation index (CII), shares/property taxability, and exemptions (Sections 54, 54F).
Income from Other Sources: Interest income, dividends, gifts taxability, and family pension deductions.
Tax Audit & Basic Notice Handling
Tax Audit & Basic Notice Handling
Understanding Tax Audit threshold limits under Section 44AB.
Key clauses of Form 3CA/3CB and Form 3CD.
Responding to basic portal communications, defective return notices (Sec 139(9)), and Section 143(1) intimation processing.
Chapter VI-A Deductions, Tax Planning & ITR Filings
Chapter VI-A Deductions, Tax Planning & ITR Filings
Module 3: Deductions & Advance Tax Computation
Tax-saving instruments under Chapter VI-A (80C, 80D, 80CCD, 80G, 80TTA/TTB).
Advance tax applicability, due dates, and interest calculation under Sections 234A, 234B, and 234C.
Module 4: Practical Filing of Income Tax Returns (ITR 1 to ITR 4)
Navigating the Income Tax e-Filing Portal.
Understanding AIS (Annual Information Statement) and TIS (Taxpayer Information Summary) reconciliation.
Practical preparation & filing of:
ITR-1 (SAHAJ): Salaried individuals and single house property.
ITR-2: Individuals with Capital Gains, multiple properties, or foreign assets.
ITR-3: Individuals with business/professional income (Non-presumptive).
ITR-4 (SUGAM): Small businesses and professionals under presumptive tax schemes.
Filing Revised Returns (139(5)), Belated Returns (139(4)), and Updated Returns (ITR-U under 139(8A)).
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