This course on "Practical Approach to Income Tax " contain a complete & detailed analysis with practical examples. All the relevant amendments up to Finance Act 2021 are covered in this course. The student will also get the detailed Study Notes, Charts & Excel computation sheet for easy understanding.

This Course includes the below topics in detail-

I. Introduction to Income Tax

• Basic Introduction to Income Tax Act
• What is Assessment Year?
• Who is Assessee?
• Heads of Income under Income Tax Act,1961
• Difference between Exemptions & Deductions
• Slab Rates (as amended by FA 2020)
• Sec 115 BAC for new slab rates for individuals
• Rebate under section 87A
• Surcharge & Education Cess
• Sec 139 – Return of Income
• How to Register on filing portal
• Reset password of e filing portal

II. Income Tax Return-1 (SAHAJ)

• Who Can File ITR 1
• Documents Required for ITR 1
• How to view 26AS
• Reconcile Form 26AS with Form 16
• ITR 1 Filing – General Information Tab
• ITR 1 Filing – Computation of Income
• ITR 1 Filing- E Pay Tax Online
• Verification of ITR 1

III. Income Tax Return-2

• Eligibility to File ITR ITR 2
• Excel Utility Overview for filing Income Tax Return ITR 2
• Java Utility Overview for filing Income Tax Return ITR  2
• Understand Schedules of Income Tax Return ITR 2
• How to prefill data in Income Tax Return ITR 2
• Live ITR filing & XML generating

IV Income Tax Return -3

• Eligibility for Income Tax Return 3
• Understand Schedule of Income Tax Return 3
• Filing of Income Tax Return 3

V Income Tax Return 4 (SUGAM)

• Understand the concept of presumptive taxation as per Sec 44AD
• Understand who is eligible to file Income Tax Return 4   
• Learn to file ITR 4 with a Live Demo of online filing

VI Income Tax Return 5

• Filing of ITR 5 with Live Demo

VI Restriction on Cash Transactions by Income Tax Department

• Understand Disallowance of Cash Expenditure under Section 40A
• Understand sec 194N, TDS on cash withdrawal from Bank
• Learn about the SFT Significant Financial Transactions/High-Value Transactions
• Understand the section 285BA along with Rule 114E for High-Value Transactions 

VII Tax Deducted at Source

• TDS Basics
• TDS on Salary Computation
• TDS Return other than Salary - Form 26Q
• TDS Return for Salary - Form 24Q
• Sec 194Q TDS on Purchase of Goods

VIII Account Finalization

• Balance Sheet and PnL preparation (with adjustment)

What Student will learn from this course?

• Learn the Practical Aspects of Income Tax
• Learn to Compute Total Income & Total Tax in Excel
• Understand the Tax Rates (Slab Rates)
• Learn to File Income Tax Return 1 (SAHAJ)
• Learn to File Income Tax Return 2
• Learn to File Income Tax Return 3
• Learn to File Income Tax Return 4 (SUGAM)
• Learn to File Income Tax Return 5
• Understand the relevant Amendment by Finance Act 2021
• Learn the Tax Planning of Income Tax
• Updated by Budget 2021

Course Requirement & prerequisites?

• Learner must be able to understand Hindi

Who can Join this Course/ Target Students?

• Tax Consultants wants to increase their scope of practice in Direct Taxation
• Accountant want to Learn ITR Filing
• Commerce Graduate curious to learn income tax practically
• Commerce Students want to learn practical aspect income tax
• Law students curious to learn Income Tax Practically
• Students of CA/CS/CMA want to understand the practical approach of Income Tax
• Practicing CA/CS/CMA want to expend their professional skills in Direct Taxation
• Advocates want to expand their practice in Direct Taxation

About the instructor

Vivek Awasthi is partner in Fintaxpro Advisory LLP handle direct and indirect taxation. Here is a brief intro from his desk

“Professionally I am an Income Tax & GST consultant having experience of more than 5 years in field of taxation, handling GST & Income Tax compliance along with giving online practical sessions and webinar to students and professionals. By our courses student continue to learn & expanded their perspective & sharpened their skills in Indirect Taxation.”