Taxation

Income Tax — heads of income, deductions, TDS, advance tax and returns. GST — supply, ITC, place/time/valuation, registration, and returns.

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Your Success Path

Basic Concepts of Income Tax

Previous Year and Assessment Year · Residential status of individuals · Scope of total income and tax slabs

Income from Salaries

HRA exemption formula · Allowances and perquisites · Retirement benefits — gratuity, leave encashment

Income from House Property

Annual Value computation · Standard deduction and interest on loan · Loss from house property — set-off rules

Profits and Gains from Business or Profession

Depreciation — block of assets · Disallowances s.40A(3) and s.43B · Presumptive taxation s.44AD and s.44ADA

Capital Gains and Income from Other Sources

STCA vs LTCA holding periods · Indexation and LTCG rates · Exemptions s.54, 54F, 54EC; gifts u/s 56

Deductions from GTI and Tax Computation

s.80C to s.80U deductions · New vs old regime deductions · Surcharge, cess, and rebate u/s 87A

TDS, Advance Tax and Return Filing

TDS rates — salary, interest, professional fees · Advance tax instalments · Return of income due dates and belated return

GST — Concept, Levy and Supply

CGST, SGST, IGST architecture · Supply — taxable, exempt, zero-rated · Composite and mixed supply; GST rates

GST — Place of Supply, Time of Supply and Valuation

Place of supply — goods and services rules · Time of supply — goods, services, RCM · Valuation — transaction value inclusions and exclusions

GST — Input Tax Credit, Registration and Returns

ITC eligibility, blocked credits (s.17(5)) · GST registration thresholds and Composition Scheme · GSTR-1, GSTR-3B, GSTR-9 due dates