Direct & Indirect Tax

Module 1 - GST- Goods & Services Tax - By Chartered Accountant- (Indirect Tax)

Module 1.1 – Basic of GST Overview of Model GST Law

Principles

Important Definitions. (Section 2)

Why GST is Necessary?

Impact of GST.

Benefits/ Demerits.

Different Rates of GST.

FAQ

Module 1.2 GST Migration and Registration under Model GST Law with GST Rules & Formats

Migration of Existing Dealer.

Registration Structure under GST.

Persons required to be registered.

Process of Registration.

Amendment in Registration.

Cancellation of Registration.

Forms for GST Registration

GST REG-01- Application.

GST REG-02- Acknowledgement.

GST REG-06- Certificate.

REG-01 to REG-30

FAQ

Module 1.3 – Returns Under GST Section (37-48) with GST Rules & Formats – 10 Hrs

Definition & Important Notes to Return.

Types of Returns. (Annual Return, First Return, Regular Return)

Notice to Return Defaulters.

Levy of Late Fee.

Goods and Services Tax Practitioners

Various Return Form

e. GSTR-I, II ,III, 3B

FAQ

Module 1.4 – Refunds – Section 54-58 with GST Rule

Refund of Tax (Section-54)

Refund in Certain Cases (Section-55)

Interest on Delayed Refunds (Section-56)

Consumer Welfare Fund (Section-57)

Utilization of Fund (section-58)

FAQ

Module 1.5 – Input Tax Credit – Section 16-21 with GST Rules

Eligibility & Conditions for taking ITC (Section-16)

Block Credit (Section-17)

Availability of Credit in Special Cases (Section-18)

ITC for Job Work (Section-19)

ITC Distribution by ISD (section-20)

FAQ

Module 1.6 – Electronic Commerce in GST – Section 52

Definitions

Collect of Tax at Source – E Commerce

FAQ

Module 1.7 – Job Work & Composition Levy in GST

Special Provision for Job Worker

Composition Levy Section 10

Quarterly Return for Compounding Taxable Person GSTR-4

FAQ

Module 1.8 – Other Topics – with GST Rules & Formats

Payment of Tax, Interest, Penalty and other charges Section 49

Interest on delayed payment of tax Section 50

Tax Deduction at source Section 51

Tax Invoices Section 31

Time and Value of Supply Section (12-15) Chapter IV

Transitional Provisions Section (139-142) Chapter XX

FAQ

Module 1.9 – Government to Roll out E-way Bill

Identify E-Way Bill Generation Scenarios Under GST

Identify -various movements which take place on daily basis

Sale, purchase – goods sent for repairs, job work, sales return, purchase return, imports and exports

Transactions with unregistered dealers etc.

Fix Responsibility Fore-Way Bills

Agreements with business participants on roles/responsibilities

Updating E-Way Bill in case of change in conveyance

Breakdown of conveyance

Expiry of validity of E-Way Bill

Return of goods from customer premises without acceptance, etc.

Obtain GST Registration Number

Prerequisite for generation of E-Way Bill

ID From Transporters

Transporter ID needs to be available before goods are dispatched

Update Pin Codes

Pin codes are mandatory field in E-Way Bill formats

Generation login id password on E-Way Bill portal

Assess Personnel Requirement For Generation E-Way Bills

Assess Personnel Requirement For Generation E-Way Bills

Manpower which will require to undertake E-Way Bill compliances

Additional manpower particularly for initial few months till system stabilizes

Stay updated with developments in E-Way Bill

FAQ released by the government

regular updates from government

Module 1.10 – MODEL IGST LAW

(Total Chapter IX, Total Section 1-25)

Important Definitions. Section 2

Determination of Nature of Supply (Section 7-9)

Place of Supply of Goods and/or Services (Section 10-14)

Zero Rated Supply (Section 16)

FAQ

Module 1.11 – Annual Return – GSTR-9

What is Annual Return its Objective and Compliance

Diffrence Between GSTR-9, GSTR-9A, GSTR-9B and GSTR-9C

Who is required to file GSTR-9

Challenges in filing GSTR-9

How to meet those Challenges

Understanding of 6 Parts and 19 Tables of GSTR-9

Consequences of not filing GSTR-9

Preparation of GSTR-9 filing

Processing of GSTR-9 at Department and Post filing Scenario.

Module 2 - Income Tax & TDS - By Chartered Accountant (Direct Tax)

Module 2.1 Basic Concepts

Person V/S Assessee

Advance Tax

Advance Tax

Interest under section 234A/B/C

Gross Total Income and Its Components

Salary

Basic Salary

Allowances (Exempted and Non Exempted)

Perquisites –(Valuation)

House Property

GAV

M.Taxes

NAV

Deduction u/s 24 (Statutory and Interest)

Profit and Gains From Business Profession

Expenses Allowed and Expenses Disallowed

Depreciation and Additional depreciation

TDS Compliances and computation of business income

Expenses allowed on actual basis

Cash Payment in excess of Rs.10,000.

Payment to related person

Deemed income

Presumptive income

Set off and carry forward of Business Loss

Carry Forward of unabsorbed depreciation

Maintenance of Books of accounts

Audit of Books of accounts

Introduction to ICDS

Capital Gain

Charging Section

Intro To Capital Assets, Holding Period and Transfer

Full Value Consideration

Cost of Acquisition

Sec 50C Stamp Value to be adopted as FVC

Capital Gain on Transfer of Shares and Debentures

Rates of Taxes on Capital Gain

Exemption under section 54

Set off and Carry Forward of capital loss

Other Sources

Income liable under other Sources

Deduction Available

Module 2.2 Deductions Under Chapter Via

Deduction on The Basis Of Payment

LIC,F.D, PPF, ELS,Tution Fee, House Loan ,NPS, etc (Sec 80C/80CCC/80CCD/80CCE)

Medical Insurance (Sec 80 D)

Deduction for handicapped dependent (80DD)

Deduction for Education Loan Interest (80 E)

Deduction for House Loan Interest (80 EE)

Deduction for Donation (80G)

Deduction for handicapped assessee (Sec 80U)

Deduction on the basis of Income (Home Assignment)

Other Deductions

Module 2.3 Income Tax Return Preparation

3 ways to prepare Return and filing of Return

Filing of return through ITR Utility

Filing of Return through Software (Taxman) utility

Filing of Return through Tax Cloud Computing System

General Information Required in all type of ITR

Assessee Type Selection

Residential Status

Section under which return is to be filed

ITR-1

Low Value Assesse but doesn’t have Business Income

Documents Required for ITR-1 (Form 16/26AS/Bank Statement/Investment Detail)

Discussion on Different fields of ITR-1 and Assignment.

Module 2.4 Income Tax Return Preparation ITR-2

High value asessessee but no business income

26 AS Reconciliation

Capital Gain Computation and supporting Documents

Demat Account Detail (If Applicable)

Bank Statement Detail

Income from Other Sources other than Interest

Address of properties bearing income

Schedule of Set off and carry forward of losses

EMI schedule from bank of Housing Loan

Module 2.5 Income Tax Return Preparation ITR-3

Assesee having business income

26 AS Reconciliation

Capital Gain Computation and supporting Documents

Demat Account Detail (If Applicable)

Bank Statement Detail

Income from Other Sources other than Interest

Address of properties bearing income

Schedule of Set off and carry forward of losses

EMI schedule from bank of Housing Loan

Profit and Loss Account and Balance Sheet with Schedule

Audit Report

Module 2.6 Income Tax Return Preparation

ITR-4 (Applicable for Assessee who opted for Presumptive income)

ITR-5 (Applicable for Assessee other than Individual, HUF, Company and person filing return in ITR 7)

ITR-7 (Applicable for Specified Assessee availing Exemption under section 11/12)

Module 2.7 Income Tax Return Preparation ITR-6 (Applicable for Companies)

Introduction to Company

MAT an Introduction

Special Provision Applicable for Companies

Depreciation Schedule

26 AS Reconciliation

Audited Profit and Loss account and Balance Sheet

Audit Report

Applicability of ICDS and its impact

Dividend Distribution Tax

Module 2.8 Tax Deducted At Sources

Introduction to TDS

Related and other linked provision

Lower TDS

TDS on Salary (Sec 192)

TDS on Interest (Sec 194A)

TDS on Commission (Sec 194H)

TDS on Professional Services (Sec 194J)

TDS on Rent (Sec 194I)

TDS on Contract (194C)

Section 195 to be read with Section 9 for Non Resident

Other provisions of TDS

Module 2.9 Tax Deducted At Sources

TDS Payment

TDS Return on Taxman Software

TDS return Practice on Cloud computing System

TDS return through Return Prepare Utility (PPT)

Consequences for Non Deposit of TDS

Consequences for Non Filing of TDS Return

TDS demand and resolution

Module 2.10 Tax Deducted At Sources

TRACE online Introduction

Downloading the Conso. File from TRACES

Filing Correction Statement (Challan Mismatch and PAN Mismatch)

Downloading Form 16/16A

Registering DSC on TRACE

Revised Return

Application For TAN