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Fundamentals of Income Tax
Rating: 4.3 out of 5(39 ratings)
128 students

Fundamentals of Income Tax

Master the Basics of income tax law in India
Created byNirmal Dwivedi
Last updated 4/2023
English
English [Auto],

What you'll learn

  • Basic Concepts of the Income Tax Law
  • What are the Different Applicable Tax Rates?
  • How to Determine Residential Status of an Individual?
  • Income Tax Updates in the Budget 2023

Course content

1 section • 6 lectures • 37m total length

  • Introduction to Fundamentals of Income Tax0:45

    Learn the fundamentals of income tax, including the tax law, rates, and how it affects individuals. Understand residential status versus citizenship and 2023 budget updates.

  • What is Income Tax ?5:16

    Differentiate direct and indirect taxes; income tax is a law levied on income under the Income Tax Act 1961, with rules and annual finance acts, from five income sources.

  • What is an Assessment Year ?3:02

    Understand that the assessing officer assesses income from a previous year in the following assessment year, and the financial year runs from 1 April to 31 March.

  • Who is an Assessee ?5:18

    Identify who qualifies as an assessee under the Income Tax Act, including individuals, Hindu undivided families, companies, firms, aops, and local authorities, and outline income sources and tax rates.

  • Residential Status of an Individual11:26

    Explore how residential status in India under section six determines tax liability. Learn 182-day and 60-day tests, 365-day rule in four years, plus exceptions for residents, deemed residents, and non-residents.

  • Income Tax Updates in Budget 202312:06

    Explore budget 2023 tax updates, comparing new regime rates under section 115BC with old regime deductions, and highlight key changes like 87A rebate, standard deduction, and Msme payment rules.

  • MCQ on Basic Concepts of Income Tax

Requirements

  • No Additional knowledge needed but a basic understanding of business terms and general awareness

Description

Tax is considered difficult to understand, but it becomes easy when you know the fundamentals. Here we are with the fundamentals of the Income Tax Law in India.

Income Tax is the tax on a person's income earned in India. Still, the tricky part is understanding what exactly income means, what a person is, and when that income is considered made in India based on the Residential status.

Income Tax Act 1961 is the pioneer law in India, and the course on Fundamentals of Income Tax includes:

Introduction to the Income Tax Law, Meaning & Concept of Taxation, What is an assessee, what is assessment year, what are the different tax rates according to the old and new regime. How to Determine the residential status of an Individual?

Every year government brings some changes to the Income Tax Law in practice.

What are the changes brought to the Income Tax in this year's budget by our Finance Minister Nirmala Seetaraman?

This course will make you understand the different fundamental concepts, which will help you understand any difficult part independently.

The course has 5 lectures on the topics of introduction to income tax, tax rates, assessment & previous years, meaning and definition of a person, Budget 2023 updates, and determination of the residential status. Also, there is an MCQ Assignment at the end. There are Powerpoint presentations attached with every lecture so as to help the learners track their study.

Who this course is for:

  • Individual Tax Planners
  • Professional Tax Consultants
  • Businessmen
  • Students pursuing CA/CS/CMA/ACCA/CFA/MBA/LLB

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