Indian Income Tax on Salary Income of Individual & HUF

Name: Indian Income Tax on Salary Income of Individual & HUF
Rating: 4.7 (16 reviews)

Understanding of Salary Taxation and Planning for Investments, Effective Tax Planning and Save Income Tax

Created byGorav Goyal

Last updated 8/2024

English

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What you'll learn

Residential Status as per Income Tax Act 1961
Basis of Salary Taxability
House Rent Allowance (HRA) Exemption
Leave Encashment Exemption
Gratuity and PPF Provisions
Process of Form 10E for Relief Under Section 89
Definition of Salary and Its Components
Various Exemptions and deductions available to Salary Taxpayers Such as 80C, 80D i.e. Chapter VI A deductions
Old v/s New Tax Regime u/s 115 BAC

Course content

11 sections • 33 lectures • 2h 46m total length

Introduction2:38

Definition of Salary6:17
Defines salary under section 17(1) and its components—basic pay, allowances, bonuses, commissions, perquisites, and profits in lieu of salary—within the Income Tax Act 1961 and Finance Act framework.
Place of Accrual of Salary3:26
House Rent Deduction (HRA)12:39
Learn to claim house rent allowance (HRA) deductions under section 1013 A from salary, including metro vs non-metro, rent receipts, landlord pen number requirements, and rented vs owned home scenarios.
TDS on Rent More than 50,000 per month (Landlord Resident or NRI)9:40
Leave Encashment Exemption Under Section 10(10AA)3:56
Understand leave encashment exemptions under section 10(10AA): taxable during service, and retirement exemptions for government and legal heirs, with partial exemption for non-government employees, based on four criteria.
Form 10E for Relief u/s 89(1)6:32
Taxation Rules for Gratuity U/S 10(10)6:13
PPF Maturity Principal and Interest Exempt U/S 10 (11)2:15
Explain how PPF maturity, principal and interest are exempt under section 10(11), with government-backed returns and court-order protections.

Deduction Under Section 80C, 80CCC, 80CCD(1), 80CCE, 80CCD(1B)6:33
Explore deductions under 80C, 80CCC, 80CCD(1), 80CCE, and 80CCD(1B) for salary tax planning, including a 1.5 lakh limit plus 50k extra for NPS, with eligible investments like PPF and ELSS.
NPS- 80 CCD9:24
80 TTA and 80 TTB2:27
80GG2:59
learn about section 80 gg deduction for rent paid by individuals who do not receive hra, including salaried and self-employed, with a cap of rs 60,000 per year.
80D2:48
80DDB3:20
80DD & 80U1:57
80E, 80EE, 80EEA, 80EEB3:49
80G3:19
80GGB, 80GGC, 80RRB, 80QQB2:22
Explains sections 80GGB and 80GGC deductions for political donations by companies and individuals with non-cash payments, and outlines 80RRB and 80QQB royalties deductions for patent income.

Requirements

No Specific Knowledge or Material is required as the same will be provided in this course
Passion for learning and understanding to correctly plan the tax for salary income and save the tax by appropriately investing as per requirements of Income Tax Act

Description

Income Tax of Salaried Individuals & HUF has become very important in current dynamic environment of Changing laws almost everyday and one can effectively manage the same to save tax along with building a large corpus by saving tax and consistently earmarking the funds for tax saving investments as per Income Tax Act, 1961.

In this course, provision of Income Tax along with relevant section and to make understand how those sections should be interpreted and implemented for calculation of tax on salaried individual.

We will discuss about Five Heads of Income , how to calculate tax , exemptions, deductions and other relevant matters.

This course will be consistently updated for updates in salary taxation and can be attended by Salaried Individual and Corporate Employees also who are into the field of taxation.

After attending this course, person will be able to understand and take informed decisions of Tax , ITR and how TDS is calculated and deducted by Corporates.

We will also touch upon the TDS provisions relating to Salary in Corporates which will help to understand and be comfortable for TDS as a part of life and take forward the same in positive manner and use the same as opportunity to build a corpus by using tax saving investments and parallelly be part of Nation Building.

Who this course is for:

This course is for Corporates, Firms, Individuals, HUF, Salary Individuals and Corporate employees who is responsible for Tax Deduction
Start Up companies who wants to make tax compliant salary structure for win-win situation for both Employers and Employee
Develop the maturity and understanding why tax is deducted by the employers and why Government need the tax on monthly basis

Indian Income Tax on Salary Income of Individual & HUF

What you'll learn

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Course content

Introduction1 lecture • 3min

Why Tax by Government & Applicable Laws2 lectures • 11min

Basis of Salary Income Taxability1 lecture • 5min

Residential Status and It's Importance4 lectures • 14min

Tax Deducted at Source (TDS) and whose Responsibility3 lectures • 12min

Income Tax on Salary8 lectures • 51min

Deduction Under Chapter VIA10 lectures • 39min

New Tax Regime on Section 115BAC1 lecture • 12min

Tax Slabs1 lecture • 12min

ITR Forms1 lecture • 7min

Requirements

Description

Who this course is for: