Introduction

• Definition of Income Tax • Modern History of Income Tax

• Knowhow of IT

Taxable Heads of Income

• Tax upon salaries & wages • Tax upon pension • Tax upon bonus, fees & commissions • Tax upon Gratuity • Tax upon Annuity • Tax upon profits in lieu of or in addition to salary • Tax upon advance salary and perquisites

• Tax upon Allowances • Tax upon Deferred compensation • Tax upon Income from house property • Tax upon Income from business or professions • Tax upon Income from Capital Gains • Tax upon Income from other sources • Tax upon Clubbing of Income

Types of Assessment

• Self assessment • Regular assessment • Best judgement assessment

• Re-assessment • Precautionary assessment

Tax Benefits - Deductions, Rebates & Donations

• Income Tax Rebates » Section 80C » Section 80C Analysis » Section 89 (1) » Section 10 (33) » Section 88 » Section 88B » Section 88C » Fringe Benefit Tax Rebate (FBT) • Income Tax on Donations » Section 80G » Section 80GG » Section 80GGA » Section 80GGC » Approved Entities Under Section 80G

• Income Tax Deductions » Section 80CCC » Section 80CCD » Section 80D » Section 80DD » Section 80DDB » Section 80E » Section 80U

Filing of Income Tax Return (Sec. 139)

• Filing of Return • Due Dates for Filing Tax Returns • Late Return • Revised Return

• Defective Return • Signing of Return • Penalty • Section 139 (Return of Income) • Download Return Forms

Tax upon Capital Gains

• What is Capital Gain Tax • Computation of Capital Gains • Why does Capital Matter • How do Capital Gains Taxes Affect Workers

• Advantages & Disadvantages of Capital Gains Tax Cut • The Lock-In Effect • Myths & Facts of Capital Gains Tax Cut

Save Tax through Investments Income Tax Rates/ Slab 2008-09

Who, When & How to Pay IT Clubbing Provisions

Tax Planning Appendix

Download Return Forms

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