MAVAC010 GST & Income Tax

BOARD OF STUDIES (BoS)

Chairman- Sri. Jose Joseph (Head of Department of Commerce)

Members- Ms. Shibi Thomas (Asst. prof. Department of Commerce)

Ms. Mintu Babu (Asst. prof. Department of Commerce)

Mr. Georgekutty Sebastian (Asst. prof. Department of Commerce)

INTRODUCTION

The Value-Added Courses aims to provide additional learner centric graded skill oriented technical training, with the primary objective of improving the employability skills of students

AIM OF THE PROGRAMME

Understanding various aspects of the subject and acquiring methodological knowledge of them. Application of this knowledge in a suitable manner in required fields.

ELIGIBILITY FOR ADMISSIONS

All UG and PG students from various departments of the college. The number of intakes to the course is limited. The course can be offered only if there are at least 5 students opting for it.

MEDIUM OF INSTRUCTION: English.

DURATION OF THE COURSE

The duration of value-added course is 30 hours (including the hours of final examination) of which 20 hrs theory and 10hrs for laboratory/demonstration/experimental activities and the course can have a maximum of three hours a day.

The value-added courses will be offered beyond the usual class hours and days of the college. The value-added course will be a blend of theory classes / experimental learning / project-based learning / assignments / activity-based learning.

COURSE OBJECTIVES

This 30-hour course aims to provide a comprehensive understanding of income tax laws and return filing procedures in India. Designed for beginners and individuals seeking practical skills, the course covers the fundamentals of income tax, its importance in personal and national finance, and the step-by-step process of filing income tax returns. Participants will gain insight into the structure of the Indian income tax system, key terminologies, and the various income categories and tax slabs. The course will demystify essential concepts like deductions, exemptions, and rebates under the Income Tax Act. Students will also be trained to calculate taxable income and understand the implications of non-compliance with tax laws. Through practical sessions and case studies, the course will focus on hands-on training for filing returns using the Income Tax Department’s online portal, ensuring participants can independently prepare and file their returns accurately. This program also covers the assessment of different ITR forms, applicable to salaried individuals, professionals, and those with other income sources. By the end of the course, participants will be equipped with the knowledge and confidence to manage their tax obligations, fostering financial literacy and compliance with legal requirements.

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 COURSE OUTCOMES (COs)

Upon completing the course, participants will be able to:

1. Understand Income Tax Fundamentals: Explain the structure of the Indian income tax system, including key terminologies, income categories, and tax slabs.
2. Analyse Tax Components: Evaluate deductions, exemptions, and rebates under the Income Tax Act to calculate taxable income accurately.
3. File Income Tax Returns: Demonstrate the ability to independently prepare and file income tax returns using the Income Tax Department's online portal.
4. Identify Applicable ITR Forms: Assess and select the correct ITR forms for different income sources, such as salaried individuals, professionals, and other taxpayers.
5. Promote Tax Compliance and Literacy: Apply acquired knowledge to ensure compliance with income tax laws and foster financial responsibility in managing personal tax obligations.

EVALUATION

1. The value-added courses shall be evaluated through an examination at the end of the course.
2. The duration of examination is two hours.
3. The total marks of the examination shall be 100

Pattern of questions Paper

4. A committee consisting of the Head of the Department, the course coordinator and a senior faculty member nominated by the Head of the department shall monitor the evaluation process.
5. The list of students along with the marks and the grades earned may be forwarded to the Principal/Chief Superintendent of Examinations.
6. The Dept. course coordinator is responsible for maintaining and processing the record with regard to the course, assessment marks and results.
7. Certificates will be issued to those students with 75% attendance, timely submission of assignment and project and a minimum of 40% marks in the qualifying examination.

 Grading Pattern

Grades are given on a 7-point scale based on the total percentage of marks, (ISA+ESA) as given below: -

 SYLLABUS

Course Code MAVAC010

GST &Indian Income Tax Return Process 

Total hours of instruction: 30 Hours

Course Title: GST &Indian Income Tax Return Process

Course Duration: 30 Hours

Instructor: [Instructor Name]

Week 1: Introduction and ITR Basics (4 hours)

Session 1: Overview of Income Tax Return (ITR)

Session 2: Importance and Objectives of Filing ITR

Session 3: Eligibility and Mandatory Filing

Week 2: ITR Forms and Types (4 hours)

Session 4: Different ITR Forms and Their Applicability

Session 5: Choosing the Right ITR Form

Session 6: Understanding ITR-V

Week 3: Income and Deductions (6 hours)

Session 7: Reporting Income from Salary and House Property

Session 8: Reporting Business Income and Capital Gains

Session 9: Income from Other Sources

Session 10: Claiming Deductions under Chapter VI-A

Week 4: Tax Computation and TDS (6 hours)

Session 11: Calculating Tax Liability

Session 12: Rebates, Exemptions, and Relief under Section 87A

Session 13: TDS Credits and Advance Tax

Week 5: E-Filing and Digital Signatures (4 hours)

Session 14: Benefits of E-Filing

Session 15: Step-by-Step Guide to E-Filing

Session 16: Using Digital Signatures for ITR

Week 6: Troubleshooting and Recent Changes (4 hours)

Session 17: Troubleshooting Common Errors

Session 18: Handling Notices and Assessments

Session 19: Recent Amendments in ITR Process

Week 7: Final Exam and Course Conclusion (2 hour)

Session 20: Final Examination

Session 21: Course Recap and Conclusion

This condensed syllabus provides a fundamental understanding of the Indian Income Tax Return (ITR) process, focusing on essential topics, including income reporting, deductions, tax computation, e-filing, and recent changes. Instructors can adjust the duration of each session to suit the specific needs and depth of coverage required for the course.