• Identify the basic concepts, definitions and terms related to Income Tax.

• Students would identify the technical terms related to Income Tax. 

• Determine the residential status of an individual and scope of total income.

• Determine the residential status of an individual and scope of total income.

• Compute income under various heads namely income from salaries, house property, business/ profession, capital gains and income from other sources.

• Compute income from salaries, house property, business/profession, capital gains and income from other sources.

• Understand the various deductions under Chapter VIA of the Income tax act, 1961

• Understand various benefits/ deductions under Chapter VI-A of the Income tax act, 1961. 

• Compute the net total taxable income of an individual. Students would compute the net total income of an individual.

 

Income Tax (India) - Course Curriculum

 

TOPIC - 1

1- SALARIES (INTRODUCTION)

2- SALARIES (SECTION-15)

3- SALARIES-GRATUITY

4- SALARIES- PROVIDENT FUND

5- SALARIES-PENSION

6- SALARIES-HRA

7- SALARIES- LEAVE ENCASHMENT

8- SALARIES- PROFITS IN LIEU OF SALARY

9- SALARIES (DEDUCTIONS FROM SALARY)

10- SALARIES- RELIFE UNDER SECTION 89

11- SALARIES- TAX FREE PERQUISITES (I)

12- SALARIES- TAX FREE PERQUISITES (II)

13- SALARIES- TAXABLE PERQUISITES

14- SALARIES- PREREQUISITES TAXABLE ONLY IN THE HANDS OF SPECIFIED EMPLOYEES

15- SALARIES- VALVATION OF PERQUISITES PART-1(I)

16- SALARIES- VALVATION OF PERQUISITES PART-1(II)

17- SALARIES- VALVATION OF PERQUISITES(PART-2)(I)

18- SALARIES- VALVATION OF PERQUISITES(PART-2)(II)

19- SALARIES- VALVATION OF PERQUISITES(PART-3)

 

TOPIC - 2

1- INCOME FROM HOUSE PROPERTY- SECTION 22 CHARGIBILY & CONDITIONS OF CHARGIBILITY

2- INCOME FROM HOUSE PROPERTY- COMPOSITE RENT

3- INCOME FROM HOUSE PROPERTY (TREATMENT OF UNREALISED RENT & PROPERTY TAX )

4- INCOME FROM HOUSE PROPERTY - PROVISION FOR ARREARS OF RENT AND UNREALIZED RENT RECEIVED SUBSEQUENTLY [SECTION 25A]

5- INCOME FROM HOUSE PROPERTY -COMPUTATION OF INCOME FROM HOUSE PROPERTY FOR DIFFERENT CATEGORIES OF PROPERTY (I)

6- INCOME FROM HOUSE PROPERTY -COMPUTATION OF INCOME FROM HOUSE PROPERTY FOR DIFFERENT CATEGORIES OF PROPERTY (II)

7- INCOME FROM HOUSE PROPERTY- DEDUCTIONS FROM ANNUAL VALUE [SECTION 24]

8- INCOME FROM HOUSE PROPERTY- DEEMED OWNERSHIP [SECTION 27]

9- INCOME FROM HOUSE PROPERTY- DETERMINATION OF ANNUAL VALUE

10- INCOME FROM HOUSE PROPERTY TREATMENT OF INCOME FROM CO- OWNED PROPERTY [SECTION 26]

 

TOPIC - 3

1- BASIC CONCEPTS (INTRODUCTION OF INCOME TAX)

2- BASIC CONCEPTS (OVERVIEW OF INCOME TAX LAW IN INDIA)

3- BASIC CONCEPT- LEVY OF INCOME TAX (I)

4- BASIC CONCEPT- LEVY OF INCOME TAX (II)

5- BASIC CONCEPT- IMPORTANT DEFINITIONS

6- BASIC CONCEPT- TAXATION YEAR

7- BASIC CONCEPTS (CHARGE & RATE OF INCOME TAX)(PART-1)

8- BASIC CONCEPTS (CHARGE & RATE OF INCOME TAX)(PART-2)

 

TOPIC - 4

1- DEDUCTIONS FROM GROSS TOTAL INCOME (GENERAL PROVISIONS- SECTION-80A,80AB,80AC & 80B(5)

2 (I)- DEDUCTIONS FROM GROSS TOTAL INCOME (DEDUCTION IN THE RESPECT OF PAYMENT- SECTION- 80C)(I)

2 (II)- DEDUCTIONS FROM GROSS TOTAL INCOME (DEDUCTION IN THE RESPECT OF PAYMENT- SECTION- 80C)(I)

3- DEDUCTIONS FROM GROSS TOTAL INCOME (SECTION- 80CCC,80CCD &80CCE)

4- DEDUCTIONS FROM GROSS TOTAL INCOME (SECTION-80D, 80DD & 80DDB )

5- DEDUCTIONS FROM GROSS TOTAL INCOME (SECTION-80E,80EE,80EEA &80EEB )

6- DEDUCTIONS FROM GROSS TOTAL INCOME (SECTION-80G)

7- DEDUCTIONS FROM GROSS TOTAL INCOME (SECTION-80GG,80GGA,80GGB & 80GGC)

8- DEDUCTIONS FROM GROSS TOTAL INCOME (SECTION-80IA)

9- DEDUCTIONS FROM GROSS TOTAL INCOME (SECTION-80IAB & 80IAC)

10- DEDUCTIONS FROM GROSS TOTAL INCOME (SECTION-80IB)

11- DEDUCTIONS FROM GROSS TOTAL INCOME (SECTION-80IBA , 80IC & 80IE)

12- DEDUCTIONS FROM GROSS TOTAL INCOME (SECTION-80IC & 80IE)

13- DEDUCTIONS FROM GROSS TOTAL INCOME (SECTION-80JJA, 80JJAA, 80LA, & 80M )

14- DEDUCTIONS FROM GROSS TOTAL INCOME (SECTION- 80qqb,80rrb & Other)

15- DEDUCTIONS FROM GROSS TOTAL INCOME (SECTION-80P, & 80PA)

 

TOPIC - 5

1- INCOME FROM OTHER SOURCES(TAXABILITY OF DIVIDEND INCOME- SECTION 56(2)(ii))

1(ii)- INCOME FROM OTHER SOURCES(TAXABILITY OF DIVIDEND INCOME- SECTION 56(2)(ii))

2- INCOME FROM OTHER SOURCES (SECTION 56(2) (ib),56(2)(VIIB)

3- INCOME FROM OTHER SOURCES (SECTION-56(2)(VIII),56(2)(IX) & 56(2)(XI)

4- INCOME FROM OTHER SOURCES (SECTION-56(2) (X)- TAXABILITY OF GIFT)

5- INCOME FROM OTHER SOURCES (TAXABILITY)

6- INCOME FROM OTHER SOURCES (TAXABILITY OF KEYMAN INSURANCE POLICY & RESIDUAL INCOME)

7- INCOME FROM OTHER SOURCES (SECTION 57,58,59 & 145)

 

 

TOPIC - 6

1- CAPITAL GAINS (BASIS) (PART-1)

1- CAPITAL GAINS (BASIS) (PART-2)

2- CAPITAL GAINS (SECTION- 2(47)

3- CAPITAL GAINS (SECTION- 45)(PART-1)

3- CAPITAL GAINS (SECTION- 45)(PART-2)

4- CAPITAL GAINS (SECTION-46&46(A))

5- CAPITAL GAINS (IMPORTANT DEFINITIONS)

6- CAPITAL GAINS (SECTION- 47)(PART-1)

7- CAPITAL GAINS (SECTION- 47)(PART-2)

8- CAPITAL GAINS (SECTION- 47)(PART-3)

9- CAPITAL GAINS (SECTION- 47& 47A)(PART-4)

10- CAPITAL GAINS (SECTION- 48)

11- CAPITAL GAINS (SECTION- 49)(PART-1)

12- CAPITAL GAINS (SECTION- 49)(PART-2)

13 - CAPITAL GAINS (SECTION- 49)(PART-3)

14- CAPITAL GAINS (SECTION- 55-COST OF ACQUISITION)(PART-1)

15- CAPITAL GAINS (SECTION- 55-COST OF ACQUISITION)(PART-2)

16- CAPITAL GAINS (SECTION- 55-COST OF IMPROVEMENT)

17- CAPITAL GAINS (SECTION- 50 & 50A)

18- CAPITAL GAINS (SECTION- 50B)

19- CAPITAL GAINS (SECTION- SECTION 50C,50CA & 50D)

20- CAPITAL GAINS (SECTION- SECTION 51)

21- CAPITAL GAINS (EXEMPTION OF CAPITAL GAINS under section -10)

22- CAPITAL GAINS (EXEMPTION OF CAPITAL GAINS UNDER SECTION- 54 & 54B)

23- CAPITAL GAINS (EXEMPTION OF CAPITAL GAINS UNDER SECTION- 54D, 54EC & 54F)

24- CAPITAL GAINS (EXEMPTION OF CAPITAL GAINS UNDER SECTION- 54G 54GA 54GB & 50H)

25- CAPITAL GAINS - SECTION-55A

26- CAPITAL GAINS  (SECTION-111A(STCG),112 & 112A(LTCG))

27- CAPITAL GAINS  (SURPLUS ON SALE OF SHARES AND SECURITIES)

 

 

TOPIC - 7

1- LIABILITY IN SPECIAL CASES (SECTION-159)

2- LIABILITY IN SPECIAL CASES (SECTION-160 TO 163)

3- LIABILITY IN SPECIAL CASES (SECTION-164)

4- LIABILITY IN SPECIAL CASES (SECTION-166 TO 169)

5- LIABILITY IN SPECIAL CASES (SECTION-170)

6- LIABILITY IN SPECIAL CASES (SECTION-174  TO 176)

7- LIABILITY IN SPECIAL CASES (SECTION-177  TO 179)

 

TOPIC - 8

1- AGGREGATION OF INCOME, SET-OFF AND CARRY FORWARD OF LOSSES (PART-1)

2- AGGREGATION OF INCOME, SET-OFF AND CARRY FORWARD OF LOSSES (PART-2)

3- AGGREGATION OF INCOME, SET-OFF AND CARRY FORWARD OF LOSSES (PART-3)

1- INCOME OF OTHER PERSONS INCLUDED IN ASSESSEE’S TOTAL INCOME(SECTION – 60 & 61)

2- INCOME OF OTHER PERSONS INCLUDED IN ASSESSEE’S TOTAL INCOME(CLUBBING OF INCOME ARISING TO SPOUSE)

3- INCOME OF OTHER PERSONS INCLUDED IN ASSESSEE’S TOTAL INCOME(CROSS TRANSFER & SECTION- 64 & 65)

1- RESIDENCE STATUS(INDIVIDUAL)

2- RESIDENCE STATUS(FIRM, AOP, BOI & COMPANY)

 

TOPIC - 9

1- PROFITS AND GAINS OF BUSINESS OR PROFESSION(MEANING OF BUSINESS)

2- PROFITS AND GAINS OF BUSINESS OR PROFESSION(METHOD OF ACCOUNTING- SECTION 145 &145A)

3- PROFITS AND GAINS OF BUSINESS OR PROFESSION(INCOME CHARGABLE UNDER PGBP-SECTION- 28)

4- PROFITS AND GAINS OF BUSINESS OR PROFESSION(SPECULATION BUSINESS)

5- PROFITS AND GAINS OF BUSINESS OR PROFESSION(MEANING OF DEPRECIATION)

6- PROFITS AND GAINS OF BUSINESS OR PROFESSION(COMPUTATION OF DEPRECIATION ALLOWANCE)

7- PROFITS AND GAINS OF BUSINESS OR PROFESSION(RATE OF DEPRECIATION)

8- PROFITS AND GAINS OF BUSINESS OR PROFESSION(INCREASED RATE OF DEPRECIATION)

9- PROFITS AND GAINS OF BUSINESS OR PROFESSION(DEPRECIATION ON SPECIAL CASES)

10- PROFITS AND GAINS OF BUSINESS OR PROFESSION(ACTUAL COST) (PART-1)

11- PROFITS AND GAINS OF BUSINESS OR PROFESSION(ACTUAL COST (PART-2)

12- PROFITS AND GAINS OF BUSINESS OR PROFESSION(WRITTEN DOWN VALUE (WDV)

13- PROFITS AND GAINS OF BUSINESS OR PROFESSION (CARRY FORWARD AND SET OFF DEPRECIATION)

14- PROFITS AND GAINS OF BUSINESS OR PROFESSION(SECTION- 38 (2) & BALANCING CHARGES)

15- PROFITS AND GAINS OF BUSINESS OR PROFESSION(SECTION- 29 ,30 & 31)

16- PROFITS AND GAINS OF BUSINESS OR PROFESSION(SECTION- 33AB)

17- PROFITS AND GAINS OF BUSINESS OR PROFESSION(SECTION-33 ABA)

18- PROFITS AND GAINS OF BUSINESS OR PROFESSION(SECTION-35)(I)

18- PROFITS AND GAINS OF BUSINESS OR PROFESSION(SECTION-35)(II)

19- PROFITS AND GAINS OF BUSINESS OR PROFESSION(COMPUTATION AND DEDUCTIONS) (SECTION- 35ABA)

20- PROFITS AND GAINS OF BUSINESS OR PROFESSION(COMPUTATION AND DEDUCTIONS) (SECTION- 35ABB )

21- PROFITS AND GAINS OF BUSINESS OR PROFESSION(COMPUTATION AND DEDUCTIONS) (SECTION- 35AD)

22- PROFITS AND GAINS OF BUSINESS OR PROFESSION(SECTION- 35CCB, 35CCC & 35CCD)

23- PROFITS AND GAINS OF BUSINESS OR PROFESSION(SECTION- 35D)

24- PROFITS AND GAINS OF BUSINESS OR PROFESSION(SECTION- 35DD & 35DDA)

25- PROFITS AND GAINS OF BUSINESS OR PROFESSION(SECTION- 35E)

26- PROFITS AND GAINS OF BUSINESS OR PROFESSION(SECTION- 36)(PART-1)

27- PROFITS AND GAINS OF BUSINESS OR PROFESSION(SECTION- 36)(PART-2)

28- PROFITS AND GAINS OF BUSINESS OR PROFESSION(SECTION- 36)(PART-3)

29- PROFITS AND GAINS OF BUSINESS OR PROFESSION(SECTION- 36)(PART-4)

30- PROFITS AND GAINS OF BUSINESS OR PROFESSION(SECTION- 36)(PART-5)

31- PROFITS AND GAINS OF BUSINESS OR PROFESSION(SECTION- 37)(PART-1)

32- PROFITS AND GAINS OF BUSINESS OR PROFESSION(SECTION- 37)(PART-2)

33- PROFITS AND GAINS OF BUSINESS OR PROFESSION(SECTION- 40)(PART-1)

34- PROFITS AND GAINS OF BUSINESS OR PROFESSION(SECTION- 40) (PART-2)

35- PROFITS AND GAINS OF BUSINESS OR PROFESSION(SECTION- 40)(PART-3)

36- PROFITS AND GAINS OF BUSINESS OR PROFESSION(SECTION- 40A)(PART-1)

37- PROFITS AND GAINS OF BUSINESS OR PROFESSION(SECTION- 40A)(PART-2)

38- PROFITS AND GAINS OF BUSINESS OR PROFESSION(SECTION- 41)

39- PROFITS AND GAINS OF BUSINESS OR PROFESSION(SECTION- 42)

40- PROFITS AND GAINS OF BUSINESS OR PROFESSION(SECTION- 43A,43AA & 43B)

41- PROFITS AND GAINS OF BUSINESS OR PROFESSION(section 43C, 43CA,43CB & 43CD)

42- PROFITS AND GAINS OF BUSINESS OR PROFESSION(Section 44AA)

43- PROFITS AND GAINS OF BUSINESS OR PROFESSION(Section 44 & 44AB)

44- PROFITS AND GAINS OF BUSINESS OR PROFESSION [SECTION 44AD, 44ADA & 44AE]

45- PROFITS AND GAINS OF BUSINESS OR PROFESSION(RULE 7 & 8)

46-  PROFITS AND GAINS OF BUSINESS OR PROFESSION(Section 44DB)

 

TOPIC - 10

1- INCOMES WHICH DO NOT FORM PART OF TOTAL INCOME (INTRODUCTION & SECTION 10) (PART-1)

2(I)- INCOMES WHICH DO NOT FORM PART OF TOTAL INCOME (SECTION 10) (PART-2)

2(II)- INCOMES WHICH DO NOT FORM PART OF TOTAL INCOME (SECTION 10) (PART-2)

3- INCOMES WHICH DO NOT FORM PART OF TOTAL INCOME (SECTION 10) (PART-3)

4- INCOMES WHICH DO NOT FORM PART OF TOTAL INCOME (SECTION 10) (PART-4)

5- INCOMES WHICH DO NOT FORM PART OF TOTAL INCOME (SECTION 10) (PART-5)

6- INCOMES WHICH DO NOT FORM PART OF TOTAL INCOME (SECTION 10) (PART-6)

7- INCOMES WHICH DO NOT FORM PART OF TOTAL INCOME (SECTION 10) (PART-7)

8- INCOMES WHICH DO NOT FORM PART OF TOTAL INCOME (SECTION 10) (PART-8)

9- INCOMES WHICH DO NOT FORM PART OF TOTAL INCOME (SECTION 10AA- PART-1)

10- INCOMES WHICH DO NOT FORM PART OF TOTAL INCOME (SECTION 10AA- PART-2 & 14A)

 

TOPIC - 11

1- INCOME COMPUTATION AND DISCLOSURE STANDARDS (BASIS OF ICDS)

2- SALIENT FEATURES OF THE NOTIFIED ICDSs (ICDS I TO VI)

3- SALIENT FEATURES OF THE NOTIFIED ICDSs (ICDS VII TO X)

 

TOPIC - 12

1- COMPUTATION OF TOTAL INCOME AND TAX PAYABLE (PART-1)

2- COMPUTATION OF TOTALINCOME AND TAX PAYABLE (PART-2)

3- COMPUTATION OF TOTALINCOME AND TAX PAYABLE (PART-3)

4- COMPUTATION OF TOTAL INCOME AND TAX PAYABLE (PART-4)

5- COMPUTATION OF TOTAL INCOME AND TAX PAYABLE (PART-5)

 

TOPIC - 13

1- PROVISIONS FOR FILING RETURN OF INCOME AND SELF ASSESSMENT (SECTION 139)

2- PROVISIONS FOR FILING RETURN OF INCOME AND SELF ASSESSMENT (SECTION 234 A&F)

3- PROVISIONS FOR FILING RETURN OF INCOME AND SELF ASSESSMENT (SECTION 139(1C)(3 TO 6, 6A, 9)

4- PROVISIONS FOR FILING RETURN OF INCOME AND SELF ASSESSMENT (SECTION 139A)

5- PROVISIONS FOR FILING RETURN OF INCOME AND SELF ASSESSMENT (SECTION 139AA & B)

6- PROVISIONS FOR FILING RETURN OF INCOME AND SELF ASSESSMENT (SECTION 139C, D, 140 & 140A)

 

TOPIC - 14

1- SCOPE OF TOTAL INCOME

The  Income Tax (India) Certification ensures you know planning, production and measurement techniques needed to stand out from the competition. 

Any Indian citizen aged below 60 years is liable to pay income tax if their income exceeds 2.5 lakhs. If the individual is above 60 years of age and earns more than Rs. 3 lakhs, he/she will have to pay taxes to the government of India.

Income tax is a direct tax that a government levies on the income of its citizens. The Income Tax Act, 1961, mandates that the central government collect this tax. The government can change the income slabs and tax rates every year in its Union Budget. Income does not only mean money earned in the form of salary.

The term income tax refers to a type of tax that governments impose on income generated by businesses and individuals within their jurisdiction. By law, taxpayers must file an income tax return annually to determine their tax obligations. Income taxes are a source of revenue for governments.

Diploma in taxation is a one year certificate level diploma course that covers a variety of technical and practical areas with relevance to direct and indirect taxes, financial accounting, income tax, auditing , accounting management and more such related matters.

Uplatz online training guarantees the participants to successfully go through the Income Tax (India) Certification provided by Uplatz. Uplatz provides appropriate teaching and expertise training to equip the participants for implementing the learnt concepts in an organization.

Course Completion Certificate will be awarded by Uplatz upon successful completion of the Income Tax (India) online course.

The Income Tax (India) draws an average salary of $120,000 per year depending on their knowledge and hands-on experience.

Tax professionals work at several levels, such as tax accountants, tax analysts, tax advisors, tax recruiters, tax examiners, tax managers, tax collectors, revenue managers, business tax consultants, income tax consultants, property tax consultants etc.

The basic eligibility criteria needed for a candidate to attend the exam is graduation from a university recognized by the Staff Selection Commission. Candidates who pass the examination conducted by SSC are placed in Income Tax and Central Excise Tax Department.

Note that salaries are generally higher at large companies rather than small ones. Your salary will also differ based on the market you work in.

International Tax Analyst.

Tax Analyst – DTX.

Tax Analyst.

Tax and Regulatory.

 

 

 

 

 

 

Q-1. Give some insight on Income Tax.

- This question is a basis of an income tax interview round. Income tax is levied by the government on the incomes earned by individuals to carry out public expenditures or outlays to realize the goal of social security. The tax is charged for the assessment year at the rates fixed by the Central Government in the Union Budget for the assessment year in respect to the previous year.

 

Q-2. How is the Income Tax calculated?

- Income Tax is calculated on the basis of the total income of an individual related to salaries, profits of businesses, capital gains, house property, and other resources. The income tax is calculated using the tax slab that has been issued by the government every financial year.

Q-3. What do you mean by the term Total Income?

- The amount on which Income Tax is paid including all income that arises, accrue, received, or earned in India is the Total Income. It doesn’t include the income which arises outside the country. It is the total amount that is earned by an individual or an organization including income from providing services or employment, payments from pension plans, income from dividends, revenue from sales. The total income is calculated for the assessment of taxes, determining an individual’s or organization’s ability to make payments on a debt, or evaluating the net worth of a company.

Q-4. What is Financial Year, Previous Year, and Assessment Year?

- The year starting from 1st April to 31st March is the Financial Year. It is used for calculating various financial assessment statements annually in businesses and organizations.

The year immediately succeeding the financial year where the income of the previous financial year is assessed is known as Assessment Year. For collecting tax the Government uses the assessment year to assess the previous year.

The year in which income is earned and becomes taxable in the following assessment year is known as the Previous Year. Example: 2020-2021 be the present assessment year then 2019-2020 will be the Previous Year.

Q-5. What do you mean by Assessee?

- A person who is liable to pay tax or any other sum of money under the Income Tax Act is known as an Assessee. It includes everyone in reference to any proceeding under this Act has been taken for the assessment of his income or of the income of the other person in respect of whom he is assessable, or any loss sustained by him or by such other person, or of the amount refunded due to him or to such other person, and also a person who is considered to be an assessee under any provision of this Act.

Q-6. How to decide the residential status of profits or income taxpayers?

- According to the provisions of the Income Tax Act, the residential status of an individual is categorized as Resident and Non-Resident.

So under Section 6(1), an individual is said to be a resident of India in any previous year if he satisfies any one of the basic conditions i.e, he is in India in the previous year for a period that is at least 182 days or he is in India for a period of a minimum of 60 days during the relevant previous year and at least for 365 days during the four years preceding that of the previous year.

If any person doesn’t fulfill this provision irrespective of their nationality they are termed as Non-resident.

Q-7. How does the tax liability of an individual gets affected because of his residential status?

- The liabilities of a private does get affected thanks to his residential status as per Section 5 of the tax Act and is additionally hooked into the place and time of receipt of the income. There’s a difference between Indian income and Foreign income as Indian income is always taxable in India in accordance with the residential status of the individual paying the tax.

Q-8. What is Indian Income?

- Indian income is the income received or deemed to be received in India during the previous year and simultaneously accrual income or deemed accrual in India during the previous year. It is also the income received or deemed to be received in India during the previous year but it accrues outside India during the previous year, or the Income has been received outside India during the previous year but has been accrued in India during the previous year is also termed as Indian income.

Q-9. Which income can be considered as an accrued income?

- The income which is earned but has not been received is known as accrued income. The income needs to be recorded in the same accounting period in which it is earned nor in the future period in which it will be received.

 

 

Q-10. What do you understand about Fringe Benefits Tax?

-Fringe Benefit Tax is the tax that an employer has to pay in respect of the benefits that are given to his employers in addition to the salary. It is payable in preference to the value of the fringe benefits provided or to have been provided by the employer to his employees during the previous year.

Q-11. What do you mean by Capital Gain?

- The profit that is earned by selling an asset means capital gain. When the asset is being sold the income or the gain that arises is the difference between the selling price and the actual price in which it was bought. Capital Gain can be short-term or long-term. If the asset is held for less than a year and is sold then it is termed as short-term gain but if the asset is held for more than a year to three years and sold after that then it is termed as a long-term gain.

Q-12. What is your idea about AMT?

- AMT means the Alternative Minimum Tax which uses a different set of rules to calculate the taxable income after the allowed deductions. This is a way to restrict wealthy taxpayers from tax evasion. It sets a limit for higher income tax groups on certain benefits and reduces the taxpayer’s regular tax amount. The taxpayer needs to pay a higher AMT amount if the benefits on tax reduce the total tax below the AMT limit.

Q-13. Is there any provision in India to get a refund for an overpayment of taxes?

- Yes, there is a provision of getting a refund for an overpayment of tax in India along with interest. While claiming the refund one must file the income tax return within a specific period. The refund status can be tracked on the NSDL-TIN website by entering PAN and the year of assessment for which the refund has been claimed at the Status of Tax Refunds tab.

Q-14. What do you mean by the ICR process and how does it help?

-ICR means the Inter-Company Reconciliation process helps the parent company to split from its subsidiary companies by its location. Every year the businesses that are commonly controlled need to prepare a consolidated financial statement for tax and its reporting purposes. This process helps in the maintenance of accurate reports and also helps the companies avoid misinterpretation of the financial position of the firm.

Q-15. What is a Provident Fund? What are its types?

- Provident Fund is a government-managed scheme where both employer and employee make a contribution from the employee’s salary. There are four types of Provident Fund:

Recognized Provident Fund – RPF is a scheme that must be approved by the Income Tax Commissioner and is applicable to an organization that employs a minimum of 20 or more employees.

 

Unrecognized Provident Fund – URPF is not approved by the Income Tax Commissioner and is started by the employers and employees in an establishment.

Statutory Provident Fund – SPF is mainly meant for Educational Institutes (affiliated to University) employees.

Public Provident Fund – PPF involves the minimum contribution of Rs.500 p.a and the maximum contribution is Rs. 100,000 p.a. The contribution made along with interest earned and is repayable after 15 years unless it is extended.

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A16. Software access can be purchased seperately at an additional cost. The cost varies from course to course but is generally in between GBP 20 to GBP 40 per month.

Q17. Does your course guarantee a job?
A17. Our course is designed to provide you with a solid foundation in the subject and equip you with valuable skills. While the course is a significant step toward your career goals, its important to note that the job market can vary, and some positions might require additional certifications or experience. Remember that the job landscape is constantly evolving. We encourage you to continue learning and stay updated on industry trends even after completing the course. Many successful professionals combine formal education with ongoing self-improvement to excel in their careers. We are here to support you in your journey!

Q18. Do you provide placement services?
A18. While our course is designed to provide you with a comprehensive understanding of the subject, we currently do not offer placement services as part of the course package. Our main focus is on delivering high-quality education and equipping you with essential skills in this field. However, we understand that finding job opportunities is a crucial aspect of your career journey. We recommend exploring various avenues to enhance your job search:
a) Career Counseling: Seek guidance from career counselors who can provide personalized advice and help you tailor your job search strategy.
b) Networking: Attend industry events, workshops, and conferences to build connections with professionals in your field. Networking can often lead to job referrals and valuable insights.
c) Online Professional Network: Leverage platforms like LinkedIn, a reputable online professional network, to explore job opportunities that resonate with your skills and interests.
d) Online Job Platforms: Investigate prominent online job platforms in your region and submit applications for suitable positions considering both your prior experience and the newly acquired knowledge. e.g in UK the major job platforms are Reed, Indeed, CV library, Total Jobs, Linkedin.
While we may not offer placement services, we are here to support you in other ways. If you have any questions about the industry, job search strategies, or interview preparation, please dont hesitate to reach out. Remember that taking an active role in your job search process can lead to valuable experiences and opportunities.

Q19. How do I enrol in Uplatz video courses?
A19. To enroll, click on "Buy This Course," You will see this option at the top of the page.
a) Choose your payment method.
b) Stripe for any Credit or debit card from anywhere in the world.
c) PayPal for payments via PayPal account.
d) Choose PayUmoney if you are based in India.
e) Start learning: After payment, your course will be added to your profile in the student dashboard under "Video Courses".

Q20. How do I access my course after payment?
A20. Once you have made the payment on our website, you can access your course by clicking on the "My Courses" option in the main menu or by navigating to your profile, then the student dashboard, and finally selecting "Video Courses".

Q21. Can I get help from a tutor if I have doubts while learning from a video course?
A21. Tutor support is not available for our video course. If you believe you require assistance from a tutor, we recommend considering our live class option. Please contact our team for the most up-to-date availability. The pricing for live classes typically begins at USD 999 and may vary.