Fundamentals of Taxation
Learn Fundamentals of Taxation, the act governing Income Tax, definitions and conditions of the act, and crucial terminologies that form a part of taxation. Understand Tax Planning, Avoidance, and Evasion concepts online.
4.47
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1.5 Hrs
41.7K+
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About this course
This Fundamentals of Taxation course will begin with a brief overview of the course, explaining the basic meaning of tax and the different types of tax. After that, you will be introduced to a brief history of the act governing the Income Tax Law in India, viz. Income Tax Act 1961. After this, you will learn some of the basic terminologies of taxation and some crucial definitions that are included in the aforementioned Act. Having completed these basics, you can now take it a step further and learn about the various heads of Income as defined in the Act, the difference between Tax planning, avoidance, and evasion, and the meaning of residential status for the purpose of the Act. You will then come to a close with a quick recap of what you have learned throughout. Looking to launch a rewarding managerial career and play a significant role in the quest for excellence? Enroll in this Executive PG Program in Management with full career support and an exclusive online mentorship.
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Course Outline
Introduction to Tax
You will gain insights into taxation by learning what tax means and how we define it. You will also walk through some real-life examples for a better understanding.
Types of Tax
This module will introduce you to the two different types of tax, their meaning, and how all the different taxes can be categorized under these two categories.
Income Tax Act 1961
This module aims to take you through a preliminary understanding of the Income Tax Act 1961, a brief history of the act, and its role in the field of income tax, a type of direct tax.
Basic concepts of Tax
This module will introduce you to some of the basic terminologies that are crucial to Direct Tax. By the end of this module, you will be well versed in the meaning of Financial year, Assessment year, Previous year, and the meaning of Income Tax as defined by the Income Tax Act 1961.
Person Section 2(31)
You will learn Section 2(31) of the Income Tax Act, which aims to define the meaning of a Person and who is deemed to be included within the definition, for the purpose of this Act.
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