CORPORATE TAX PLANNING
Introduction to Tax Management
Concept of tax planning, Tax avoidance and tax evasions, corporate taxation and concept of Minimum Alternate Tax. (MAT)
Income from business
Residential Status of companies, Taxable income under Business and Profession, Computation of Profit and Gains from business profession, Deemed business profits, Assessment of Retail Business, Deemed incomes (cash credit, unexplained investments, un explained money and other assets, unexplained expenditures, investments and valuable articles not fully disclosed in books of accounts
Deductions allowed under business and profession
Deduction expressly allowed section 30-35, Depreciation deduction calculation, Setoff and carry forward of unabsorbed depreciation section 32(2). Determining Actual Cost43(1), Set-off and Carry Forward Losses, Bonus or commission to employees section, Interest on borrowed capital, Insurance premium 36(1(i)), Employees contribution to provident fund, Bad debts 36, Revenue expenditure incurred by statutory corporation, Banking transaction tax, Security transaction tax, Commodity transaction tax, provision for admissibility of general deduction 37(1),
International accounting and Taxation
Analysis of foreign financial statement, Accounting standard: US GAAP, Indian GAAP, IAS, IFRS. Transfer Pricing – Meaning, measurement, strategic considerations Norms & Practices, tax havens, double taxation agreement among countries, Tax implication of activities of foreign enterprise in India: Mode of entry and taxation respectively.
Indirect tax - concepts and general principles
Service tax - Charge of service tax and taxable services, Valuation of taxable services, Payment of service tax and filing of returns. VAT – Introduction, Calculation of VAT Liability including input Tax Credits, Small Dealers and Composition Scheme, VAT Procedures, Central Sales Tax.
Tax Planning and Financial Management Decisions
Tax planning relating to capital structure decision, Dividend policy and dividend distribution tax, Inter – corporate, dividends and bonus shares, Tax provisions relating to free trade zones
Infrastructure sector and backward areas, Tax incentives for exports. Tax deductions and collection at source, Advance payment of tax