Taxation happens when a government or a different authority mandates that nationals and corporate bodies make a payment to them. Tax payment is involuntary and not related to any specific benefits that the payer receives. It is on material assets, including transactions and property, such as selling a home or stock. Kinds of taxes include income, capital gains, property, corporate, inheritance, and sales.
Indian tax system:
Taxes are an essential and the largest source of revenue for the government. The state uses the money amassed from taxes for various developmental projects in the nation. The Indian tax system is highly organized and maintains a three-tier federal structure.
The tax system consists of the local municipal bodies, state governments, and central government. There are two sorts of taxes in India – Direct and Indirect. The direct tax comprises income tax, capital gain tax, gift tax, etc. The indirect tax includes value-added tax, service tax, Goods and Services tax, customs duty, etc.
The Central Government of India charges taxes like customs duty, income tax, service tax, and central excise duty. The state governments levy income tax on agricultural income, professional tax, state excise duty, stamp duty, and land revenue. The local bodies are authorized to collect property tax, octroi, and other taxes on varied services like water supply and drainage.
Direct tax:
Corporate entities and individuals pay non-transferable taxes called direct taxes. For individual taxpayers, the most significant type of direct tax is income tax. The government charges direct tax per assessment year (1st April to 31st March). According to the Income Tax Act of 1961, you must make income tax payments if your annual earnings are above the lowest exemption limit. You can obtain tax benefits under different sections of the Act.
Different types of direct tax:
Direct taxes comprise almost 50% of the government’s income in India. Nevertheless, income tax is not the only direct tax. Here are the kinds of direct taxes relevant in India:
- Income Tax
- Capital Gains Tax
- Corporate Tax
What is income tax in India?
Income tax is the tax that the central government levies on the income earned over a financial year by people and businesses. Taxes are sources of income for the government. The government uses this revenue for improving infrastructure, delivering healthcare, education, subsidy to the agriculture sector/farmer, and different government welfare schemes.
Income tax involves any income of a person and HUF other than profits and capital gains from profession and business. There are applicable slab rates for the assessment year, and these are used in the calculation of the Income-tax. The central government declares the slab rates in the annual budget. You also hold the provision to decrease your taxable income employing the tax-saving expenses and investments under section 80C.
Indirect tax:
Indirect taxes in India are the most constant and largest income source for the government. There were multiple indirect taxes in the Indian tax system, some of which are still operational:
a) Service Tax
b) Indian Excise Duty
c) Value Added Tax (VAT)
d) Customs Duty
e) Securities Transaction Tax (STT)
f) Stamp Duty
g) Entertainment Tax
Some of the indirect taxes in India, like value-added tax, service tax, and excise duty, have been dismissed for a large number of goods and services. A single Goods and Services Tax replaces these taxes.
What is GST?
The indirect tax or the consumption tax used in India for supplying goods and services is called the Goods and Services Tax (GST). It is a multistage, comprehensive, destination-based tax. It is all-inclusive because it has subsumed nearly all the indirect taxes except some state taxes. Every step in the production process involves GST. It is later refunded to all parties in the different stages of production except the final consumer. Unlike previous taxes, it is the consumer who pays the GST, making it a destination-based tax.
What is ITR?
Income Tax Return (ITR) is a document that a person should submit to the Income Tax Department of India. It includes information about the person’s earnings and the taxes he should pay on them during the year. Information filed in ITR should apply to an individual financial year, beginning on 1st April and completing on 31st March of the year afterward. Individuals must file ITR online mode.
Income can be of diverse forms as in:
- Income from salary
- Gains and profits from profession and business
- Income from house property
- Income from capital gains
- Income from different sources like interest on deposits, dividends, winning on lottery, royalty income, etc
- The Income Tax Department has specified seven types of ITR forms – ITR-1, ITR-2, ITR-3, ITR-4, ITR-5, ITR-6, ITR-7. The relevance of the form will depend on the amount and nature of income and the type of taxpayer.
ITR filing course programs:
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IIM Skills:
IIM Skills is an international leader in skill development training offering training programs and extensive courses in some of the most significant domains. Their job-oriented programs span four to twelve weeks and are suitable for students, job seekers, professionals, homemakers, and work-from-home professionals. The institute offers placement assistance and the help to create the best resumes.
The professional courses at IIM Skills cover the most basic to the advanced concepts through a blend of theory and practicals. The learning structure provides essential knowledge and understanding to the candidates. The courses developed at IIM SKILLS are industry-relevant and job-oriented. The syllabus of each course program results from thorough research and ensures the best upskilling and training experience for students. The following are the course details of the ITR filing training by IIM Skills:
Course Name: Master BAT course
Duration: 3 months
Modules:
- Basics of Accounting and Accounting in Tally
- Basics of GST and GST in Tally
- Basics of TDS and TDS in Tally
- Payroll and Payroll with Tally
- Income Tax with Tally
- Advance Excel and MIS Reporting
Key features of the ITR filing course by IIM SKills:
- Pre-recorded online sessions
- Interactive lectures
- Well-researched teaching methods
- Industry experts-led training
- Quick doubt resolutions through discussion forums
- Practical assignments
- Weekly assessments
- Freelance opportunities
- Dedicated Placement Cell
- Free E-Books
- Invoicing Tools and Software
- Master certification from IIM Skills
- Flexible learning
- Backup classes
- Lifetime access to updated LMS
Who is this course for:
- Students and fresh graduates of Commerce, Finance, Banking, Law, Accounting, CS, and more who are interested in a career in taxation
- Experts in the Finance and Accounting domains
- Business People
- Start-up agencies or consultancies
To know more about this ITR filing course, you may contact IIM Skills at:
Phone no: + (91) 99 11 839503
Email Id: [email protected]
The following are the other certification programs by IIM Skills:
- Content Writing Course
- Technical Writing Course
- Digital Marketing Course
- SEO Engine Optimisation (SEO) Course
- GST Certification Course
Also read: Online Business Accounting and Taxation Courses
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Consultease:
Consultease aims to act as a platform for interaction between businesses seeking help and their consultant. They take care of the needs of organizations and connect them to knowledgeable consultants. The platform also offers courses on various professional subjects. These courses help in improving the learning curve and career growth. You can access these programs from all over India.
This course helps you learn the e-filing of income tax returns in India on the Income Tax Department’s e-filing portal. Consultease has provided this course, especially for the Individuals, Partners, Finance and Accounts Domain Person, Directors, and students to learn and improve their e-filing skills with an in-depth understanding of separate tables of the ITR Forms. The following are the course details of the ITR filing training by Consultease:
Course Name: Certificate Course on Filing of ITRs on the e-filing Portal
Duration: 3+ Hrs
Fee: ₹1,000 + GST Extra
Created by: CA Rohit Kapoor
Areas covered:
- Introduction of ITR Forms
- Selection of ITR Form
- Briefing of details of different heads of income under ITR Forms
- Verification of Returns
- Points to be remembered for avoiding Income Tax Notices, Demands, and Penalty
- E-filing of return on Income Tax Portal
- Verification of ITR
- Other important aspects
Key features of the ITR filing training by Consultease:
- You can ask your question while watching a video
- Different resources, case laws, PDFs, practical issues, and presentations
- Flexibility in learning
Who is this course for:
- Entrepreneurs/CFOs
- Finance/Taxation Managers
- Members of the Governing body of Trust
- Accounts Manager
To know more about this ITR filing course, you may contact Consultease at:
Phone no: +91 9625740572
Email Id: [email protected]
Also read: GST Courses for Beginners
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Udemy:
Udemy’s task is to develop new possibilities for individuals and organizations worldwide by connecting them to the learning and skills they need to thrive in a changing world. Their industry-ready features assist you in scale learning to all workers across your company. Udemy offers new courses on emerging topics in about fourteen languages to keep your employees ahead of the curve. The following are the course details of the ITR filing training by Udemy:
Course Name: How to file an online income tax return
Duration: 35 minutes
Fee: ₹1,299/-
Created by: A. Sukumar and Dr. M. Kanagarathinam
In this concise course program, every student understands the register in the income tax department, heads of income, and Filling of returns. This lecture describes the steps to file the return for people. The course is suitable for commerce students and individuals from other backgrounds.
Modules:
- Introduction
- Online tax filing
Key features of the course, Learn to file Income Tax Return (ITR1):
- 35 mins on-demand video
- Two articles
- Full lifetime access
- Access on mobile and TV
- Certificate of completion
Course Name: Learn to file Income Tax Return (ITR1) – Salaried Employees
Duration: 44 minutes
Fee: ₹1,299/-
Created by: Ankit Goyal
This course helps to learn ITR 1 filing for individuals who have Salary as their significant or only basis of income. Here you are taught about return filing and a detailed tax calculator device and checklist. The course program avoids overwhelming content and keeps it short and crisp with the only required information.
Modules:
- Introduction
- Introduction to basic tax exemptions and deductions
- Create tax computation
- Online filing of the return
Who is this course is for:
- Working Professionals (Finance and Non-Finance both)
- Most helpful for the employee who does not have numerous sources of income
- Individuals who want to master a new skill, tax planning, and save money on professional assistance
Key features of the course, How to file an online income tax return:
- 44 mins on-demand video
- Full lifetime access
- Access on mobile and TV
- Certificate of completion
Also read: Accounting Interview Questions & Answers
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ICAI Digital Learning Hub:
The Institute of Chartered Accountants of India is the second-largest professional body of Chartered Accountants worldwide, with a strong background of service to the Indian economy in the public interest. This online course aims to boost members’ knowledge to help them perform their professional duties in a better and more effective manner.
This comprehensive course program by ICAI provides intensive knowledge on Income Tax Returns. Eminent faculties with in-depth knowledge and expertise on the subject address you throughout the course. The course program also allows flexibility in learning. The following are the course details of this ITR filing course by ICAI:
Course Name: Course on Income Tax Returns
Duration: 5 Days
Fee: Not Available
Modules:
- Roles and responsibilities of CA in filing Income Tax Returns, Overview of ITR Forms and e-filing
- Study of ITR Forms 1, 2 and 4
- Analysis of ITR Forms 3 and 5
- Analysis of ITR Forms 6 and 7
- Repercussions of non-filing of ITR forms, interest, late fees, and other concerns while filing ITR
To know more about this ITR filing course, you may contact ICAI Digital Learning Hub at:
Email Id: [email protected]
Also read: What is BAT Course
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Institute of Cost Accountants of India:
Institute of Cost Accountants of India monitors the current tax legislation and analyzes changes in the existing legislation. The organization provides knowledge through seminars, webinars, and workshops to the students and members of the institute. It also conducts courses on tax practices and laws. The following are the course details of the ITR filing training by the institute:
Course Name: Certificate Course on Income Tax Return Filing
Duration: 30hours
Fee: ₹10,000 +18% GST (Excluding Exam Fee) and ₹8,000 + 18% GST (For CMA
Final pursuing Students, CMA Final Passed Candidates, and CMA Members) (Excluding Exam Fee)
Modules:
- Introduction
- Concept of Belated, Revised, and Defective Return
- Responsibility and duties for Deducting Tax at Source
- Various Penalties and Consequences
- ITR 1, ITR 2, ITR 3, ITR 4, ITR 5, ITR 6, ITR 7 (Timeline for filing return and practical approach)
- Recent amendments in the filing of returns as per Finance Bills
- Recent Case laws for Guidance
To know more about this ITR filing course, you may contact the Institute of Cost Accountants of India at:
Phone no: 1800110910 / 18003450092
Email Id: [email protected]
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Oxford School of Accounting:
Oxford School of Accounting is one of the most reputed institutes in Delhi, which is also a Taxmann, Webtel, and CompuTax educational partner and delivers a face-to-face and online tax filing course to make you an E-Filing Specialist.
Their class in E-Filing caters to the needs of the candidates who have a comprehensive knowledge of accounting regulations and computerized accounting but wish to know income tax E filing, GST returns filing, and online tax return filing for professional growth or the growth of their business. The following are the course details:
Course Name: Online Tax Return Filing Course – GST, Income Tax, TDS
Duration: Not Available
Fee: Not Available
To know more about this ITR filing course, you may contact the Oxford School of Accounting at:
Phone no: 9810735296, 011 -41255104
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Multani Mal Modi College:
The return filing course by the Multani Mal Modi College equips students with technical knowledge in Taxation. It offers an opportunity to understand the Indian Taxation System and improve their skills in Taxation. The course program also prepares the students for self-employment and application-oriented jobs in Government, Private Organizations, and PSU. The following are the course details:
Course Name: Certificate course on Return Filing (Income Tax & GST)
Duration: 25 Hours
Fee: Not available
Modules:
- Introduction of Tax (Direct and Indirect)
- Tax Resident (Resident and Non-Resident)
- Sources of Income
- Deductions and Gross Total Income
- Tax Planning, Avoidance and Evasion.
- Double Taxation Avoidance
- Penalties and Prosecution
- GST (Introduction)
- Filing of GST return i.e. GSTR-1,2,3,4 etc
- GST Payments
- Invoice under GST
- How to comply with the GST portal?
- Registering a firm under GST Act, 2017
- How to file Various GST returns?
- How to file revised returns?
- How to file a rectified return?
- How to work with electronic ledgers?
To know more about this ITR filing course, you may contact Multani Mal Modi College at:
Phone no: 0175-2214108
Email Id: [email protected]
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National Institute of Financial Markets:
NIFM is a pioneer in teaching short-term job-oriented certification programs for delivering advanced facilities in the financial markets industry. Specifically, it caters to the need for training and placement for the personnel employed in financial markets.
A diploma in taxation by NIFM is an excellent taxation course that enables students to understand how to file online ITR, TDS, and GST returns under the direction of NIFM experienced tax consultants. The following are the course details:
Course Name: Diploma in Taxation, Income Tax, GST Filing Course
Duration: 6 Months
Fee: ₹55,000 + GST in four instalments or ₹45,000 + GST in one time payment
Modules:
- Income Tax E-Filing
- Tax Collected at Source/Tax Deducted at Source
- Goods & Services Tax (GST)
To know more about this ITR filing course, you may contact Multani Mal Modi College at:
Phone no: 011-45646322, 09910300590
Email Id: [email protected]
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Study Cafe:
CA Deepak Gupta founded Study Cafe provides a certification course on ITR filing to empower finance professionals whose course details are as follows:
Course Name: Certification Course on Filing of ITRs
Duration: 5 days
Fee: ₹599
Modules:
- General Discussion and analysis of each clause of ITR-1
- Critical Analysis of ITR-2 & ITR-4 SUGAM
- Critical Analysis of ITR-3, 5 & 6
- Critical Analysis of ITR-7
To know more about this ITR filing course, you may contact Study Cafe at:
Phone no: +91 9625080264
Email Id: [email protected]
Frequently Asked Questions:
- How can I learn to file ITR?
Several good platforms teach you all about ITR filing. Some examples are:
- IIM Skills
- Consultease
- Udemy
- Institute of Chartered Accountants of India
- Institute of Cost Accountants of India
- Oxford School of Accounting etc.
- What is an ITR course?
ITR filing course is an online course on Income Tax Returns that intends to prepare the participants with an understanding and intensive knowledge of ITR Forms. The ITR filing training also gives a comprehensive overview of ITR Forms and e-filing.
- Is there any course for GST?
IIM Skills provide an online certification course on GST that is comprehensive and all-encompassing. It has a unique curriculum that meets industry benchmarks and provides 100% functional training, making it India’s Best GST Certification program. Beginning with the evolution of GST, the curriculum guides you through the fundamentals and finally concludes with practical applications of GST.
Conclusion:
Many people think of income tax filing as a cumbersome procedure and decide to skip filing returns without knowing its benefits. The article discussed all you need to know about ITR filing course programs you can learn. We hope you choose wisely and rightly perform return filing as a responsible citizen.
