Direct and Indirect Tax

Overview:

Introduction:

This training program focuses on the basic and practical aspects of value added tax, service tax, TDS, GST and income tax. Through it, participants will gain knowledge of tax computation and bypass tax related transactions, recognition of tax and re-filing methods.

Program Objectives:

At the end of this program, participants will be able to:

• Grasp income tax law structure, deductions, TCS, TDS, and tax procedures.

• Analyze VAT and CST systems, including registration, invoices, and audits.

• Comprehend service tax laws, taxable events, and procedures.

• Apply Central Excise Tariff Law, classification, and CENVAT credit.

• Navigate customs law, assessment of goods, and import/export procedures.

Targeted Audience:

• Accountants, Tax consultants, and Tax enforcement agencies.

• Tax experts working for advising firms and in general taxation.

• Tax experts in the commercial and trade sectors.

• Government employees and institutions.

• Internal tax managers or directors.

Program Outline

Unit 1:

Introduction to Income Tax Law:

• The structure of the income tax law: an overview.

• Description: Income from profession and business.

• Deduction from Gross Gross Income.

• The concept of tax collected at source (TCS) and tax withheld at source (TDS).

• Introducing Return Terms: An Overview.

• Description: Advance tax provisions.

• Procedures and Evaluation.

Unit 2:

Value Added Tax (VAT) and Central Sales Tax (CST): Introduction:

• Understand the way in which the VAT liability/responsibility of the Committee on Science and Technology and the clearing procedure is calculated.

• Description: VAT and CST procedures - registration, TIN, VAT invoice and mandatory records.

• Overview: VAT and CST audit.

Unit 3:

Service tax overview:

• Service Tax Law: Introduction.

• Service tax rate, tax point and taxable event.

• Understanding Negative List Service Tax.

• Service Tax Procedures.

Unit 4:

The Basic Concepts:

• Central Excise Tariff Law: Classification Basics.

• Rating: Overview.

• CENVAT Credit Analysis.

• Description: General Procedures.

Unit 5:

Customs: an overview:

• Basic Definitions by Law.

• Appointment date, taxable event and identification assessment, Temporary assessment.

• Description of stolen goods, damaged or destroyed goods.

• Imported and exported goods: evaluation.

• Understanding import and export.

• Storage concept, Duty defect overview.

• Postal articles, luggage and stores.