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I Booking & Accounting
- 1 Generally Accepted Accounting Principles (GAAP)
- 1.1 Basics of Accounting & Difference between accounting and book-keeping
- 1.2 Understanding accepted accounting rules in India
- 1.3 Accounting principles to be followed
- 1.4 Business accounting flow
- 2. Preparation of Chart of Accounts
- 2.1 Create / Update / Delete Material Master
- 2.2 Create / Update / Delete Customer Master
- 2.3 Create / Update / Delete Vendor Master
- 2.4 Create / Update / Delete General Ledger Head account
- 2.5 Create / Update / Delete Sub General Ledger
- 3. Book keeping and closing of accounts
- 3.1 Recording of Sales / Income Invoices and other income, Identifying invoicing cycle, raising invoice as required under GST Act.
- 3.2 Recording of Purchases and Expenses, Preparing expense voucher.
- 3.3 Recording of Cash / Bank transactions (Receipts & Payments)
- 3.4 Bank Reconciliation statement
- 3.5 Recording Journal Entries for provisions and accruals, recording month end entries to close MIS.
- 3.6 Identifying cost allocation driver and recording cost allocation.
- 4. Fixed Assets Management and Inventory Management
- 4.1 Booking Fixed Asset transactions.
- 4.2 How to documenting fixed asset physical verification process, identify periodicity, Accounting for differences.
- 4.3 Depreciation calculation as per Companies act and as per Income Tax Act.
- 4.4 Booking Inventory transaction.
- 4.5 Inventory Aging report and Inventory valuation.
- 5. Preparation of Financial Statements
- 5.1 Preparation of Trial Balance
- 5.2 Preparation of Profit and Loss account for Non-Corporate persons.
- 5.3 Preparation of Balance Sheet for Non-Corporate persons.
- 5.4 Preparation of Financial Statement as per Companies Act 2013
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II. TAXATION
A. INCOME TAX
- 1. Income Tax computation, payments and reports
- 1.1 Basics of Income Tax – important definitions, residential status, impact of residential status of taxability etc.
- 1.2 Computation of Income under five heads of Income
- 1.3 Deductions u/ch VIA
- 1.4 Set off / carry forward of lossess, Clubbing of income etc.
- 1.5 Computation of income tax (advance tax, tax under certain heads of income such as capital gains, corporate tax etc.
- 1.6 Computation of Income Tax under alternate methods i.e. Section 115BAA for company and Section 115BAC for Individual
- 1.7 Payment of tax, filing of tax returns under various forms etc. – Downloading 26AS statement online etc and use of it for preparation of tax returns
- 1.8 Applying for PAN & TAN
- 1.9 Income Tax Audit and audit reports – Form 3CD
- 1.10 Computation & Tax Return of Individual (ITR-1,2,3,4)
- 1.11 Computation & Tax Return of Company & Firm (ITR-5 & 6)
- 2. TDS payable under Income Tax
- 2.1 Payment of TDS – challans application and online payment process
- 2.2 Preparation and filing of TDS returns (24Q / 26Q / 27Q)
- 2.3 Rectification of defaults in TDS returns including download default report and justification reports to rectify return.
- 2.4 Filing of revised return, Online correction of TDS challans and deductee details
- 2.5 Issue of Form 16 to employee and Form 16A to vendors (TDS certificate)
- 2.6 Recording of TDS receivable and Reports in books of accounts & TDS reconciliation.
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III. Other Applied Laws
- 1 ROC compliance
- i. Incorporation of Company
- ii. Annual returns of a Company
- iii. Incorporation of LLP
- iv. Annual Returns of LLP
- v. Annual KYC Compliance for a Director
- vi. Annual Compliance for Company such as DPT 3, ADT 1 etc.
- 1.2 Application of Provided Fund and compliance
- 1.3 Application of ESIC and compliance
- 1.4 Application of Professional Tax Enrollment and Registration and compliance such as computation, Payment and filing of PTRC returns.
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IV. MIS
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Tax Computation, Payments And Reports (Goods And Services Tax) – Incouding Practical Examples
- 1.1 Introduction to GST and comparison with Old Indirect taxes (Excise / Service Tax / Vat)
- 1.2 Types of GST / Rate structure under GST
- 1.3 Exemptions in GST
- 1.4 GST Registration – Persons liable for registration. Types of registration (Mandatory and Voluntary)
- 1.5 Concept of supply under GST – Distinction of Goods and Services.
- 1.6 Concept of Place of Supply.
- 1.7 Concept of time of supply and Valuation under GST
- 1.8 Concept of Branch Transfer / Principal – Agent / Job Work / Works Contract / E- Commerce / Special Economic Zone / EOU / Free sample / Input Service Distributor
- 1.9 Export & Imports in GST and provisions relating to LUT
- 1.10 Types of Invoices and Invoice format.
- 1.11 Computation of GST (including RCM)
- 1.12 Input Tax Credit (ITC) and set off – Types of input tax credit / Conditions to claim ITC / Inadmissible ITC / Reversal of ITC / Setoff of ITC ITC under change of constitution.
- 1.13 Concept of Reverse charge mechanism and compliance
- 1.14 Recording GST liability, ITC, Computation of GST payment and Set off entry for ITC
- 1.15 Filing of GST returns – (GST3B/GSTR1/GSTR2/GSTR3/GSTR4/GSTR5 etc.)
- 1.16 Eway Bill – requriment & compliance.
- 1.17 E-invoicing
- 1.18 Composition Scheme in GST
- 1.19 Tax computation, payments and reports (including practical example) TDS under GST
- 1.20 GST Annual Return
- 1.21 GST Audit
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