Tax Consultant Course

1. Generally Accepted Accounting Principles (GAAP)

1.1 Understanding accepted accounting rules in India
1.2 Accounting principles to be followed
1.3 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 & closure of accounts

3.1 Recording the Invoices and other income, identifying invoicing cycle, raising invoice as stated under GST Act.
3.2 Recording the purchases and expenses, preparing expense voucher.
3.3 Recording the 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 & Inventory Management

4.1 Booking fixed asset transactions.
4.2 How to document fixed assets, physical verification process, identifying periodicity & accounting to analyze differences.
4.3 Depreciation calculation as per companies act & Income Tax Act.
4.4 Booking inventory transaction.
4.5 Inventory aging report and valuation.

5. Tax computation, payments and reports (TDS/Advance Tax/Income Tax/DDT)

5.1 Accounting for TDS payable (Salary, Vendor, Nonresident) / payment of TDS
5.2 Online process of filing TDS returns quarterly (24Q / 26Q / 27Q)
5.3 How to check default from TRACES 
5.4 Download default report and justification reports to rectify return.
5.5 Filing of revised return, Online correction of TDS challans and deducted details
5.6 Issue of Form 16 to employee and Form 16A to vendors (TDS certificate)
5.7 Recording of TDS receivable and Reports, How to download 26AS statement online, TDS reconciliation.
5.8 Computation of advanced tax and payment
5.9 Computation of dividend distribution for tax and payment 
5.10 Tax audit report (3CD)

 

6. Tax computation, payments and reports (Goods and Service tax) (including practical examples)

6.1 Introduction to GST and comparison with old Indirect taxes (Excise / Service Tax / Vat)
6.2 Types of GST / rate structure under GST
6.3 Compotation (Composition) scheme under GST and requirement
6.4 GST Registration Rule– Person liable for registration & types of registrations (Mandatory and Voluntary)
6.5 Concept of supply under GST –Distinction of Goods and Services.
6.6 Concept of place of Supplyto identify GST application
6.7 Concept of time of supply and Valuation rule to comply under GST
6.8 Concept of Branch Transfer / Principal – Agent / Job Work / Work Contract / E-Commerce / Special Economic Zone / EOU / Free sample / 
Input Service Distributor
6.9 Types of invoices and requirement (Invoice format) 
6.10 Valuation Methodology (including RCM) – 3Hrs
6.11 Input Tax Credit (ITC) and set off – Types of input tax credit / conditions to claim ITC / Inadmissible ITC / Reversal of ITC / Setoff of ITC
6.12 Concept of reverse charge mechanism and compliance
6.13 ITC under change of constitution.
6.14 Recording GST liability, ITC, Computation of GST payment and set  off entry for ITC
6.15 Filing of GST returns – (GST3B/GSTR1/GSTR2/GSTR3/GSTR4/GSTR5 etc.)

 

7. Other Applied Laws

7.1 Incorporation of Company (ROC compliance) – XBRL filing
7.2 Application of Provided Fundand compliance
7.3 Application of ESICand compliance
7.4 Application of Professional Tax and compliance

8. Account Finalization and Audit

8.1 Preparation of Trial Balance
8.2 Preparation of Profit and Loss account
8.3 Preparation of Balance Sheet as per schedule III as per Companies Act
8.4 Preparation of Financial Statement as per Companies Act 2013

9. Computation of Income tax and filing of income tax return (ITR 4 / ITR 6)

10. MIS

10.1 Preparation of Cash Flow statement
10.2 Customer and Vendor aging report
10.3 Preparation Depreciation schedule as per Company and Income Tax