Tax Consultant Course

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

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.

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.

IV. MIS

1.1 Preparation of Cash Flow statement

1.2 Customer and Vendor aging report

1.3 Preparation Depreciation schedule as per Company and Income Tax

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