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Tax Planning Mentorship

Under the leadership of SEBI Registered Research Analyst Abinas M, featuring Data Strategist and Algo Trader Ajas M

Empowering Professionals, Freelancers and Business Owners to master Tax Planning

This course is designed to equip participants with practical knowledge and strategies to:

  • Understand the Indian tax system, including direct and indirect taxes.

  • Optimize tax liabilities through legal avenues.

  • Navigate tax compliance requirements confidently.

  • Make informed decisions regarding business structures and registrations.


WHAT YOU WILL LEARN

  • Module 1: Introduction to Indian Taxation

    1. Overview of Direct Taxes: Income Tax, Corporate Tax, Capital Gains Tax.

    2. Overview of Indirect Taxes: Goods and Services Tax (GST), Customs Duty

    3. Key Differences: Understanding how direct and indirect taxes impact individuals and businesses.

  • Module 2: Tax Reduction Strategies

    1. For Individuals

      1. Utilizing deductions under Sections 80C to 80U

      2. Investments and expenses that offer tax benefits

    2. For Business Owners and Freelancers.

      1. Claiming business-related expenses

      2. Understanding depreciation and its tax implications

      3. Utilizing presumptive taxation schemes like Section 44AD and 44ADA

  • Module 3: Tax Planning for Professionals and Freelancers

    1. Income Recognition: Accrual vs. cash basis accounting.

    2. Expense Management: Identifying allowable business expenses.

    3. Advance Tax: Calculating and paying advance tax to avoid penalties.

    4. Record Keeping: Maintaining proper documentation for audits and

    assessments.

  • Module 4: GST Compliance

    1. GST Registration:

      1. Threshold limits for mandatory registration.

      2. Voluntary registration benefits.

    2. Filing GST Returns:

      1. Understanding GSTR-1, GSTR-3B, and annual returns.

      2. Deadlines and penalties for non-compliance.

    3. Input Tax Credit (ITC):

      1. Eligibility and documentation required to claim ITC.

  • Module 5: Income Tax Return (ITR) Filing

    1. For Salaried Individuals:

      1. Choosing the appropriate ITR form.

      2. Understanding Form 16 and its components.

      3. Claiming deductions and exemptions.

    2. For Professionals and Business Owners:

      1. Selecting the correct ITR form (e.g., ITR-3, ITR-4).

      2. Reporting business income and expenses accurately.

      3. Utilizing presumptive taxation where applicable.

  • Module 6: Business Structure and Registration

    1. When to Register a Business Entity:

      1. Assessing the need based on turnover, liability, and growth plans.

    2. Choosing the Right Business Structure:

      1. Comparison of Sole Proprietorship, Partnership, LLP, and Private Limited

        Company.

      2. Legal and tax implications of each structure.

    3. Registration Process:

      1. Step-by-step guide to registering different business entities.

  • Module 7: Compliance Essentials (Mini-Session)

    1. Importance of Compliance:

      1. Ensures legal operation and avoids penalties

      2. Builds trust with clients, investors, and regulatory bodies

      3. Enhances business credibility and facilitates growth opportunities

    2. Common Compliance Traps:

      1. Missing tax filing deadlines leading to fines

      2. Inadequate record-keeping causing audit issues

      3. Overlooking mandatory registrations like CST or Professional Tax

      4. Misclassifying income or expenses, resulting in tax discrepancies

    3. Best Practices:

      1. Maintain organized financial records

      2. Stay updated with regulatory changes

      3. Consult with tax professionals when in doubt

      4. Utilize compliance management tools or software


WHAT YOU WILL ACHIEVE

By the end of this course, participants will:

  • Have a comprehensive understanding of the Indian tax system.

  • Be equipped to plan and file their taxes efficiently.

  • Make informed decisions regarding business structures and registrations.

  • Ensure compliance with tax laws, minimizing the risk of penalties.


IDEAL PARTICIPANTS

  • Freelancers and Consultants: Seeking to manage their taxes independently.

  • Small Business Owners: Aiming to optimize tax liabilities and ensure compliance.

  • Mid-Scale Entrepreneurs: Planning for business expansion and structural changes.

  • Finance Professionals: Looking to update their knowledge on current tax laws and practices.


COURSE DURATION

  • Total Duration: 6 weeks

  • Session Frequency: 2 Sessions per Week

  • Session Length: 2 Hours per Session


COURSE FEE

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