Corporate Tax Planning provides strategies that are significant in minimizing taxes. Corporate Tax Planning activities generally seek to avoid legally triggering tax costs rather than illegally evading an existing obligation to pay taxes.
Tax planning is a broad term that is used to describe the processes utilized by individuals and businesses to pay the taxes due to local, state, and federal tax agencies. The process includes such elements as managing tax implications, understanding what type of expenses are tax deductible under current regulations, and in general planning for taxes in a manner that ensures the amount of tax due will be paid in a timely manner.
Corporate tax in India is levied on both domestic as well as foreign companies. Like all individuals earning income are supposed to pay a tax on their income, business houses too are supposed to pay as tax a certain portion of their income earned.
The ultimate goal of every taxpayer is to minimise his tax liability. There are three methods to do so:
- Tax Planning
- Tax Avoidance
- Tax Evasion
Tax planning refers to structuring any business transaction, the income and the expenses, in a manner so as to incur least or no tax liability on the transaction.
Tax avoidance is the use of loopholes in the taxation laws and conducting transactions so as to avoid or reduce tax liability.
Tax evasion is the act of avoiding the payment of taxes illegally or by means not specifically allowed under law.
|Lesson 1: Tax Planning, Tax Avoidance and Tax Evasion|
|Concept of Tax Planning, Tax Avoidance and Tax Evasion||00:45:00|
|Tax Planning- Meaning and Advantage||00:45:00|
|Tax Haven and Offshore Entity- Introduction||00:35:00|
|Tax Holiday under Section 10A, 10AA, 10B and 10BA||00:50:00|
|Tax Holiday- Deductions under Section 80IA, 80IAB, 80IB and 80IC||01:30:00|
|Lesson 2: Minimum Alternate Tax|
|Slab Rates for Other Assessee- A.Y. 2018-19||01:00:00|
|Minimum Alternate Tax [MAT]- Analysis of Section 115JB||01:30:00|
|Numericals on MAT||01:30:00|
|Lesson 3: Taxable Income under Business & Profession|
|Residential Status of Other Assessee||00:45:00|
|Computation of Tax Liability of Company and Employee||00:30:00|
|Deemed Profit under PGBP as per Section 41||01:30:00|
|Tax Computation on PGBP for Companies||02:00:00|
|Deemed Income under Section 68 and 69||01:30:00|
|Lesson 4: Deductions allowed under Business and Profession|
|Section 30: Rent, rates, taxes, repairs and insurance for building||01:00:00|
|Depreciation and Additional Depreciation in PGBP||01:30:00|
|Section 33AB and 33AC- Tea Development Account and Reserve for Shipping companies||00:45:00|
|Section 35- Expenditure on scientific research||00:30:00|
|Section 35A to 35E of PGBP||01:00:00|
|Section 36 of PGBP- Other Deductions||01:15:00|
|Section 37 of PGBP- General Deductions||00:45:00|
|Lesson 5: International Taxation|
|Lesson 6: Goods and Services Tax|
|Lesson 7: Tax Planning and Financial Management Decisions|
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