The focus in 2018 was on changes affecting income taxes for individuals, business owners, and corporations as well as changes affecting estate taxes. The subtopics for each lecture are related to the chapters in the textbook. Among the most important objectives of tax planning is channelization of taxable income to various investment plans. Friends, here is an amazing pdf containing free study notes for the bba final year subject income tax. Tax planning is an exercise undertaken to minimize tax liability through the best use of all available exemptions, deductions, rebates and reliefs to reduce income.
Background, administration and procedural aspects of service tax 18. International tax journal for tax specialists tax notes. P l a n n i n g tax planning calculating your taxes 1 salary, parttime wages, investment. Planning techniques are described in a neutral and concise manner, without. Once project charter is approved, the project is formally initiated. Pdf tax audit guidance note navajyoti lahan academia.
Tax planning involves planning in order to avail all exemptions, deductions and rebates provided in act. Types of tax planning the objective of tax planning is to reduce or defer the tax cost. Tax planning and reporting for a small business participant guide small business financial education curriculum page 3 of 18 welcome welcome to the tax planning and reporting for a small business. Incometax law and tax planning ugcnet commerce study. It is sent by first class mail only, and as of now is free. Marginaltax rate most useful rate in tax planning tax. The notes have been prepared on the knowledge that advanced taxation studies aim to equip students and tax practitioners with relevant knowledge and skills that will make them able to make sound.
List of key topics covered in income tax bba notes. Computation of income under various heads income under head salary. Tax planning can be understood as the activity undertaken by the assessee to reduce the tax liability by making optimum use of all permissible allowances. The impact of tax planning on forwardlooking effective tax rates. Residence and tax liability, exempted incomes under sec. The focus in 2018 was on changes affecting income taxes for individuals. Lecturer minisha gupta this subject basically deals with how tax is calculated how tax can be evaded how tax can be properly planned. In other words, it is the analysis of a financial situation from the taxation point of view. Tax planning forces client to identify financial goals and general means to achieve them allows tax professional to exercise a higher degree of creatlvity than in any other part of the practice affords the practitioner the greatest possible degree of control over the prescribed transactions and tax consequences economics of tax planning, avoidance, and evasion planning. The income tax law itself provides for various methods for tax planning. Page 1 of 19 tax avoidance, tax evasion and tax planning 1.
Many products that you buy can be obtained using instruction manuals. Tax planning is an important area as far as the fiscal management of a company is concerned. All tax planning opportunities into one of three categories. The objective behind tax planning is insurance of tax. Dear mba colleagues, i am sharing the lecture notes for the mba finance subject corporate taxation.
Upto the fifth edition the book was entitled direct tax planning and management. Short range tax planning means the planning thought of and executed at the end of the income year to reduce taxable income in a legal way. This is a short 43 slide power point presentation in pdf which covers all the tax saving sections and investments applicable for tax. Tax management tax management refers to the compliance with the statutory provisions of law. We are releasing the ebook on tax planning which tells you how to save income tax for fy 201819 ay 201920 for both salaried and professionals. Tax planning is the analysis of a financial situation or plan from a tax perspective, with the purpose of ensuring tax efficiency. This report has been prepared for the project aggressive tax planning indicators.
Marginaltax rate most useful rate in tax planning tax rate applied to incremental amount of taxable income that is. A study of tax saving instruments find, read and cite all the research you need on researchgate. Income tax is mostly taught in 5th or 6th semester in bba course and is one of the most important practical subject in bba. Needs and objectives of tax planning tax planning is done for the reduction of tax burden. Aggressive tax planning indicators final report european. Fundamentals of international tax planning book ibfd. Individuals should seek independent tax advice regarding their circumstances. Tax considerations in specific business situations. Tax planning is a legal way of reducing your tax liabilities in a year. An accountant has a suggestive but very specific job to do in this regard by indicating ways to minimise the tax.
Primarily written for the students of commerce, the present book is a complete study of tax planning, tax procedure and management, wealth tax, central sales tax and service tax. Tax planning is an activity conducted by the tax payer to reduce the tax liable upon himher by making maximum use of all available deductions, allowances, exclusions, etc. Concepts and significance of corporate tax planning. Use this checklist and compare to a clients 1040 sidebyside to identify key issues and planning needs for your tax. Lecture notes principles of microeconomics economics.
As this edition of the wealth guide goes to press, separate tax reform bills are moving through the house and senate. Pdf income tax bba notes, ebook for bba final year download. How various situations affect the tax planning and management. The attached pdf file will help you in your preparation for corporate taxation and help you clearing your semestertrimester exams with ease. Introduction to taxation our purposes, the sections on tax structure, types of tax, tax. It will help you to utilise the tax exemptions, deductions, and benefits in the best possible way for minimising your tax burden.
These lecture notes were prepared by xingze wang, yinghsuan lin, and frederick jao specifically for mit opencourseware. Notes on income tax laws tax year 2012 muhammad ovais, deloitte th mfc 3 company. After a year, people have moved from how does the new. Pdf on may 10, 20, savita balhara and others published income tax planning. Lecture notes taxes and business strategy sloan school of. Suppose, at the end of the income year, an assessee finds his taxes have been too high in comparison with last year and he intends to reduce it.
Beverly winstead, director of the university of marylands lowincome tax clinic, shares how the coronavirus pandemic has affected her work as a practitioner and professor. Definitions, basic concept, person, assessment year. It includes maintenance of accounts, filling of return, payment of taxes, deduction of tax at source, timely payment of advance tax, etc. This section provides lecture notes from the course. A project planning enables project manager to translate project requirement into work breakdown structure wbs, tasks list, gantt charts, resource assignment and risk register, etc. Income tax law and tax planning ugc net commerce study material july 22, 2017 november 6, 2018 innovative basic concepts, residential status and tax incidence, exempted incomes, computation of taxable income under various heads.
Lecture notes taxes and business strategy sloan school. Download complete tax planning guide in pdf for salaried. Choates notes is a newsletter with interesting tidbits for professionals, mainly on the subject of estate planning for retirement benefits. While tax planning is optional, tax management is mandatory. Tax management deals with filing of return in time, getting the accounts audited, deducting tax at source etc. The advantages of efficiency and lower cost to run. Management pdf corporate tax planning and management are a good way to achieve details about operating certainproducts. In other words, this book looks at techniques used to reduce an mnes tax burden.
Basic international taxation second edition volume i. The objective is to acquaint the students with important provisions of income tax and technique of planning and management. Incometax and corporate tax planning innovative ugc net. Direct tax planning and management kaushal kumar agrawal. Dutch shell companies and international tax planning cpb. To avail the benefit of concessions and exemptions given under law.
The lecture notes are from one of the discussion sections for the course. Students will get working knowledge regarding legitimate way of tax planning under different financial managerial decisions after taking into consideration the. Primarily written for the students of commerce, the present book is a complete study of tax planning, tax procedures and management, wealth tax, value added tax and service tax. Identify the federal, state, and local taxreporting requirements of a small business and its owner, and establish. Unit 1 tax planning and management tax a charge or a sum of money.
What all persons or committees are involved in the management and planning of tax and liability. Find materials for this course in the pages linked along the left. It is 3 years under graduation course that provides. Analysis of a tax return for financial planning opportunities leading cpa financial planners developed this checklist to help you add value to your client relationships. Companies are flummoxing the tax code, tax notes international, 67, 867878. The objective of tax management is to comply with the provisions of income tax law and its allied rules. Now it is entitled corporate tax planning and has 46 chapters divided into eleven selfcontained units basics. Tax planning can be understood as the activity undertaken by the assessee to reduce the tax liability by making optimum use of all permissible allowances, deductions, concessions, exemptions.