The PG Dept. of Commerce invited Mr. Sheldon Sequeira, Founder & CEO, Sequeira Advisory Services Vasco, Goa to deliver an online guest lecture to the M.Com students from 11.00 am-12.30 pm on November 5, 2020. The main objective of the Guest Lecture was to make students aware of the practical aspects of Taxation and practical filing of returns for Individual and firm as an Assessee.
Mr. Sequeira began the session by briefing students about the meaning of Income and tax incidence of different tax payers and the revised tax slabs for the A.Y 2020-21.
The speaker gave an overview of essential tax laws and concepts for filing of returns, which are as follows
1. Treatment of various perquisites and deductions
2. Clubbing of income, Set-off and Carry forward
3. TDS and TCS
4. Advance Payment of tax
5. Interest on Capital Borrowed under House Property.
Mr. Sequeira also demonstrated the practical calculation of income under different income heads, preparation of working file and procedure for filing of returns and explained the tax liability using the information of an assessee (personal details were not disclosed).
The speaker also visited the official website of the Income Tax Department and demonstrated how to create an account, how to download the document as per the requirement of tax payers and how to make e-payment of tax.
44 students attended the session, which ended with the vote of thanks by Ms. Maria Elaine Sequeira, student of M.Com-II.
