The PG Dept. of Commerce organized a guest lecture for students of M.Com Part II on August 27, 2019. The Resource Person was Ms. Shaheena Isani, Tax Consultant, Kulkarni & Bhat.
The main objective of the Guest Lecture was to familiarize students with the practical aspects of different heads of Income and their chargeability under Income Tax. 26 students attended.
Ms. Isani began the session by briefing students about the meaning of Income and tax incidence of different tax payers. She explained the procedure which is followed while filing returns:
- Determination of Residential status
- Classification of income under different heads
- Exclusions of income not chargeable to tax
- Computation of income under different heads
- Clubbing of income of spouse, minor child etc
- Set-off and carry forward of losses
- Computation of Gross Total Income
- Deductions from Gross Total Income
- Total income
- Application of the rates of tax on the total income
- Surcharge
- Education and secondary and higher education cess
- Advance tax and tax deducted at source
The faculty covered different heads of Income with conditions, deductions under different sub sections and exemptions to solve the practical problems.
Different heads of Income covered were: Income from Salary, Income from House Property, Income from Profit/gain from business or Profession, Income from Capital Gain and Income from Other Sources
Under salary head different components were explained which included gratuity and pension; under Income from house property treatment for income received from letting outhouses and self-occupied house was shown; Capital Gain – calculation about the valuation of property as on the date of sale was shown and under Income from Other Sources income from Gift received was explained. Ms. Isani also showed the practical calculation and procedure for filing of returns by using the actual information of anassessee (personal information of the assessee was kept confidential).
In conclusion, she explained the changes made in the current budget with respect to Income Tax, which will be implemented from the financial year 2020-2021.
The session ended with the vote of thanks by Ms. Melita De Souza, student of M.Com Part-II.
