Diploma in Taxation is a certificate level Income Tax Commerce course. Taxation is a process of imposing a financial charge or other levy upon a taxpayer (an individual or legal entity) by a state or the functional equivalent of a state such that failure to pay is punishable by law. Time span of having this diploma is ranging from one academic year to more than it but it varies from institute to institute. The minimum time to complete the course is also differentiating from institute to institute. This course may also be available and being provided by some certain institutes on part time basis. The course is an important and career orienting one that opens many job scopes for the candidates after its successful completion.
Diploma in Taxation Eligibility
The basic eligibility for diploma in taxation is 10+2 pass out. But most of the students prefer to pursue this course only after graduation because in degree they are being given basic knowledge of taxation and related areas.
The marks of admission for this course may vary from institute to institute. In various colleges it conducts entrance exams plus interview and percentage of 12th class for the admission of students.
Diploma in Taxation Syllabus
The below mentioned syllabus is provided many universities & colleges.
Subjects of Study
Definition Agriculture Income –Previous Year – Assesse – Assessment year – Person – principal officer – Resident Ordinary resident – Non resident – Deemed Income – Income exempt from Tax
Computation of Income from Salary
Computation of Income from House Property
Computation of Income from Business or Profession
Computation of Income from Capital gains and Income from other sources.
Deduction from gross total Income
Assessment of Individuals
Assessment of Partnership Companies
Assessment of Joint Stock Companies
Procedure for assessment – Filing of returns – Collection and recovery – Refund of Tax – Deduction of tax at source – Advance payment of Tax – Tax Credit Certificate
Introduction of Central Sales Tax Law – Important Definitions – CST ACT 1956 – concepts of Sale and Inter – State sales
Sale to Government – sale to Registered Dealer – exempted transactions
Liability to central sales Tax – Quantum of sales Tax – Procedure and forms under the CST Act
Restriction and conditions with regard to tax on sale or purchase of declared goods with in miscellaneous provisions.
Company in liquidation – Liability of directors in case of liquidation – CST appellate Authority – appeals, settlement of Disputes, Procedure, powers.
Value Added Tax (VAT): Introduction – Evolution of VAT In India – Meaning – Objectives – Features of VAT Laws –TNVAT Act,2006 – Definitions – Input tax credit system – Levy of taxes on sales – right to use any goods – Trans of goods involved in works contracts – refund of tax on sales returns – Deduction of tax at source in works contract exemption from tax.
Assessment in various cases – Liability of tax of persons – firms – Hindu Undivided family – private company – Appointment and powers of authorities Recovery Act – Appeals and revisions.
Introduction to service Tax Law – meaning, Definition and Concepts.
Liability of service Tax – payments and recovery of service Tax – Registration, requirement & procedure – Records and returns – Assessments, Revision and appeal – offences and penalties.
Summary provisions for various Taxable services – Advance ruling in service tax – service Tax Audit – service tax credit
Course is suitable for those who are willing to go for teaching fields at higher degree level i.e. college and university level both in private and government institutions. They should have the ability to thinking, a creative and innovative mind, good communication skills, up to date with awareness, abundant knowledge about the taxation sector and the market. Candidates must have the ability to work as part of a team a it is necessary for course and job. Applicants should have strong problem-solving skills, proficiency with the Microsoft Office software suite and excellent Excel spreadsheet skills. A strong sense of work ethics and a desire are also essentials for it.
How is Diploma in Taxation Course Beneficial?
They can go for higher degree program in respective subjects such as Graduation and Masters Degree and then for research work. They have also options in income tax department as consultant or an income tax advisor, a person who helps you in filing your income tax returns every year. Students also can go for the business tax field as consultant gives advice to business houses regarding the various business tax issues that are plaguing them. The course also gives knowledge regarding tax system in India for students’ understanding.