Diploma in Taxation

What is the Diploma in Taxation?

Diploma in Taxation is a diploma-level program focused on income tax in the field of commerce. Taxation involves imposing financial charges on taxpayers by a state, and failure to pay is punishable by law. The duration of this diploma varies across institutes, ranging from one academic year to more, with differences from one institution to another. Some institutes may offer the course on a part-time basis, enhancing flexibility for students. This program is significant and career-oriented, providing numerous job opportunities upon successful completion.

Syllabus and Course Content:

1. Definition of Agriculture Income – Previous Year – Assessment – Assessment year – Person – Principal officer – Resident Ordinary resident – Non-resident – Deemed Income – Income exempt from Tax
2. Computation of Income from Salary
3. Computation of Income from House Property
4. Computation of Income from Business or Profession
5. Computation of Income from Capital gains and Income from other sources.
6. Deduction from gross total Income
7. Assessment of Individuals
8. Assessment of Partnership Companies
9. Assessment of Joint Stock Companies
10. Procedure for assessment – Filing of returns – Collection and recovery – Refund of Tax – Deduction of tax at source – Advance payment of Tax – Tax Credit Certificate
11. Introduction of Central Sales Tax Law – Important Definitions – CST ACT 1956 – concepts of Sale and Inter-State sales
12. Sale to Government – sale to Registered Dealer – exempted transactions
13. Liability to central sales Tax – Quantum of sales Tax – Procedure and forms under the CST Act
14. Restriction and conditions regarding tax on the sale or purchase of declared goods within miscellaneous provisions.
15. Company in liquidation – Liability of directors in case of liquidation – CST appellate Authority – appeals, settlement of Disputes, Procedure, powers.
16. 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.
17. 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.
18. Introduction to Service Tax Law – meaning, Definition, and Concepts.
19. Liability of Service Tax – payments and recovery of Service Tax – Registration, requirement & procedure – Records and returns – Assessments, Revision, and appeal – offences and penalties.
20. Summary provisions for various Taxable services – Advance ruling in service tax – service Tax Audit – service tax credit

Diploma in Taxation Colleges:

• Guru Nanak Dev University, Amritsar
• Bharathiar University, Coimbatore
• Siddharth Law College, Gandhinagar

Course Suitability:

• Suitable for those aspiring to teach at higher degree levels in both private and public institutions.
• Requires creative thinking, innovation, good communication skills, up-to-date awareness of taxation, and market knowledge.
• Strong problem-solving skills, proficiency in Microsoft Office, and excellent Excel spreadsheet skills are essential.

Benefits of the Diploma in Taxation:

• Opens doors to higher degree programs, including Graduation and master's Degrees, and potential research work.
• Opportunities in the income tax department, serving as a consultant or advisor for income tax returns.
• Business tax consulting for addressing various taxation issues faced by businesses.
• Provides in-depth knowledge of the Indian tax system.

Employment Areas:

• Taxation Departments
• Indirect Taxation
• Education & Teaching
• Banking Sector

Job Types:

• Manager
• Management Trainee
• Accountant
• Assistant Manager
• Executive Assistant Manager
• Associate Manager
• Asst. Manager/Sr. Executive

Advanced Courses in Diploma in Taxation:

• B.Com. (Taxation)
• B.Com. (Hons.) (Taxation)
• M.Com. (Taxation)