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Understanding Income Tax by Simple Method

Lazarus Dias
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Benjamin Franklin said there were only two things certain in life: death and taxes. Income tax explained in layman’s language & learning Income Tax made child’s play in this course.

Is this course for me?

If you are a professional like a doctor , trainer, consultant, employed in any industry or owner of a business or just a house maker with basic education equal to 12th Std, then this course will be useful to unravel the intricacies of the Income Tax law. This course explains in detail about Income, about deductions, about exemptions and how you can save tax using various provisions of the Income tax rules. It is not about the theory of Income tax but the very easy ways of practical applications in real life situations which can help you save a lot of tax. All the basic knowledge and terms that are used by Chartered Accountants are covered here.

What will I gain from this course?

It is catered for anyone who is interested to save money on Income Tax by planning financial affairs according to the provisions of the Income Tax law. Income tax is not about your finances alone but about your family and your circumstances also. If you are not saving those taxes then you are definitely losing money. What you need is to get used to those terms in Income Tax and be able to ask a few questions to your CA while filing returns. The CA can help us much better when we are informed about the provisions of Income Tax. Your awareness of the Income Tax provisions will help you manage your Income and taxes more effectively.

How do I prepare before taking this course? Is there a prerequisite skill set?

You need to prepare a time table to spend 15 – 20 minutes every day to complete at least one module per day.

  • Lesson 1

    Understanding what is income, assessment year and assessee

  • Lesson 2

    Exemptions Under section 10

  • Lesson 3

    Understanding income tax flow chart, sources of income,General deduction

  • Lesson 4

    Understanding sources of income in detail

  • Lesson 5

    Income from salary, what is included and what is exempt

  • Lesson 6

    House property income, understanding concept of SOP And LOP

  • Lesson 7

    Business and profession - calculating net profit

  • Lesson 8

    Understanding capital gains and capital loss

  • Lesson 9

    Income from other sources

  • Lesson 10

    Calculating Gross total income

  • Lesson 11

    Chapter VI A dedication - sec 80c, 80ccd (1), 80d, 80ccG,80TTA

  • Lesson 12

    Deduction under section 80dd, 80ddb,80E, 80U

  • Lesson 13

    Deduction under section 80G, 80GG, 80GGB, 80GGC

  • Lesson 14

    Calculation of taxable income

  • Lesson 15

    Calculating Gross tax, understanding tax slabs

  • Lesson 16

    Adjustments section- 234A,234B,234C, Rates of advance tax payment

  • Lesson 17

    Understanding miscellaneous provisions - sec 64, sec 269ss, 269T, 269st, 271d & 271E

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Lazarus Dias

Lazarus Dias is an MBA in finance and has been in Financial Planning and Investment consultancy for the last 30 years. He has a training company to impart knowledge and skills to Insurance Agents across the country. He conducts a three days workshop on Income Tax in laymans language. He also does Financial Planning for his clients and has clients like Alque Padamsee the Guru of Marketing, Mr Jitesh Pillai the Editor of Filmfare among others for financial planning. Recently he helped save additional Rs 40000/= tax per year just through one section for Mr Alque Padamsee.

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