Unravelling the World of Taxation: Insights from ATLAS Certification Program

ATLAS SkillTech University has embarked on an exciting journey by launching a comprehensive 12-week certification program focused on Taxation. Led by the esteemed Prof. CA Vipul Pancholi from ATLAS ISME School of Management and Entrepreneurship, this program promises to equip students with the knowledge and skills required to navigate the complex landscape of taxes. Prof. Pancholi, a luminary in the fields of Accountancy & Finance, a renowned stock market specialist and a versatile expert in financial markets, brings a wealth of experience as a Chartered Accountant, Cost Accountant and Company Secretary.

“Understanding taxation isn’t just about numbers; it’s about gaining control over your financial destiny.”
– Prof. CA Vipul Pancholi

The Inaugural Session

The inaugural session of the certification program shed light on the fundamental aspects of taxation and its various nuances. One of the key takeaways was an understanding of the two primary types of taxes:

Direct Tax: This type of tax is paid directly by individuals on their income. In other words, it’s the tax each person personally contributes based on their earnings.

Indirect Tax: On the other hand, indirect taxes are levied on goods and services, often passed on to the end consumer. GST (Goods and Services Tax) is a prime example of an indirect tax, impacting the price of products.

Navigating the Terrain of Direct Tax

The session delved deep into the realm of direct tax, offering insights into its various facets:

Assessment

This is the process by which the income tax authority determines an individual’s income, as well as the corresponding tax, interest, and penalties. The steps taken by tax officers involve queries, scrutiny, and even raids to ensure accurate assessment.

Form 26AS and TDS

Tax Deducted at Source (TDS) is a critical aspect of tracking income and taxes paid. Form 26AS serves as a source of information that allows individuals to keep tabs on their income and the taxes deducted at source.

TIS (Taxpayer Information Summary) and AIS (Annual Information Statement)

These summaries provide a comprehensive overview of an individual’s income and tax-related details. TIS includes Form 26AS data, while AIS presents a summary of income and taxes paid annually.

The Role of Assessee

Understanding the role of “assessee” is essential in the world of taxation:

Assessee: This refers to the individual who is liable to pay taxes, interest, and penalties as per the taxation laws. It also encompasses those who are deemed as “assessee in default,” which includes cases like the income of a minor/child or when someone forgets to pay taxes.

Assessment Year and Previous Year

To grasp the temporal dimension of taxation, participants learned about:

Assessment Year: This is a 12-month period starting from April 1st, during which the tax, interest and penalties for the previous year are determined.

Previous Year: For instance, if you’re in the financial year 2023-24, the previous year would be 2022-23. This system involves paying taxes in the financial year subsequent to the previous year.

The Multifaceted “Person”

Taxation is intricately tied to different entities:

Individual: Single individuals paying taxes based on their income.

HUF (Hindu Undivided Family): A family treated as a single entity for taxation purposes.

Firm: Partnership firms are collective entities that share tax responsibilities.

Company: Corporations are also subject to tax regulations.

AOP (Association of Person): An association of individuals, whether incorporated or not, that’s treated as a separate entity for taxation.

BOI (Body of Individuals): Similar to AOP, BOI refers to a group of individuals coming together for a common purpose, taxed collectively.

Artificial Person: This intriguing category includes entities like Tirupati Balaji, highlighting the diverse range of entities subject to taxation.

Income Tax E-Filing

The session concluded with a practical demonstration of income tax e-filing through the income tax portal. This hands-on experience provided participants with a glimpse into the digital side of tax management, showcasing how technology has transformed the way individuals interact with taxation procedures.

Chart Your Path to Financial Literacy

ATLAS SkillTech University’s certification program on Taxation isn’t just an academic endeavor; it’s a journey of empowerment. With this program, students can anticipate a future where tax complexities no longer intimidate, but rather, serve as opportunities for informed decision-making.

Don’t miss the chance to be a part of this transformative journey. Your journey towards taxation mastery starts here.