Course Overview
The Diploma in Income Tax (DIT) equips students with comprehensive knowledge of income tax laws, regulations, and filing procedures. It covers taxation principles, tax planning, compliance, and legal aspects. Ideal for aspiring tax professionals and finance enthusiasts.
Duration:
1 year (2 semesters)
Syllabus:
The syllabus for the Diploma in Income Tax is typically structured across two semesters. Below is a sample outline:
Semester 1:
Introduction to Income Tax:
Overview of the Indian Income Tax Act, 1961
Basic concepts: Income, total income, gross income, and taxable income
Residential status and its impact on tax liability
Heads of Income:
Income from salary: Taxability of salary components and allowances
Income from house property: Computation of income and exemptions
Profits and gains from business or profession: Deductions and allowable expenses
Capital Gains and Other Sources:
Understanding capital gains and tax implications on short-term and long-term gains
Income from other sources: Interest, dividends, gifts, and casual income
Exemptions available under capital gains and other sources
Deductions under Chapter VI-A:
Deductions under sections 80C to 80U
Investment-linked tax deductions, health insurance, and donations
Tax-saving strategies using deductions and exemptions
Semester 2:
Tax Planning and Management:
Tax planning strategies for individuals and businesses
Managing tax liability through proper investment and planning
Avoidance of double taxation and tax treaties
Income Tax Filing and Assessment:
Procedures for filing income tax returns: ITR-1 to ITR-7
Tax assessment, scrutiny, and penalties under the Income Tax Act
Online filing of returns and use of tax software
Tax Deducted at Source (TDS) and Advance Tax:
Concept of TDS and TCS (Tax Collected at Source)
Calculation and deposit of advance tax
Compliance with TDS rules and filing of TDS returns
Project Work/Internship:
Practical experience through internships in tax consultancies or CA firms
Project work involving tax planning, filing of tax returns, or preparing tax audit reports
Preparation of reports and presentations on income tax-related topics
Average Fees:
₹15,000 to ₹70,000 (varies by institution)
Exams to Attend:
Internal Assessments:
Regular assessments through assignments, case studies, and practical exercises on income tax calculation and filing.
Final Semester Examinations:
End-of-semester exams testing theoretical knowledge and practical skills related to income tax laws and procedures.
Professional Certifications (Optional):
Certified Tax Professional (CTP): Focuses on expertise in tax filing and income tax laws.
Certified Income Tax Practitioner (CITP): Specialization in tax consultancy and planning.
Competitive Exams (Optional):
Entrance exams for further studies such as CA (Chartered Accountant), CS (Company Secretary), or LLB with a focus on tax law.
Top 10 Institutions in India:
Institute of Chartered Accountants of India (ICAI), New Delhi
Indian Institute of Taxation, Mumbai
Symbiosis Centre for Distance Learning, Pune
Amity University, Noida
Narsee Monjee Institute of Management Studies (NMIMS), Mumbai
Indian School of Business (ISB), Hyderabad
National Law University, Delhi
Delhi University, Faculty of Law, New Delhi
ICFAI University, Hyderabad
Christ University, Bangalore
Top 10 Institutions in Kerala:
Rajagiri College of Social Sciences, Kochi
Farook College, Kozhikode
St. Teresa's College, Ernakulam
Kerala Institute of Local Administration (KILA), Thrissur
Sacred Heart College, Kochi
MES College, Marampally
Amrita School of Arts and Sciences, Kochi
Mahatma Gandhi University, Kottayam
Mar Ivanios College, Thiruvananthapuram
St. Joseph’s College, Devagiri, Kozhikode