In theory, the U.S. tax system aims to attribute and tax all business income to individuals. But the tax treatment of this income varies. Pass-through income istaxed when earned; capital-gains income is taxed when realized; dividends when distributed; other forms of business income may escape taxation entirely.
Important Concepts of Business Taxation
1. Indian Tax System, direct and indirect taxes
2. The structure and scope of Indian Income Tax Act, concepts and definitions
under the Act, Agricultural Income, Assesee, Assessment year, Income,
previous year, person, residential status, Tax liability, scope and total
3. Heads of Income : Salaries, Income from House property, Profit, Gains
from business and Profession, Capital gains and Income from other
4. Computation of total income & Tax liability of an individual, Deduction
from gross total income.
5. Assessment of firm.
6. Corporate Taxation – Assessment of companies
7. Central sales tax, Maharashtra Sales Tax, Excise and Customs Act.
N.B. : (Provisions of Law shall be applicable that exists immediately one year
proceeding the year of examination)