taxation and costing combo

TAXATION AND COSTING COMBO


  1. HD VIDEO CLASSES
  2. ABOUT 180 HOURS OF EXTENSIVE COACHING
  3. MOST COMPREHENSIVE CLASS NOTES & BOOKS
  4. DISCUSSION OF PAST EXAMINATIONS QUESTIONS
  5. ANY AMENDMENTS OR UPDATES OR ANY DISCUSSION ARE UPLOADED REGULARLY ON YOUTUBE
  6. SOLVING DOUBTS AND QUERY THROUGH NUMEROUS MODE OF COMMUNICATIONS
  7. DIRECT CALLS
  8. WHATSAPP (CALL & MESSAGE),
  9. MESSAGE THROUGH ANY SOCIAL PLATFORM,
  10. STUDENTS CAN ALSO VISIT CENTER DIRECTLY.
  11. SEPARATE HELPLINE NUMBER FOR TECHNICAL SUPPORT

The way of students is tough. Word "Taxation" is more frightful to a student than to a taxpayer. A reference by any person to any "Case law" or "Section" is enough to create some diffidence in the student. The complex nature of Tax Laws make the task even tougher for students who not only have to understand it but also have to apply it in a given situation.


Even though the most widely interpreted subject of "Taxation" is compendious and complex in nature, learning the same is not difficult and half of the battle with the subject is won if the student approaches the study with a positive frame of mind.

It is with this approach that we conduct our classes.

 

There are two types of taxes in India – direct and indirect.

A direct tax is a tax you pay on your income directly to the government. Indirect tax is a tax that restaurants, theatres and e-commerce websites charge you on for goods or a service. This tax is, in turn, passed down to the government. Indirect taxes take many forms: service tax on restaurant bills and movie tickets, value added tax or VAT on goods such as clothes and electronics.
Goods and services tax, which has recently been introduced is a unified tax that has replaced all the indirect taxes that business owners have to deal with.

INCOME TAX (DT)

Chapters Syllabus
Chapter 1 Introduction, Basic Concepts and Definitions under Income Tax Act, 1961 1
Chapter 2 Residential Status & Tax Incidence 20
Chapter 3  Concept & Calculation of Income Tax 43
Chapter 4 Agricultural Income & Its Tax Treatment 59
Chapter 5 Income under the Head Salary 70
Chapter 6  Income under Head House Property 155
Chapter 7  Income under the Head ‘Profits and Gains from Business and Profession’ (PGBP) 195
Chapter 8  Income under the Head ‘Capital Gains’ 268
Chapter 9 Income under the Head of ‘Other Sources’ 308
Chapter 10  Clubbing of Incomes 326
Chapter 11  Set Off of Losses and Carry Forward of Losses 336
Chapter 12  Deductions from Gross Total Income (Chapter VIA of Income Tax Act, 1961) 350
Chapter 13  Incomes which are Exempt from Income Tax 386
Chapter 14  Procedure of Filing of Income Tax Returns 393
Chapter 15  Tax Deducted at Source 405
Chapter 16  Advance Payment of Tax and Interest Payable by Assessee 424
Chapter 17  Assessment of Individuals 432

GOODS & SERVISES TAX

Chapter Syllabus
Chapter 1 Basic Introduction to Goods And Services Tax (GST) 1
Chapter 2 Chargeability under CGST and IGST 26
Chapter 3  Supply under GST 39
Chapter 4  Exemptions under GST 64
Chapter 5  Value of Supply under GST 134
Chapter 6  Composition Scheme 143
Chapter 7  Time of Supply Under GST 155
Chapter 8  Input Tax Credit under GST (Sections 16, 17, 18) 166
Chapter 9  Payment of GST (Sections 49, 50 and Rules 85, 86, 87, 88) 179
Chapter 10 Registration under GST (Section 22 to 30) 192
Chapter 11 Invoice under GST (Section 31 to 34 of CGST Act, 2017 & Section 20 of IGST Act, 2017 Tax Invoice, Credit and Debit Notes of CGST Rules, 2017) 206
Chapter 12 Filing of Return under GST (Section 37 to 48 of CGST Act 2017-Rules 59 to 84 of CGST Rules 2017) 215

 

Paper 3: Cost and Management Accounting

(One paper - three hours - 100 marks)

Level of Knowledge: Working knowledge

Objectives:

  1. To develop an understanding of the basic concepts and applications to establish the cost associated with the production of products and provision of services and apply the same to determine prices.
  2. To develop an understanding of cost accounting statements.
  3. To acquire the ability to apply cost information for cost ascertainment, planning, control and decision making.

 

S. No.

Particulars

Chapter No. in book

1.

Overview of Cost and Management Accounting

 

  1. Introduction to Cost Accounting
    1. Objectives and scope of cost and management accounting
    2. The users of Cost and Management accounting information – Functions of management accounting
    3. Role of cost accounting department in an organization and its relation with other departments.
    4. Installation of Costing System
    5. Relationship of Cost Accounting, Financial Accounting, Management Accounting and Financial Management.
    6. Cost terms and concepts
    7. Cost reduction and cost control
    8. Elements of costs
    9. Cost behavior pattern, Separating the components of fixed, variable, semi-variable and step costs.
    10. Methods of Costing, Techniques of Costing
    11. Cost Accounting with use of Information Technology

 

  1. Elements of costs and preparation of Cost Sheets
    1. Functional classification and ascertainment of cost
    2. Preparation of cost sheets for manufacturing sector and for service sector

 

 

Chapter – 1

2.

Ascertainment of Cost and Cost Accounting System

  1. Material Cost
    1. Procurement procedures - store procedures and documentation in respect of receipts and issue of stock, stock verification
    2. Valuation of material receipts
    3. Inventory control-
      • Techniques of fixing level of stocks - minimum, maximum, re-order point, safety stock, determination of optimum stock level
      • Determination of Optimum Order quantity – Economic Order Quantity (EOQ)
      • Techniques of Inventory Control – ABC Analysis, Fast, Slow moving and Non- moving (FSN), High, Medium, Low *HML), Vital, Essential, Desirable (VED), Just-in-time (JIT) – Stock taking and perpetual inventory ststem, use of control ratios,
    4. Inventory accounting
    5. Consumption - identification with products of cost centres, basis for consumption entries in financial accounts, monitoring consumption.

 

Chapter – 2

 

  1. Employee Cost
    1. Attendance and payroll procedures-

- Elements of wages – Basic pay, Dearness Allowance, Overtime, Bonus, Holiday and leave wages, Allowances and perquisites

    1. Employee Cost control
    2. Employee Turnover – Methods of calculating employee turnover, causes of

      employee turnover, effects of employee tunrover

    3. Utilization of Human Resource, Direct and indirect employee Cost, charging of employee cost, identifying employee hours with work orders or batches or capital jobs
    4. Remuneration systems and incentive schemes-
    5. - Time Rate System, Piece Rate System, Differential piece rate system, Calculation of wages, Effective Wages.

Chapter – 3

 

  1. Direct Expenses
    1. Direct expenses
    2. Nature of Direct of Chargeable expenses
    3. Sub-contracting - control on material movements, identification with the main product or service.

Chapter - 4

 

  1. Overheads
    1. Functional analysis - factory, administration, selling, distribution, research and development
    2. Behavioural analysis - fixed, variable and semi variable
    3. Allocation and Apportionment of overheads using Absorption Costing Method.
    4. Factory   overheads   -   primary   and    secondary distribution
    5. Administration overheads - method of allocation to cost centres or products
    6. Selling and distribution overheads - analysis and absorption of the expenses in products/customers, impact of marketing strategies, cost effectiveness of various methods of sales promotion.
    7. Treatment of Research and development cost in cost accoutning

Chapter - 4

 

(V) Concepts of Activity Based Costing (ABC)

Chapter - 8

 

  1. Recording and Accounting of Costs
    1. Non-integrated Cost Accounting system – Ledger under non-integral system
    2. Integrated (Cost and Financial) Accounting system – Ledgers under integral system
    3. Difference between the Non-integrated and Integrated Accounting system
    4. Reconciliation of profit as per Cost and Financial Accounts (under Non- Integrated System).

Chapter – 6

Chapter – 7

3.

Method of Costing

(II)  Job Costing

Job cost cards and databases, collecting direct costs of each job, attributing overhead costs to jobs, applications of job costing.

 

Chapter – 5

 

(III) Batch Costing

Determination of optimum batch quantity, Ascertainment of cost for a batch, Preparation of batch cost sheet, Treatment of spoiled and defective work

Chapter – 5

 

  1. Contract Costing
    1. Ascertainment of cost of a contract, Progress payment, Retention money, Escalation clause, Cost plus contract, Value of work certified, Cost of work not certified.
    2. Determination of value of cost certified, Cost of work not certified, Notional or Estimated profit from a contract

Chapter – 9

 

  1. Process/Operation Costing
    1. Process cost recording, Process loss, Abnormal gains and losses, Equivalent units of production, Inter-process profit, Valuation of work in process
    2. Joint Products- Apportionment of joint costs, Methods of apportioning joint cost over joint products.
    3. By-Products – Methods of apportioning joint costs over by-products, treatment of By-product cost

Chapter – 10

 

 

Chapter – 11

 

  1. Costing of Service Sectors
    1. Determination of costs and Prices of services of following sector\industries:

- Transprt, Toll roads, Hospitals, Canteen/ Restaurants, Hotels/ Lodges,

Chapter – 12

 

 

Educational Institutions, Financial Institutions/ Banks, Insurance, IT Sector and other services.

 

  4.

Budgets and Budgetary Control

  1. Meaning of Budget, Essentials of Budget, Budget Manual, Budget setting process, Preparation of Budget and monitoring procedures.
  2. The use of budget in planning and control
  3. Flexible budget, preparation of functional budget for operating and non-operating functions, Cash budget, Master budget

Introduction to Principal/ Key budget factor, Zero Based Budgeting (ZBB), Performance budget, Control ratios and Budget variances.

Chapter - 13

5.

Cost Control and Analysis

  1. Standard Costing
    1. Setting up of standards, Type of Standards, Standard Costing as method of performance measurement.
    2. Calculation and Reconciliation of Cost variances-

-      Material cost variance, employee cost variance, Variable overheads variance and Fixed overhead variance.

Chapter - 14

6.

  1. Marginal Costing
    1. Basic concepts of marginal costing, Contribution margin, Break-even analysis, Break -even and profit volume charts, Contribution to sales ratio, Margin of Safety, Angle of incidence, Cost-Volume-Profit Analysis (CVP), Multi product break-even analysis, Consideration of Limiting factor (key factor)
    2. Determination of cost of a product/ service under marginal costing method, determination of cost of finished goods, work-in-progress,
    3. Comparison of Marginal costing with absorption costing method – Reconciliation of profit under the both methods.
    4. Short term decision making using the above concepts (basic / fundamental level).

Chapter - 15

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