Top 5 Income Tax Courses in India - Henry Harvin

I used to be part of the corporate jungle, and income tax was a byword all the time. Especially, as the deadline for tax return came round the corner, the common topic everywhere was to discuss how to effectively use the myriad tax saving tools. I was fortunate that someone was there to advise me. But it would have been great to take up an income tax course and do it myself. However, I have always felt it would be good to know myself. But my circumstances now are different, being a homemaker, don’t need Tax planning anymore. Don’t you want to learn Income Tax Planning? Let us find an appropriate income tax course for you.

What about you?

Are you ready?

Income Tax planning in a layman’s view is another way of saving that has the added benefit of saving Income Tax as well. But there is a host of regulations, governance behind it. In India, for all matters related to Income Tax, the Income Tax Act is used.

There is always a demand for a professional, good, trustworthy, well-informed Tax Consultant. Because most people don’t want the hassle to learn themselves. So, it is always a great career choice. However, if you want to do it yourself, then you have to learn the intricacies. Thus, we concentrate on courses that suit all categories and are flexible as is the demand of today.  

Let us begin our journey by understanding the basics.

What is income? 

What is Income?

How do we define income?

Let’s start with the literal meaning, the dictionary definition says, “money received, especially regularly, for work or through investments.” Words with similar meanings are earnings, Salary, pay, etc. Another definition from Wikipedia is “Income is the consumption and saving opportunity gained by an entity within a specified timeframe, which is generally expressed in monetary terms. It implies, for households and individuals, “income is the sum of all the wages, salaries, profits, interest payments, rents, and other forms of earnings received in a given period.”

Lastly, I decided to visit Investopedia, and here is what I got, “Income is money (or some equivalent value) that an individual or business receives, usually in exchange for providing a good or service or through investing capital. Thus, income is for day-to-day expenditures. Also, investments, pensions, and Social Security are primary sources of income for retirees. Wages or Salaries are a common way individuals receive income. Business income is a company’s remaining revenues after paying all expenses and taxes. For instance, income is called ‘earnings.’”

 Thus, overall the income (or incoming) is receiving something in monetary terms either services or goods provided. Generally, individuals engaged in jobs is any form of salary, wages, funds from investments, etc. It may be received at regular intervals or overset number of payments (like as a lump sum). Businesses have earnings, which is the amount left over after deducting expenses and other costs from the revenue. 

We now understand the basic concept of income, let proceed to understand the process of taxation.

What is taxation?

What is Taxation?

If we go by a general statement- “A tax is a compulsory financial charge or some other type of levy imposed upon a taxpayer (an individual or legal entity) by a governmental organization to fund government spending and various public expenditures. A failure to pay, along with evasion of or resistance to taxation, is punishable by law. Taxes consist of direct or indirect taxes and may be paid in money or as its labor equivalent. In economic terms, taxation transfers wealth from households or businesses to the government. Most countries have a tax system in place to pay for public, common, or agreed on national needs and government functions.”

On the other hand, Investopedia says, “Taxes are involuntary fees levied on individuals or corporations and enforced by a government entity—whether local, regional or national—to finance government activities. In economics, taxes fall on whomever pays the burden of the tax, whether this is the entity being taxed, such as a business, or the end consumers of the business’s goods. The tax collected is used for the betterment of the economy and all living in it. The tax collected is used for the betterment of the economy and all living in it.”

The Oxford dictionary definition is “a compulsory contribution to state revenue, levied by the government on workers’ income and business profits, or added to the cost of some goods, services, and transactions.” The act of demanding the tax by the government is called taxation. 

In a nutshell, taxation is a levy that is applied upon earnings of individuals, companies, or legal entities by the government or its organizations. It is a source of revenue for them and is usually spent on endeavours taken up by the government like public welfare, national security, education, etc. 

Taxation can be of different types, but the simplest bifurcation is a direct tax and Indirect Tax. Let us understand these:

Direct Tax

We asked Investopedia and got this,” A direct tax is a tax an individual or organization pays directly to the imposing entity. A taxpayer, for example, pays direct taxes to the government for different purposes, including real property tax, personal property tax, income tax, or taxes on assets. a tax, such as income tax, which is levied on the income or profits of the person who pays it, rather than on goods or services. The person immediately paying the tax is the person that the government is seeking to tax.”

A bit more details from Economic Times “Direct tax is a type of tax where the incidence and impact of taxation fall on the same entity. In the case of direct tax, the burden can’t be shifted by the taxpayer to someone else. These are largely taxes on income or wealth. Income tax, corporation tax, property tax, inheritance tax, and gift tax are examples of direct tax.”

Indirect Tax 

Again taking from Investopedia, “An indirect tax is collected by one entity in the supply chain (usually a producer or retailer) and paid to the government, but it is passed on to the consumer as part of the purchase price of a good or service. The customer is ultimately paying the tax by paying more for the product. (Look at store receipts!).”

Indirect taxes can be defined as taxation that is levied on a person or an entity, but finally paid by another person to the government. It is normally a tax on goods and services rather than on income or profits. Thus, indirect tax (for example sales tax, value-added tax (VAT), or good and services tax (GST)) is collected by an intermediary from the person who bears the ultimate economic burden of the tax 

Like direct tax returns, the intermediary files a tax return and sends the tax proceeds to the government. Thus, an indirect tax is one that can be shifted or passed on. Indirect tax has the effect of raising the price of the goods and services on which they are charged. Customs duty, central excise, service tax, and value-added tax are examples of indirect tax.

What is the Income Tax? 

Income tax is a form of direct tax imposed by governments on income generated by businesses and individuals that fall within their jurisdiction. It is a legal requirement for taxpayers to file an income tax return annually determining tax obligations. 

Personal income tax is levied on a person’s wages, salaries, and other types of income. Business income taxes apply to companies, partnerships, small and medium businesses, and self-employed people.

Taxable income of people who are resident in the jurisdiction is generally total income less certain allowed expenses and other deductions. For example generally, only gain less expenses from the sale of a property is included in income. Individuals get notional deductions for personal expenses under most governance. Then there are different regulations for non-residents.

Income Tax Returns (ITR) is a statement showing the status of a person, all their sources of revenue, deductions, and, lastly, the tax payable or tax refund, if any. Tax on some components of income can be waived by the government. These tax reliefs are known as standard deductions.

Income tax is a source of revenue for governments. The funds thus received are used to fund public services like development, education, pay government obligations, and provide goods for citizens

Why is Income Tax planning important?

Income Tax planning is very crucial for individuals as well as corporations. In-depth knowledge of all the concepts of the Income Tax Act is essential for proper tax planning. This would help you understand the applicability of the Act and how it affects you. Income Tax planning needs an in-depth knowledge of the basic concepts of the Income Tax Act. What are the different income sources under the Income Tax Act? The concept of adding Income from various sources together and to set off and carry forward of losses, deductions, and how to file an Income Tax Return, the applicability of TDS, TCS, etc.

Different types of courses available

Different types Income Tax Course

Income Tax is a widely studied subject even within the taxation niche. India has a huge workforce comprising of employed, self-employed, small and medium businesses, and big corporate houses. Income tax and corporation tax form the largest section of tax. The various tax laws have different tax saving options. Thus, tax planning and savings play a big part in filing income tax returns. 

Big corporate houses have their in-house tax specialists or they hire consultants. Small and Medium businesses depend normally n their Chartered Accountants. That normally leaves the self-employed and people employed in regular jobs. There are tax consultants or personal knowledge. A relevant Income Tax course fulfils both these requirements.

Income Tax courses can be of various types, certificate, diploma, degree, post-graduation, and even independent professionals like Chartered Accountants, Cost Accountants also specialize in tax planning. 

However, we pay attention to short term in-depth Income tax courses. Unlike structured courses and specializations, these mostly do not have specific eligibility criteria. Anyone can opt for these and they can be used for multiple ends. An individual can use the income tax course to develop an understanding of personal Income Tax filing. While another learner can use this as a stepping stone for a consulting career. Students may take up the Income Tax course for additional learning and understanding along with regular studies.

The details of Income Tax courses are as below:

1. Henry Harvin Income Tax Specialist Certification Course

Income Tax Specialist Course

Key Features

  • The income Tax course is flexible to suit your needs and available in the classroom as well as online formats. Both the delivery modes are for 32 hours. 
  • National Media channels like AAJ TAK, NDTV have covered the panel of speakers. With more than 70 keynote classes on income tax are under their belt.
  • You receive free 1-year membership of Henry Harvin Finance Academy, with features like live projects, internship, job support, career services, etc. worth Rs 4000/-
  • Trainings360 has ranked this income tax course as the top in the industry.

Course Content

  • The course curriculum includes the following:
  • Litigation Management (Assessment, Appeal, Offences)
  • Tax deducted at source
  • Income Tax from other sources and House property
  • Capital Gain
  • Business Income
  • Filing of Income Tax

Students review this income tax course as the best constantly and Trainings360 has ranked it as best in the industry. Suitable for everyone, start at the beginning and finish as a tax professional, it is a great opportunity for anyone to learn about income tax.

Read the Henry Harvin Blog to learn more about the Income Tax Course and also, GST courses.

2. Income Tax Certification course by TaxGuru Edu

Keep an eye out for the next edition of the Income Tax course provided by TaxGuru Edu, the educational wing of TaxGuru. The focus of this income tax course is to teach practical usage and create income tax experts. The teaching structure of the income tax course is 2 classes per week for 3 hours on weekends. Meet eminent expert instructors from the field for an Income Tax course deliberated in both English and Hindi.

Key Features

  • Your weekends are occupied by the Income Tax Course. This is to meet the need of working professionals
  • A schedule of 2 classes per week of 3 hours each, with a total of 40 hours of detailed study.
  • Income Tax course conducted by eminent speakers in the field in English and Hindi
  • All classes recorded for a limited period and details provided to students.
  • An interactive query resolution forum to resolve any questions with live interaction
  • Designed for all levels of professionals from beginners to finance professionals, 
  • Certificate provided by TaxGuru only after the successful completion of the examination.                                                                                                       

Course Content

  • Tax Planning
  • Transactions were not quoting PAN may invite inquiry
  • Scrutiny by self before scrutiny by Income-tax Department
  • Precautions while filing ITR to minimize CASS Scrutiny Selection
  • Precautions in real-estate transactions – for the buyer as well as the seller
  • Maintenance of documents and period thereof
  • Tax Deducted at Source, especially by non-businessman
  • Comprehensive analysis of Income-tax Amendments by Finance (No. 2) Act, 2019
  • Filing Essential Compliances, ITR, etc. 
  • Handling Online assessments
  • Income tax Health Check-up
  • Limiting Taxation Disputes

You can utilize the opportunity of availing a complete online course intended to teach concepts and hands-on knowledge of Taxation and related laws with emphasis on helping the participants understand, analyse, and interpret the practical issues. 

3. Direct Tax- Laws and Practice by Tezpur University and UGC via Swayam

A government without spending power can not run a country. But how does a government earn money? Well, taxation plays a huge part in revenue earned by the government. Income Tax is a prime example of direct tax levied by the government. Both as a taxpayer and tax professional it is imminent that you should learn about the Income Tax Act, laws, and governance. This FREE 15-week course run by Prof. (Dr.) Subhrangshu Sekhar Sarkar from Tezpur University and UGC via Swayam has a lot of learning points.

Key Features

  • Free 15 Week Income Tax Course run by Tezpur University and UGC via Swayam
  • Develop an overall understanding of the direct taxation system of India
  • Learn to compute Income Tax 
  • Receive knowledge of tax planning and tax management
  • Become capable of preparing income tax returns
  • Start a journey towards becoming a tax consultant

Course Content

  • Definitions and Basic Concepts – Income Tax Act, 1961
  • Residential Status and Incomes Exempt from Tax
  • Income from Salaries
  • Income from House Property
  • Profits and Gains of Business or Profession
  • Capital Gains
  • Income from Other Sources
  • Deductions from Gross Total Income
  • The pooling of Income and  setting off & Carrying Forward of Losses
  • Return of Income and Assessment
  • Advance Tax payment and TDS/ TCS (Tax Deducted at source/Tax Collected at source)
  • Computation of Taxable Income of Individuals
  • Computation of Taxable Income of Companies
  • Appeals and Revisions
  • Tax Planning

There is an internal evaluation of 30 marks and an external evaluation of 70 marks. This is a comprehensive Income Tax course covering several topics in-depth. This Undergraduate/Post Graduate course is inter-disciplinary and anyone who has completed graduation or anyone pursuing graduation can enroll for the course to learn about the Indian income tax system.

4. EduPristine Business and Taxation Program

 An industry leader in training, EduPristine has designed this intensive 190 hours program to train industry leaders. The curriculum includes the latest tools, experiential learning, practical experience as well as soft skills training to create an all-rounded professional. With this program, become familiar with the most used tools across companies like TALLY, GST, SAP in Accounting, Busy, and MIS Reporting that will open doors for you to achieve your goals.

Key Features

  • Extensive flexible classroom training schedule
  • Learning with self-paced content
  • Experienced faculty with practical industry expertise
  • Any graduate with commerce background is eligible
  • Facilities like computer lab, study notes, career services included
  • Training for accounting certifications
  • Soft skills training included as part of course

Course Content

  • Financial Reporting using ERP Software – Tally
  • BUSY
  • Direct Taxation
  • Payroll and its Components
  • Excel and MIS Reporting
  • SAP Module (Simulation-Based)
  • Goods and Service Tax (GST)
  • Finalization of Financial Statements
  • Effective Business Communication
  • Interpersonal Communication
  • Presentation Boot Camp
  • Email and Virtual Communication
  • Assertiveness & Communication
  • Interview Workshop

One of India’s renowned training organizations is EduPristine. Their field of training is in Analytics, Accounting, Finance, and a member of Adtalem Global Education, a global education powerhouse based in the United States. Intending to empower students to achieve their goals and career paths, this path-breaking course combines many essential elements to give you technical, practical, and industry-relevant knowledge.

5. Tax Preparation and Law 2019-2020 –Income Tax by Udemy

Udemy is the new global market place that connects students with instructors all over the world. The location of either has become just a name, as technology brings all of us together on one platform. You can do the Income tax course at your own pace. It uses presentations, downloadable PDF files, practice, and comprehensive problems with step by step instructions, answers keys, and materials to deliver the learning matter. The income tax course focuses on teaching you to successfully the Income Tax act and preparation for the filing of income tax.

Key Features

  • Lifetime access to course with 46 hours on-demand video, 15 articles, 199 downloadable resources and updates as and when done to the course
  • Accessible on mobile, TV, Laptop, desktop.
  • Updates as and when needed to the course
  • Learn how to complete a tax return and how to calculate tax using formula
  • Understand concept of filing status and the impact on taxes

Course Content

  • Income Tax Preparation & Law
  • Calculation of taxes using a tax formula
  • How to complete a tax return
  • The concept of filing status and the impact on taxes
  • Tax calculation using a progressive tax system

The course introduces vital concepts of income tax, tax law, and the format of income tax. There are several practical examples to work with along with visual learning tools to develop knowledge and apply the concepts learned. This is a comprehensive Income tax course equipping you to successfully file an income tax return in a step by step process. You can work using the accounting equation and there is even a pre-formatted Excel worksheet to follow along with this process. You will have access to all the changes done and can keep yourself updated.

How to make the Final Choice?

There are numerous courses available for you in your pursuit of learning Income tax. However, different courses may focus on different things or the Income Tax course content may differ depending on length and purpose.

Which one should you choose?

How do you choose the correct income tax course?

You can opt for the Income Tax curriculum in Certificate, undergraduate, and graduate degree programs as needed. Generally, anyone ie eligible for the programs. Your interest must lie in learning about income tax, but some classes may be part of a degree program. 

So, your choice would be dependent on what you are aiming to achieve after the course. For example, an Income tax course designed with intricacies of taxation and well-recognized certification will help you to become a tax consultant. On the other hand, if you intend to expand your knowledge base as you are already practicing, then you may choose a course that builds on your knowledge and has live work experience.

Thus, first, understand the underlying reason you want to do the course, and then make a choice that fulfils all your requirements in an income tax course.  

Let’s Learn with Income Tax Course 

So, now we have looked at the top 5 Income Tax courses which you can avail to enhance your knowledge and hopefully tax savings! So, choose the income tax course that meets your needs. Remember, Each one has unique content and different USP. They are budget-friendly and sit well in the pocket, one of them being free. Thus, select wisely and reap the benefits.

Happy Learning and Tax Planning!

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Seema is your girl next door, managing a home especially an active five year old. She has always been an avid reader and enjoys different genres of books from childhood. Literature has always her passion and she is trying to follow her dreams of becoming a writer. She loves to call Delhi and London her home. She adores exploring historical relics and places, enjoys spending time in the lap of nature and to capture memories with her camera. Professionally, she has been in people facing roles and teaches online at present.

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