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Income Tax Knowledge Practical Aspect

Divya (Ca f) (83 Points)

14 June 2010

Dear All,

I m student of CA final but firm I work is in Audits only> Till date I have nt seen any actual Income Tax form neither have any practical knowledge how I can learn practical aspects since a CA is synomnous with Tax even I dont know how to fill return for my father.

This is major drawback I guess I have which will hamper evern in my career. Is there any site or books to learn?

Your help will be highly acknowledged.

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4 Replies

Hitesh Kothari (Chartered Accountant M.No. - 134239) (326 Points)
Replied 14 June 2010

Hi Divya,

Books will give you theoritical aspects but not the practical aspects.

I am with my firm is in practice in taxation operating in Mumbai.

I can give you guidance required for any type of tax matter even relating to return filling and preparation of computation of Income.

In todays scenario it is not possible for a CA to go in all direction, but according to me he must specialise himself in 1 field but

Simultaneously he must have basic knowldge of other field atleast of tax.

Thanks & Regards

Hitesh

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Kalpesh Chauhan, (Tax Assistant (Accounting Technician CA FINAL CS PROF. PROG. B.Com)) (8311 Points)
Replied 18 June 2010

Download Return Preparation Software for AY 2010-11

Sl. No.	Form Name	Return Preparation Software	Remarks	Help	System Requirements
1	ITR-1	Excel Utility(Version 1.0)	New Release	ITR-1 Help Manual	MS Excel
2	ITR-2	Excel Utility(Version 1.0)	New Release		MS Excel
3	ITR-3	Excel Utility(Version 1.0)	New Release		MS Excel
4	ITR-4	Excel Utility (Version 1.0)	New Release		MS Excel
5	ITR-5		Will be available shortly		MS Excel
6	ITR-6		Will be available shortly		MS Excel

Download Income Tax Return Forms Notified for AY 2010-11

Sl. No.	Form Name	Instructions	Form Descripttion
1	AY 2010-11 Income Tax Return ITR-1 Form Notification		AY 2010-11 Income Tax Return Forms Notification under Rule 12
2	AY 2010-11 Income Tax Return Forms ITR-2 to ITR-7 Notification		AY 2010-11 Income Tax Return Forms (ITR-2 to ITR-7) Notification under Rule 12
3	ITR-1	ITR-1 Instructions	For Individuals having Income from Salary & Interest
4	ITR-2	ITR-2 Instructions	For Individuals & HUFs not having Income Business or Professionfrom
5	ITR-3	ITR-3 Instructions	For Individuals/HUFs being partners in firms and not carrying out business or profession under any proprietorship
6	ITR-4	ITR-4 Instructions	For Individuals & HUFs having income from a proprietory business or profession
7	ITR-5	ITR-5 Instructions	For firms, AOPs and BOIs
8	ITR-6	ITR-6 Instructions	For Companies other than companies claiming exemption under section 11
9	ITR-7	ITR-7 Instructions	For persons including companies required to furnish return under section 139(4A) or section 139(4B) or section 13(4C) or section 139(4D). (Not available for e-Filing)
10	Acknowledgement		Acknowledgement

DT Fundas - Tarun rustagi ( Author) (1150 Points)
Replied 18 June 2010

dear divya don't worry theoritical knowledge is not so much different from practical knowledge.now the only thing remains is how to apply theoritical into practical life.u have to create a strong commands over income tax.confidence is the only thing which help u in this situation.fill blank forms,read practice book of income tax act and rules.u can talk ur principal for income tax.make interest in income tax matters.i am sure they will definately give starting income tax matters to u.

this is my opinion share this problem with ur principal.

best of luck

regards

tarun rustagi

DT Fundas - Tarun rustagi ( Author) (1150 Points)
Replied 18 June 2010

a famous line said by a great person-(a person can do planning if he has complete knowledge of that matter) similarly if u want to get practical knowledge firstly u have to get complete theortical knowledge of income tax)