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ACCT 240 Taxation for Financial Planning



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ACCT 240 Taxation for Financial Planning

Camosun College

Description:

The course contains the basics of personal income tax and ways of tax planning. The topics of the course are as under:


  • Source of Income

  • Deductions

  • Tax Credits

  • Dividends

  • Capital gains

  • Retirement planning

  • Estates and trusts

  • Business Income

  • Capital cost allowance

This course provides an introduction to the concept of income tax.

Overview of the Course:

This course is created in such a way that it will give a solid foundation in the subject of Tax and its planning. This Course is drafted in such a manner that it will surely generate the interest of students in income tax. Moreover, it will help them a lot to develop their professional skills by understanding the depth of this subject.

Outline of the Course:

  1. Introduction to the Concept.

    • Define Income

    • Identification of different sources of Income

  2. A Guide to Deductions

    • Identification of Income Tax Slab rates.

    • Define Taxable Income.

    • Discuss different kind of deductions allowable under various sections of Chapter VIA of Income Tax act.

    • Explain various deductions under Section 80C.

    • Discuss the impact of deductions on Taxable Income.

  3. A brief about Tax Credits and Dividends

    • Discuss credits for payments.

    • Explain all reliefs, subsidies.

    • Discuss dividend rates and taxation.

  4. 4 Capital Gain

    • Define Long term and short term Capital Gains.

    • Discuss Exemptions.

  5. 5 Introduction to Retirement planning.

    • Discuss its modeling and limitations.

    • Explain the Monte Carlo Method..

  6. Income from Business/Profession

    • Discuss distribution of earnings.

    • Discuss the non taxable part of Business income.

Textbooks:

Every Topic is self-explained and provides theoretical as well as practical exposure by illustrations. This will help the students to excel this subject of taxation much easily.

 

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