In today's dynamic world, understanding finance, taxation, and the ever-changing world of GST is essential for professional success in an array of industries. Yugen School of Accounting & Taxation's Master in Finance, Taxation, and GST (MFTG) course in Calicut prepares you to confidently traverse these complex fields. This blog delves into the program's core elements, providing you with the information and skills you need to succeed in your chosen career field.
Unveiling the Essentials: Core Modules of the MFTG Program
1. Business Manual Accounts: This module lays the foundation for your understanding of financial transactions. You'll learn the fundamentals of double-entry bookkeeping, journaling, ledger posting, and preparing financial statements like the Balance Sheet and Income Statement. Mastering this module equips you to analyze financial data and gain crucial insights into the financial health of a business.
2. Tally Prime: As you delve deeper, you'll gain proficiency in Tally Prime, a leading accounting software. This interactive module guides you through utilizing Tally's features to efficiently manage various business operations like accounting, invoicing, inventory management, and payroll. Mastering Tally streamlines your accounting processes and prepares you to handle real-world scenarios effectively.
3. Goods and Services Tax (GST): Understanding the complexities of GST is essential for businesses and individuals alike. This module provides a comprehensive understanding of the GST framework, covering:
GST Registration: Learn the process of registering for GST and ensuring compliance with regulations.
Supply under GST: Understand the different types of supplies, their taxability, and the applicable GST rates.
Input Tax Credit (ITC): Grasp the concept of ITC, its importance in reducing tax liabilities, and the processes involved in claiming it.
GST Return Filing: Master the procedures for filing various GST returns like GSTR-1, GSTR-3B, and others, ensuring timely and accurate compliance.
4. Income Tax: This module delves into the intricacies of income tax for individuals and businesses. You'll gain expertise in:
Heads of Income: Understand the different categories of income that are subject to tax.
Deductions and Exemptions: Learn about various deductions and exemptions that can be claimed to reduce taxable income.
Income Tax Return (ITR) Filing: Master the process of filing ITRs for different categories of taxpayers, ensuring compliance with tax regulations.
5. Tax Deducted at Source (TDS): This module equips you with the knowledge and skills to manage TDS effectively. You'll learn about:
TDS Rates and Applicability: Understand the different TDS rates applicable to various income sources and the situations where TDS needs to be deducted.