Date: 27th August to 31st August, 2021
Introduction
The Income Tax Return (ITR) workshop conducted by Dr. Eknath Zhrekar was a comprehensive Five-day event aimed at providing participants with in-depth knowledge and practical insights into various aspects of income tax filing. The workshop covered a wide range of topics, ensuring a holistic understanding of income tax regulations and procedures.
Day 1 – Introduction, Tax Slab, Tax Exemption, Salary Components, and Deductions u/s 16:
The first day of the workshop commenced with Dr. Eknath Zhrekar delivering an informative introduction to the workshop’s objectives and an overview of the income tax system in India. Participants gained insights into the current tax slabs, various exemptions available, and the intricate details of salary components. Dr. Zhrekar elaborated on deductions under section 16, providing a detailed analysis of permissible deductions, which proved to be invaluable for attendees.
Day 2 – Income from House Property and Other Sources, Clubbing of Income, Interest on Housing Loan:
The second day focused on the complexities surrounding income from house property and other sources. Dr. Zhrekar provided participants with a clear understanding of how to calculate income from house property and elucidated the tax implications of income from other sources. The concept of clubbing of income was thoroughly discussed, highlighting instances where multiple incomes are combined for taxation purposes. Additionally, the workshop delved into the nuances of interest on housing loans, shedding light on the deductions available to taxpayers.
Day 3 – Filing of ITR and Discussion on Portal Related Concepts:
The third day of the workshop was dedicated to the practical aspects of filing Income Tax Returns. Dr. Eknath Zhrekar guided participants through the step-by-step process of filling out ITR forms, emphasizing the importance of accuracy and compliance. Attendees were also enlightened on various portal-related concepts, ensuring they were well-versed with the online platforms used for tax filing. Dr. Zhrekar facilitated an open discussion, addressing queries and concerns raised by the participants, thus providing a forum for the clarification of doubts.
Day 4 – Deductions under Sections 80C, 80D, 80CCC, 80G, 80E, and 80TTA:
The fourth day of the Income Tax Return workshop conducted by Dr. Eknath Zhrekar delved into the intricacies of various deductions available under different sections of the Income Tax Act. Participants were enlightened on the significant deductions that play a crucial role in reducing taxable income
Day 5 – Hands-On Training:
The fifth and final day of the Income Tax Return workshop conducted by Dr. Eknath Zhrekar was dedicated to hands-on training, providing participants with a practical and interactive experience in applying the concepts and skills they had acquired throughout the week.
ITR Form Filling:
The day kicked off with a hands-on session on filling out Income Tax Return (ITR) forms. Participants were guided through the various sections of the forms relevant to the topics covered during the workshop. Dr. Zhrekar demonstrated the correct method of entering information, ensuring accuracy and compliance with tax regulations.
Online Portal Navigation:
Following the ITR form filling, the participants were given practical guidance on navigating the online portals for tax filing. Dr. Zhrekar walked them through the steps of accessing the portals, uploading necessary documents, and submitting the completed ITR forms electronically. This hands-on experience aimed to familiarize participants with the online platforms commonly used for tax filings.
Case Studies and Scenario Analysis:
To enhance the practical application of the learned concepts, Dr. Zhrekar presented various case studies and scenarios. Participants were tasked with analyzing these cases, identifying relevant deductions, and determining the correct approach to tax planning. The interactive nature of this session allowed for collaborative problem-solving and a deeper understanding of real-life tax situations.
Q&A Session:
The hands-on training day included an extensive question-and-answer session, providing participants with the opportunity to seek clarification on any lingering doubts or specific scenarios. Dr. Zhrekar addressed queries related to the workshop content, practical challenges in tax filing, and individual concerns raised by participants.
Mock Filing Exercise:
The highlight of the hands-on training was a mock filing exercise. Participants were given the opportunity to simulate the entire process of filing an income tax return. Under the guidance of Dr. Zhrekar, they navigated the online portal, filled out the necessary forms, and submitted a mock tax return. This practical exercise aimed to boost participants’ confidence in applying their newly acquired knowledge.
Feedback and Closing Remarks:
The day concluded with a feedback session, allowing participants to share their thoughts on the workshop and the hands-on training experience. Dr. Zhrekar provided closing remarks, summarizing key takeaways and encouraging participants to apply their newfound knowledge in their personal and professional financial planning.
The hands-on training day proved to be a valuable component of the workshop, bridging the gap between theoretical understanding and practical application. Participants left the workshop not only with a comprehensive understanding of income tax regulations but also with the confidence and skills needed to navigate the tax filing process effectively. The positive feedback received highlighted the success of the workshop in empowering participants to handle their income tax affairs with competence.