Basics of Statutory Compliance and Taxation

Go to Course: https://www.coursera.org/learn/statutory-and-taxation

Introduction

### Course Review: Basics of Statutory Compliance and Taxation on Coursera In this digital age, where financial literacy and compliance are paramount for both individuals and businesses, Coursera's "Basics of Statutory Compliance and Taxation" course emerges as a foundational step for those aiming to build a career in bookkeeping and taxation. This course is particularly valuable for learners looking to deepen their understanding of Goods and Services Tax (GST), Tax Deducted at Source (TDS), and key financial management practices through practical software applications like TallyPrime. #### Overview of the Course The "Basics of Statutory Compliance and Taxation" course is part of a professional certificate program and serves as a comprehensive introduction to the intricacies of taxation in India. By building upon the fundamental concepts covered in the first two courses of the certificate, this program dives deeper into essential topics that future bookkeepers must grasp. The course structure emphasizes hands-on learning, allowing students to apply theoretical concepts in real-world scenarios using TallyPrime software, one of the leading accounting solutions in the market. The use of practical case studies, illustrations, and practice scenarios enables learners to bridge the gap between theory and practical application effectively. #### What You Will Learn The syllabus is carefully structured to ensure a thorough understanding of the following: 1. **Goods and Services Tax (GST)**: - Understand the GST framework, including registration, HSN/SAC codes, tax rates, and invoicing rules. - Learn to activate GST for a company, record compliant transactions, and generate relevant reports, such as the E-way Bill and GST Returns. 2. **Tax Deducted at Source (TDS)**: - Configure and maintain TDS in Tally, record various types of transactions, and file e-TDS Returns. - Gain practical skills in handling TDS deductions and understanding related reporting processes. 3. **Management of Business Data**: - Learn to export and import data effectively, utilize Open Database Connectivity (ODBC) features, and personalize reports with company branding. 4. **Moving to the Next Financial Year**: - Master the process of splitting company data, creating new company accounts, and generating comparative reports. #### Course Experience and Delivery The course combines well-structured video lectures, interactive quizzes, and practical assignments which facilitate a deep engagement with the material. The insights from experienced instructors, alongside a supportive online community, bolster the learning experience. One of the standout features is the emphasis on TallyPrime, ensuring that learners not only grasp the theoretical aspects of taxation but also gain crucial software skills that are in high demand in the job market. #### Who Should Enroll? This course is tailored for: - Individuals aspiring to start a career in bookkeeping or accounting - Business professionals looking to enhance their understanding of tax compliance - Entrepreneurs seeking to manage their company's finances more effectively. #### Recommendations I highly recommend the "Basics of Statutory Compliance and Taxation" course for anyone interested in establishing a robust foundation in bookkeeping and taxation. The combination of strong theoretical concepts, practical application through TallyPrime, and a focus on compliance makes it an invaluable resource. Whether you are starting your journey in finance or looking to upskill, this course not only enriches your knowledge but also equips you with the practical tools necessary to excel in your career. Enroll today and take your first step toward financial mastery and compliance! ### Final Thoughts In an ever-evolving economic environment, understanding statutory compliance and tax regulations is not just an advantage—it's essential. This course lays a solid groundwork for your journey in this field, making you a more competent and confident professional. Don't miss out on this valuable opportunity to enhance your skill set and career prospects!

Syllabus

Goods and Services Tax (GST)

At the end of the module, Goods and Services Tax, you will be able to… • Explain the concept of GST, and its tax Structure • Describe the GST structure in detail, explain the regular & composition dealer registration -threshold limit. • Explain the HSN code/SAC code • Describe GST Rate structure and express the importance of Supply of Goods and Services. • Determine the charges of the tax and the taxable jurisdiction where tax should reach. • Explain the rules and aspects of invoicing including when a tax invoice must be issued. • Activate GST for a company and configure tax rate at different levels • Record GST compliant transactions • Generate E-way Bill Report • Generate GST Returns, e-invoice and also file GST returns accurately • And Record GST Compliant transactions for Composition Dealer under GST Regime

At the end of the module Tax Deducted at Source, you will be able to: • Activate and maintain TDS in Tally • Configure TDS at different levels • Record different types of TDS transactions like accounting of expenses, accounting of expenses partly subjected to TDS • Account multiple expenses and deduct TDS later • Record TDS payment transaction to government and generate TDS reports and challans, and file e-TDS Returns.

At the end of the module Management of Business Data, you will be able to: • Export the data in available formats such as XML, Excel, PDF etc. • Export and Import of data from one company to another company • Extract the data with the help of Open Database Connectivity (ODBC) feature of Tally • Print company logo on Vouchers, Invoices & Reports

At the end of the module Moving to the Next Financial Year, you will be able to: • Export the data from one company to another company • Demonstrate the meaning and complete process involved in splitting the company data • Create a new company for maintaining the books of accounts for the new financial year • Create group company by consolidating the member companies’ data. • Generate the comparative final accounts reports of multiple companies in a single page.