Income Tax & ITR
Seven lessons covering income tax fundamentals — five heads of income, ITR forms, salary deductions, Chapter VI-A, advance tax, and the filing portal — using Sunrise Retail Pvt Ltd and director Kiran Sharma as the case study.
Income tax is the most consequential compliance obligation for both individuals and businesses in India. Whether you are a salaried employee deciding between the old and new tax regime, a business owner computing profits under Profits and Gains of Business/Profession, or a CA articulating correct ITR selection to a client — a solid grounding in income tax law is non-negotiable.
This course covers the full lifecycle of income tax compliance for FY 2025-26, from basic liability and tax residency through to filing your return and paying advance tax. Every concept is grounded in the actual Income Tax Act, 1961, and every calculation uses real numbers — not placeholders.
What you'll learn
- How income tax works in India — the assessment year concept, who is liable, and what triggers a filing obligation
- The five heads of income and how to compute income under each
- Salary deductions available in the old and new regimes — HRA, standard deduction, LTA
- Business income computation and the presumptive taxation schemes under Sections 44AD and 44ADA
- Chapter VI-A deductions — 80C, 80D, 80CCD(1B), 80G, and others — and exactly when each regime allows them
- ITR form selection — which form is correct for which taxpayer profile
- Advance tax computation, due dates, and interest consequences for shortfalls
Course map
| # | Lesson | What you learn | Time |
|---|---|---|---|
| 1 | Introduction to Income Tax | FY vs AY, residency, PAN, old vs new regime, slabs FY 2025-26 | 35 min |
| 2 | Five Heads of Income | Salaries, HP, PGBP, Capital Gains, Other Sources — Kiran's income map | 40 min |
| 3 | Salary Head & Deductions | Standard deduction, HRA, LTA, Form 12BB — Kiran's salary head | 40 min |
| 4 | Business Income | P&L adjustments, depreciation, presumptive tax — Sunrise Retail | 40 min |
| 5 | Chapter VI-A Deductions | 80C, 80D, 80CCD — what survives in the new regime, Kiran's regime choice | 35 min |
| 6 | ITR Forms | Form selection, e-filing portal, due dates — ITR-6 vs ITR-3 | 35 min |
| 7 | Advance Tax | Instalments, 234B/234C interest, Kiran's quarterly schedule | 35 min |
The case study: Sunrise Retail Pvt Ltd and Kiran Sharma
All seven lessons use a single company and its director as the running example.
Sunrise Retail Pvt Ltd is an electronics trading company based in Hyderabad, Telangana, with GSTIN 36AACCS1234A1ZP. As a company, it files ITR-6 for every assessment year and has only one tax rate schedule — there is no old-regime / new-regime choice for companies.
Kiran Sharma is the director and majority shareholder of Sunrise Retail. He draws a salary from the company as director, and separately runs a small proprietorship business trading in electronic accessories. This means Kiran has two income streams — salary (Head 1) and business income (Head 3) — and must choose between the old and new regime each year. He files ITR-3.
This continuity means a number you compute in Lesson 2 carries forward into Lesson 5. Every figure is internally consistent across all seven lessons.
How this fits with the other courses
If you are new to financial accounting, complete Core Accounting first — income tax computation in Lesson 4 builds directly on P&L and balance sheet concepts. This course pairs naturally with TDS & TCS: salary TDS rates (covered in TDS Lesson 2) come directly from the slab rates you learn here. Complete Core Accounting before this course; TDS can be taken in parallel or after.
Pick Lesson 1 in the sidebar to begin, or jump to any lesson — every lesson is self-contained and cross-linked.