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Module V - Tax Planning & Estate Planning

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COURSE DESCRIPTION: This module would cover the knowledge requirements relating to tax planning and estate planning for a CFPCM professional.

Tax Planning Considerations

 

 

1
 Ethical considerations in tax planning
a. Privileged communications
b. Dangers of tax evasion
2
 Tax compliance matters
a. Filing tax returns and documentation
b. Advance tax
c. The audit process
d. Refund of income tax
e. Judicial review
3
 Taxation terminology
a. Inclusions
b. Exclusions
c. Deductions


Tax Computations

4
 Tax calculations and special rules
a. Gross income
b. Adjusted gross income
c. Itemized deductions
d. Taxable income
e. Tax liability
f. Clubbing of Income
5
 Tax characteristics of business forms
a. Sole proprietorship
b. General partnership
c. Limited liability companies
d. Trusts
e. Foundations/exempt organizations
f. Professional associations/corporations
g. Co-operative Societies
h. Others
6
 Non Resident Indians (NRIs)
a. Residential status of individuals
b. Types of accounts for non-residents
c. Investment opportunities for non-residents
d. Tax implication for non-residents
7
 Heads of income
a. Salaries
b. Income from other sources
c. Capital gains
d. Business/ profession
e. House property
f. Interest on government securities
8
 Capital Gains tax rules
a. Determination of gain or loss
b. Characterization of gain or loss
c. Netting rules
d. Indexation benefits
e. Capital loss limitations


Tax Planning Strategies

9
 Tax relief
a. Exemptions
b. Deductions
c. Rebates
10
 Non taxable transactions (e.g., gifts, estate)
11
 Tax management techniques
a. Deferral and acceleration
b. Maximizations of exclusions and credits
c. Managing loss limitations
d. Capital asset transactions
e. Deductible expenditures of individuals and business forms
12
 Interest and penalty taxes and other charges
a. Failure to file tax return or to pay tax
b. Preparer penalties
c. Accuracy related penalties
d. Fraud/concealment penalties


Estate Planning

13
 Features of trust
a. Classification of trusts
b. Characteristics of selected trust provisions
c. Rule against perpetuities
14
 Taxation of trust
A. Income tax implications of trusts
a. Exemptions
b. Simple and complex trusts
c. Distributable net income
d. Tax implications of trusts
e. Recommendations and justifications of the most appropriate trust
f. Tax issue on retirement plans at death
15
 Property documentation
a. Sale letter/ power of attorney
b. Freehold
c. Mutation
d. Will
e. Succession