A highly informative guest talk titled "Understanding Your Taxes: Basics of ITR" was organized recently for MBA students, aimed at enhancing their financial literacy and awareness of income tax regulations. The session featured two distinguished Chartered Accountants – CA Upendra V Shenoy and CA Sumanth Bhat – who shared their expertise and provided valuable insights into the nuances of tax filing in India.
The event began with a warm welcome by Ms Lerissa Dsouza, MBA student to the speakers, followed by an overview of the significance of tax literacy, especially for future managers and entrepreneurs. The speakers emphasized the importance of understanding the Income Tax Return (ITR) filing process, even at an early career stage.
CA Upendra Shenoy introduced the audience to the basic concepts of income tax, including types of income, tax slabs, exemptions, and deductions under the Income Tax Act. He also explained the structure of different ITR forms, helping students identify which form applies to various income categories.
CA Sumanth Bhat delved deeper into practical aspects of filing returns, including timelines, digital submission procedures, common mistakes to avoid, and the consequences of non-compliance. He also highlighted the importance of PAN and Aadhaar linkage, TDS (Tax Deducted at Source), and how salaried individuals can maximize their tax savings through legal provisions.
The session was interactive, with students actively engaging in a Q&A segment, seeking clarifications on topics such as investment-linked deductions, capital gains tax, and filing returns as freelancers or part-time earners.
