Income Tax
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Income Tax

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Income Tax Income Tax Presentation Transcript

  • INCOME TAX
    • IMPORTANT DEFINITIONS:
    • ASSESSEE 2(7) Assessee means a person by whom any tax or any other sum of money is payable under this Act and includes,
    • a. every person in respect of whom any proceedings under this Act has been taken
    • b. Deemed assessee or representative assessee
    • c. Assessee –in- default
    • PERSON 2(31)
    • Person includes:
    • an individual
    • a HUF
    • a Company
    • a Firm
    • an AOP/ BOI
    • a local authority
    • Every artificial juridical person
    • ASSESSMENT YEAR 2(9)
    • Assessment year means the period of 12 months commencing on the 1 st day April every year and ending on 31 st march in the following year.
    • PREVIOUS YEAR 3
    • It is the financial year immediately preceding the Assessment year.
    • EXCEPTIONS:
    • Shipping business of non resident co.
    • Persons leaving India.
    • Business for a limited period
    • In case of discontinued business
    • Transfer of assets
    • INCOME 2(24)
    • It means something which comes in. It is a periodical return with regularity or expected regularity.
    • FEATURES
    • Definite source
    • Income must come from outside
    • Tainted income
    • Diversion of income Vs application of income
    • Temporary or permanent
    • Voluntary receipts
    • Disputes regarding title
    • Income is money or money’s worth
    • Gift to constitute income
  • TYPES OF INCOMES A 1. Taxable income 2. Exempted incomes 3. Rebateable incomes u/s 86 B 1. Gross total income 2. Taxable/Total income ROUNDING OFF: OF INCOME u/s288A OF TAX u/s 288B
  • COMPUTATION OF TAX 1. INCOME FROM SALARIES XXXX 2. INCOME FROM HOUSE PROPERTY XXXX 3. INCOME FROM BUSINESS/PROFESSION XXXX 4. INCOME FROM CAPITAL GAINS XXXX 5. INCOME FROM OTHER SOURCES XXXX GROSS TOTAL INCOME XXXXX DEDUCTIONS U/S 80 XXX TAXABLE INCOME XXXXX
  • COMPUTATION OF TAX Tax on short term shares (STT) @ 10% XXX Tax on L.T Capital assets @ 20% XXX Tax on Casual Incomes @ 30% XXX Tax on other incomes ** XXX TOTAL TAX XXX LESS: Rebate u/s 88E XX TAX PAYABLE XXX ADD: surcharge @ 10% XXX ADD: Education cess @ 3% XXX TOTAL TAX XXX LESS: Tax Relief u/s 86-89 XXX Advance Tax /TDS paid if any XXX BALANCE OF TAX PAYABLE XXXX
  • TAX RATES for AY 08-09 MALE INCOME ( Rs. ) RATE O-1,10,000 nil 1,10,001-1,50,000 10% 1,50,001-2,50,000 20% exceeding 2,50,000 30% FEMALE O-1,45,000 nil 1,45,001-1,50,000 10% 1,50,001-2,50,000 20% exceeding 2,50,000 30% SENIOR CITIZEN O-1,95,000 nil 1,95,001--2,50,000 20% exceeding 2,50,000 30%
  • INCIDENCE OF TAX FOR DIFFERENT STATUS Not taxed Not taxed taxed Income earned & recd outside India from business/any other source Not taxed Not taxed Not taxed Income earned & recd outside India of earlier PYs but remitted to India in RPY Not taxed taxed taxed Income earned & recd outside India from a business (profess) set up/controlled in India taxed taxed taxed Income received in India taxed taxed taxed Income earned in India NR RNOR ROR INCOME