Your SlideShare is downloading. ×
Income Tax
Upcoming SlideShare
Loading in...5
×

Thanks for flagging this SlideShare!

Oops! An error has occurred.

×
Saving this for later? Get the SlideShare app to save on your phone or tablet. Read anywhere, anytime – even offline.
Text the download link to your phone
Standard text messaging rates apply

Income Tax

3,896

Published on

0 Comments
1 Like
Statistics
Notes
  • Be the first to comment

No Downloads
Views
Total Views
3,896
On Slideshare
0
From Embeds
0
Number of Embeds
0
Actions
Shares
0
Downloads
174
Comments
0
Likes
1
Embeds 0
No embeds

Report content
Flagged as inappropriate Flag as inappropriate
Flag as inappropriate

Select your reason for flagging this presentation as inappropriate.

Cancel
No notes for slide

Transcript

  • 1. 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
  • 2.
    • PERSON 2(31)
    • Person includes:
    • an individual
    • a HUF
    • a Company
    • a Firm
    • an AOP/ BOI
    • a local authority
    • Every artificial juridical person
  • 3.
    • 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
  • 4.
    • 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
  • 5. 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
  • 6. 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
  • 7. 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
  • 8. 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%
  • 9. 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

×