"Knowledge Plus for Wealth + " will give you the overview of the recent happenings in the financial market. Income tax is a tax levied by a government on the income earned by an assessee, with a purpose to finance expenditure. Income Tax Department and Central Board of Direct Taxes are involved in direct taxation which is a part of Department of Revenue in ministry of finance. In this issue, we will cover: - Latest Happenings in the Financial Markets - Introduction to Income Tax - Assessment and Previous Years - Income Tax Slabs - Inclusions in Gross Total Income - Types of Assessee for Income Tax Kindly Download the details from following Link: http://www.youtube.com/watch?v=hrWlyo6PI1Y&feature=youtu.be Kindly share your valuable feedback at info@valueplusinv.com to help us serve you better.

1. VALUE PLUS - The Family Office
KNOWLEDGE PLUS
For Wealth Plus+
From
Research Desk
21th December 2013

2. Hot Topic Of The Week
Introduction to Taxation
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3. Last week at the Financial Markets!!!
News
Impact
• RBI kept its interest rates unchanged.
•
•
•
US Fed announced to reduce its •
monthly bond purchases by $10 bn
from January 2014 against the •
existing level of $ 85 bn.
•
Borrowing cost may not increase as of
now.
Positive impact on banking sector.
Liquidity will continue to rise in US
market.
Positive impact on GDP growth.
Positive impact on equity and
commodity market.
• SENSEX was up by 364 points (1.76%) and closed to 21079 at end of the
week due to .
• (FIIs) remained net buyers in equity and debt segment with net inflow of
Rs. 5188 crore and Rs. 1389 crore respectively.
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4. Last week at the Financial Markets!!!
Price Performance of Different Asset Class
2.96%
3.00%
Volatility was seen in the
markets
after
Fed
announcement.
2.82%
1.76%
2.00%
1.00%
0.00%
Dow Jones
-1.00%
WTI Crude
$/bbl
Sensex
USDINR
LME Copper
$/MT
-0.14%
-0.23%
EURUSD
-0.50%
Silver $/t oz Gold (Spot)
(Spot)
-0.77%
-2.00%
-2.50%
-3.00%
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5. Next Week in the Financial Markets...?
• Expiry of derivatives contracts on 26th December, 2013.
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6. Hot Topic Of The Week
Introduction to Taxation
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7. What is Income Tax?
• A fee charged ("levied") by a government
a product, income, or activity can be termed as Tax.
on
• The purpose of taxation is to finance expenditure of the
city/state/country.
• Income Tax Department is responsible for administering direct
taxation act passed by Parliament of India.
• Central Board of Direct Taxes (CBDT) provides input for policy
and planning of direct taxes.
• IT Department and CBDT is a part of Department of Revenue
in Ministry of Finance.
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8. Assessment & Previous Year
• Assessment Year means the period starting from April 1 and
ending on March 31 of the next year.
• The previous year means the financial year preceding the
assessment year.
• Example: Income generated during 1st April 2012 to 31st
March 2013 will be assessed to tax in the year from 1st April
2013 to 31st March 2014.
Previous Year: 1st April 2012 to 31st March 2013
Assessment Year: 1st April 2013 to 31st March 2014
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9. Income Tax Slabs (A.Y. 2014-15)
Tax
Rate
Income Slabs
Individual Resident
below 60 Years
Senior Citizen
Super Senior Citizen
0%
Upto Rs. 2,00,000/-
Upto Rs. 2,50,000/-
Upto Rs. 5,00,000/-
10%
Rs. 2,00,001/- to Rs
5,00,000/-
Rs. 2,50,001/- to Rs.
5,00,000/-
N.A.
20%
Rs. 5,00,001/- to Rs
10,00,000/-
Rs. 5,00,001/- to Rs
10,00,000/-
Rs. 5,00,001/- to Rs
10,00,000/-
30%
More than Rs
10,00,000/-
More than Rs
10,00,000/-
More than Rs
10,00,000/-
• Surcharge: 10% of Income tax, where income exceeds Rs. 1
crore.
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10. Gross Total Income
• The aggregate income under below mentioned heads is
termed as ‘Gross Total Income’.
• Five Heads
–
–
–
–
–
Income from Salaries
Income from House Property
Profits & Gains from Business or Profession
Capital Gains
Income from Other Sources
• Total Income stated simply is the Gross Total Income less
amount permissible as deduction under Section 80CCC to
80U.
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11. Person/ Types of Assessee
• An Individual – E.g. Mr. A
• A Hindu Undivided Family – E.g. Mr. A (HUF)
• A Company - E.g. XYZ Ltd.
• A Partnership Firm – E.g. M/s ABC and Co.
• An Association of Persons or Body of Individuals, whether
incorporated or not – E.g. XYZ Sangh
• A Local Authority – E.g. Vadodara Municipal Corporation
• Residual Category
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12. THANK YOU
Research Desk
@
VALUE PLUS - The Family Office
Office:
(0265 -2324600,6629800)
Email:
info@valueplusinv.com
Website:
www.valueplusinv.com
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