All about Advance Tax in India - With Calculation
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Advance tax is the tax payable on total income of the year earned from different sources including salary, business, profession, rent, etc.
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The document discusses key aspects of income from business and profession under the Income Tax Act of 1961 in India. It defines business and profession, outlines the basis of charge for income from business/profession, and describes various deductions that are allowed under sections 30-37 of the Act such as rent, repairs, insurance, depreciation, bad debts, and more. It provides explanations and conditions for claiming many of these deductions.
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2. Examples of indirect taxes include excise duty, customs duty, sales tax, service tax, and octroi. These taxes can be shifted from the original payer to other persons.
3. While indirect taxes constitute a major source of government revenue, they are generally considered regressive as the tax burden does not vary based on ability to pay.
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Tax is an important source of revenue for governments worldwide. Taxes are collected on income, sales, purchases, and properties to fund government operations. There are two types of taxes: direct taxes which are paid directly by individuals like income tax; and indirect taxes which are passed on through other entities like sales tax. Income tax was first introduced in India in 1860 under British rule to fund expenses from the 1857 rebellion. The current Income Tax Act of 1961 governs income tax in India and has been amended over time. It details the taxation of various types of income for individuals and organizations.
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Objectives & Agenda :
One of the heads of income under the Income Tax Act is Income from House Property. Under this head, incomes earned from house properties are chargeable to tax. The webinar covers the aspects of basis of charging income to tax under this head, nature of house properties taxed under the Act, manner of computing income chargeable to tax under this head, deductions available under this head and eventually judicial precedents pertaining to this head of income.
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This document provides information about an income tax course taught by Dr. K. Chellapandian. It includes details about the course code, credit hours, outcomes, units covered, textbooks, and assessment details. The key points are:
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In the day to day operations of the business, it is essential to have grip on Tax Deducted at Source (TDS) which acts as a means to collect tax at the inception of the income itself and Tax Collected at Source (TCS) where a seller collects a certain amount of tax from the buyer at the time of sale. In this webinar we will be learning the applicability, non-applicability, prevailing rate of tax and other related provisions of the Income-tax Act with respect to TDS and TCS
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Dr. P. Ravichandran has listed his academic and professional qualifications. He provides information on the different heads of income under the Income Tax Act, including salary, house property, business/profession, capital gains, and other sources. He notes that income is first computed under these heads and then adjustments are made for set-off losses before determining total income. The document then focuses on income from salary, providing details on what constitutes salary and allowable deductions. It discusses various forms of retirement benefits like leave encashment, gratuity, pension, and their tax treatment.
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The document discusses income from house property under the Indian Income Tax Act. It defines income from house property as the annual value of any buildings or lands owned by an assessee. It provides details on computation of gross annual value, deductions allowed, treatment of self-occupied properties, and exempted incomes from house property. The key steps involved in computing income from house property are determining the annual value, calculating the net annual value, and claiming allowed deductions.
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This document discusses agricultural income as defined in the Indian Income Tax Act of 1961. It defines agricultural income as income derived from agricultural sources in India. The document outlines the various types of agricultural income, including rents from agricultural land, income from cultivating land, income from processes to make agricultural produce marketable, and income from the sale of agricultural produce. It also discusses the tests to determine what constitutes agricultural income and provides examples of incomes that are considered agricultural versus non-agricultural. The document concludes by explaining the process of integrating agricultural income with non-agricultural income for tax purposes when thresholds are exceeded.
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1) Section 70 allows for set off of losses from one source of income against profits from another source within the same head. Section 71 allows set off of losses under one head against income under another.
2) Business losses can be carried forward for 8 years and set off against future profits of any business. Speculation losses can be carried forward for 4 years against future speculation profits only.
3) Capital losses can be carried forward for 8 years against capital gains. House property losses can be carried forward for 8 years against future house property income. Losses from specified businesses
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Presentation on computation of income from other sources for the benefit of taxation students, based on provisions of Income tax Act 1961
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- Individuals and companies with total income exceeding the maximum taxable limit must file an income tax return by the due date, which is July 31 for most assessees and September 30/November 30 for some.
- Those holding overseas assets or accounts must also file a return even if income is below the taxable limit. Late or revised returns can be filed within 1 year with penalties for failure to file on time.
- The return must be verified digitally in most cases. It must be signed by the individual, partner, director or other authorized person depending on the entity. Strict documentation and procedures must be followed for e-filing.
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1. Advance tax, TDS, and TCS are the major modes of collecting tax at source during or before the financial year.
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Income Tax in India, Income taxes are a source of revenue for governments. They are used to fund public services, pay government obligations, and provide goods for citizens.
The first Income-tax Act in India was introduced in 1860 on account of financial stress owing to the mutiny of 1857 and was to be in force for a period of 5 years.
The Income Tax Act 1961 has been brought into force on 1 April 1962. It applies to the whole of India (including Jammu and Kashmir).
An Income Tax in India is a direct tax that a government imposes on the annual income and profits earned by individuals and entities. It is calculated on the net taxable income of a person or entity for the applicable financial/fiscal year, which starts from the 1st of April of a year and ends on the 31st of March of the next calendar year.
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Two major Types: Debt Securities and Equity Securities.
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• The first type of Debit securities is BONDS. Bonds are issued by corporations and government (both local and national government).
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There are no fixed maturity dates in such securities, and asset’s value is determined by company’s performance. There are two major types of equity securities: common stock and preferred stock.
Common Stock: These are simple equity securities and bear no complexities which the preferred stock bears. Holders of such securities or instrument have the voting rights when it comes to select the company’s board of director or the business decisions to be made.
Preferred Stock: Preferred stocks are sometime referred to as hybrid securities, because it contains elements of both debit security and equity security. Preferred stock confers ownership rights to security holder that is why it is equity instrument
<a href="https://www.writofinance.com/equity-securities-features-types-risk/" >Equity securities </a> as a whole is used for capital funding for companies. Companies have multiple expenses to cover. Potential growth of company is required in competitive market. So, these securities are used for capital generation, and then uses it for company’s growth.
Concluding remarks
Both are employed in business. Businesses are often established through debit securities, then what is the need for equity securities. Companies have to cover multiple expenses and expansion of business. They can also use equity instruments for repayment of debits. So, there are multiple uses for securities. As an investor, you need tools for analysis. Investment decisions are made by carefully analyzing the market. For better analysis of the stock market, investors often employ financial analysis of companies.
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All about Advance Tax in India - With Calculation
- 1. ADVANCE TAX ● For Individuals ● For Non-Individuals
- 2. What is Advance Tax? ● Also known as “Pay as you earn” scheme. ● It is the tax paid on income earned from different sources like rent, business, salary, etc. ● The tax is paid if the tax liability exceeds Rs.10000 in a financial year. ● The tax should be paid in the same year when the income was earned.
- 3. Who has to pay Advance Tax? ● Not for Salaried Individuals as they pay tax deducted at source. ● Income received by via Capital Gains on Shares. ● Winnings earned from lottery. ● Rent or income earned from house property.
- 4. How to pay Advance Tax?
- 5. How to pay Advance Tax? ● Advance Tax can be paid through tax payment challans at bank branches which are authorised by the Income Tax department. It can be deposited in authorised banks such as ICICI Bank, Reserve bank of India, HDFC Bank, Syndicate Bank, Allahabad Bank, State Bank of India and more. ● Pay it online through Income Tax Department.
- 6. Advance Tax Calculation ● Determine the income. ● Minus the expenses. ● Total Advance Tax.● Total the income.
- 7. Pay Advance Tax Online ● Go to official government website. ● Select the right challan to pay your Advance Tax. ● Fill in the correct details. ● It is important to report your payment after you’ve made the payment. ● You will get details of your payment including challan number. ● Redirect to Bank's NetBanking Page.Income should be rechecked in this page.
- 8. Late Payment of Advance Tax ● If an individual forgets to pay the advance tax by the first deadline, then the individual has to pay interest. ● The interest is computed as 1% interest on the defaulted amount for every month until the tax is paid off completely. ● The same interest penalty will be applicable if you don’t pay by the second or third deadline.
- 9. Advance Tax Payment Schedule Installment Date Amount Payable ● Not less than 30% of the advance tax liability ● Not less than 60% of the advance tax liability ● 100% of tax liability ● On or before September 15th ● On or before December 15th ● On or before March 15th
- 10. Thank You!! Visit https://www.bankbazaar.com/tax/advance-tax.html for more details Powered By BankBazaar.com