1. The document discusses various key concepts related to taxation in India such as direct taxes, indirect taxes, types of taxes including income tax, duty, cess, and surcharge. It provides definitions and explanations of these tax terms.
2. The key highlights are that direct taxes are imposed directly on income and wealth while indirect taxes are imposed on goods and services. Income tax is governed by the Income Tax Act of 1961 which is amended every year by the Finance Act.
3. The document also explains the difference between direct and indirect taxes, taxation system in India, types of taxation including progressive, regressive and proportional, and income tax computation process.
This presentation gives an introduction to Taxation
What is a TAX?
Types of Taxes in India
Direct Tax
Sub categories of Direct Tax
Indirect Taxes
Benefits of Taxes
Advantages of Paying taxes
Penalty for not Paying taxes
Helps the student to know about the Agricultural Income in Indian Income tax Act 1961 and also how the Tax Liability will be calculated when an Assessee have both Agricultural and Non Agricultural Income
taxes are income of government. india is a developing country, therefore taxes is important source of income to indian government. the majority of taxes which are mostly collected by the government is included in this presentation.
This presentation gives an introduction to Taxation
What is a TAX?
Types of Taxes in India
Direct Tax
Sub categories of Direct Tax
Indirect Taxes
Benefits of Taxes
Advantages of Paying taxes
Penalty for not Paying taxes
Helps the student to know about the Agricultural Income in Indian Income tax Act 1961 and also how the Tax Liability will be calculated when an Assessee have both Agricultural and Non Agricultural Income
taxes are income of government. india is a developing country, therefore taxes is important source of income to indian government. the majority of taxes which are mostly collected by the government is included in this presentation.
INCOME TAX- Aggregation of Income/ Clubbing of the income under INCOME TAX ACT,1961
Income of other persons to be included in the income of individual( Section 60-65)
Income received from Firm assessed as Firm And Association of Persons (Section 66-67)
Deemed Income (Section 68-69)
Transfer of Income without Transfer of Assets[Sec. 60]
Revocable Transfer of Assets [Sec. 61]
This slide contains:
Incidence of Tax, its shift-ability, effect of residental status of assesse on taxability of income, effect on tax in different demand situations.
Income tax is generally considered as Complicated subjects, so in this HAND BOOK we covered entire syllabus in such a manner in easiest language that student find it intresting.
INCOME TAX- Aggregation of Income/ Clubbing of the income under INCOME TAX ACT,1961
Income of other persons to be included in the income of individual( Section 60-65)
Income received from Firm assessed as Firm And Association of Persons (Section 66-67)
Deemed Income (Section 68-69)
Transfer of Income without Transfer of Assets[Sec. 60]
Revocable Transfer of Assets [Sec. 61]
This slide contains:
Incidence of Tax, its shift-ability, effect of residental status of assesse on taxability of income, effect on tax in different demand situations.
Income tax is generally considered as Complicated subjects, so in this HAND BOOK we covered entire syllabus in such a manner in easiest language that student find it intresting.
This word file contain all information regarding taxation in india, income tax returns, types of income tax , direct tax, indirect tax, wealth tax, income tax ,excise duty , which helps you to gain knowledge about taxation in brief, and also helps you in making internship report on taxation or income tax.
Dear Viewers, This presentation covered the Income Tax Law & Practice. Mainly this slides focused on Introductory Part.
Enjoy with the learning.
Yours Dr.K.Chellapandian, Asst Prof of Commerce, Vivekananda College, Madurai. Tamil Nadu - 625 234 - India
Introductions to Indirect Tax - Types, Structure, Constitutional Powers, ReformsSundar B N
Constitutional Powers of Taxation
Comparison between Old and New Tax stream
Structure of Indian Tax System
Different Types of Taxes
Taxes under Indirect Tax Family in India
Recent Tax Reforms Committees and its Recommendations
Canons of Taxation
Public Finance
Public Expenditure
Public Revenue
Welfare State
Fiscal Discipline
Constitutional power of tax
Comparision
Old and new tax system
Structure of Indian Tax System
Different type of taxes
Indirect tax Family in India
Recent Tax reform
Committee and Recommendation
Canons of taxation
Public finance
Public expenditure
Public revenue
Welfare state
Fiscal discipline
Falcon stands out as a top-tier P2P Invoice Discounting platform in India, bridging esteemed blue-chip companies and eager investors. Our goal is to transform the investment landscape in India by establishing a comprehensive destination for borrowers and investors with diverse profiles and needs, all while minimizing risk. What sets Falcon apart is the elimination of intermediaries such as commercial banks and depository institutions, allowing investors to enjoy higher yields.
Premium MEAN Stack Development Solutions for Modern BusinessesSynapseIndia
Stay ahead of the curve with our premium MEAN Stack Development Solutions. Our expert developers utilize MongoDB, Express.js, AngularJS, and Node.js to create modern and responsive web applications. Trust us for cutting-edge solutions that drive your business growth and success.
Know more: https://www.synapseindia.com/technology/mean-stack-development-company.html
What are the main advantages of using HR recruiter services.pdfHumanResourceDimensi1
HR recruiter services offer top talents to companies according to their specific needs. They handle all recruitment tasks from job posting to onboarding and help companies concentrate on their business growth. With their expertise and years of experience, they streamline the hiring process and save time and resources for the company.
Cracking the Workplace Discipline Code Main.pptxWorkforce Group
Cultivating and maintaining discipline within teams is a critical differentiator for successful organisations.
Forward-thinking leaders and business managers understand the impact that discipline has on organisational success. A disciplined workforce operates with clarity, focus, and a shared understanding of expectations, ultimately driving better results, optimising productivity, and facilitating seamless collaboration.
Although discipline is not a one-size-fits-all approach, it can help create a work environment that encourages personal growth and accountability rather than solely relying on punitive measures.
In this deck, you will learn the significance of workplace discipline for organisational success. You’ll also learn
• Four (4) workplace discipline methods you should consider
• The best and most practical approach to implementing workplace discipline.
• Three (3) key tips to maintain a disciplined workplace.
Putting the SPARK into Virtual Training.pptxCynthia Clay
This 60-minute webinar, sponsored by Adobe, was delivered for the Training Mag Network. It explored the five elements of SPARK: Storytelling, Purpose, Action, Relationships, and Kudos. Knowing how to tell a well-structured story is key to building long-term memory. Stating a clear purpose that doesn't take away from the discovery learning process is critical. Ensuring that people move from theory to practical application is imperative. Creating strong social learning is the key to commitment and engagement. Validating and affirming participants' comments is the way to create a positive learning environment.
Attending a job Interview for B1 and B2 Englsih learnersErika906060
It is a sample of an interview for a business english class for pre-intermediate and intermediate english students with emphasis on the speking ability.
3.0 Project 2_ Developing My Brand Identity Kit.pptxtanyjahb
A personal brand exploration presentation summarizes an individual's unique qualities and goals, covering strengths, values, passions, and target audience. It helps individuals understand what makes them stand out, their desired image, and how they aim to achieve it.
[Note: This is a partial preview. To download this presentation, visit:
https://www.oeconsulting.com.sg/training-presentations]
Sustainability has become an increasingly critical topic as the world recognizes the need to protect our planet and its resources for future generations. Sustainability means meeting our current needs without compromising the ability of future generations to meet theirs. It involves long-term planning and consideration of the consequences of our actions. The goal is to create strategies that ensure the long-term viability of People, Planet, and Profit.
Leading companies such as Nike, Toyota, and Siemens are prioritizing sustainable innovation in their business models, setting an example for others to follow. In this Sustainability training presentation, you will learn key concepts, principles, and practices of sustainability applicable across industries. This training aims to create awareness and educate employees, senior executives, consultants, and other key stakeholders, including investors, policymakers, and supply chain partners, on the importance and implementation of sustainability.
LEARNING OBJECTIVES
1. Develop a comprehensive understanding of the fundamental principles and concepts that form the foundation of sustainability within corporate environments.
2. Explore the sustainability implementation model, focusing on effective measures and reporting strategies to track and communicate sustainability efforts.
3. Identify and define best practices and critical success factors essential for achieving sustainability goals within organizations.
CONTENTS
1. Introduction and Key Concepts of Sustainability
2. Principles and Practices of Sustainability
3. Measures and Reporting in Sustainability
4. Sustainability Implementation & Best Practices
To download the complete presentation, visit: https://www.oeconsulting.com.sg/training-presentations
Skye Residences | Extended Stay Residences Near Toronto Airportmarketingjdass
Experience unparalleled EXTENDED STAY and comfort at Skye Residences located just minutes from Toronto Airport. Discover sophisticated accommodations tailored for discerning travelers.
Website Link :
https://skyeresidences.com/
https://skyeresidences.com/about-us/
https://skyeresidences.com/gallery/
https://skyeresidences.com/rooms/
https://skyeresidences.com/near-by-attractions/
https://skyeresidences.com/commute/
https://skyeresidences.com/contact/
https://skyeresidences.com/queen-suite-with-sofa-bed/
https://skyeresidences.com/queen-suite-with-sofa-bed-and-balcony/
https://skyeresidences.com/queen-suite-with-sofa-bed-accessible/
https://skyeresidences.com/2-bedroom-deluxe-queen-suite-with-sofa-bed/
https://skyeresidences.com/2-bedroom-deluxe-king-queen-suite-with-sofa-bed/
https://skyeresidences.com/2-bedroom-deluxe-queen-suite-with-sofa-bed-accessible/
#Skye Residences Etobicoke, #Skye Residences Near Toronto Airport, #Skye Residences Toronto, #Skye Hotel Toronto, #Skye Hotel Near Toronto Airport, #Hotel Near Toronto Airport, #Near Toronto Airport Accommodation, #Suites Near Toronto Airport, #Etobicoke Suites Near Airport, #Hotel Near Toronto Pearson International Airport, #Toronto Airport Suite Rentals, #Pearson Airport Hotel Suites
RMD24 | Debunking the non-endemic revenue myth Marvin Vacquier Droop | First ...BBPMedia1
Marvin neemt je in deze presentatie mee in de voordelen van non-endemic advertising op retail media netwerken. Hij brengt ook de uitdagingen in beeld die de markt op dit moment heeft op het gebied van retail media voor niet-leveranciers.
Retail media wordt gezien als het nieuwe advertising-medium en ook mediabureaus richten massaal retail media-afdelingen op. Merken die niet in de betreffende winkel liggen staan ook nog niet in de rij om op de retail media netwerken te adverteren. Marvin belicht de uitdagingen die er zijn om echt aansluiting te vinden op die markt van non-endemic advertising.
Personal Brand Statement:
As an Army veteran dedicated to lifelong learning, I bring a disciplined, strategic mindset to my pursuits. I am constantly expanding my knowledge to innovate and lead effectively. My journey is driven by a commitment to excellence, and to make a meaningful impact in the world.
RMD24 | Retail media: hoe zet je dit in als je geen AH of Unilever bent? Heid...BBPMedia1
Grote partijen zijn al een tijdje onderweg met retail media. Ondertussen worden in dit domein ook de kansen zichtbaar voor andere spelers in de markt. Maar met die kansen ontstaan ook vragen: Zelf retail media worden of erop adverteren? In welke fase van de funnel past het en hoe integreer je het in een mediaplan? Wat is nu precies het verschil met marketplaces en Programmatic ads? In dit half uur beslechten we de dilemma's en krijg je antwoorden op wanneer het voor jou tijd is om de volgende stap te zetten.
Improving profitability for small businessBen Wann
In this comprehensive presentation, we will explore strategies and practical tips for enhancing profitability in small businesses. Tailored to meet the unique challenges faced by small enterprises, this session covers various aspects that directly impact the bottom line. Attendees will learn how to optimize operational efficiency, manage expenses, and increase revenue through innovative marketing and customer engagement techniques.
4. TYPES OF TAXES
Direct Taxes
(Governed by
CBDT)
Indirect Taxes
(Governed by
CBIC)
Imposed on
persons
Imposed on
Goods & Services
Paid directly to the
Government
Paid to the Government
via third person
5. If tax is levied directly on the income (or)
wealth of a person, then it is a direct tax.
e.g. Income-tax, Wealth tax.
If tax is levied on the price of a good (or)
service, then it is called an indirect tax.
e.g. Excise duty, Customs duty, Service
tax and Sales tax (or) Value Added Tax.
6. Tax – is a payment made to the Government
of a country without any return.
Duty – is a levy on goods.
Cess – is a tax levied for a specific purpose.
Surcharge – is an additional tax burden to
those, whose income exceeds the specified
limit.
Income tax – a levy on the income earned.
‘Levy’ is not a tax – it means ‘the act of
charging the tax’.
Tax – Duty – Cess - Surcharge
7. DUTY
This is an on-border tax charged on goods
(commodities (or) things that you can
physically touch) either while coming into
the country (or) going out of the country.
Generally, a percentage of the value of the
goods.
The duty that is levied for goods
manufactured inside the country is called
as excise duty.
Duty that is levied on goods imported from a
foreign country is called as customs duty.
8. DUTY vs TAX
Duty is a levy on goods.
Pay the tax first and the take the goods.
(Prior payment).
Ex: Excise duty, Customs duty.
Tax is levy on other than goods.
(No prior payment).
Ex: Income tax, Sales tax, Service tax.
9. SURCHARGE
This is an additional burden to the tax
being already levied.
Generally, surcharge is levied for a certain
period of time.
For instance, the surcharge being levied on
super rich in India.
At present surcharge is levied –
@ 10% if total income exceeds ₹ 50 lakhs
@ 15% if total income exceeds ₹ 1 Crore.
10. CESS
This is a tax on tax, levied by the Govt.
for a specific purpose.
Generally, cess is expected to be levied
till the time the Govt. gets enough
money for that purpose.
The Education Cess @ 3%, is levied
currently, is meant to finance basic
education in the country.
11. WHY ARE TAXES LEVIED?
The reason for levy of taxes is that they
constitute the basic source of revenue to
the government.
Revenue so raised is utilised for meeting the
expenses of government like defence,
provision of education, health-care,
infrastructure facilities like roads, dams,
public lightings, drainage etc.
The act of levying taxes is called taxation.
12. The persons who are taxed have to pay the
taxes irrespective of any corresponding
return from the goods (or) services by the
government.
The taxes may be imposed on the income
and wealth of persons (or) corporations
and the rate of taxes may vary.
i.e., The categories into which we can place
direct and indirect taxes are called
taxation.
Taxation
13. Inflation is taxation without legislation.
– Milton Friedman
Inflation is often called “the invisible tax”,
which is hardest on the poor, elderly,
savers, low-income workers, and fixed-
income retirees.
– Robert Kiyosaki.
14. Direct Tax Indirect Tax = GST
(Except customs)
IGST
Taxation System
Intra-State
Supplies
Inter-State
Supplies
16. A tax is called digressive when the rate of
progression in taxation does not increase in the
same proportion as the increase in income.
In this case, the rate of tax increases upto a certain
limit, after that a uniform rate is charged.
Digressive tax is a combination of progressive and
proportional taxation.
This type of taxation is often used in case of income
tax.
This is the case of income tax in India.
Digressive Taxation
19. Income tax was first introduced in India in
1860 by the British ruler James Wilson
(who become the 1st India’s Finance
Member), in order to meet heavy expenses
and losses suffered by the rulers due to
India’s first freedom movement of 1857.
At present, the Income Tax Act 1961 is force
in India. The present Income Tax Act was
enacted in 1961, which came into force on
1st April 1962.
This Act of 1961 has since been amended
number of times.
20. What is Income Tax?
It is a tax on Income.
It is revenue for government &
indicates outflow of cash for a
person who is liable to pay the tax.
Income-tax is a tax levied on the
total income of the previous year of
every person.
21. Income-tax Act, 1961
The Act determines which persons are liable
to pay tax and in respect of which
income.
The sections lay down the law of income tax
and the schedules lay down certain
procedures and give certain lists, which
are referred to in the sections.
However, the Act does not prescribe the rates
of Income Tax.
The rates of Income-tax are prescribed every
year by the Finance Act (popularly
known as “The Budget”).
22. The Finance Act
Every year, the Finance Minister of the
Government of India presents the Budget to the
Parliament.
Part A of the budget speech contains the proposed
policies of the Government in fiscal areas.
Part B of the budget speech contains the detailed
tax proposals.
In order to implement the above proposals, the
Finance Bill is introduced in the Parliament.
Once the Finance Bill is approved by the
Parliament and gets the assent of the President,
it becomes the Finance Act.
23. Income-tax Rules, 1962
The administration of direct taxes is looked after by
the Central Board of Direct Taxes (CBDT).
The CBDT is empowered to make rules for carrying
out the purposes of the Act.
For the proper administration of the Income-tax
Act, the CBDT frames rules from time to time.
These rules are collectively called Income-tax
Rules, 1962.
To amend the Act, an amendment Bill has to be
passed in the Parliament.
In case of a conflict between the Act and the Rules,
the provisions of the Act shall prevail.
24. Circulars and Notifications
Circulars are issued by the CBDT from time
to time to deal with certain specific
problems and to clarify doubts regarding
the scope and meaning of the provisions.
These circulars are issued for the guidance of
the officers and/or assessees.
The department is bound by the circulars.
While such circulars are not binding the
assessees, they can take advantage of
beneficial circulars.
25. Case Laws and Doctrine of Precedents
Case Laws are the decisions of the various Income-
tax Appellate Tribunals (ITAT) and the High
Courts (HC) and the Supreme Court (SC).
Decisions of the SC are binding on all lower Courts
and tax authorities in India.
HC decisions are binding only in the states which are
within the jurisdiction of that particular High
Court.
Decisions of one HC has persuasive powers over other
HCs when deciding similar issues.
ITAT can be a Single Member Bench (SMC) (or) a
two member bench (or) a Special Bench (or) a
Third Member Bench.
26. Definitions
Section 2 gives definitions of various
terms referred to in the Act.
Definitions can be inclusive definitions
(or) exclusive definitions.
Definition of one term may lead to the
definition of another term.
27. Some of the important definitions
contained in the Act are of:
Person;
Assessee;
Assessment Year;
Previous Year;
Assessment;
Income;
Dividend.
28. Important Terms
Income
Assessee
Assessment Year (A.Y. 2018-19)
Previous Year (P.Y. 2017-18)
Residential Status
Gross Total Income
Deductions
Total Income
29. Income means some monetary returns
periodically received from some definite
sources.
i.e., it is an earning (or) continuing income
from the business (or) from a definite
source.
It includes –
Incomes in cash;
Incomes in kind;
Gifts.
Income- Sec.2(24)
30. According to sec. 2(7) assessee means:
A person liable to pay any tax (or) any other
sum of money under this Act.
Every person :
1. who is assessable in respect of income
(or) loss of another person, (or)
2. who is deemed to be an assessee, (or)
3. who is deemed to be assessee in default.
Assessee
31. PERSON : Sec. 2(31)
According to law an assessee is a person by whom
any tax is payable.
Person includes -
An individual;
A firm;
A HUF;
A company;
An Association of Persons (AOP) (or)
Body of Individuals (BOI);
A local authority;
Any artificial and juridical person not
included in the above category.
32. Residential status of a person decides
income tax liability.
Previous year is the year in which the
income is earned.
Assessment year is the year in which the
income is taxed.
AY consist of 12 months which
commences on the 1st day of April
immediately after the previous year.
Income Tax liability of a
person
33. ASSESSMENT
It is a process of determining the
correctness of income of an assessee
and of assessing the amount of tax
payable by him and procedure for
imposing tax liability.
34. This means the year commencing on the
1st day of April every year and ending
on 31st march of the next year.
The current Assessment Year is 2018-19.
Assessment year [Sec.2(9)]
Previous year [Sec.3]
Previous year means the financial year
immediately preceding the assessment year.
The current Previous Year is 2017-18.
35. Previous Year and Assessment Year
Assessment
Year 2018 -19
1 / 4 / 2017 31 / 3 / 2018
1 / 4 / 2018 31 / 3 / 2019
The year in which the income is earned is known as
Previous Year (PY) and
The year in which the income earned is taxed is called
AY.
i.e., Income earned in the PY is taxed in the AY.
Previous Year
2017-18
36. Previous Year
2017-18
Assessment Year
2018-19
10 / 10 / 2017 31 / 3 / 2018
1 / 4 / 2018 31 / 3 / 2019
PY in the case of newly started business –
In case of a newly set up business during a financial
year, the previous year shall be the period beginning
with the date of such setting up and ending with the
said financial year. i.e., the immediately following
March 31st.
Date of starting the business is 10-10-2017
37. Total Income and Tax Payable
Income-tax is levied on an assessee’s total income. Such total
income has to be computed as per the provisions contained in
the Income-tax Act, 1961. The step by step procedure of
computation of total income for the purpose of levy of income-tax.
Step 1 Determination of residential status;
Step 2 Classification of income under different heads;
Step 3 Exclusion of income not chargeable to tax;
Step 4 Computation of income under each head;
Step 5 Clubbing of income of spouse, minor child etc.;
Step 6 Set-off (or) carry forward and set-off of losses;
Step 7 Computation of Gross Total Income;
Step 8 Deductions from Gross Total Income;
Step 9 Total income;
Step 10 Application of the rates of tax on the total income;
Step 11 Surcharge;
Step 12 Education cess and secondary and higher education cess;
Step 13 Advance tax and tax deducted at source.