The document discusses key aspects of income tax in India such as:
- Income tax is a direct tax levied by the central government on citizens' incomes as defined by the Income Tax Act of 1961.
- Income includes earnings from various sources like salary, property, business, profits, capital gains, and others. Deductions are made before calculating tax owed.
- Income Tax Returns must be filed annually showing a person's income sources, deductions, and tax payable or refund amount.
- The history and administration of income tax law in India is also outlined, including definitions of key terms like "assessee," "person," "assessment year," and "previous year."
Under the Constitution of India Central Government is empowered to levy tax on
the income. Accordingly, the Central Government has enacted the Income Tax
Act, 1961. The Act provides for the scope and machinery for levy of Income Tax
in India. The Act is supported by Income Tax Rules, 1961 and several other
subordinate and regulations. Besides, circulars and notifications are issued by the
Central Board of Direct Taxes (CBDT) and sometimes by the Ministry of Finance,
Government of India dealing with various aspects of the levy of Income tax.
Unless otherwise stated, references to the sections will be the reference to the
sections of the Income Tax Act, 1961. Income tax is a tax on the total income of a
person called the assessee of the previous year relevant to the assessment year at
the rates prescribed in the relevant Finance Act.
Some of the important definitions under Income Tax Act, 1961 are as follows:
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.
Under the Constitution of India Central Government is empowered to levy tax on
the income. Accordingly, the Central Government has enacted the Income Tax
Act, 1961. The Act provides for the scope and machinery for levy of Income Tax
in India. The Act is supported by Income Tax Rules, 1961 and several other
subordinate and regulations. Besides, circulars and notifications are issued by the
Central Board of Direct Taxes (CBDT) and sometimes by the Ministry of Finance,
Government of India dealing with various aspects of the levy of Income tax.
Unless otherwise stated, references to the sections will be the reference to the
sections of the Income Tax Act, 1961. Income tax is a tax on the total income of a
person called the assessee of the previous year relevant to the assessment year at
the rates prescribed in the relevant Finance Act.
Some of the important definitions under Income Tax Act, 1961 are as follows:
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 PPT contains the details regarding Introduction to Income Tax. It will be useful to all the viewers. It Contains the following points, viz., 1. Meaning of Income Tax 2. Five Heads of Income 3. Sources of Income Tax Law 4. Income Tax Act, 1961 5. Income Tax Rules, 1962 6. Circulars by CBDT 7. Judicial Decisions 8. Annual Finance Act 9. Basis of Charge of Income Tax 10. Person 11. Assessee - Definition 12. Types of Assessee 13. Assessment - Definition 14. Assessment Year - Definition 15. Previous Year - Definition 16. Provisions regarding Previous Year 17. Discontinued Business 18. When Previous Year and Assessment Year will be same? 19. Previous Year Vs. Assessment Year 20. Income 21.Features of Income
Opendatabay - Open Data Marketplace.pptxOpendatabay
Opendatabay.com unlocks the power of data for everyone. Open Data Marketplace fosters a collaborative hub for data enthusiasts to explore, share, and contribute to a vast collection of datasets.
First ever open hub for data enthusiasts to collaborate and innovate. A platform to explore, share, and contribute to a vast collection of datasets. Through robust quality control and innovative technologies like blockchain verification, opendatabay ensures the authenticity and reliability of datasets, empowering users to make data-driven decisions with confidence. Leverage cutting-edge AI technologies to enhance the data exploration, analysis, and discovery experience.
From intelligent search and recommendations to automated data productisation and quotation, Opendatabay AI-driven features streamline the data workflow. Finding the data you need shouldn't be a complex. Opendatabay simplifies the data acquisition process with an intuitive interface and robust search tools. Effortlessly explore, discover, and access the data you need, allowing you to focus on extracting valuable insights. Opendatabay breaks new ground with a dedicated, AI-generated, synthetic datasets.
Leverage these privacy-preserving datasets for training and testing AI models without compromising sensitive information. Opendatabay prioritizes transparency by providing detailed metadata, provenance information, and usage guidelines for each dataset, ensuring users have a comprehensive understanding of the data they're working with. By leveraging a powerful combination of distributed ledger technology and rigorous third-party audits Opendatabay ensures the authenticity and reliability of every dataset. Security is at the core of Opendatabay. Marketplace implements stringent security measures, including encryption, access controls, and regular vulnerability assessments, to safeguard your data and protect your privacy.
This PPT contains the details regarding Introduction to Income Tax. It will be useful to all the viewers. It Contains the following points, viz., 1. Meaning of Income Tax 2. Five Heads of Income 3. Sources of Income Tax Law 4. Income Tax Act, 1961 5. Income Tax Rules, 1962 6. Circulars by CBDT 7. Judicial Decisions 8. Annual Finance Act 9. Basis of Charge of Income Tax 10. Person 11. Assessee - Definition 12. Types of Assessee 13. Assessment - Definition 14. Assessment Year - Definition 15. Previous Year - Definition 16. Provisions regarding Previous Year 17. Discontinued Business 18. When Previous Year and Assessment Year will be same? 19. Previous Year Vs. Assessment Year 20. Income 21.Features of Income
Opendatabay - Open Data Marketplace.pptxOpendatabay
Opendatabay.com unlocks the power of data for everyone. Open Data Marketplace fosters a collaborative hub for data enthusiasts to explore, share, and contribute to a vast collection of datasets.
First ever open hub for data enthusiasts to collaborate and innovate. A platform to explore, share, and contribute to a vast collection of datasets. Through robust quality control and innovative technologies like blockchain verification, opendatabay ensures the authenticity and reliability of datasets, empowering users to make data-driven decisions with confidence. Leverage cutting-edge AI technologies to enhance the data exploration, analysis, and discovery experience.
From intelligent search and recommendations to automated data productisation and quotation, Opendatabay AI-driven features streamline the data workflow. Finding the data you need shouldn't be a complex. Opendatabay simplifies the data acquisition process with an intuitive interface and robust search tools. Effortlessly explore, discover, and access the data you need, allowing you to focus on extracting valuable insights. Opendatabay breaks new ground with a dedicated, AI-generated, synthetic datasets.
Leverage these privacy-preserving datasets for training and testing AI models without compromising sensitive information. Opendatabay prioritizes transparency by providing detailed metadata, provenance information, and usage guidelines for each dataset, ensuring users have a comprehensive understanding of the data they're working with. By leveraging a powerful combination of distributed ledger technology and rigorous third-party audits Opendatabay ensures the authenticity and reliability of every dataset. Security is at the core of Opendatabay. Marketplace implements stringent security measures, including encryption, access controls, and regular vulnerability assessments, to safeguard your data and protect your privacy.
Techniques to optimize the pagerank algorithm usually fall in two categories. One is to try reducing the work per iteration, and the other is to try reducing the number of iterations. These goals are often at odds with one another. Skipping computation on vertices which have already converged has the potential to save iteration time. Skipping in-identical vertices, with the same in-links, helps reduce duplicate computations and thus could help reduce iteration time. Road networks often have chains which can be short-circuited before pagerank computation to improve performance. Final ranks of chain nodes can be easily calculated. This could reduce both the iteration time, and the number of iterations. If a graph has no dangling nodes, pagerank of each strongly connected component can be computed in topological order. This could help reduce the iteration time, no. of iterations, and also enable multi-iteration concurrency in pagerank computation. The combination of all of the above methods is the STICD algorithm. [sticd] For dynamic graphs, unchanged components whose ranks are unaffected can be skipped altogether.
Data Centers - Striving Within A Narrow Range - Research Report - MCG - May 2...pchutichetpong
M Capital Group (“MCG”) expects to see demand and the changing evolution of supply, facilitated through institutional investment rotation out of offices and into work from home (“WFH”), while the ever-expanding need for data storage as global internet usage expands, with experts predicting 5.3 billion users by 2023. These market factors will be underpinned by technological changes, such as progressing cloud services and edge sites, allowing the industry to see strong expected annual growth of 13% over the next 4 years.
Whilst competitive headwinds remain, represented through the recent second bankruptcy filing of Sungard, which blames “COVID-19 and other macroeconomic trends including delayed customer spending decisions, insourcing and reductions in IT spending, energy inflation and reduction in demand for certain services”, the industry has seen key adjustments, where MCG believes that engineering cost management and technological innovation will be paramount to success.
MCG reports that the more favorable market conditions expected over the next few years, helped by the winding down of pandemic restrictions and a hybrid working environment will be driving market momentum forward. The continuous injection of capital by alternative investment firms, as well as the growing infrastructural investment from cloud service providers and social media companies, whose revenues are expected to grow over 3.6x larger by value in 2026, will likely help propel center provision and innovation. These factors paint a promising picture for the industry players that offset rising input costs and adapt to new technologies.
According to M Capital Group: “Specifically, the long-term cost-saving opportunities available from the rise of remote managing will likely aid value growth for the industry. Through margin optimization and further availability of capital for reinvestment, strong players will maintain their competitive foothold, while weaker players exit the market to balance supply and demand.”
Levelwise PageRank with Loop-Based Dead End Handling Strategy : SHORT REPORT ...Subhajit Sahu
Abstract — Levelwise PageRank is an alternative method of PageRank computation which decomposes the input graph into a directed acyclic block-graph of strongly connected components, and processes them in topological order, one level at a time. This enables calculation for ranks in a distributed fashion without per-iteration communication, unlike the standard method where all vertices are processed in each iteration. It however comes with a precondition of the absence of dead ends in the input graph. Here, the native non-distributed performance of Levelwise PageRank was compared against Monolithic PageRank on a CPU as well as a GPU. To ensure a fair comparison, Monolithic PageRank was also performed on a graph where vertices were split by components. Results indicate that Levelwise PageRank is about as fast as Monolithic PageRank on the CPU, but quite a bit slower on the GPU. Slowdown on the GPU is likely caused by a large submission of small workloads, and expected to be non-issue when the computation is performed on massive graphs.
2. Income tax
Income tax is a direct tax that a government levies on the income of its citizens. The Income Tax Act, 1961,
mandates that the central government collect this tax. The government can change the income slabs and tax
rates every year in its Union Budget.
Income does not only mean money earned in the form of salary. It also includes income from house property,
profits from business, gains from profession (such as bonus), capital gains income, and 'income from other
sources'. The government also often provides certain leeway such that various deductions are made from an
individual's income before the tax to be levied is calculated.
Income Tax Returns
Income Tax Returns (ITR) form are the basis of calculating a person's income tax. It is a statement showing the
status of a person, all their sources of revenue, deductions and, lastly, the tax payable or tax refund, if any.
Duna Jogeswar Rao
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3. • In India, such tax was first introduced in 1860 by Sir James Wilson to meet the government’s problems due to
the 1857 Military Mutiny.
• A new income tax was introduced in 1918 and it was then replaced by other new Act that was passed in 1922.
• This Act stayed in effect with various changes up to the assessment year 1961-62.
• Finally, the Income Tax Act, 1961 was passed in consultation with the Ministry of Law. With 1 April 1962, the
Income Tax Act 1961 was brought into effect. It refers to entire India and to Sikkim which includes Jammu &
Kashmir.
• Since 1962 the Union Budget has made several far-reaching changes each year in the Income Tax Act.
• Bifurcated Central Board of Revenue and a separate Direct Tax Board is known as CBDT (Central Board of
Direct Taxes) established under the Central Board of Revenue Act, 1963.
• The principal tax enactment in India is the Parliament’s Income Tax Act, approved in 1961, that imposes a tax on
people’s income.
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4. As per S. 2(7) of the Income Tax Act, 1961, unless the context otherwise requires, the term “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 proceeding under this Act has been taken for the assessment
of his income or assessment of fringe benefits or of the income of any other person in respect of which he is
assessable, or of the loss sustained by him or by such other person, or of the amount of refund due to him or to
such other person;
(b) every person who is deemed to be an assessee under any provision of this Act;
(c) every person who is deemed to be an assessee in default under any provision of this Act.
From above definition, we can construe that normally the term ‘Assessee’ is considered as one who is supposed to
pay tax under the Income Tax Act, 1961.
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5. As per Section 2(31) of Income Tax Act, 1961, unless the context otherwise requires, the term “person” includes:
(i) an individual,
(ii) a Hindu undivided family,
(iii) a company,
(iv) a firm,
(v) an association of persons or a body of individuals, whether incorporated or not,
(vi) a local authority, and
(vii) every artificial juridical person, not falling within any of the preceding sub-clauses.
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6. As per S.2(9) of the Income Tax Act, 1961, unless the context otherwise requires, the term ‘assessment year’
means the period of twelve months commencing on the 1st day of April every year. during which an assessee is
required to file the return of income (ITR) for the previous year and the ITO has to initiate assessment proceedings
for such returned income and tax thereon.
Now assessment year is 2022-23.
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7. For Income Tax Act 1961, the previous year is defined as the financial year which immediately precedes the
assessment year. In case the source of income is new or the business set up is new, the previous year for that
entity will start from the date of setting up of that business or profession or from the date when the source of
income of this new existence starts and ends in the said financial year.
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8. Tax on Income earned in the previous year is paid in the assessment year. However, there are a few
exceptions where the tax on Income earned in the previous year is paid in the previous year itself. These
exceptions are:
1. Income earned by a non resident through a shipping business in India
2. Income earned by the person who is leaving India permanently or for a long period of time.
3. Income earned by those bodies which are formed for a short period of Time.
4. Income earned by those person who are likely to transfer their property in order to avoid tax
5. Income earned from a discontinued business.
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9. Income is the money received by a person (individuals or business) periodically on daily, weekly, monthly, or yearly
basis. Income includes monetary as well as non-monetary values of allowances and perquisites. All income is
taxable under income tax unless expressly exempted.
According to Section 2(24) of Income tax Act, 1961 Income includes following which in this link
https://incometaxmanagement.com/Pages/Tax-Ready-Reckoner/Tax-Concepts/Income-Sec-2-24.html
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10. (i) Income can be received at a periodical basis whether daily, weekly, monthly or yearly
(ii) Income can be taxed at receipt or accrual basis
(iii) Income tax law does not distinguish between legal or illegal income (iv) Income can be received on temporary
or permanent basis
(v) Income received when in lump sum or in installment basis will be held liable to tax.
(vi) Under Income Tax Act, Income includes revenue or capital gains and even includes losses.
(vii) In case of individuals or HUF, gift received above Rs. 50000 during the financial year will be considered as
income.
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16. • 1. The rates of Surcharge and Health & Education cess are same under both the tax regimes
• 2. Rebate u/s 87-A Resident Individual whose Total Income is not more than ₹ 5,00,000 is also eligible for a
Rebate of up to 100% of income tax or ₹ 12,500, whichever is less. This Rebate is available in both tax regi
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