This document discusses various topics related to direct taxes in India including definitions, types of taxes, key terms, and assessments. It defines tax as a financial charge imposed by the state on taxpayers that is punishable by law. It notes direct taxes are paid directly by individuals/organizations to the government, while indirect taxes increase good prices so consumers pay the tax. The document outlines that in India, the assessment year is the year in which income from the previous financial year is assessed for tax purposes. It also provides exceptions for when income may be taxed in the year it is earned rather than the following assessment year.
The basic concepts in Income tax such as assesse, assessment year previous year, etc are defined besides discussing the brief history of Income Tax....By...Dr. Thulasi Krishna. K
The basic concepts in Income tax such as assesse, assessment year previous year, etc are defined besides discussing the brief history of Income Tax....By...Dr. Thulasi Krishna. K
Under Fundamental Concepts of Income Tax Presentation, Important Definitions under Income Tax Act, Residential Status of the assesses & its tax incidence is covered.
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.
This is a short presentation for beginners wanting to learn a bit about the Indian Income-tax Act. It gives a snapshot of some of the basic terms in the Indian income-tax law. Hard core tax practitioners may kindly stay away! It's only the common man.
Objectives & Agenda :
To know the need and relevanve of income tax, its applicability and its commencement date. To understand the meaning of the term "income" and "tax" and additionally the relevant terms in relation to income and taxes. The webinar shall predominantly focus on the basic and fundamental provisions of Income Tax Act, 1961, which is required to further appreciate the subsequent charging and computational provisions.
Under Fundamental Concepts of Income Tax Presentation, Important Definitions under Income Tax Act, Residential Status of the assesses & its tax incidence is covered.
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.
This is a short presentation for beginners wanting to learn a bit about the Indian Income-tax Act. It gives a snapshot of some of the basic terms in the Indian income-tax law. Hard core tax practitioners may kindly stay away! It's only the common man.
Objectives & Agenda :
To know the need and relevanve of income tax, its applicability and its commencement date. To understand the meaning of the term "income" and "tax" and additionally the relevant terms in relation to income and taxes. The webinar shall predominantly focus on the basic and fundamental provisions of Income Tax Act, 1961, which is required to further appreciate the subsequent charging and computational provisions.
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.
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In this webinar you will learn how your organization can access TechSoup's wide variety of product discount and donation programs. From hardware to software, we'll give you a tour of the tools available to help your nonprofit with productivity, collaboration, financial management, donor tracking, security, and more.
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Artificial Intelligence (AI) technologies such as Generative AI, Image Generators and Large Language Models have had a dramatic impact on teaching, learning and assessment over the past 18 months. The most immediate threat AI posed was to Academic Integrity with Higher Education Institutes (HEIs) focusing their efforts on combating the use of GenAI in assessment. Guidelines were developed for staff and students, policies put in place too. Innovative educators have forged paths in the use of Generative AI for teaching, learning and assessments leading to pockets of transformation springing up across HEIs, often with little or no top-down guidance, support or direction.
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Operation “Blue Star” is the only event in the history of Independent India where the state went into war with its own people. Even after about 40 years it is not clear if it was culmination of states anger over people of the region, a political game of power or start of dictatorial chapter in the democratic setup.
The people of Punjab felt alienated from main stream due to denial of their just demands during a long democratic struggle since independence. As it happen all over the word, it led to militant struggle with great loss of lives of military, police and civilian personnel. Killing of Indira Gandhi and massacre of innocent Sikhs in Delhi and other India cities was also associated with this movement.
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3. TAX
Latin-Word-TAXO-Means-RATE
Financial Charge/other levy
Imposed upon a tax payer (tax payer may a individual or legal entity)
By the state or the functional equivalent of a state
That failure to pay or evasion of or resistance
Is punishable by law.
Our tax system is based on our "ability to pay." The more money we earn,
the more taxes we pay. And the opposite is also true. If we earn a small
income, we pay less taxes.
4. A means by which governments finance their expenditure by imposing
charges on citizens and corporate entities.
Governments use taxation to encourage or discourage certain economic
decisions.
For example, reduction in taxable personal (or household) income by
the amount paid as interest on home mortgage loans results in greater
construction activity, and generates more jobs.
5. TYPEs OF TAXES
DIRECT TAXES
• A tax that is paid directly by an
individual or organization to the
imposing entity.
• e.g income tax, wealth tax etc.
Burden of tax borne by the person
himself.
INDIRECT TAXES
• A tax that increases the price of a
good so that consumers are actually
paying the tax by paying more for
the products.
• e.g excise duty, vat, sales tax,
Service tax etc. Burden of tax
shifted to another person
6. Income
Tax Law
The Income Tax
Act, 1961
The Income
Tax Rules,
1962
Circulars,
Clarifications from
CBDT Time to
time
Judicial
Decision
7. INDIA
territory of India as per
Article 1 of the constitution
territorial water, seabed &
subsoil underlying
continental shelf &
EEZ
Any other specified maritime zone & the air space above its
territory and territorial waters
9. AY-Assessment Year- Section 2 (9) of Income Tax Act, 1961
A year in which income of an assessee of the previous year/last year needed to be assessed.
It is called as “tax year” in some of the countries. Assessment Year (AY) is a period of twelve months starting from
April 1st and ending on March 31st.
PY-Previous Year- Section 3 of Income Tax Act, 1961
A year in which income is earned to be taxed exactly in the immediately next/following assessment year.
It is also known as “income year” in some of the countries.
10. For Example – The income accrued in FY 2013-2014 its Assessment Year (AY) is 2014-2015. So, Financial Year
(FY) is the Previous Year (PY) while Assessment Year (AY) is the Current Year (CY) in which the income is being
assessed earned in Previous Year (PY). In the Assessment Year (AY) your total tax liability for the income earned in
the previous financial year is evaluated and computed. Therefore, tax for the income earned in the Previous Year
(PY) is paid in the Current Year (CY).
Previous Year in case of Newly Setup Business/Profession
First Previous Year Second & Subsequent Previous Year
Starting Point It Commences on the date
of setting date up of the
B/P or on the date when
the new source of income
comes into existence.
April 1
Ending point Immediately following
march 31
March 31st of the following year
Duration of Previous Year 12 months or less 12 months
11. Income of the Previous Year is not Taxable
in the immediate Assessment year
i.e. Exceptions
There are 5 cases in which income of previous year is not
taxable in immediate assessment year. Means Income is
Taxable in the Previous Year in which such Income is
earned.
13. Subjectto conditions
• A non-resident who is carrying business and
• Earn income from carrying passenger/ livestock/ goods
• From airport of India.
• Master of ship is liable to fulfill all formalities.
• 7.5% of gross receipts (amount of fare/freight/charges)
shall be deemed income.
Shipping Business
Of
Non-Residents
Section 172
14. Section 174
Income of a person leaving India
either permanently or for a period of time
15. Section 174A
Association of person or body of individual,
formed or established for a particular event and purpose
and likely to be dissolved in the same year
in which the same was established.
20. A natural human being
i.e. male, female, person of sound and
unsound mind
It also includes minor child. However income of
minor child included in the income of a parent.
AN INDIVIDUAL
21. “
”
AS per Hindu Law, HUF means a family which consists
of all the persons lineally descended from a common
ancestors including their wives and unmarried
daughters.
HUF is not defined under tax laws.
FIRM as defined under Indian Partnership Act,
1932 and shall includes LLP’s. defined under
Limited Liability Partnership Act 2008
22. AOP/BOI
AOP
• As name suggest, two or more persons
• Join for a common purpose
• With a view to earn income.
• In AOP two or more persons joined hand in
income producing activity only.
• Companies, Individual , firm , HUF can be a
AOP Member.
• AOP have common design or will.
BOI
• As name suggest, consist of individuals
only for income earning activity.
• Companies , firm , HUF cannot be a
member of BOI.
• BOI may or may not have such common
design or will.
23. LOCAL
AUTHORITY Artificial Judicial Persons
• It is the rest category for the purpose of
income tax act.
• It includes entities which are not natural
person and act as separate entity in the
eyes of law.
• Artificial person with a juristic personality
fall under this category.
Panchayat
Municipality
Municipal Committee
District Board
Cantonment Board
