- Wealth tax is a tax imposed by the government on individuals, HUFs, and companies based on their net wealth above Rs. 30 lakhs. Net wealth is determined by totaling the value of assets and deemed wealth and subtracting exempted assets and debts.
- Key assets that are included in wealth tax calculation are buildings, motor vehicles, jewelry, boats, aircrafts, urban land, and cash in excess of Rs. 50,000 for individuals/HUFs. Some exempted assets are one house up to 500 sqm, property held in trust for charity, member's share in HUF property, and assets brought to India by NRIs returning to reside permanently.
Income Tax Act 1961
Capital Gain, Basis of Charge, Capital Asset U/s 2(14) Income Tax Act, Transactions that do not constitute TRANSFER U/s 47, Types of Capital Assets, Computation of STCG, Computation of LTCG, Tax Exemption for Capital Gain.
Income Tax Act 1961
Capital Gain, Basis of Charge, Capital Asset U/s 2(14) Income Tax Act, Transactions that do not constitute TRANSFER U/s 47, Types of Capital Assets, Computation of STCG, Computation of LTCG, Tax Exemption for Capital Gain.
OBJECTIVE
Goods and Services Tax (GST) is the Indirect Tax levied in India introduced in July 2017 which was one of the most important reforms in the Indian Economy. GST subsumed various indirect laws in the country and the led to the formation of a common national market. In this webinar, we shall examine and understand the various registrations under the GST Law.
Lecture notes on scope of total income and residental status under income ta...Dr. Sanjay Sawant Dessai
Lecture notes prepared for the students of Income tax , based on Income tax Act of India 1961. topic covered are Residential status and scope of total income of assessee.
Under Fundamental Concepts of Income Tax Presentation, Important Definitions under Income Tax Act, Residential Status of the assesses & its tax incidence is covered.
OBJECTIVE
Goods and Services Tax (GST) is the Indirect Tax levied in India introduced in July 2017 which was one of the most important reforms in the Indian Economy. There are various provisions for non-applicability of GST and exemptions from GST. In this webinar, we shall analyse and understand such provisions.
OBJECTIVE
Goods and Services Tax (GST) is the Indirect Tax levied in India introduced in July 2017 which was one of the most important reforms in the Indian Economy. GST subsumed various indirect laws in the country and the led to the formation of a common national market. In this webinar, we shall examine and understand the various registrations under the GST Law.
Lecture notes on scope of total income and residental status under income ta...Dr. Sanjay Sawant Dessai
Lecture notes prepared for the students of Income tax , based on Income tax Act of India 1961. topic covered are Residential status and scope of total income of assessee.
Under Fundamental Concepts of Income Tax Presentation, Important Definitions under Income Tax Act, Residential Status of the assesses & its tax incidence is covered.
OBJECTIVE
Goods and Services Tax (GST) is the Indirect Tax levied in India introduced in July 2017 which was one of the most important reforms in the Indian Economy. There are various provisions for non-applicability of GST and exemptions from GST. In this webinar, we shall analyse and understand such provisions.
The Wealth Tax Act, which came into force from AY1957-58 occupies place of importance in the Indian Taxation System. Though it has got abolished from AY 2016-17, it is in force prior to that period..
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.
interpretation of schedule entries under VAT or sales tax laws dc23Pune
interpretation of schedule entries under sales tax laws, VAT act, value added tax, schedule entry,case law on schedule entry, noscitur a sociis, Ejusdem genris, res judicata, rate of tax under VAT
Service tax on educational services - Dr Sanjiv AgarwalD Murali ☆
Service tax on educational services - Dr Sanjiv Agarwal - Article published in Business Advisor, dated January 25, 2015 http://www.magzter.com/IN/Shrinikethan/Business-Advisor/Business/
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.
B C Shetty & Co., Chartered Accountants are a dominant force when it comes to dealing with International Taxation.
Here we have a small demo of what we do in this regard.
ALL EYES ON RAFAH BUT WHY Explain more.pdf46adnanshahzad
All eyes on Rafah: But why?. The Rafah border crossing, a crucial point between Egypt and the Gaza Strip, often finds itself at the center of global attention. As we explore the significance of Rafah, we’ll uncover why all eyes are on Rafah and the complexities surrounding this pivotal region.
INTRODUCTION
What makes Rafah so significant that it captures global attention? The phrase ‘All eyes are on Rafah’ resonates not just with those in the region but with people worldwide who recognize its strategic, humanitarian, and political importance. In this guide, we will delve into the factors that make Rafah a focal point for international interest, examining its historical context, humanitarian challenges, and political dimensions.
Military Commissions details LtCol Thomas Jasper as Detailed Defense CounselThomas (Tom) Jasper
Military Commissions Trial Judiciary, Guantanamo Bay, Cuba. Notice of the Chief Defense Counsel's detailing of LtCol Thomas F. Jasper, Jr. USMC, as Detailed Defense Counsel for Abd Al Hadi Al-Iraqi on 6 August 2014 in the case of United States v. Hadi al Iraqi (10026)
Responsibilities of the office bearers while registering multi-state cooperat...Finlaw Consultancy Pvt Ltd
Introduction-
The process of register multi-state cooperative society in India is governed by the Multi-State Co-operative Societies Act, 2002. This process requires the office bearers to undertake several crucial responsibilities to ensure compliance with legal and regulatory frameworks. The key office bearers typically include the President, Secretary, and Treasurer, along with other elected members of the managing committee. Their responsibilities encompass administrative, legal, and financial duties essential for the successful registration and operation of the society.
In 2020, the Ministry of Home Affairs established a committee led by Prof. (Dr.) Ranbir Singh, former Vice Chancellor of National Law University (NLU), Delhi. This committee was tasked with reviewing the three codes of criminal law. The primary objective of the committee was to propose comprehensive reforms to the country’s criminal laws in a manner that is both principled and effective.
The committee’s focus was on ensuring the safety and security of individuals, communities, and the nation as a whole. Throughout its deliberations, the committee aimed to uphold constitutional values such as justice, dignity, and the intrinsic value of each individual. Their goal was to recommend amendments to the criminal laws that align with these values and priorities.
Subsequently, in February, the committee successfully submitted its recommendations regarding amendments to the criminal law. These recommendations are intended to serve as a foundation for enhancing the current legal framework, promoting safety and security, and upholding the constitutional principles of justice, dignity, and the inherent worth of every individual.
Introducing New Government Regulation on Toll Road.pdfAHRP Law Firm
For nearly two decades, Government Regulation Number 15 of 2005 on Toll Roads ("GR No. 15/2005") has served as the cornerstone of toll road legislation. However, with the emergence of various new developments and legal requirements, the Government has enacted Government Regulation Number 23 of 2024 on Toll Roads to replace GR No. 15/2005. This new regulation introduces several provisions impacting toll business entities and toll road users. Find out more out insights about this topic in our Legal Brief publication.
WINDING UP of COMPANY, Modes of DissolutionKHURRAMWALI
Winding up, also known as liquidation, refers to the legal and financial process of dissolving a company. It involves ceasing operations, selling assets, settling debts, and ultimately removing the company from the official business registry.
Here's a breakdown of the key aspects of winding up:
Reasons for Winding Up:
Insolvency: This is the most common reason, where the company cannot pay its debts. Creditors may initiate a compulsory winding up to recover their dues.
Voluntary Closure: The owners may decide to close the company due to reasons like reaching business goals, facing losses, or merging with another company.
Deadlock: If shareholders or directors cannot agree on how to run the company, a court may order a winding up.
Types of Winding Up:
Voluntary Winding Up: This is initiated by the company's shareholders through a resolution passed by a majority vote. There are two main types:
Members' Voluntary Winding Up: The company is solvent (has enough assets to pay off its debts) and shareholders will receive any remaining assets after debts are settled.
Creditors' Voluntary Winding Up: The company is insolvent and creditors will be prioritized in receiving payment from the sale of assets.
Compulsory Winding Up: This is initiated by a court order, typically at the request of creditors, government agencies, or even by the company itself if it's insolvent.
Process of Winding Up:
Appointment of Liquidator: A qualified professional is appointed to oversee the winding-up process. They are responsible for selling assets, paying off debts, and distributing any remaining funds.
Cease Trading: The company stops its regular business operations.
Notification of Creditors: Creditors are informed about the winding up and invited to submit their claims.
Sale of Assets: The company's assets are sold to generate cash to pay off creditors.
Payment of Debts: Creditors are paid according to a set order of priority, with secured creditors receiving payment before unsecured creditors.
Distribution to Shareholders: If there are any remaining funds after all debts are settled, they are distributed to shareholders according to their ownership stake.
Dissolution: Once all claims are settled and distributions made, the company is officially dissolved and removed from the business register.
Impact of Winding Up:
Employees: Employees will likely lose their jobs during the winding-up process.
Creditors: Creditors may not recover their debts in full, especially if the company is insolvent.
Shareholders: Shareholders may not receive any payout if the company's debts exceed its assets.
Winding up is a complex legal and financial process that can have significant consequences for all parties involved. It's important to seek professional legal and financial advice when considering winding up a company.
NATURE, ORIGIN AND DEVELOPMENT OF INTERNATIONAL LAW.pptxanvithaav
These slides helps the student of international law to understand what is the nature of international law? and how international law was originated and developed?.
The slides was well structured along with the highlighted points for better understanding .
RIGHTS OF VICTIM EDITED PRESENTATION(SAIF JAVED).pptxOmGod1
Victims of crime have a range of rights designed to ensure their protection, support, and participation in the justice system. These rights include the right to be treated with dignity and respect, the right to be informed about the progress of their case, and the right to be heard during legal proceedings. Victims are entitled to protection from intimidation and harm, access to support services such as counseling and medical care, and the right to restitution from the offender. Additionally, many jurisdictions provide victims with the right to participate in parole hearings and the right to privacy to protect their personal information from public disclosure. These rights aim to acknowledge the impact of crime on victims and to provide them with the necessary resources and involvement in the judicial process.
A "File Trademark" is a legal term referring to the registration of a unique symbol, logo, or name used to identify and distinguish products or services. This process provides legal protection, granting exclusive rights to the trademark owner, and helps prevent unauthorized use by competitors.
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2. What is taxation?
A means by which government finance
their expenditures by imposing charges
on citizens and corporate entities.
3. Why Tax is collected?
Government use taxation to encourage or
discourage certain economic decision.
◦ 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.
6. Applicability
Section 1
◦ The Wealth Tax Act, 1957 extends to whole of
India.
◦ It came in force since 1-4-1957.
7. Charge / Applicability
Every individual, HUF or company who is
an assessee shall be charged with wealth
tax at the rate of 1% on the amount by
which his net wealth determined on the
basis of his nationality and residential
status on the valuation date exceeds Rs
30,00,000/-.
8. Persons not liable to wealth
tax
Any company registered under section 25 of
the companies act, 1956. [non-profit making
company]
Any co-operative society
Any social club
Any political party
A mutual fund specified in Income tax
9. Meaning of Net Wealth
Particulars Amount
Value of the asset belonging to the assessee on
valuation date
xxx
Add: Deemed wealth u/s 4 xxx
Total Xxx
Less: Assets exempt u/s 5 Xxx
Less: Debts incurred (loan taken) Xxx
Net Wealth Xxx
10. Assets u/s 2 (ea) of the
Wealth Tax Act.
Assets includes Assets excludes
BUILDING
• used for residential purpose
• used for commercial purpose
• guest house
• farm house situated within 25
km form local limits of
muncipality
• residential house given by a
company to its employees
having salary less than 5 lakhs.
• residential or commercial house
forming part of stock in trade.
•House occupied by assessee for
his own business or profession,
• residential house let-out for a
period of 300 days or more
during the year.
11. Assets includes Assets excludes
MOTOR CAR
• Motor car including jeep, SUV
but excluding Heavy motor
vehicles.
• Motor car used in the business
of running on hire.
• Motor car held as stock in trade
in the business.
JEWELLERY
• Jewellery or any other article
made wholly or partially of gold
and silver.
• Jewellery held as stock in trade
in the business.
• gold deposit bonds.
BOATS & AIRCRAFTS
• Boats / aircrafts used by
assessee for commercial
purposes.
• ships
12. Assets includes Assets excludes
URBAN LAND
• urban land on which
construction of a building is
not permitted.
• land occupied by any
building contructed by the
approval of authority
• land held for industrial
purpose for a period of two
years from the date of
acquasition.
• land held by the assessee as
stock in trade for a period of
10 years from the date of
acquasition.
13. Assets includes Assets excludes
CASH
• in case of individual or H.U.F
any amount in excess of Rs
50,000/-
• for others amount not
recorded in the books of
account.
• for individual/ H.U.F any amount
less than Rs 50,000/-
• for others amount recorded in
the books of account.
14. Exemptions available u/s 5.
In the hands of Types of asset
i. Charitable trust
ii. Member of H.U.F.
iii. Ex-ruler property
Property held under trust for any
public purpose of charitable or
religious nature in India
excluding assets of business
carried on by trust.
Any interest in the H.U.F.
property as a member.
Any one building in the
occupation of a ex-ruler which
was his official residence by the
central government.. The let out
buildings are not allowed.
15. iv. Ex- ruler jewellery
v. N.R.I., returning to India for
permanent residence
Jewellery in possession of ex-
ruler recognized as his heir-loon
jewellery but personal jewellery
is not exempt.
•The assessee should be an
Indian citizen or of Indian origin.
•He returns to India with an
intention to permanently reside
in India.
•Money and value of assets
brought by him or assets
purchased out of money kept in
N.R.I account
•Time limit for exemption is 1yr
before or 7yrs after the date of
return.
16. vi. Individual / H.U.F. •one house or part of the house
or plot of land upto 500sq.m.
•If house is owned by the firm,
then the partners may claim
exemption in the proportion of
their share in that asset.
18. Limitation of time for assessment
Nature of Obligation Time limit
1. Intimation for any tax or
interest found due after
adjusting refund.
Within two years from the end
of the assessment year.
2. Service of notice requiring
assessee’s attendance,
production of evidence in
support of return of income.
Within 12months from the end
of the month in which return is
furnished.
3. Service of notice for
reassessment.
a) Where wealth which has
escaped assessment has
exceed 10 lakhs.
a. Within 4yrs from end of the
relevant assessment year.
19. b) Where wealth which has
escaped assessment is 10
lakhs or more.
b. Within 6yrs from the end of
the relevant assessment year.
4. Passing assessment order u/s
16
Within 2 yrs from the end of the
assessment year.