Income tax is a tax applicable on income earned during the financial year from April 1 to March 31. It is categorized based on income slabs for men, women, and senior citizens aged over 65. PAN (Permanent Account Number) is a 10-digit identification number issued by the Income Tax department that must be quoted for income tax returns, property transactions over Rs. 50,000, and other financial transactions. Applying for a PAN involves filling Form 49A and submitting it online or at facilitation centers.
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In order for a foreign business to qualify for a VAT refund, the business mustn’t have a permanent place of establishment anywhere within the UAE. There must not any managed, controlled or legally established commercial space in the country. The business also shouldn’t consider as a taxable person within the UAE. This does not apply to businesses that required in registering or have already registered for VAT in UAE.
In addition, the business should be VAT registered or registered for the equivalent of VAT in the home country or where it was established.
Basic guide for contractors and freelancerssajahmed99
Limited company basic principles, important dates, allowable and dis-allowable business expenses for small limited companies, IR35, PAYE, Registering as an employer, what expenses I can put through the company? What expenses I can claim being a director? Should I have a company car or my personal car? What can I claim VAT on if the company is VAT registered? What can I not claim in relation to VAT? Dividends explained
United Kingdom – Budget 2014 AnnouncedNair and Co.
The Chancellor of the Exchequer recently presented the Budget for 2014-15. Significant measures include those for investment, savers, retirement and small & medium enterprises (SMEs).
Malaysian Personal Income Tax Guide 2016. This series of guides will provide you an explanation of the basics and set you up on the journey of filing your taxes.
At the Eurocham Tax Forum this presentation covers Small Taxpayer registration in Cambodia and issues small taxpayers are currently facing. As a clarification, the GDT representatives in the audience stated Small Taxpayers should issue Commercial Invoices and there is no input credit for goods and services charged by Small Taxpayers, i.e. registered taxpayers can not claim a vat credit on an invoice from small taxpayers.
Malaysian Personal Income Tax Guide 2016. This series of guides will provide you an explanation of the basics and set you up on the journey of filing your taxes.
In order for a foreign business to qualify for a VAT refund, the business mustn’t have a permanent place of establishment anywhere within the UAE. There must not any managed, controlled or legally established commercial space in the country. The business also shouldn’t consider as a taxable person within the UAE. This does not apply to businesses that required in registering or have already registered for VAT in UAE.
In addition, the business should be VAT registered or registered for the equivalent of VAT in the home country or where it was established.
Basic guide for contractors and freelancerssajahmed99
Limited company basic principles, important dates, allowable and dis-allowable business expenses for small limited companies, IR35, PAYE, Registering as an employer, what expenses I can put through the company? What expenses I can claim being a director? Should I have a company car or my personal car? What can I claim VAT on if the company is VAT registered? What can I not claim in relation to VAT? Dividends explained
United Kingdom – Budget 2014 AnnouncedNair and Co.
The Chancellor of the Exchequer recently presented the Budget for 2014-15. Significant measures include those for investment, savers, retirement and small & medium enterprises (SMEs).
Malaysian Personal Income Tax Guide 2016. This series of guides will provide you an explanation of the basics and set you up on the journey of filing your taxes.
At the Eurocham Tax Forum this presentation covers Small Taxpayer registration in Cambodia and issues small taxpayers are currently facing. As a clarification, the GDT representatives in the audience stated Small Taxpayers should issue Commercial Invoices and there is no input credit for goods and services charged by Small Taxpayers, i.e. registered taxpayers can not claim a vat credit on an invoice from small taxpayers.
Malaysian Personal Income Tax Guide 2016. This series of guides will provide you an explanation of the basics and set you up on the journey of filing your taxes.
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.
Income Tax Ready and quick Referencer for FY 2017-18 and AY 2018-19. Complete coverage with latest ammendments and cash limits specified by the Hon'ble Prime Minister in Budget 2017. Revised penalties, limits and changes income tax rates included
1. What is Income Tax ?
Is it applicable to me???
FY 2009-10
2. What is Income Tax ?
Income Tax is a tax applicable on your
income generated during the financial
year, from 1st April to 31st March.
Tax is categorized on income slabs and
men, women and senior citizens (age
above 65 ).
FY 2009-10
3. Income Tax : Categories
Men : Age below 65 Years
Women : Age below 65 Years
Senior Citizens : Age above 65 Years ( for Both)
FY 2009-10
4. Men : Age below 65 Years
Total Income Rate of Income Tax
0 <1,60,000 Nil
1,60,001<3,00,000 10% of the amount exceeding Rs160,000
3,00,001<5,00,000 14,000 + 20% of the amount exceeding Rs3,00,000
5,00,001< 54,000 + 30% of the amount exceeding Rs5,00,000
FY 2009-10
5. Women : Age below 65 Years
Total Income Rate of Income Tax
0 <1,90,000 Nil
1,90,001<3,00,000 10% of the amount exceeding Rs1,90,000
3,00,001<5,00,000 11,000 + 20% of the amount exceeding Rs3,00,000
5,00,001< 51,000 + 30% of the amount exceeding Rs5,00,000
FY 2009-10
6. Senior Citizen : Age above 65 years
Total Income Rate of Income Tax
0 <2,40,000 Nil
2,40,001<3,00,000 10% of the amount exceeds Rs2,40,000
3,00,001<5,00,000 6,000 +20% of the amount exceeds Rs3,00,000
5,00,001< 46,000 + 30% of the amount exceeds Rs5,00,000
FY 2009-10
7. Income includes
Capital Gain
House
Salary/
Property
Wages
INCOME Income
Dividend, Other
Interest Sources
FY 2009-10
8. Salary Income may consist of
Salaries
&
Wages
Commission Any other
Fees income
& received from
perquisites employer
SALARIED
INCOME
Leave
Bonus
Encashment
Gratuity
&
Pension
FY 2009-10
9. What is PAN ?
Permanent Account Number (PAN) is a ten-digit
alphanumeric number, issued in the form of a
laminated card, by the Income Tax Department.
A card contains your name, date of birth, photo and
fathers name.
Permanent Account Number (PAN) is a permanent
number and does not change during lifetime of the
PAN holder.
FY 2009-10
10. Is PAN mandatory ??
Yes.
It is mandatory to quote on return of income,
any correspondence with income tax
authority.
FY 2009-10
11. PAN is necessary :
It is necessary in transactions like
IT Return submission
Purchase or sale of immovable property / vehicle
Cash Deposit in any bank for more than 50000
Opening new bank account
Payment to hotel for more than 25000
Transaction in Shares
FY 2009-10
12. How to apply for PAN ?
PAN application should be made only on Form 49A.
You can visit on any of the below sites
www.incometaxindia.gov.in,
www.utiisl.co.in
tin.nsdl.com
The form is also available at IT PAN Service centers and TIN
Facilitation centers.
FY 2009-10
13. Remember ….
You can get a new PAN in 15 days.
Obtaining or possessing more than one PAN
is against the law.
A minor can also be a PAN Holder.
FY 2009-10
14. Remember …..
Changing the address or city, though, may
change the Assessing Officer.
Such changes must, therefore, be intimated
to nearest IT PAN Service Center or TIN
Facilitation Center for required correction in
PAN databases of the Income Tax
department. These requests will have to be
made in a form for 'Request For New PAN
Card Or/ And Changes In PAN Data.
FY 2009-10
15. We will be discussing more about Income
Tax & Savings in next week release.
Let us know your queries about Income
Tax.
FY 2009-10