This document provides an overview of key concepts in the Income Tax Act of 1961 in India. It discusses that the Act applies to all of India and was introduced on April 1, 1962. It defines important terms like gross total income, previous year, assessment year, person, assessee, and ordinary assessee. Gross total income is the aggregate of income under various heads like salary, house property, business or profession. The previous year refers to the financial year preceding the assessment year when taxes are paid.
OBJECTIVE
Goods and Services Tax (GST) is an Indirect Tax levied in India introduced in July, 2017 which was one of the most important reforms in the Indian Economy. GST is payable on the supply of goods or services. In this webinar, we will be able to understand and analyse the provisions related to time and value of supply under GST.
Key Takeaways:
- Provisions dealing with set-off and carry forward
- Inter-head and Inter-Source Set-off of Losses
- Carry Forward and Set-off of Losses in Special Cases
This is a presentation made by me to a batch of Indian tax officers at their training academy on 28th May 2012. It is on the head of income called "Income from Other Sources"
OBJECTIVE
Goods and Services Tax (GST) is an Indirect Tax levied in India introduced in July, 2017 which was one of the most important reforms in the Indian Economy. GST is payable on the supply of goods or services. In this webinar, we will be able to understand and analyse the provisions related to time and value of supply under GST.
Key Takeaways:
- Provisions dealing with set-off and carry forward
- Inter-head and Inter-Source Set-off of Losses
- Carry Forward and Set-off of Losses in Special Cases
This is a presentation made by me to a batch of Indian tax officers at their training academy on 28th May 2012. It is on the head of income called "Income from Other Sources"
Presentation on computation of income from house property for the benefit of students of Income tax. Useful material for undergraduate students of commerce faculty. It covers most of the important section of Income tax act applicable for computation of Income from house Property.
Under Fundamental Concepts of Income Tax Presentation, Important Definitions under Income Tax Act, Residential Status of the assesses & its tax incidence is covered.
Objectives & Agenda :
One of the heads of income under the Income Tax Act is Income from House Property. Under this head, incomes earned from house properties are chargeable to tax. The webinar covers the aspects of basis of charging income to tax under this head, nature of house properties taxed under the Act, manner of computing income chargeable to tax under this head, deductions available under this head and eventually judicial precedents pertaining to this head of income.
Presentation on computation of income from house property for the benefit of students of Income tax. Useful material for undergraduate students of commerce faculty. It covers most of the important section of Income tax act applicable for computation of Income from house Property.
Under Fundamental Concepts of Income Tax Presentation, Important Definitions under Income Tax Act, Residential Status of the assesses & its tax incidence is covered.
Objectives & Agenda :
One of the heads of income under the Income Tax Act is Income from House Property. Under this head, incomes earned from house properties are chargeable to tax. The webinar covers the aspects of basis of charging income to tax under this head, nature of house properties taxed under the Act, manner of computing income chargeable to tax under this head, deductions available under this head and eventually judicial precedents pertaining to this head of income.
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
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.
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)
How to Obtain Permanent Residency in the NetherlandsBridgeWest.eu
You can rely on our assistance if you are ready to apply for permanent residency. Find out more at: https://immigration-netherlands.com/obtain-a-permanent-residence-permit-in-the-netherlands/.
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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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 .
2. INTRODUCTION
Brought into force from 1.4.1962
Applies to the whole of India including sikkim and Jammu
&Kashmir
The Act has been amended and reamended so drastically that it has
become very complicated for the administering authorities as well as
for the tax payers
The Government has introduced a new Direct Taxes Code Bill 2010 in
the Parliament on 30.08.2010. so far it has not been passed by the
parliament
3. BASIS OF CHARGEOF INCOME TAX
Income tax is an annual tax on income
Income of previous year is taxed in the next following
assessment year at the rates applicable to that assessment
year.
Tax rates are fixed by the Annual Finance Act
Tax is charged on every person defined in sec2(31)
The tax is charged on the total income of every person
computed in accordance with the provisions of this act
Income tax is to be deducted at source or paid in advance as
prescribed under the provisions of the act.
4. IMPORTANT DEFINITIONS
INCOME
Income tax Act has not defined the term income. It is an
inclusive definition
Income generally includes the revenue receipts from outside
There are some important rules regarding income which are
discussed as follows
5. z
RULES REGARDING INCOME
Definite source of income
Income may be earned legally or illegally
Not necessary that the income may be received regularly and
periodically
Income should be received from outside
Income can be in monetary or non monetary form
Income may be temporary or permanent
Disputed income
Application of income vs diversification of income
Reimbursement of expenses is not income
Accrued but not received income is to be treated as income
Income may be in plus or minus
6. GROSS TOTAL INCOME
The aggregate of income under the following heads is known as
gross total income:
Income from salaries
Income from House property
Profits and gains of business or profession
Income from capital gains
Income from other sources
the income from each head is computed after making deductions
permissible under that head
7. PERSON
Person includes the following:
An individual
A hindu undivided family
A company
A firm
An association of persons or body of individuals
A local authority
An artificial juridical person
9. ORDINARY ASSESSEE
An ordinary assessee means a person:
Who is liable to pay any tax or
Who is liable to pay any other money under this act e.g. interest,
penalty etc or
In respect of whom any proceedings under the act have been
taken for the assessment of his income or
In respect of whom any proceeding under the act has been
taken for the assessment of the loss sustained by him or
In respect of whom any proceeding under the act has been
taken for the refund due to him
10. DEEMED ASSESSEE
A person who is liable to pay tax on the income of some other
person is called deemed or representative assessee. For
example:
After the death of a person his legal representative will be
treated as his deemed assessee
A person representing a foreigner, minor or person of unsound
mind will be treated as an assessee for the income of such
foreigner, minor or person of unsound mind
11. ASSESSEE IN DEFAULT
When a person is responsible for fulfilling an obligation under the
income tax act and he fails to do so , he is called an assessee in
default. For example:
Every DDO has a legal obligation to deduct the tax at source from
the income of the people working under him and to deposit the
amount in the Government treasury. If he fails to deduct the tax
or after deducting it fails to deposit it in Government treasury, he
will be treated as assesee in default under the act and liable to
prescribed punishment.
12. ASSESSMENT YEAR
Assessment year means a period of 12 months commencing on
the first day of April every year and ending on 31st March of the
next year. An assessee is liable to pay tax and file the return of
income of the previous year in the following financial year(
assessment year)
For the purposes of the students the assessment year will be
2012-13.
13. PREVIOUS YEAR
Generally speaking previous year is the financial year preceding
the assessment year.
The financial year ending on 31st March will be the uniform
previous year for all the assessees and for all sources of income
For a newly set up business or for a newly created source of
income the P.Y will begin from the date of starting of business or
from the date of coming into existence of the new source of
income to the end of the said financial year. In such situation the
first PY may be less than 12 months.
A financial year is both a previous year as well as an
assessment year.
14. EXAMPLES
An assessee commences his business on:
1.07.2011,
1.10.2011,
1.01.2012
In each case what will be his AY and what period will be treated as
the PY for the concerned assessment year?
15. Taxation of PYs income in the AY: exceptions to the rule
The Pys income is taxed in the same year in the following cases:
Income of non resident assessee from shipping business
Income of persons leaving india
Transfer of property to avoid tax
On discontinuance of a business or profession