Income Tax Act classifies income into four main heads: salary, house property, capital gains, and business/profession. Key points include: (1) employees can sometimes claim both HRA and interest on housing loans; (2) losses from rent properties can offset income from other heads; and (3) surplus from derivative contracts is non-speculative capital gains. Certain items like art are now considered capital assets. Various deductions and compliances like TDS, advance tax payments, and annual returns are required under the Income Tax Act.
come and join afterschoool and spread management education to common people so that they may become entrepreneurs. spread knowledge about business, entrepreneurship and commerce.
come and join afterschoool and spread management education to common people so that they may become entrepreneurs. spread knowledge about business, entrepreneurship and commerce.
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.
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.
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
AGRICULTURAL INCOME
Sec.10(1) exempts Agricultural Income from Income-Tax. Bu virtue of Sec.2(1)a the expression “Agricultural Income” means : •Any Rent or Revenue derived from Land which is situated in India and is used for
agricultural purposes. [Sec. 2(1A)(a)] •Any income derived from such land : Use for Agricultural purposes ; or Used for agricultural operations means- irrigating and harvesting , sowing, weeding, digging, cutting etc. It involves employment of some human skill, labour and energy to get some income from land Condition-1 : Income derived from Land
Condition-2 : Land is used for Agricultural Purposes
Condition-3 : Land is situated in India
Basics of income tax assessments and appealsAmeet Patel
A brief presentation made be me to an audience consisting of semi qualified accountants giving the basics of Income-tax assessments and appeals in India. The contents may undergo a change from time to time based on amendments to the Indian Income-tax Act, 1961.
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.
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.
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
AGRICULTURAL INCOME
Sec.10(1) exempts Agricultural Income from Income-Tax. Bu virtue of Sec.2(1)a the expression “Agricultural Income” means : •Any Rent or Revenue derived from Land which is situated in India and is used for
agricultural purposes. [Sec. 2(1A)(a)] •Any income derived from such land : Use for Agricultural purposes ; or Used for agricultural operations means- irrigating and harvesting , sowing, weeding, digging, cutting etc. It involves employment of some human skill, labour and energy to get some income from land Condition-1 : Income derived from Land
Condition-2 : Land is used for Agricultural Purposes
Condition-3 : Land is situated in India
Basics of income tax assessments and appealsAmeet Patel
A brief presentation made be me to an audience consisting of semi qualified accountants giving the basics of Income-tax assessments and appeals in India. The contents may undergo a change from time to time based on amendments to the Indian Income-tax Act, 1961.
Taxation 101 basic rules and principles in philippine taxation by jr lopez go...JR Lopez Gonzales
This was the informative speech on the basic taxation principles in the Philippines. It was a thirty-minute speech on the basics of the Philippine Tax system presented to the students of the Mindanao State University - Iligan Institute of Technology on 8 August 2011 for the Political Science 2 Lecture Series. The document was uploaded by JR Lopez Gonzales of www.politikalon.blogspot.com.
Employee Stock Option Plan(ESOP) is a right and not an obligation to purchase shares. Right to purchase shares at a future date. The price of shares is fixed today irrespective of change in market price – in the money and out of the money options. Option upon exercise converts into equity shares.
Chapter VI A - Deductions while Computing Total Income - Part IIDVSResearchFoundatio
OBJECTIVE
Every assessee earning more than the basic exemption limit is eligible to seek deduction from Gross Total Income by way of deductions allowed for investments or payments made, under Chapter VI-A of the Income Tax Act. Chapter VI-A helps an assessee to reduce the overall tax burden to the extent of investment and expenses made within the ambit of law and fulfilment of prescribed conditions. In this Webinar, we shall be focusing on the provisions of Chapter VI-A which relate to Corporate Assessees.
Useful Charts for Tax Compliances (Useful to have with you in your computer within easy reach) like ready reconer :-)
Visit my blog for Latest updates on Income Tax, TDS and many more :-)
http://latestupdatesofincometax.blogspot.com/
have fun. :-)
God bless you.
Regards
Praveen
how can I sell my pi coins for cash in a pi APPDOT TECH
You can't sell your pi coins in the pi network app. because it is not listed yet on any exchange.
The only way you can sell is by trading your pi coins with an investor (a person looking forward to hold massive amounts of pi coins before mainnet launch) .
You don't need to meet the investor directly all the trades are done with a pi vendor/merchant (a person that buys the pi coins from miners and resell it to investors)
I Will leave The telegram contact of my personal pi vendor, if you are finding a legitimate one.
@Pi_vendor_247
#pi network
#pi coins
#money
Introduction to Indian Financial System ()Avanish Goel
The financial system of a country is an important tool for economic development of the country, as it helps in creation of wealth by linking savings with investments.
It facilitates the flow of funds form the households (savers) to business firms (investors) to aid in wealth creation and development of both the parties
how to sell pi coins in South Korea profitably.DOT TECH
Yes. You can sell your pi network coins in South Korea or any other country, by finding a verified pi merchant
What is a verified pi merchant?
Since pi network is not launched yet on any exchange, the only way you can sell pi coins is by selling to a verified pi merchant, and this is because pi network is not launched yet on any exchange and no pre-sale or ico offerings Is done on pi.
Since there is no pre-sale, the only way exchanges can get pi is by buying from miners. So a pi merchant facilitates these transactions by acting as a bridge for both transactions.
How can i find a pi vendor/merchant?
Well for those who haven't traded with a pi merchant or who don't already have one. I will leave the telegram id of my personal pi merchant who i trade pi with.
Tele gram: @Pi_vendor_247
#pi #sell #nigeria #pinetwork #picoins #sellpi #Nigerian #tradepi #pinetworkcoins #sellmypi
how to sell pi coins in all Africa Countries.DOT TECH
Yes. You can sell your pi network for other cryptocurrencies like Bitcoin, usdt , Ethereum and other currencies And this is done easily with the help from a pi merchant.
What is a pi merchant ?
Since pi is not launched yet in any exchange. The only way you can sell right now is through merchants.
A verified Pi merchant is someone who buys pi network coins from miners and resell them to investors looking forward to hold massive quantities of pi coins before mainnet launch in 2026.
I will leave the telegram contact of my personal pi merchant to trade with.
@Pi_vendor_247
how to sell pi coins effectively (from 50 - 100k pi)DOT TECH
Anywhere in the world, including Africa, America, and Europe, you can sell Pi Network Coins online and receive cash through online payment options.
Pi has not yet been launched on any exchange because we are currently using the confined Mainnet. The planned launch date for Pi is June 28, 2026.
Reselling to investors who want to hold until the mainnet launch in 2026 is currently the sole way to sell.
Consequently, right now. All you need to do is select the right pi network provider.
Who is a pi merchant?
An individual who buys coins from miners on the pi network and resells them to investors hoping to hang onto them until the mainnet is launched is known as a pi merchant.
debuts.
I'll provide you the Telegram username
@Pi_vendor_247
Latino Buying Power - May 2024 Presentation for Latino CaucusDanay Escanaverino
Unlock the potential of Latino Buying Power with this in-depth SlideShare presentation. Explore how the Latino consumer market is transforming the American economy, driven by their significant buying power, entrepreneurial contributions, and growing influence across various sectors.
**Key Sections Covered:**
1. **Economic Impact:** Understand the profound economic impact of Latino consumers on the U.S. economy. Discover how their increasing purchasing power is fueling growth in key industries and contributing to national economic prosperity.
2. **Buying Power:** Dive into detailed analyses of Latino buying power, including its growth trends, key drivers, and projections for the future. Learn how this influential group’s spending habits are shaping market dynamics and creating opportunities for businesses.
3. **Entrepreneurial Contributions:** Explore the entrepreneurial spirit within the Latino community. Examine how Latino-owned businesses are thriving and contributing to job creation, innovation, and economic diversification.
4. **Workforce Statistics:** Gain insights into the role of Latino workers in the American labor market. Review statistics on employment rates, occupational distribution, and the economic contributions of Latino professionals across various industries.
5. **Media Consumption:** Understand the media consumption habits of Latino audiences. Discover their preferences for digital platforms, television, radio, and social media. Learn how these consumption patterns are influencing advertising strategies and media content.
6. **Education:** Examine the educational achievements and challenges within the Latino community. Review statistics on enrollment, graduation rates, and fields of study. Understand the implications of education on economic mobility and workforce readiness.
7. **Home Ownership:** Explore trends in Latino home ownership. Understand the factors driving home buying decisions, the challenges faced by Latino homeowners, and the impact of home ownership on community stability and economic growth.
This SlideShare provides valuable insights for marketers, business owners, policymakers, and anyone interested in the economic influence of the Latino community. By understanding the various facets of Latino buying power, you can effectively engage with this dynamic and growing market segment.
Equip yourself with the knowledge to leverage Latino buying power, tap into their entrepreneurial spirit, and connect with their unique cultural and consumer preferences. Drive your business success by embracing the economic potential of Latino consumers.
**Keywords:** Latino buying power, economic impact, entrepreneurial contributions, workforce statistics, media consumption, education, home ownership, Latino market, Hispanic buying power, Latino purchasing power.
what is the future of Pi Network currency.DOT TECH
The future of the Pi cryptocurrency is uncertain, and its success will depend on several factors. Pi is a relatively new cryptocurrency that aims to be user-friendly and accessible to a wide audience. Here are a few key considerations for its future:
Message: @Pi_vendor_247 on telegram if u want to sell PI COINS.
1. Mainnet Launch: As of my last knowledge update in January 2022, Pi was still in the testnet phase. Its success will depend on a successful transition to a mainnet, where actual transactions can take place.
2. User Adoption: Pi's success will be closely tied to user adoption. The more users who join the network and actively participate, the stronger the ecosystem can become.
3. Utility and Use Cases: For a cryptocurrency to thrive, it must offer utility and practical use cases. The Pi team has talked about various applications, including peer-to-peer transactions, smart contracts, and more. The development and implementation of these features will be essential.
4. Regulatory Environment: The regulatory environment for cryptocurrencies is evolving globally. How Pi navigates and complies with regulations in various jurisdictions will significantly impact its future.
5. Technology Development: The Pi network must continue to develop and improve its technology, security, and scalability to compete with established cryptocurrencies.
6. Community Engagement: The Pi community plays a critical role in its future. Engaged users can help build trust and grow the network.
7. Monetization and Sustainability: The Pi team's monetization strategy, such as fees, partnerships, or other revenue sources, will affect its long-term sustainability.
It's essential to approach Pi or any new cryptocurrency with caution and conduct due diligence. Cryptocurrency investments involve risks, and potential rewards can be uncertain. The success and future of Pi will depend on the collective efforts of its team, community, and the broader cryptocurrency market dynamics. It's advisable to stay updated on Pi's development and follow any updates from the official Pi Network website or announcements from the team.
Currently pi network is not tradable on binance or any other exchange because we are still in the enclosed mainnet.
Right now the only way to sell pi coins is by trading with a verified merchant.
What is a pi merchant?
A pi merchant is someone verified by pi network team and allowed to barter pi coins for goods and services.
Since pi network is not doing any pre-sale The only way exchanges like binance/huobi or crypto whales can get pi is by buying from miners. And a merchant stands in between the exchanges and the miners.
I will leave the telegram contact of my personal pi merchant. I and my friends has traded more than 6000pi coins successfully
Tele-gram
@Pi_vendor_247
Even tho Pi network is not listed on any exchange yet.
Buying/Selling or investing in pi network coins is highly possible through the help of vendors. You can buy from vendors[ buy directly from the pi network miners and resell it]. I will leave the telegram contact of my personal vendor.
@Pi_vendor_247
The secret way to sell pi coins effortlessly.DOT TECH
Well as we all know pi isn't launched yet. But you can still sell your pi coins effortlessly because some whales in China are interested in holding massive pi coins. And they are willing to pay good money for it. If you are interested in selling I will leave a contact for you. Just telegram this number below. I sold about 3000 pi coins to him and he paid me immediately.
Telegram: @Pi_vendor_247
NO1 Uk Black Magic Specialist Expert In Sahiwal, Okara, Hafizabad, Mandi Bah...Amil Baba Dawood bangali
Contact with Dawood Bhai Just call on +92322-6382012 and we'll help you. We'll solve all your problems within 12 to 24 hours and with 101% guarantee and with astrology systematic. If you want to take any personal or professional advice then also you can call us on +92322-6382012 , ONLINE LOVE PROBLEM & Other all types of Daily Life Problem's.Then CALL or WHATSAPP us on +92322-6382012 and Get all these problems solutions here by Amil Baba DAWOOD BANGALI
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Latest Updates And All Latest Issues Of Income Tax India
1. INCOME TAX ACT
- Jai Google Devta –
http://praveenpammy.blogspot.com/
2. BASIC INFORMATION:
basic Income Tax Act classifies Income into following
info Heads:
6 Salary
8 House Property Income
10 Capital Gain
12 Business Income
14 Income from Other Sources
3. KEY INFORMATION:
key Income from Salary
info Key Points:
In certain cases, an employee can claim both HRA as well as
Interest on Housing Loan.
Income from House Property
Key Points:
If interest paid for property given on rent is less than taxable
rent (after standard deduction – 30%), such loss can be set
off against income from other heads including Income from
Salary.
Income from Capital Gains
Key Points:
Surplus/Deficit from Derivative Contracts is non-speculative.
4. CAPITAL ASSETS:
key From 01-04-2008, personal effects would not
info include:
6 Archaeological collections
8 Drawings
10 Paintings
12 Sculptures
14 Any other work of Art
Thus, now any surplus received from sale of these
articles would be liable to tax under the head Capital
Gain.
5. KEY INFORMATION:– SECTION 80C
key Following amounts claimed as deduction u/s 80C are
info included in Income of the assessee:
• Stamp Duty, Registration Charges, Principal
repayment amount, if the property in respect of
which these claims were made is transferred before
the expiry of 05 years from the end of financial
year in which possession is obtained.
• Insurance amounts paid in respect of single
premium policy if the policy is terminated within 02
years from the date of commencement of policy.
• Insurance amounts paid in respect of insurance policy if
the policy is terminated before premiums are paid for 02
years.
• ULIPs are terminated before contributions in
respect of such participations have been paid for
05 years.
6. coMPLiances UnDeR incoMe
TaX acT
Following are the compliances under Income Tax Act
• Deduction of Tax from Certain Payments
• Monthly payment of TDS
• Monthly filing of Form 17
• Quarterly filing of TDS details
• Annual filing of TDS returns (Currently Quarterly)
• Quarterly payment of Advance Tax and FBT
• Annual filing of Income Tax and FBT Return
• Payment of Dividend Distribution Tax
• Compliances in relation to Assessment Proceedings
7. iMPoRTanT ADVANCE INCOME TAX/FBT DUE DATES
DUe DaTes ADVANCE AND FRINGE AGGREGATE TAX
BENEFITS TAX PAYABLE UP TO Due Date
PAYMENTS DUE DATE
Companies Others
1 First Installment 15% Nil 15th June
2 Second Installment 45% 30% 15th Sept
3 Third Installment 75% 60% 15th Dec
4 Final Installment 100% 100% 15th Mar
8. Setting up of Unit in an approved SEZ on or after
01/04/2006
Deduction under the Income Tax Act:
For first 05 years 100% of profits of the
undertaking (derived from
exports
10aa
For next 05 years 50% of profits of the
undertaking (derived from
sPeciaL exports)
PRovision
For next 05 years 50% of profits of the
in ResPecT undertaking (by way of
of new transfer of
UniTs in transfer of profits to SEZ
Reinvestment Reserve
seZ Account to be later used
for acquisition of plant and
machinery)
9. secTion Section 14A -
14a No Deduction is allowed in respect of expenditure in
relation to the income which does not form part of
Total Income.
Rule 8D – Assessing Officer has power to
compute the amount of non-admissible amount.
The amount would be aggregate of:
• Expenditure directly attributable
• Proportionate Interest not attributable to any
particular activity
• 0.5% of the Avg. value of Investment
10. sec 32
sPeciaL PRovisions UnDeR incoMe
TaX acT Sec 32 - Depreciation:
Additional Depreciation
New machinery or plant (excluding ships and
aircrafts) acquired and installed after March 31,
2005 by an assessee engaged in the business of
manufacture or production of any article or thing
is entitled to additional depreciation of 20%.
However no such additional deduction will be
allowed in respect of —
• Machinery or plant used by any other person in
India or outside India before its installation.
• Machinery or plant installed in any office premises
or any residential accommodation, including a guest
house.
11. sec 32
sPeciaL PRovisions UnDeR
incoMe TaX acT
• Any office appliances or road transport vehicles.
• Any machinery or plant, the whole of actual cost of
which is allowed as deduction in computing income
chargeable under the head profit and gain of
business or profession of any one previous year.
• It should be noted that Additional
Depreciation is allowed only in the year in
which the Plant and Machinery is first put to
use.
12. Accelerated Depreciation:
sec 32 • New commercial vehicle which is acquired on or
after the 1st day of January, 2009 but before the
30th day of September, 2009 and is put to use
before the 30th day of September, 2009 for the
sPeciaL purposes of business or profession , will get 50%
depreciation.
PRovisions
• It should be noted that Commercial has no relevance to
UnDeR business of hiring of vehicles. “Commercial Vehicle” is
incoMe TaX a term used from Motor Vehicles Act.
acT • Commercial vehicle” means “heavy goods vehicle”
(12000 kg), “heavy passenger motor vehicle”
(12000 kg), “light motor vehicle” (6000 kg),
“medium goods vehicle” and “medium passenger
motor vehicle” but does not include - “maxi-cab”,
“motor-cab”, “tractor ” and “road-roller”.
13. Sec 40A(3) – Cash Payments
Expenditure incurred in excess of No Deduction
Rs. 20,000/- by Cash (Earlier 20%
sec Disallowance)
40a{3} Cash payment made against The payment
PayMenT any liability of previous year in made is deemed
excess of Rs. 20,000/- to be income
in eXcess
of Rs. From 01-04-2009, even aggregate payments made
20,000/- during a day in excess of Rs. 20,000/- would be
disallowed.
by cash
14. sec Section 41(1) and Sec 59:
41 (1) Where an allowance or deduction has been made in
the assessment year in respect of loss, expenditure
or trading liability incurred by the assessee and
subsequently during any previous year any benefit
& is derived by the assessee, then that benefit is
chargeable to Income Tax as income from business
sec or profession.
59 Also, if any amount is received in excess of WDV of
Block of Asset, then so much of the excess as does
not exceed the difference between the actual cost
and the written down value shall be chargeable to
income-tax as income of the business.
15. sec Where an asset representing expenditure of a capital
nature on scientific research (Sec 35) is sold, the amount
41(1) received to an extent of deduction claimed is charged as
business Income.
& Bad Debts recovered are business income.
sec However, remission of Capital Liability is not business
income.
59
16. Sec 80IC – Deduction of Income of
Undertakings from Special Category States:
80ic Business of Manufacturing of Articles except as
specified in XIII Schedule
DeDUcTion
Commences production between the period –
of incoMe 07/01/ 2003 and 01/04/ 2012
of UnDeR
Notified areas of the State of Himachal Pradesh or
Takings the State of Uttaranchal
fRoM Deduction under the Income Tax Act:
sPeciaL For first 05 years 100% of profits of the
caTegoRy undertaking
sTaTes For next 05 years 30% of profits of the
undertaking
17. Sec 145A – Valuation of Closing Stock
As per Accounting Standards -
sec 145a Para 6 and 7 of AS-2 " Valuation on Inventories"
implies that "Cost of Purchases" includes only
those taxes, which are not subsequently
vaLUaTion recoverable by the enterprise from the taxing
authorities."
of cLosing
sTock As per Income Tax (Section 145A) –
Notwithstanding anything to the contrary contained in
section 145, the valuation of purchase and sale of
goods and inventory for the purposes of
determining the income chargeable under the head
“Profits and gains of business or profession” shall
be—
(a) in accordance with the method of accounting
regularly employed by the assessee; and
18. sec 145a
(b) further adjusted to include the amount of any tax, duty,
cess or fee (by whatever name called) actually paid or
vaLUaTion incurred by the assessee to bring the goods to the place of
of cLosing its location and condition as on the date of valuation
sTock Reporting Requirements
Effect needs to be quantified in the Tax Audit Report.
Mum ITAT – Dy. CIT v/s Hitech Plast Containers Pvt.
Ltd., it was held that irrespective of the method
followed by the assessee for accounting excise
duty, adjustments as specified u/s 145A are to be
made.
19. Interest inadmissible under Sec 23 of MEMED
Act, 2006:
issUe
Notwithstanding anything contained in the Income-
tax Act, 1961, the amount of interest payable or
MsMeD paid by any buyer, under or in accordance with
the provisions of this Act, shall not, for the
acT, purposes of computation of income under the
Income-tax Act, 1961, be allowed as deduction.
2006:
Due Date of Payment
• Due date as agreed by the buyer and seller in
writing
• If not agreed in writing, due date is 15 days from
the date of acceptance
• In no case, the period agreed in writing shall
exceed 45 days
20. Interest Payable
• Compound interest with monthly rests at 03
issUe times of the Bank Rate.
Disclosure Requirements
• Principal & Interest Due (Separately) to supplier
MsMeD at year end
acT, • Amount of Interest Paid u/s 16 & amounts paid
beyond appointed date.
2006: • Amount of interest due and payable for the period
of delay in making payment.
• Amount of interest accrued and remaining
unpaid.
• Amount of further interest remaining due and
payable even in the succeeding years, until such
date when the interest dues as above are actually
paid.
21. Provision For Warranty Claims:
issUe –
In a recent judgment by Supreme Court of India
in “Rotork Controls India Pvt. Ltd., it was held
waRRanTy that:
cLaiMs For a provision to qualify for recognition there
must be a present obligation arising from past
events, settlement of which is expected to result
in an outflow of resources and in respect of which
a reliable estimate of amount of obligation is
possible. Thus, if historical trend from the data
maintained by the assessee suggests that defects
exist in some of the items manufactured and sold,
then provision made for warranty in respect of
goods sold during the year would be entitled as
allowable expenditure.
22. CERTAIN DEDUCTIONS – PAYMENT BASIS:
issUe
G Ltd borrowed a certain sum of money from a public
sec -43 financial institution for 10 years. In the first year itself, it
restructured the loan by paying a sum of Rs. 8 Crs. to the
b institution. The Company claimed the amount as revenue
expenditure. AO is of the view that the amount has to be
amortized over the period of 10 years.
Sec 37(1) and Sec 43B / Delhi High Court Commissioner
of Income Tax v/s Gujarat Guardian Ltd.
23. New Procedure for Remittance w.e.f. 01-07-
new 2009 (Notification No. 30/2009):
PRoceDURe
Current Procedure:
Instructions are given to Bank for payment along
foReX with a Certificate obtained from Chartered
Accountant regarding applicability of TDS and
PayMenTs payment thereof.
New Procedure:
Certificate to be obtained from Chartered
Accountant in Form 15CB
Form 15 CA to be filled in and upload on designated
Income Tax site for which an Online
Acknowledgement would be generated
Instructions to be given to Bank along with the
Acknowledgement.