With the help of this presentation one can learn e filing of Income Tax Return and can start his/her own practice as agent for filing of income tax returns
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.
Introduction:
Section 11 deals with Income from property held for “Charitable or Religious purposes.”
The income shall be subjected to the provisions of
Section 60 - Transfer of Income where there is no transfer of assets
Section 61 - Revocable Transfer of Assets
Section 62 - Transfer irrevocable for a specified period
With the help of this presentation one can learn e filing of Income Tax Return and can start his/her own practice as agent for filing of income tax returns
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.
Introduction:
Section 11 deals with Income from property held for “Charitable or Religious purposes.”
The income shall be subjected to the provisions of
Section 60 - Transfer of Income where there is no transfer of assets
Section 61 - Revocable Transfer of Assets
Section 62 - Transfer irrevocable for a specified period
Presentation on Residence and tax liability, ppt on Residence and tax liabilityLeena Gauraha
Presentation on Residence and tax liability, ppt on Residence and tax liability, Residence and tax liability, Different Residential status, types of Resident, Residential status: Sec. 6 (1), Basic Conditions to determine residential status, Additional conditions [Sec. 6(6)(a)] to determine residential status, Conditions to be satisfied to be a resident, Residential Status in a nutshell.
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.
Presentation on Residence and tax liability, ppt on Residence and tax liabilityLeena Gauraha
Presentation on Residence and tax liability, ppt on Residence and tax liability, Residence and tax liability, Different Residential status, types of Resident, Residential status: Sec. 6 (1), Basic Conditions to determine residential status, Additional conditions [Sec. 6(6)(a)] to determine residential status, Conditions to be satisfied to be a resident, Residential Status in a nutshell.
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.
Application for Lower/No Withholding of Tax: Sec 195 (2) & (3)DVSResearchFoundatio
Objectives & Agenda :
To understand the process involved in making an Application to Assessing Officer for Lower withholding in case of payments to non-residents by the Payer [Sec 195(2)] or the request by the recipient for No withholding [Sec 195(3)]. We shall also look at procedural aspects involved and relevant caveats to be kept in mind.
Objectives & Agenda :
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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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Biological screening of herbal drugs: Introduction and Need for
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Dive into the world of AI! Experts Jon Hill and Tareq Monaur will guide you through AI's role in enhancing nonprofit websites and basic marketing strategies, making it easy to understand and apply.
A Strategic Approach: GenAI in EducationPeter Windle
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.
This Gasta posits a strategic approach to integrating AI into HEIs to prepare staff, students and the curriculum for an evolving world and workplace. We will highlight the advantages of working with these technologies beyond the realm of teaching, learning and assessment by considering prompt engineering skills, industry impact, curriculum changes, and the need for staff upskilling. In contrast, not engaging strategically with Generative AI poses risks, including falling behind peers, missed opportunities and failing to ensure our graduates remain employable. The rapid evolution of AI technologies necessitates a proactive and strategic approach if we are to remain relevant.
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2. PERMANENT ACCOUNT NUMBER
DEFINITION :
* Permanent account number ( PAN ) is an alpha-numeric ( ten characters )
code given in form of a laminated card to a person by income tax department for the
purpose of identification of the assessee.
* A person can have only one PAN.
ALLOTMENT OF PAN :
A. On application
COMPULSORY APPLICATION FOR ALLOTMENT OF PAN
As per sec. 139A & rule 114, following persons are under statutory obligation to apply
for PAN with in the time limit stated as under
Who is to apply for PAN When to apply for PAN
Any person whose total income
exceeds maximum exempted limit.
On or before 31st may of the
relevant assessment year.
3. Any person whose sales or turnover
or gross receipts are likely to exceed
$ 500000 in any previous year
On or before the end of the relevant
financial year
Any person who is required to furnish
return us 139(4A) I.e. trust and
charitable institution
On or before the end of the relevant
financial year
Any person who is entitled to receive
any sum or income, on which tax is
deductible under in any financial year
On or before the end of the relevant
financial year
Any person who requires export-
import code
Before making any export or import
Assessee under the GST
Before making application for
Registration under GST.
4. Penalty for failure to apply for PAN :
Failure to apply for PAN or to quote PAN - rs 10,000 penalty.
Voluntary application for allotment of PAN :
* The section empowers a person to apply for a PAN, even though, the person does
not fall under any of the categories as mentioned above.
* However, a person, who has been already allotted a PAN under new series, shall not
apply for another PAN.
Whom to apply ( either compulsory or voluntary ) :
The application is to be made to the assessing officer or any other person who has
been assigned the function of allotment of PAN.
Form of application - the prescribed forms are as under :
* For indian citizen / Indian company / entities incorporated in India /
unincorporated entities formed in India - form no. 49A
* In other cases - form no. 49AA .
5. IMPORTANCE OF PAN
A. PAN must be quoted in all documents and challans
a) A person to whose a PAN is allotted, is required to quote that number in -
* All his returns to; or
* Any correspondence with; or
* Any other documents to,
- Income-tax authority.
b) A person to whom a PAN is allotted, is required to quote that number in challans for
payment of any sum due under this act.
B. PAN must be quoted in documents pertaining to certain
prescribed transactions
Every person shall quote its PAN in all documents pertaining to following
transactions entered into by him -
* Transactions relating to sale or purchase of a motor vehicle which requires
registration. ( other than two wheeled vehicles )
* Opening an account with a banking company or a co-operative bank ( other than a
time-deposit and a basic savings bank deposit account )
6. * Making application for issue of a credit card or debit card.
* opening of a demat account
* Payment in cash exceeding 50,000 to a hotel or restaurant against a bill or bill at any
one time,
* payment in cash exceeding rs 50,000 in connection with travel to any foreign country
or payment for purchase of any foreign currency at any one time
* payment exceeding rs 50,000 to any mutual fund for purchase of its units,
* payment exceeding rs 50,000 to a company or an institution for acquireing
debentures or bonds issued by it,
* payment exceeding rs 50,000 to RIB for acquiring bonds issued by it and so on.
C. PAN on TDS & TCS Certificate
a) PAN ON TDS Every person is required to intimate his PAN to the person who has
deducted the tax at source.
Exception - This provision is not applicable to an assessed who furnishes to the payer
a declaration in writing in the prescribed form and manner to the effect that the tax on his
estimated total income is nil.
* The person deducting tax at source is required to quote-
- PAN of the payee;
- PAN of himself;
7. - Tax deduction account number ( TAN ) of himself,
b) PAN on TCS Every person responsible for collecting tax in accordance with the
provision of sec. 206C shall quote PAN of every buyer or licensee or lessee in all
certificates furnished in accordance with the provisions of sec. 206C(3) or 206C(5).
* Every buyer or licensee or lessee is required to intimate his PAN to the seller who
has collected the tax at source.
INTIMATION FOR ANY CHANGE :
Every person shall intimate any changes in his address or in the name and nature
of his business to the assessing officer in the prescribed manner.
QUOTING OF AADHAAR NUMBER :
Every person who is eligible to obtain aadhaar number shall quote aadhaar
number
- in the application form for allotment of permanent account number (PAN)
- in the return of income.