This document provides an overview of income tax in India. It begins with a brief history of income tax, explaining its origins in ancient India and its modern introduction in 1860. It then covers key topics like types of income, tax rates, exemptions, deductions, filing requirements and deadlines. The purpose of the tax is to generate revenue for the government to fund public services like healthcare, education, infrastructure and security. Filing taxes correctly and on time is important for both citizens and the systems that rely on tax revenue.
Helps the student to know about the Agricultural Income in Indian Income tax Act 1961 and also how the Tax Liability will be calculated when an Assessee have both Agricultural and Non Agricultural Income
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.
Helps the student to know about the Agricultural Income in Indian Income tax Act 1961 and also how the Tax Liability will be calculated when an Assessee have both Agricultural and Non Agricultural Income
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.
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
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
Empowering the Unbanked: The Vital Role of NBFCs in Promoting Financial Inclu...Vighnesh Shashtri
In India, financial inclusion remains a critical challenge, with a significant portion of the population still unbanked. Non-Banking Financial Companies (NBFCs) have emerged as key players in bridging this gap by providing financial services to those often overlooked by traditional banking institutions. This article delves into how NBFCs are fostering financial inclusion and empowering the unbanked.
Financial Assets: Debit vs Equity Securities.pptxWrito-Finance
financial assets represent claim for future benefit or cash. Financial assets are formed by establishing contracts between participants. These financial assets are used for collection of huge amounts of money for business purposes.
Two major Types: Debt Securities and Equity Securities.
Debt Securities are Also known as fixed-income securities or instruments. The type of assets is formed by establishing contracts between investor and issuer of the asset.
• The first type of Debit securities is BONDS. Bonds are issued by corporations and government (both local and national government).
• The second important type of Debit security is NOTES. Apart from similarities associated with notes and bonds, notes have shorter term maturity.
• The 3rd important type of Debit security is TRESURY BILLS. These securities have short-term ranging from three months, six months, and one year. Issuer of such securities are governments.
• Above discussed debit securities are mostly issued by governments and corporations. CERTIFICATE OF DEPOSITS CDs are issued by Banks and Financial Institutions. Risk factor associated with CDs gets reduced when issued by reputable institutions or Banks.
Following are the risk attached with debt securities: Credit risk, interest rate risk and currency risk
There are no fixed maturity dates in such securities, and asset’s value is determined by company’s performance. There are two major types of equity securities: common stock and preferred stock.
Common Stock: These are simple equity securities and bear no complexities which the preferred stock bears. Holders of such securities or instrument have the voting rights when it comes to select the company’s board of director or the business decisions to be made.
Preferred Stock: Preferred stocks are sometime referred to as hybrid securities, because it contains elements of both debit security and equity security. Preferred stock confers ownership rights to security holder that is why it is equity instrument
<a href="https://www.writofinance.com/equity-securities-features-types-risk/" >Equity securities </a> as a whole is used for capital funding for companies. Companies have multiple expenses to cover. Potential growth of company is required in competitive market. So, these securities are used for capital generation, and then uses it for company’s growth.
Concluding remarks
Both are employed in business. Businesses are often established through debit securities, then what is the need for equity securities. Companies have to cover multiple expenses and expansion of business. They can also use equity instruments for repayment of debits. So, there are multiple uses for securities. As an investor, you need tools for analysis. Investment decisions are made by carefully analyzing the market. For better analysis of the stock market, investors often employ financial analysis of companies.
how can i use my minded pi coins I need some funds.DOT TECH
If you are interested in selling your pi coins, i have a verified pi merchant, who buys pi coins and resell them to exchanges looking forward to hold till mainnet launch.
Because the core team has announced that pi network will not be doing any pre-sale. The only way exchanges like huobi, bitmart and hotbit can get pi is by buying from miners.
Now a merchant stands in between these exchanges and the miners. As a link to make transactions smooth. Because right now in the enclosed mainnet you can't sell pi coins your self. You need the help of a merchant,
i will leave the telegram contact of my personal pi merchant below. 👇 I and my friends has traded more than 3000pi coins with him successfully.
@Pi_vendor_247
how to sell pi coins on Bitmart crypto exchangeDOT TECH
Yes. Pi network coins can be exchanged but not on bitmart exchange. Because pi network is still in the enclosed mainnet. The only way pioneers are able to trade pi coins is by reselling the pi coins to pi verified merchants.
A verified merchant is someone who buys pi network coins and resell it to exchanges looking forward to hold till mainnet launch.
I will leave the telegram contact of my personal pi merchant to trade with.
@Pi_vendor_247
how to sell pi coins at high rate quickly.DOT TECH
Where can I sell my pi coins at a high rate.
Pi is not launched yet on any exchange. But one can easily sell his or her pi coins to investors who want to hold pi till mainnet launch.
This means crypto whales want to hold pi. And you can get a good rate for selling pi to them. I will leave the telegram contact of my personal pi vendor below.
A vendor is someone who buys from a miner and resell it to a holder or crypto whale.
Here is the telegram contact of my vendor:
@Pi_vendor_247
where can I find a legit pi merchant onlineDOT TECH
Yes. This is very easy what you need is a recommendation from someone who has successfully traded pi coins before with a merchant.
Who is a pi merchant?
A pi merchant is someone who buys pi network coins and resell them to Investors looking forward to hold thousands of pi coins before the open mainnet.
I will leave the telegram contact of my personal pi merchant to trade with
@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
how can I sell pi coins after successfully completing KYCDOT TECH
Pi coins is not launched yet in any exchange 💱 this means it's not swappable, the current pi displaying on coin market cap is the iou version of pi. And you can learn all about that on my previous post.
RIGHT NOW THE ONLY WAY you can sell pi coins is through verified pi merchants. A pi merchant is someone who buys pi coins and resell them to exchanges and crypto whales. Looking forward to hold massive quantities of pi coins before the mainnet launch.
This is because pi network is not doing any pre-sale or ico offerings, the only way to get my coins is from buying from miners. So a merchant facilitates the transactions between the miners and these exchanges holding pi.
I and my friends has sold more than 6000 pi coins successfully with this method. I will be happy to share the contact of my personal pi merchant. The one i trade with, if you have your own merchant you can trade with them. For those who are new.
Message: @Pi_vendor_247 on telegram.
I wouldn't advise you selling all percentage of the pi coins. Leave at least a before so its a win win during open mainnet. Have a nice day pioneers ♥️
#kyc #mainnet #picoins #pi #sellpi #piwallet
#pinetwork
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
3. POINTS OF PRESENTATION
INTRODUCTION
BRIEF HISTORY OF INCOME TAX
HEADS OF INCOME
IMPORTANT TERMS
INCOME TAX RATES
EXEMPTION & DEDUCTIONS
SOME USEFUL TIPS
CONCLUSION
4. INTRODUCTION
WHAT IS TAX ? & WHY IT IS REQUIRED?
TAX IS A PART OF AN INDIVIDUAL’S EARNING WHICH IS REQUIRED TO BE
PAID TO THE GOVERNMENT IN ORDER TO GENERATE REVENUE. IT IS A
MANDATORY LIABILITY FOR EVERY CITIZEN OF THE COUNTRY. THERE
ARE TWO TYPES OF TAX IN INDIA I.E. DIRECT AND INDIRECT TAX. INCOME
TAX IS DIRECT TAX.
WHY TAX IS REQUIRED?
INCOME TAX IS THE MAIN SOURCE OF INCOME FOR THE GOVT. TAX
MONEY IS USED IN INITIATING VARIOUS WELFARE AND OTHE ACTIVITIES
SUCH AS
5. INTRODUCTION
PROVIDING HEALTHCARE FACILITIES
PROVIDING EDUCATION THROUGH GOVT SCHOOLS WHER FEE IS
NEGLIGIBLE
SUBSIDY ON COOKING GAS, FERTILIZERS AND OTHER ESSENTIAL
COMMODITIES.
SALARY AND PENSION TO LAKHS OF GOVT EMPLOYEES.
NATIONAL SECURITY AND INFRASTRUCTURE DEVELOPMENT
6. BRIEF HISTORY OF INCOME TAX
ORIGIN OF TAXATION IN INDIA DATES BACK TO ANCIENT INDIA AS
FOUND MENTIONED IN ANCIENT BOOKS SUCH AS ARTHA
SHASTRA AND MANUSMRITI.
ACCORDING TO MANUSMRITI ARTISANS USED TO PAY 1/5TH OF
THEIR PROFITS AS TAX WHEREAS AGRICULTURIST WERE
REQUIRED TO PAY 1/6TH, 1/8TH OR 1/10TH OF THEIR PRODUCE
DEPENDING UPON THE CIRCUMSTANCES.
7. BRIEF HISTORY OF INCOME TAX
IN MODERN INDIA, TAX WAS INTRODUCED FOR THE FIRST TIME IN
1860 BY SIR JAMES WILSON IN ORDER TO MEET THE LOSSES
SUSTAINED ON ACCOUNT OF MILITARY MUTINY OF 1857. THIS WAS
THE FIRST INCOME TAX ACT OF MODERN INDIA.
SUBSEQUENTLY ANOTHER INCOME TAX ACTS WERE PASSED
DURING 1886, 1918 AND 1922.
INCOME TAX ACT 1922 WAS THE LAST INCOME TAX OF BRITISH
INDIA AND REMAINED IN FORCE TILL 1962.
8. BRIEF HISTORY OF INCOME TAX
• IN INDEPENDENT INDIA THE INCOME TAX ACT 1922 WAS
REPLACED WITH INCOME TAX ACT 1961 WHICH WAS
IMPLEMENTED WEF. 01 APR 1962 AND IT IS STILL IN FORCE.
• SINCE 1962 SEVERAL AMENDMENTS OF FAR REACHING NATURE
HAVE BEEN MADE IN INCOME TAX ACT BY THE UNION BUDGET
EVERY YEAR.
9. HEADS OF INCOME
Income From
Salary
Income from
House
Property
Income
from
Business or
Profession
Income from
Capital Gains
Income
From Other
Sources
10. IMPORTANT TERMS
ASSESSEE
ASSESSMENT YEAR & PREVIOUS YEAR
RESIDENTIAL STATUS
GROSS TOTAL INCOME
DEDUCTIONS
TOTAL INCOME
11. IMPORTANT TERMS
• ASSESSEE” MEANS A PERSON BY WHOM ANY TAX OR ANY OTHER SUM OF
MONEY IS PAYABLE UNDER THIS ACT. IN SIMPLE TERM THE ASSESSE
MEANS “TAX PAYERS”
• ASSESSMENT YEAR & PREVIOUS YEAR:-
ASSESSMENT YEAR MEANS THE PERIOD STARTING FROM APRIL 1 AND
ENDING ON MARCH 31 OF THE NEXT YEAR AND PREVIOUS YEAR MEANS THE
FINANCIAL YEAR IMMEDIATELY BEFORE THE ASSESSMENT YEAR.
Previous
year
2018-19
Assessme
nt Year
2019-20
Previous
year
2019-20
Assessment
Year
2020-21
12. IMPORTANT TERMS Cont….,
• RESIDENTIAL STATUS:- THERE ARE THREE TYPES OF RESIDENTIAL
STATUS OF ASSESSEES AS PER INCOME TAX ACT 1961.
RESIDENT– MEANS A CITIZEN OF INDIA WHO RESIDED IN INDIA FOR A
PERIOD OF 182DAYS OR MORE IN DURING PREVIOUS YEAR. HIS INCOME
EARNED ANY WHERE IN THE WORLD WILL BE TAXABLE IN INDIA.
NON RESIDENT(NRI)– INCOME EARNED IN INDIA ONLY WILL BE SUBJECT
TO INCOME TAX IN INDIA.
RESIDENT BUT NOT RESIDING IN INDIA– CITIZEN OF INDIA WHO STAYED IN
INDIA FOR LESS THAN 182 DAYS DURING PREVIOUS YEAR. HIS/HER
INCOME ARISING OUTSIDE INDIA MAY ALSO BE TAXABLE IN INDIA.
13. IMPORTANT TERMS Cont….,
GROSS TOTAL INCOME – IT COMPRISES SUM OF THE INCOME
EARNED THROUGH ALL THE FIVE HEADS OF INCOME WITHOUT ANY
DEDUCTION.
DEDUCTIOS – THE AMOUNT WHICH IS ALLOWED TO BE DEDUCTED
FROM GROSS TOTAL INCOME BEFORE DETERMINING TAX LIABILITY
OF AN ASSESSE SUCH AS CERTAIN SAVINGS, DONATIONS ETC.
TOTAL INCOME- IT IS GROSS TOTAL INCOME (MINUS) DEDUCTIONS.
THIS IS THE NET TAXABLE INCOME OF ASSESSEE.
14. CURRENT INCOME TAX RATES
INCOME TAX RATES FOR CURRENT FINANCIAL YEAR I.E. 2019-20
GENERAL PUBLIC
BELOW 60 Years OF AGE
SENIOR CITIZENS 60-80 Yrs VERY SENIOR CITIZENS (ABOVE
80Yrs OF AGE)
Income Range Tax Income Range Tax Income Range Tax
Upto Rs.2.5 Lakh Nil Upto 3 Lakh Nil Upto 5 Lakh Nil
Above 2.5 to 5
Lakh
5% Above 3 to 5
Lakh
5% Above 5 to 10 Lakh 20%
Above 5 to 10
Lakh
20% Above 5 to 10
Lakh
20% Above 10 Lakh 30%
Above 10 Lakh 30% Above 10 Lakh 30%
Education Cess 3% +Health Cess 1 % of Income tax for all tax payers.
Tax credit of Rs. 12,500/- or actual amt of tax for income of Rs. 5 Lakhs or less u/s 87A.
Standard deduction of Rs. 50,000/-for Salaried and Pensioners
There are no separate slab for male & Female.
16. IMPORTANT EXEMPTIONS
Name of Allowances Amount of exemption Name of Allowances Amount of exemption
High Altitude Allowance Rs.1600/- pm Siachin Allowance Rs.7000/-pm
Spl Compensatory
Allowance
Rs.1300/pm CEA Rs.100/pm per child
Hostel Subsidy Rs.300/-pm CFA Rs.2600/pm
MFA Rs.1000/-pm CI Allowance Rs.3900/pm
HAFA Rs.4200/-
Island Special Duty
Allowance
Rs.3250/pm
Monetary Allowance for
Gallantry Awards
Fully Exempted
House Rent Allowance Up to certain amount based on specific conditions. Explained separately.
17. IMPORTANT EXEMPTIONS Cont…
AMOUNT OF EXEMPTION ON HRA:-
MINIMUM OF THE FOLLOWING (A,B,AND C) WILL BE THE AMOUNT OF
EXEMPTION HOUSE RENT ALLOWANCE.
(a) AMOUNT OF HRA
(b) RENT PAID (MINUS) 10 % OF PAY (BASIC PAY)
(c) 50% OF PAY (BASIC PAY) IF RESIDING IN METRO AND 40% OF
PAY IF RESIDING IN A CITY OTHER THAN METRO.
18. IMPORTANT DEDUCTIONS
Section (of IT
Act 1961)
Details of Deductions Maximum Amount
80C
PF SUBSCRIPTION, GIS SUBSCRIPTION, LIC
PREMIUM, REFUND OF HOUSE BUILDING LOAN
(PRINCIPAL), REFUND OF EDUCATION LOAN
(PRINCIPAL), PAYMENT OF TUITION FEE FOR
HIGHER EDUCATION, TERM DEPOSIT FOR NOT
LESS THAN 5 YEARS IN A SCHEDULED BANK,
POST OFFICE 5 YEARS TERM DEPOSIT
,CONTRIBUTION TO CERTAIN PENSION FUNDS.
RS.1,50,000/-
80CCD CONTRIBUTION UNDER NEW PENSION SCHEME RS.50,000/-
80D
CGHS/ECHS CONTRIBUTION, EXPENSES ON
PREVENTIVE HEALTH CHECK UP, MEDICAL
INSURANCE PREMIUM
RS.25000/
RS.50000/- (FOR SENIOR
CITIZENS)
19. IMPORTANT DEDUCTIONS
Section (of IT Act
1961)
Details of Deductions Maximum Amount
80DD
MAINTENANCE & MEDICAL TREATMENT OF PERSON
WITH DISABILITY.
RS.75,000/- (UP TO 80%
DISABILITY)
RS.1,25,000/- (IN CASE OF
SEVERE DISABILITY (<80%)
80DDB
TREATMENT FOR SPECIFIC DISEASES I.E. CANCER,
AIDS,CHRONIC RENAL FAILURE,HAEMOPHILIA,
THALASSAEMIA, DEMENTIA,ETC
RS.40,000/- RS.1,00,000/- IN
CASE OF SENIOR CITIZEN.
80E PAYMENT OF INTEREST ON EDUCATION LOAN
FULL AMOUNT OF INTEREST
TILL REFUND OF LOAN/FOR 8
YEARS WHICH EVER IS
EARLIER.
80EE
PAYMENT OF INTEREST ON HOUSING LOAN AVAILED
DURING 01 APR 2016 TO 31 MAR 2017. (LOAN AMOUNT
UPTO 35 LAKH)
RS.50,000/-
20. IMPORTANT DEDUCTIONS Cont…
SECTION
(OF IT ACT
1961)
DETAILS OF DEDUCTIONS MAXIMUM AMOUNT
24
PAYMENT OF INTEREST ON HOUSING LOAN AVAILED
ON OR AFTER 01.04.1999
RS.2,00,000
80EEA
INTEREST ON HOUSING LOAN AVAILED DURING FY
2019-20 ONWARDS PROVIDED THE STAMP DUTY VALUE
OF THE HOUSE DOES NOT EXCEED RS.45 LAKH
RS.1,50,000/- IT IS NOT IN
ADDITION TO RS.2 LAKH U/S 24
AND RS.50000/- U/S 80EE
80EEB
INTEREST ON LOAN AVAILED TO PURCHASE ANY
ELECTRONIC VEHICLE DURING FY 2019-20 ONWARDS
RS.1,50,000/-
80G
DONATION TO CERTAIN FUNDS, CHARITABLE
INSTITUTIONS. E.G. IAFCWF, PMNRF ETC.
50% OR 100% OF TOTAL AMOUNT
AS NOTIFIED BY GOVT. (CASH
DONATION UP TO RS.2000/- ONLY)
21. IMPORTANT DEDUCTIONS Cont…
Section (of IT
Act 1961)
Details of Deductions Maximum Amount
80GG
NOT DRAWING HRA AND RESIDING IN A RENTED
HOUSE
TOTAL RENT PAID (-) 10% OF TOTAL
INCOME/25% OF TOTAL
INCOME/RS.5000/PM.
80GGA
CERTAIN DONATIONS FOR SCIENTIFIC RESEARCH
OR RURAL DEVELOPMENT.
100% OF SUM DONATED. (CASH
DONATION UP TO RS.10,000 ONLY)
80GGC CONTRIBUTION TO POLITICAL PARTIES.
100% OF CONTRIBUTION. (CASH
CONTRIBUTIONRS.2,000/- ONLY)
80TTA
INTEREST ON SAVING BANK ACCOUNT (FOR
INDIVIDUAL BELOW 60 YRS OF AGE)
RS.10,000/-
80TTB
INTEREST ON SAVING BANK ACCOUNT (FOR
SENIOR CITIZENS)
RS.50,000/-
80U
PERSON WITH DISABILITY
(a) DISABILITY ABOVE 40% TO <80%
(b) DISABILITY OF 80% OR MORE
(a) RS.75,000/-
(b) RS.1,25,000/-
22. SOME USEFUL TIPS
PAN IS A 10 DIGIT ALPHANUMERIC NUMBER SUCH AS ADGPY1234A ALLOTTED BY
IT DEPTT. THE 4TH ALPHABET OF PAN REPRESENTS THECATEGORY OF PAN
HOLDER SUCH AS ‘P’ FOR INDIVIDUAL/PERSON, ‘C FOR COMPANY, ‘F’ FOR FIRMS
ETC. WE ALL HAVE PAN WITH 4TH LETTER “P” SIMILARLY THE 5TH LETTER
REPRESENTS THE FIRST LETTER OF “SURNAME” OR “LAST NAME OF THE PAN
HOLDER.
IT IS THE RESPONSIBILITY OF EVERY INDIVIDUAL TO PROVIDE VALID PAN TO HIS/HER
EMPLOYER. FAILING WHICH A PENALTY OF RS.10,000/- MAY BE CHARGED AND HIGHER RATE
OF TAX WILL BE DEDUCTED U/S 272B OF INCOME TAX ACT 1961. IN CASE OF AIR FORCE
PERSONNEL AFCAO ACTS AS EMPLOYER.
23. SOME USEFUL TIPS
PAN ALLOTTED TO A PERSON WILL BE DEEMED INVALID IF HE/SHE FAILS TO
INTIMATE AADHAR DETAILS TO INCOME TAX DEPARTMENT.
IF PAN HAS NOT BEEN ALLOTTED, ITR CAN BE FILED USING AADHAR NUMBER.
AS PER SECTION 139(10) OF IT ACT 1961, EVERY INDIVIDUAL HAVING TOTAL INCOME
EXCEEDING RS.2.5 LAKH DURING 2019-20 IS REQURED TO FILE ITR BY 31 JUL 2020.
• IN CASE OF FAILURE TO FILE ITR, PROSECUTION MAY BE INITIATED UNDER SECTION
276CC OF IT ACT PROVIDED THE TAX PAYABLE BY ASSESSEE IS RS.10,000/- OR
MORE.
24. SOME USEFUL TIPS
ITR CAN BE FILED AFTER DUE DATE ASLO PAYING MANDATORY
FINE AS TABULATED BELOW.
PERIOD OF FILING ITR LATE FEE
01 APR TO 31 JUL NIL
01 AUG TO 31 DEC RS.5000/-
01 JAN TO 31 MAR (NEXT YEAR) RS.10,000/-
However, if the total income of a person does not exceed Rs.5 Lakh, the
maximum late fee will be Rs.1000/-
At the time of filing ITR after due date, if any Tax is payable, then penal
interest @1% of tax per month will be levied from due date till date of filing.
25. SOME USEFUL TIPS
IN CASE OF INCOME FROM THE SALARY THE TAX IS ASSESSED
BY THE EMPLOYER AND TAX IS DEDUCTED FROM MONTHLY
SALARY WHICH IS CALLED TDS I.E. TAX DEDUCTED AT SOURCE.
IF ANY INDIVIDUAL IS HAVING INCOME OTHER THAN FROM
SALARY, THE TAX ON SUCH INCOME TO BE ASSESSED BY THE
INDIVIDUAL HIMSELF WHICH IS CALLED SELF ASSESSMENT.
IN SUCH CASES IF THE TOTAL TAX PAYABLE IS MORE THAN
10,000/- THE INDIVIDUAL IS REQUIRED TO PAY ADVANCE TAX AS
PER THE FOLLOWING TIME SCHEDULE.
26. SOME USEFUL TIPS
• DUE DATE FOR PAYMENT OF ADVANCE TAX:-
ON OR BEFORE 15 JUN OF
PREVIOUS YEAR
UP TO 15% OF TAX PAYABLE
ON OR BEFORE 15 SEP OF
PREVIOUS YEAR
UP TO 45% OF TAX PAYABLE
ON OR BEFORE 15 DEC OF
PREVIOUS YEAR
UP TO 75% OF TAX PAYABLE
ON OR BEFORE 15 MAR OF
PREVIOUS YEAR
UP TO100% OF TAX PAYABLE
27. CONCLUSION
IN THE SUBJECT PRESENTATION VARIOUS ASPECTS OF INDIVIDUAL TAXATION
WERE EXPLAINED WHICH MAY BE HELPFULL IN DEALING WITH PERSONAL TAX
PLANNING. AS EXPLAINED IN THE PRESENTATION THERE ARE A NUMBER OF TAX
SAVING DEDUCTIONS AVAILABLE WHICH CAN BE UTILISED TO MINIMISE THE TAX
BURDEN.
INDIVIDUAL SHOULD BE AWARE ABOUT THE RESPONSIBILITY TOWARDS TAX
DEDUCTION, DEPOSIT OR FILING OF ITR ETC. AS THE CASE MAY BE.
WE ALL SHOULD BE CAREFUL ABOUT LAST DATE FOR FILING OF ITR E.I. 31 JUL
EVERY YEAR AND ALSO THE DUE DATE FOR DEPOSITING ADVANCE TAX IF ANY.
THANK YOU,