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Taxation
- 1. (I)ncome-tax
- 2. Nothing is Certain but….
- 4. "When I was in medical school, I spent hundreds of hours looking into a microscope—a skill I never needed to know or ever use. Yet I didn't have a single class that taught me communication or teamwork skills—something I need every day I walk into the hospital.” —Peter Pronovost, Safe Patients, Smart Hospitals
- 5. P Finance = Tax.
- 6. Kautilya – Power of Government Depends upon Strength of Its Treasury… # Aaarthshastra … 2300 year Back.. Treaty on Public Finance, Administration and Fiscal Laws.
- 7. Background on Taxation First Tax - _ 404; Bachelor Tax? 1820 – Dictator?; Peter the Great- Russia – 1718 ….. Tax ? ; India – Uprising - 1857, Income-tax 1922,
- 8. Indian Constiution = Federal Structure = Authority to Tax. Article – 265. – No Tax shall be collected without authority of Law. Article – 246. – LIST – I (Central ) – II ( State ) III (Concurrent List). Income-tax Act 1961 & Income-tax Rules 1962. Substantive & Procedural Laws. Subordinate Delegation – CBDT. Finance Bill / Act. Budget. Rules & Notifications. Law Settled by High Court / Supreme Court. Tax administration..Hierarchy… (And at every step the only object is to generate more REVENUE.) – IRS?
- 9. "It was only for the good of his subjects that he collected taxes from them, just as the Sun draws moisture from the Earth to give it back a thousand fold" – --Kalidas in Raghuvansh eulogizing KING DALIP…
- 10. Direct!
- 11. !tceridnI
- 12. Basis of Income Tax’ iNdia 1. Individual Taxation & Corporate Tax. 2. Computation of Income! 3. Definitions : Person/Assessee/P.Y./A.Y./P.A.N. 4. Why in the world we need PAN?. 5. Technical – Accrual/Arise/Deeming fiction. 6. Place of Taxation! 7. Sources of Income!!!!!. 8. Heads of Income. 9. Salary/House Property/Cap Gain/Business/Others. 10. Avoid Technicalities!
- 13. “Arthasastra, each tax was specific and there was no scope for arbitrariness. Precision determined the schedule of each payment, and its time, manner and quantity being all pre-determined. The land revenue was fixed at 1/6 share of the produce and import and export duties were determined on advalorem basis. The import duties on foreign goods were roughly 20 per cent of their value. Similarly, tolls, road cess, ferry charges and other levies were all fixed. The affluent had to pay higher taxes as compared to the not so fortunate. People who were suffering from diseases or were minor and students were exempted from tax”
- 14. “Kindness Is Free.” Kindness … WORKS! Kindness … PAYS! but your taxman is not kind…..taxes are not paid in kind .aAAnd you can And t
- 15. Salary ! — Does it mean your CTC? Or money in your Hand. — Basic + DA + HRA + Allowances….blah…blah… — Incentive & Bonuses.. — Perk…@ —Allowances - — Wizard of Exemption! — Transport – Medical –HRA – Leave Encashment – Leave Travel – Helper – Uniform – Academic Allowance etc.. — Deductions? — 80 – C – Personal Investment Planning — 80 – D – Mediclaim./ 80 DD / 80- DDB – ill dependent. — 80 – E – education Loans…. — SODEXHO - Family Home - Rent — Medical Bills/ Mobile Bills etc…
- 16. Ethical &Moral Questions. “A fine is tax for doing something wrong And the TAX is Fine for Doing Right.
- 17. “Dennis, you need a … ‘To-don’t ’ List !” Why its smart to pay Tax….(Its not a moral or ethical dilemma, its pure common sense.)
- 18. Tips: H.U.F? Why? Home Loan? Why you should take loan. HRA? How to beat it.... I T Refund – How to Avoid. Filing Annual Declarations with Employer. P.F. Transfer v/s refund. Own Car v/s Company Lease.
- 20. “ Do you feel that tax is price you pay for sovereignty.”
- 21. Your Opinion Vodafone Should government change the law retrospectively after Supreme Court passed Judgment in favour of Vodafone?
- 23. Thank You