The Wealth Tax Act, which came into force from AY1957-58 occupies place of importance in the Indian Taxation System. Though it has got abolished from AY 2016-17, it is in force prior to that period..
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.
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"
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.
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"
Concept & Nature of supply under GST LawArpit Verma
Chapter III of Central Goods and Services Tax Act, 2017 & Integrated Goods and Services Tax Act, 2017 contains the provision of levy and collection of GST.
The expression “Supply” is defined under section 7(1) of Central Goods and Services Tax Act, 2017.
There is no such proposition in the existing laws as the concept of supply is unique to our tax system and considered as a ‘taxable event’ for the first time in indirect tax regime.
Read My Full Article on Concept & Nature 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
OBJECTIVE
Import of all kinds of goods and the export of goods on certain situations attracts customs duty. The Customs Act,1962 contains provisions which govern the levy of customs duty. In this webinar, we shall deal with provisions relating to prosecutions and penalties levied on the person for any offences.
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. Unlike erstwhile indirect tax regime, GST promises seamless credit on goods and services across the entire supply chain with some exceptions. In this webinar, we shall understand and analyse the provisions related to Input Tax Credit under the GST law
Objectives & Agenda :
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. Before levying any tax, taxable events needs to be ascertained. Under GST, taxable event arises on "supply of goods or services or both". In this webinar, we shall analyse and understand the provisions related to definition of supply.
Objectives & Agenda :
To understand the procedure involved in search and seizure carried out by the Income Tax Department. To know the powers conferred onto the authorised officers during the search and seizure. To gain knowledge about the rights and duties of the assessee in the event of search and seizure. To throw some light with regards to the dos and don'ts during the search and seizure.
Under Fundamental Concepts of Income Tax Presentation, Important Definitions under Income Tax Act, Residential Status of the assesses & its tax incidence is covered.
This presentation will guide you about various Income Tax Forms to be used with its due dates under Indian Income Tax. Also explains the various terms assigned to those returns & their time limits.
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.
Provisions Regarding Baggage, Goods Imported or Exported by Post, Courier and...DVSResearchFoundatio
OBJECTIVE
Customs duty is an indirect tax, which is a tax on the goods and not a tax on the person having or owning the goods. In this webinar we will learn the provisions related to baggage, goods imported or exported by post, courier and stores.
Concept & Nature of supply under GST LawArpit Verma
Chapter III of Central Goods and Services Tax Act, 2017 & Integrated Goods and Services Tax Act, 2017 contains the provision of levy and collection of GST.
The expression “Supply” is defined under section 7(1) of Central Goods and Services Tax Act, 2017.
There is no such proposition in the existing laws as the concept of supply is unique to our tax system and considered as a ‘taxable event’ for the first time in indirect tax regime.
Read My Full Article on Concept & Nature 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
OBJECTIVE
Import of all kinds of goods and the export of goods on certain situations attracts customs duty. The Customs Act,1962 contains provisions which govern the levy of customs duty. In this webinar, we shall deal with provisions relating to prosecutions and penalties levied on the person for any offences.
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. Unlike erstwhile indirect tax regime, GST promises seamless credit on goods and services across the entire supply chain with some exceptions. In this webinar, we shall understand and analyse the provisions related to Input Tax Credit under the GST law
Objectives & Agenda :
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. Before levying any tax, taxable events needs to be ascertained. Under GST, taxable event arises on "supply of goods or services or both". In this webinar, we shall analyse and understand the provisions related to definition of supply.
Objectives & Agenda :
To understand the procedure involved in search and seizure carried out by the Income Tax Department. To know the powers conferred onto the authorised officers during the search and seizure. To gain knowledge about the rights and duties of the assessee in the event of search and seizure. To throw some light with regards to the dos and don'ts during the search and seizure.
Under Fundamental Concepts of Income Tax Presentation, Important Definitions under Income Tax Act, Residential Status of the assesses & its tax incidence is covered.
This presentation will guide you about various Income Tax Forms to be used with its due dates under Indian Income Tax. Also explains the various terms assigned to those returns & their time limits.
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.
Provisions Regarding Baggage, Goods Imported or Exported by Post, Courier and...DVSResearchFoundatio
OBJECTIVE
Customs duty is an indirect tax, which is a tax on the goods and not a tax on the person having or owning the goods. In this webinar we will learn the provisions related to baggage, goods imported or exported by post, courier and stores.
When can other person’s income be assessed in an assessee’s hand? - T. N. PandeyD Murali ☆
When can other person’s income be assessed in an assessee’s hand? - T. N. Pandey - Article published in Business Advisor, dated January 10, 2017 - http://www.magzter.com/IN/Shrinikethan/Business-Advisor/Business/
Clubbing of Income under Income Tax Act, 1961 with FAQstaxguru5
"Clubbing of income means Income of other person included in assessees total income, for example Income of husband which is shown to be the income of his wife is"
TaxGuru is a platform that provides Updates On Amendments in Income Tax, Wealth Tax, Company Law, Service Tax, RBI, Custom Duty, Corporate Law , Goods and Service Tax etc.
To know more visit https://taxguru.in/income-tax/clubbing-of-income-under-the-income-tax-act-1961.html
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.
INCOME TAX- Aggregation of Income/ Clubbing of the income under INCOME TAX ACT,1961
Income of other persons to be included in the income of individual( Section 60-65)
Income received from Firm assessed as Firm And Association of Persons (Section 66-67)
Deemed Income (Section 68-69)
Transfer of Income without Transfer of Assets[Sec. 60]
Revocable Transfer of Assets [Sec. 61]
In 2020, the Ministry of Home Affairs established a committee led by Prof. (Dr.) Ranbir Singh, former Vice Chancellor of National Law University (NLU), Delhi. This committee was tasked with reviewing the three codes of criminal law. The primary objective of the committee was to propose comprehensive reforms to the country’s criminal laws in a manner that is both principled and effective.
The committee’s focus was on ensuring the safety and security of individuals, communities, and the nation as a whole. Throughout its deliberations, the committee aimed to uphold constitutional values such as justice, dignity, and the intrinsic value of each individual. Their goal was to recommend amendments to the criminal laws that align with these values and priorities.
Subsequently, in February, the committee successfully submitted its recommendations regarding amendments to the criminal law. These recommendations are intended to serve as a foundation for enhancing the current legal framework, promoting safety and security, and upholding the constitutional principles of justice, dignity, and the inherent worth of every individual.
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.
Visit Now: https://www.tumblr.com/trademark-quick/751620857551634432/ensure-legal-protection-file-your-trademark-with?source=share
ALL EYES ON RAFAH BUT WHY Explain more.pdf46adnanshahzad
All eyes on Rafah: But why?. The Rafah border crossing, a crucial point between Egypt and the Gaza Strip, often finds itself at the center of global attention. As we explore the significance of Rafah, we’ll uncover why all eyes are on Rafah and the complexities surrounding this pivotal region.
INTRODUCTION
What makes Rafah so significant that it captures global attention? The phrase ‘All eyes are on Rafah’ resonates not just with those in the region but with people worldwide who recognize its strategic, humanitarian, and political importance. In this guide, we will delve into the factors that make Rafah a focal point for international interest, examining its historical context, humanitarian challenges, and political dimensions.
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/.
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 .
Responsibilities of the office bearers while registering multi-state cooperat...Finlaw Consultancy Pvt Ltd
Introduction-
The process of register multi-state cooperative society in India is governed by the Multi-State Co-operative Societies Act, 2002. This process requires the office bearers to undertake several crucial responsibilities to ensure compliance with legal and regulatory frameworks. The key office bearers typically include the President, Secretary, and Treasurer, along with other elected members of the managing committee. Their responsibilities encompass administrative, legal, and financial duties essential for the successful registration and operation of the society.
2. Wealth Tax
The Wealth Tax Act, which came into force from AY 1957-58,
occupies a place of importance in the scheme of taxation. It
is, therefore, necessary to understand broad & salient
features of this Act.
[ However, this Act has been abolished wef AY 2016-17 ]
3. Wealth Tax
Chargeability [ Sec. 3 ]
Wealth Tax is charged for every assessment year in respect
of net wealth as on the corresponding valuation date of
every Individual, HUF & Company, at the rate of 1% on the
amount by which net wealth exceeds Rs.30,00,000/- ( wef 2010-
11 ).
4. - Definitions -
1] ASSESSEE
[ Sec 2 (c) ] :
Assessee means a person* by whom wealth tax or any other sum of money is
payable under the Wealth Tax Act,1957, or in respect of whom any proceeding
under that Act has been initiated for determining the wealth tax payable by
him or the amount of refund due to him and includes :
i) legal representative of deceased person.
ii) Executor of the estate of the deceased person.
iii) A person deemed to be the Agent of any person residing outside
India.
5. Definitions..
2) Assessment Year
[ Sec 2 (d) ] :
An Assessment year mean a period of 12 months commencing on 1st
April and ending on 31st March of the following year.
e.g. For instance, A.Y.2015-16, commenced on 1st April,2015 and
will end on 31st March, 2016.
6. - Definitions -
3) Valuation Date
[ Sec 2 (q) ]
`Valuation Date’ in relation to an `Assessment year’ means
the last day of the previous year as defined in the Section 3
of the Income Tax Act.
Therefore, Valuation date will be 31st March, being the last
day of the uniform previous year in all cases.
7. -
Definitions...
4) Assets
[ Sec 2 (ea) ]
Assets other than assets specified in Sec 2(ea) are outside the purview of the Wealth Tax Act and hence not
chargeable to wealth tax.
In other words, Wealth tax is chargeable only on assets specified in Section 2(ea).
The assets specified in Sec 2(ea) are :
1) House – Any Building or land appurtenant thereto , whether used for residential or commercial purposes
or for the purpose of maintaining a guest house or [a farm house in an urban area or within 25 km of any
municipality.]
Exceptions – House which are
(a) Meant exclusively for residential purposes and which are allotted by a company to a whole
time employee ( including officer Or director in whole time employment), having gross annual salary of less
than Rs.10 Lacs.
(b) Stock-in-trade
(c) Occupied for business or profession of the assessee.
(d) Residential property which is let out for a minimum period of 300 days in the previous year.
(e) Commercial Establishments or complexes.
8. - Definitions..
(2) Motor Cars :
Except -> stock-in-trade OR those used in the business of letting the cars on hire.
(3) Jewellery :
Except -> Stock-in-trade.
(4) Yachts, boats and aircraft :
->Other than those, used for commercial purposes.
(5) Urban Land : Any land situated in urban area.
Exceptions ->
(i) Land on which construction of a building is not permissible under any law.
(ii) Land occupied by any building which has been constructed with the approval of the
appropriate authority.
(iii) Unused land held for industrial purposes upto 2 years.
(iv) Land held as stock-in-trade, upto 10 years.
(6) Cash in Hand
-In case of Individual/HUF à amount in excess of Rs.50000/-
-In case of others à Any amount NOT Recorded in Books
9. - Definitions..
5) Net Wealth
[ Sec 2 (m) ]
Net wealth means the aggregate value of all chargeable
assets, wherever located, belonging to the assessee on the
valuation date, including assets which are to be included in
his net wealth as reduced by the aggregate value of all the
debts owned by the assessee on the valuation date which have
been incurred in relation to the assets .
[ Note : Wealth Tax Liability, on the aforesaid date will not
be deductible as a debt for arriving at the net wealth.]
10. - Definitions -
6) Assessable Entities
[ Sec 3 ]
Under Sec. 3, Wealth Tax Act, the following persons are chargeable
to wealth tax on their net wealth as on the Valuation date,
corresponding to the Assessment year :
(i) Individual,
(ii) Hindu Undivided Family, and
(iii) Company.
The word Individual have not been defined in the Wealth Tax Act, but
on the basis of court decisions, it has been given wide meaning. The
word `Individual’, therefore, means not only a human being but also
includes a group of persons forming an unit.
11. Wealth Tax
Wealth Tax In-applicability
[ Sec 45 ]
Wealth tax is Not Applicable in respect of the following :
(a)Sec.25 Company
(b)Co-operative Society
(c)Social Club
(d)Political Party
(e)Mutual Fund specified u/s 10(23D) of I.T.Act.
Reserve Bank of India.
12. Clubbing of Assets [ Sec 4 ]
●
(1)Asset Transferred to Spouse
( Sec 4(1)(a)(i) )
Value of assets which are transferred directly or indirectly
(otherwise than for adequate consideration or in connection
with agreement to leave apart) by a husband to his wife or by
a wife to her husband are to be included in the hands of
transferor.
13. Clubbing of Assets..
(2) Asset Transferred to Minor Children other than a married daugther
( Sec 4(1)(a)(ii) )
Value of assets which on the valuation date are held by a minor child ( not being a
married daughter) of an individual are to be included in the net wealth of the parent who
is having greater net wealth or where the marriage of parents does not subsist, in the net
wealth of the either parent, such assets shall not be included in the succeeding year
unless assessing officer is satisfied after giving that parent an opportunity of being
heard, that it is necessary to do so.
However, assets acquired by the minor child out of his income, NOT to be included in the
net wealth of his parent.
Further, where the assets are held by minor child suffering from any disability of the
nature specified in section 80U of the Income Tax Act, such assets also will not be
included in the net wealth of parent. Such minor child’s wealth will be assessed in the
hands of such child.
14. Clubbing of Assets..
(3) Asset Transferred to Person or AOP
( Sec 4(1)(a)(iii) )
Value of assets which are transferred by the individual ,directly or
indirectly (otherwise than for adequate consideration ) to a person or
association of persons for the immediate or deferred benefit of the individual
or spouse, shall be included in the net wealth of the individual.
(4) Asset Transferred to AOP otherthan irrevocable transfer
( Sec 4(1)(a)(iv) )
Value of assets which are transferred by the individual to a person or
association of persons is to be included in the hands of transferor, if the
transfer is by way of revocable transfer.
In other words, if the transfer is by way of an “irrevocable transfer”, the
asset will not be deemed as belonging to the transferor.
15. Clubbing of Assets..
(5) Asset Transferred to Son’s wife
( Sec 4(1)(a)(v) )
The value of assets transferred by an individual, directly or indirectly
(otherwise than for adequate consideration) to his or her son’s wife on
or after 1-6-1973 are to be included in the hands of transferor.
(6) Asset Transferred to a person or AOP for the benefit of Son’s wife
( Sec 4(1)(a)(vi) )
The value of assets transferred by an individual, directly or indirectly
(otherwise than for adequate consideration) to a person or association
of persons for the immediate or deferred benefit of son’s wife on or
after 1-6-1973 are to be included in the hands of transferor.
16. Clubbing of Assets...
Note : It is not necessary that the transferred asset should be held by the transferee on
the valuation date in the same form in which it was transferred. Thus if an individual
transfers cash to the spouse or minor child ( including a step child or adopted child)
which is used before the valuation date for the purchase of house property, and /or say
urban land, it is the value of the asset so acquired which is to be included in the net
wealth of the individual and not the cash originally transferred . [ Proviso to Sec 4(1)
(a) ].
(7) Interest of an assessee in a firm or AOP
( Sec 4(1)(b) )
Where a minor is admitted to the benefit of partnership, the interest of such minor in
the firm determined as laid down in Schedule III, will be included in the net wealth of
the parent who is having greater net wealth or where the marriage of his parents does not
subsist in the net wealth of either parent who maintain the minor child.
17. Clubbing of Assets..
(8) Conversion of individual property into HUF
[ Sec 4(1A) ]
Where an individual transfers his separate property, directly or
indirectly, to the Hindu Undivided Family ( HUF ) or which he is a
member, for inadequate consideration, the value of such transferred
property (even by way of gift ) will be included in the net wealth
of the individual.
In the event of partial or total partition of HUF, the share
attributable to the spouse of the individual in the converted
property will be included in the net wealth of the individual.
18. Clubbing of Assets..
(9) Deemed ower in Certain types of properties
[ Sec 4(7) & Sec 4(8) ]
Deemed owner of house :-
- Member of Co-operative Society, Company or AOP.
- Property in the possession of a person as referred to in Sec 53A
of Transfer of Property Act, 1882 under part performance.
- Lessee other than month-to-month lessee and as referred to in
Sec 269UA(f) of the I.Tax Act.
19. Exemptions [ Sec 5 ]
Sec 5 of the Wealth Tax Act,1957 enumerates the various assets which are exempt from wealth tax :
1)Property held under trust for public purpose of a charitable or religious nature in India. [ Sec 5 (i) ]
2)The share of Assessee in the property of HUF [ Sec 5(ii) ]
3)Any one building occupied by a Ruler. [ Sec 5(iii) ].
4)Jewellery of a Ruler, recognised as heirloom [Sec 5(iv)].
5)Assets acquired out of moneys brought in by a NRI, who has returned to India with an intention to permanently resides in
India. The exemption is for 7 successive assessment years. [ Sec 5(v) ]
6)(i) One house or
(ii) part of a house (whether commercial or residential ) or
(iii) a plot of land not exceeding 500 sq. Metres, belonging to an individual or HUF. [ Sec 5 (vi) ].
[ Remember, exemption under Sec 5(vi) is allowed only to Individual/HUF assessee.]