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Avinash
Kaur

005

Monica

006

Shilpi
Jain

037

Shilpa
Mittal

050

Swati
Luthra

054
1.
2.
3.
4.

5.
6.
7.

Individuals
Hindu Undivided families
Companies
Firms (partnerships)
Association of persons or bodies of individuals
Local authority (municipal bodies)
Artificial juridical person
1.
2.
3.
4.

Economic growth
Government revenue
Private savings
Restraining the consumer
demand
•

•

Annual charge levied on both earned
income(wages, salaries,comission)andunearned
income (dividends,interest,rents).

The Income Tax Law comprises The Income Tax
Act 1961, Income Tax Rules 1962, issued by
central board of direct taxes(cbdt)
BASIC TYPES OF INCOME TAXES
 Personal

income tax, levied on income of
individuals,households,partnership and
sole-proprietorships.

 Income

tax is a tax payable, at the rate
enacted by the Union Budget (Finance
Act) for every Assessment Year, on the
Total Income earned in the Previous Year
by every Person
Corporation income tax
•

Corporation income tax, levied on profits
of incorporated firms. However, presence of
tax loopholes (whose number increases in
direct proportion to the complexity of tax code)
may allow some wealthy persons to escape higher
taxes without violating the letter of the tax laws.
Heads of income
The total income of a person is segregated into five
heads:1. Income from salaries
2. Income from house property
3. Profits and gains of business or profession
4. Capital gains and
5. Income from other sources
Sales Tax was charged on sale of Goods under the Sale
Of Goods Act,1930. Central Sales Tax is payable on the
sale of all goods by a dealer in the course of
inter- state trade or commerce;
 Outside a state or ;
 In the course of import into or export from India.


Sales tax is levied on the sale of movable goods.
The levy of sales tax on intangibles has been marred by
controversy.
TAXATION – SALES TAX


Controversies in taxing intangible assets
In case of interstate transaction, Sec 3, 4 and 5 makes taxing of
intangibles difficult.



Section 4
Physical location of asset is basic criteria for imposing sales tax by a
state government. Controversy of location determination arises in case of
assignment of patent, trade mark or copy right.



Section 3 and Section 5
Actual physical movement of goods is necessary from one state to
another or from outside India to inside or from inside India to outside
in order to be charged under CST. Such physical movement may be
absent in the case of intangibles.









Sale of Goods Act,1930 – [section 2(7)]
“Goods” means every kind of movable property other
than actionable claims and money……
Both corporal and incorporeal
Both tangible and intangible

Central Sales Tax Act ,1956 - [section 2 (d)]
“Goods” includes all materials, articles, commodities and all
other kinds of movable property, but does not include
newspapers, actionable claims, stocks, shares and securities.
The Supreme Court
held that intangibles
are Goods for the
Purpose of “Sales tax”.
TEST TO DETERMINE “GOODS”
 In

India the test to determine whether a
property is ‘goods’ for the purpose of sales
tax, is not whether the property is tangible or
intangible or incorporeal. The test is whether
the item concerned is capable of abstraction,
consumption and use and whether it can be
transmitted, transferred, delivered, stored,
possessed, etc.
 This necessarily implies that states have the
right to tax transfer of IP.
INTER- STATE TRANSFER IN CASE OF
TANGIBLE GOODS






As per sec 3&4 of the CST Act if goods moving in
pursuance of contract:
Taxable in the state where the movement commences
In case of goods not moving pursuance of the contract,
then taxable in the state where the appropiation is made.
Intangibles like patents, copyrights, trademarks since
there is no movement of goods as such, transfer thereof
is taxable in the State where agreement is made.
Conclusions
 A comprehensive IP tax regime should be
developed.
 Uniform IP tax policy should be adopted.
 Provisions of IP need to be codified for
better assessment and administration.
 No mechanism in India to monitor the
movement of IPR’s inter – state for the
purpose of taxing.
Wealth Tax is a tax on the value of wealth
owned by a person, levied under the Wealth
Tax Act, 1957.
It is one of the direct taxes.
It is an annual tax.
Wealth is a tax on “Assets”.
Wealth Tax is charged on “Net Wealth”
Net Wealth = Total Assets - Total Debts
CONT….
Wealth Tax is paid by
“Individuals/HUF/Companies”
The tax is levied @ 1 per cent on the amount of
wealth as on 31st March of every year, where
such amount exceeds Rs.30,00,000.
Building and Land Appurtenant
to the Building
Commercial building
Residential building
Guest house
Farm house

Motor Car
Jewellery
Precious stones
Articles made up of gold,
silver or any other precious metal
CONT…
Urban Land
Cash in Hand
Individual/HUF
up to 50,000: exempt
Balance: taxable
Companies
Recorded amount: exempt
Unrecorded amount: taxable

Yachts, Boats & Aircrafts
ASSETS EXEMPTED FROM
WEALTH TAX
Property held under a trust.
Interest in the property of HUF for a family
member.
Residential building of an ex-ruler.
Jewellery of an ex-ruler.
Any house or plot of an individual.
or HUF up to 500 sq meters.
The revenue from wealth tax is negligible
as compared to the revenue from income
tax.
The expenses incurred in collection of the
wealth tax is very high compared to the
revenue earned.
It fails to bridge the gap between the rich
and the poor, as the tax rate is extremely
low.
It is a tax which is payable on
services provided by the service
provider.
 The tax came into effect in 1994
and was introduced by the then
Finance Minister Dr. Manmohan
Singh.
 119 services are taxable services in
India. These taxable services are
specified in Section 65(105) of the
Finance Act,1994. Section 64 of the
Finance Act, 1994.



The current service tax rate is 12%



(+) Education Cess@ 2% = 0.2%



Senior & Higher Education Cess @ 1% =
0.1%



Effective Service Tax Rate = 12.36%
 In

relation to telecommunication service.
 In relation to general insurance business.
 In relation to insurance auxiliary service by an
insurance agent .
 In relation to transport of goods by road in a goods
carriage, where the consignor or consignee of
goods.
 In relation to Business Auxiliary Service of
distribution of mutual fund by a mutual fund
distributer or an agent.
 In relation to sponsorship service provided to any
body corporate or firm located in India;


WHO SHOULD PAY



WHEN TO PAY



HOW TO PAY
Types of Taxes
Types of Taxes
Types of Taxes

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Types of Taxes

  • 2.
  • 3. 1. 2. 3. 4. 5. 6. 7. Individuals Hindu Undivided families Companies Firms (partnerships) Association of persons or bodies of individuals Local authority (municipal bodies) Artificial juridical person
  • 4.
  • 5. 1. 2. 3. 4. Economic growth Government revenue Private savings Restraining the consumer demand
  • 6. • • Annual charge levied on both earned income(wages, salaries,comission)andunearned income (dividends,interest,rents). The Income Tax Law comprises The Income Tax Act 1961, Income Tax Rules 1962, issued by central board of direct taxes(cbdt)
  • 7. BASIC TYPES OF INCOME TAXES  Personal income tax, levied on income of individuals,households,partnership and sole-proprietorships.  Income tax is a tax payable, at the rate enacted by the Union Budget (Finance Act) for every Assessment Year, on the Total Income earned in the Previous Year by every Person
  • 8.
  • 9. Corporation income tax • Corporation income tax, levied on profits of incorporated firms. However, presence of tax loopholes (whose number increases in direct proportion to the complexity of tax code) may allow some wealthy persons to escape higher taxes without violating the letter of the tax laws.
  • 10. Heads of income The total income of a person is segregated into five heads:1. Income from salaries 2. Income from house property 3. Profits and gains of business or profession 4. Capital gains and 5. Income from other sources
  • 11. Sales Tax was charged on sale of Goods under the Sale Of Goods Act,1930. Central Sales Tax is payable on the sale of all goods by a dealer in the course of inter- state trade or commerce;  Outside a state or ;  In the course of import into or export from India.  Sales tax is levied on the sale of movable goods. The levy of sales tax on intangibles has been marred by controversy.
  • 12. TAXATION – SALES TAX  Controversies in taxing intangible assets In case of interstate transaction, Sec 3, 4 and 5 makes taxing of intangibles difficult.  Section 4 Physical location of asset is basic criteria for imposing sales tax by a state government. Controversy of location determination arises in case of assignment of patent, trade mark or copy right.  Section 3 and Section 5 Actual physical movement of goods is necessary from one state to another or from outside India to inside or from inside India to outside in order to be charged under CST. Such physical movement may be absent in the case of intangibles.
  • 13.       Sale of Goods Act,1930 – [section 2(7)] “Goods” means every kind of movable property other than actionable claims and money…… Both corporal and incorporeal Both tangible and intangible Central Sales Tax Act ,1956 - [section 2 (d)] “Goods” includes all materials, articles, commodities and all other kinds of movable property, but does not include newspapers, actionable claims, stocks, shares and securities.
  • 14. The Supreme Court held that intangibles are Goods for the Purpose of “Sales tax”.
  • 15. TEST TO DETERMINE “GOODS”  In India the test to determine whether a property is ‘goods’ for the purpose of sales tax, is not whether the property is tangible or intangible or incorporeal. The test is whether the item concerned is capable of abstraction, consumption and use and whether it can be transmitted, transferred, delivered, stored, possessed, etc.  This necessarily implies that states have the right to tax transfer of IP.
  • 16. INTER- STATE TRANSFER IN CASE OF TANGIBLE GOODS    As per sec 3&4 of the CST Act if goods moving in pursuance of contract: Taxable in the state where the movement commences In case of goods not moving pursuance of the contract, then taxable in the state where the appropiation is made. Intangibles like patents, copyrights, trademarks since there is no movement of goods as such, transfer thereof is taxable in the State where agreement is made.
  • 17. Conclusions  A comprehensive IP tax regime should be developed.  Uniform IP tax policy should be adopted.  Provisions of IP need to be codified for better assessment and administration.  No mechanism in India to monitor the movement of IPR’s inter – state for the purpose of taxing.
  • 18. Wealth Tax is a tax on the value of wealth owned by a person, levied under the Wealth Tax Act, 1957. It is one of the direct taxes. It is an annual tax. Wealth is a tax on “Assets”. Wealth Tax is charged on “Net Wealth” Net Wealth = Total Assets - Total Debts
  • 19. CONT…. Wealth Tax is paid by “Individuals/HUF/Companies” The tax is levied @ 1 per cent on the amount of wealth as on 31st March of every year, where such amount exceeds Rs.30,00,000.
  • 20. Building and Land Appurtenant to the Building Commercial building Residential building Guest house Farm house Motor Car Jewellery Precious stones Articles made up of gold, silver or any other precious metal
  • 21. CONT… Urban Land Cash in Hand Individual/HUF up to 50,000: exempt Balance: taxable Companies Recorded amount: exempt Unrecorded amount: taxable Yachts, Boats & Aircrafts
  • 22. ASSETS EXEMPTED FROM WEALTH TAX Property held under a trust. Interest in the property of HUF for a family member. Residential building of an ex-ruler. Jewellery of an ex-ruler. Any house or plot of an individual. or HUF up to 500 sq meters.
  • 23. The revenue from wealth tax is negligible as compared to the revenue from income tax. The expenses incurred in collection of the wealth tax is very high compared to the revenue earned. It fails to bridge the gap between the rich and the poor, as the tax rate is extremely low.
  • 24. It is a tax which is payable on services provided by the service provider.  The tax came into effect in 1994 and was introduced by the then Finance Minister Dr. Manmohan Singh.  119 services are taxable services in India. These taxable services are specified in Section 65(105) of the Finance Act,1994. Section 64 of the Finance Act, 1994. 
  • 25.  The current service tax rate is 12%  (+) Education Cess@ 2% = 0.2%  Senior & Higher Education Cess @ 1% = 0.1%  Effective Service Tax Rate = 12.36%
  • 26.  In relation to telecommunication service.  In relation to general insurance business.  In relation to insurance auxiliary service by an insurance agent .  In relation to transport of goods by road in a goods carriage, where the consignor or consignee of goods.  In relation to Business Auxiliary Service of distribution of mutual fund by a mutual fund distributer or an agent.  In relation to sponsorship service provided to any body corporate or firm located in India;
  • 27.  WHO SHOULD PAY  WHEN TO PAY  HOW TO PAY