Income tax.bose
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Transcript of Income tax.bose
INCOME TAXShankar Bose
Inspector of Income-taxMSTU, Puri
IMPORTANT DEFINITIONS:
1. ASSESSEE 2(7) Assessee means a person by whom any tax or any other sum of money is payable under this Act and includes,
a. every person in respect of whom any proceedings under this Act has been taken
b. Deemed assessee or representative assessee
c. Assessee –in- default
PERSON 2(31)Person includes:• an individual• a HUF• a Company• a Firm• an AOP/ BOI • a local authority•Every artificial juridical person
ASSESSMENT YEAR 2(9)
Assessment year means the period of 12 months commencing on the 1st day April every year and ending on 31st march in the following year.
PREVIOUS YEAR 3
It is the financial year immediately preceding the Assessment year.
EXCEPTIONS:
1. Shipping business of non resident co.
2. Persons leaving India.
3. Business for a limited period
4. In case of discontinued business
5. Transfer of assets
INCOME 2(24)It means something which comes in. It is a periodical return with regularity or expected regularity.
FEATURES• Definite source • Income must come from outside• Tainted income• Diversion of income Vs application of income• Temporary or permanent• Voluntary receipts • Disputes regarding title• Income is money or money’s worth• Gift to constitute income
TYPES OF INCOMES
A 1. Taxable income 2. Exempted incomes
3. Rebateable incomes u/s 86
B 1. Gross total income
2. Taxable/Total income
ROUNDING OFF: OF INCOME u/s288A
OF TAX u/s 288B
COMPUTATION OF TAX
1. INCOME FROM SALARIES XXXX
2. INCOME FROM HOUSE PROPERTY XXXX
3. INCOME FROM BUSINESS/PROFESSION XXXX
4. INCOME FROM CAPITAL GAINS XXXX
5. INCOME FROM OTHER SOURCES XXXX
GROSS TOTAL INCOME XXXXX
DEDUCTIONS U/S 80 XXX
TAXABLE INCOME XXXXX
COMPUTATION OF TAXTax on short term shares (STT) @ 10% XXXTax on L.T Capital assets @ 20% XXXTax on Casual Incomes @ 30% XXXTax on other incomes** XXX TOTAL TAX XXX LESS: Rebate u/s 88E XX TAX PAYABLE XXXADD: surcharge @ 10% XXXADD: Education cess @ 3% XXX TOTAL TAX XXXLESS: Tax Relief u/s 86-89 XXX Advance Tax /TDS paid if any XXX BALANCE OF TAX PAYABLE XXXX
TAX RATES for AY 08-09
MALEINCOME ( Rs. ) RATE O-1,10,000 nil 1,10,001-1,50,000 10% 1,50,001-2,50,000 20% exceeding 2,50,000 30%
FEMALE O-1,45,000 nil 1,45,001-1,50,000 10% 1,50,001-2,50,000 20% exceeding 2,50,000 30%
SENIOR CITIZEN O-1,95,000 nil 1,95,001--2,50,000 20% exceeding 2,50,000 30%
INCIDENCE OF TAX FOR DIFFERENT STATUS
INCOME ROR RNOR NR
Income earned in India taxed taxed taxed
Income received in India taxed taxed taxed
Income earned & recd outside India from a business (profess) set
up/controlled in India
taxed taxed Nottaxed
Income earned & recd outside India from business/any other source
taxed Nottaxed
Nottaxed
Income earned & recd outside India of earlier PYs but remitted to India
in RPY
Not taxed
Not taxed
Nottaxed