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Income Tax (A.Y. 2011-12 & 2011-12)
INDEX ,[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],01/14/12
Contd… ,[object Object],[object Object],[object Object],01/14/12
01/14/12
Charge of Income Tax ,[object Object],[object Object],[object Object],[object Object],01/14/12
Important Definitions ,[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],01/14/12
Contd… ,[object Object],[object Object],01/14/12
Contd… ,[object Object],[object Object],Index 01/14/12
01/14/12
Types of Residential Status ,[object Object],01/14/12 ,[object Object],[object Object],[object Object]
Residential Status of Individual ,[object Object],01/14/12 Assessee Basic Condition Additional Condition Resident He must satisfy at one of the basic conditions. Not required. Not Ordinarily Resident He must satisfy at least one of the basic conditions. He must satisfy either one or both the additional conditions given u/s 6(6). Non-Resident Should not satisfy any of the basic conditions. Not required.
Contd… ,[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],01/14/12
Residential Status of HUF ,[object Object],[object Object],[object Object],[object Object],01/14/12
Residential Status ,[object Object],[object Object],[object Object],[object Object],01/14/12
Incidence of Tax Particulars Tax Incidence R NOR NR Income received in India by or on behalf of assessee Yes Yes Yes Income deemed to received in India by or on behalf of assessee Yes Yes Yes Income accruing or arising in India Yes Yes Yes Income deemed to accrue or arise in India Yes Yes Yes Income which accrues or arise outside India Yes No No
01/14/12
RATES OF INCOME TAX  (Assessment Year 2009-10 ) ,[object Object],01/14/12 S.No INCOME TAX RATE 1 Up to 180000 NIL 2 180010-500000 10% 3 500010-800000 20% 4 Above 800000 30%
Contd… ,[object Object],01/14/12 S.No INCOME  TAX RATE 1 Up to 190000 NIL 2 190010-500000 10% 3 500010-800000 20% 4 Above 800000 30%
Contd… ,[object Object],01/14/12 S.No INCOME  (A.Y. 2010-11) TAX RATE 1 Up to 250000 NIL 2 250010-500000 10% 3 500010-800000 20% 4 Above 800000 30%
Contd… 01/14/12 PERSONS TAX RATE FIRMS 30% DOMESTIC COMPANY 30% FOREIGN COMPANY 40% LOCAL AUTHORITIES 30% CO-OPERATIVE SOCIETIES Up to 10000 10000-20000 Above 20000 10% 20% 30%
Surcharge & Cess Index 01/14/12 PERSON RATE OF SURCHARGE Individual / AOP / BOI / HUF / Artificial Juridical Person 10% of tax liability if Income Exceeds Rs 10 Lacs Firm 10% of tax liability, if Income exceeds Rs. 1 Crore Domestic Company 10% of tax liability, if Income exceeds Rs. 1 Crore Foreign company 2.5% of tax liability, if Income exceeds Rs. 1 Crore Co-operative Society N.A. Local Authority N.A. Education Cess and Secondary & Higher Education Cess is applicable on every person @ 2% & 1% respectively on tax liability and surcharge applicable, if any.
01/14/12
Meaning ,[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],01/14/12
BASIS OF CHARGE ,[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],01/14/12
Allowances ,[object Object],[object Object],[object Object],01/14/12
Contd… ,[object Object],[object Object],01/14/12 1 An Amount Equal to 50 % of Salary. Where Residential House in situated at Bombay, Calcutta, Delhi or Madras and An Amount Equal to 40 % of Salary where Residential House is situated at any Other Place. 2 House Rent Allowance Received by The Employee in Respect of The Period during which Rental Accommodation is Occupied by the Employee during the Previous Year. 3 The Excess of Rent Paid over 10 % of Salary.
Contd… ,[object Object],[object Object],Government Non- Government Least of the Following is deductible : 1.  Rs. 5000 2.  20 % of basic salary  3.  Amount of entertainment  allowance grated during the previous year Nothing is deductible Status of Employee 01/14/12
Contd… ,[object Object],[object Object],[object Object],[object Object],01/14/12
Contd… ,[object Object],01/14/12 NAME OF ALLOWANCE  NATURE OF ALLOWANCE Travelling Allowance/ Transfer Allowance Any allowance granted to meet the cost of travel on tour or on transfer (including sum paid in connection with transfer, packing and transportation of personal effects on such transfer). Conveyance Allowance Conveyance allowance granted to meet the expenditure on conveyance in performance of duties of an office (expenditure for covering the journey between office and residence is not to be included). Daily Allowance  Any allowance whether granted on tour or for the period of journey in connection with transfer, to meet the ordinary daily charges incurred by an employee on account of absence from this normal place of duty.
Contd… ,[object Object],[object Object],[object Object],[object Object],01/14/12
Contd… 01/14/12 Name of allowance Exemption as specifiedin rule 2BB Special Compensatory (Hill Areas) Allowance Amount exempt from tax varies from Rs. 300 per mount to Rs. 7,000 per month Border area allowance The amount of exemption varies from Rs. 200 Per month to Rs. 1,300 per month Tribal areas/ scheduled areas allowance Rs. 200 Per Month Allowance for transport employees ,[object Object],[object Object],[object Object],Children education allowance  The amount exempt is limited to Rs. 100 per month per child up to a maximum of two children. Hostel expenditure allowance It is exempt from tax to the extent of Rs. 300 per month per child up to a maximum of two children. Compensatory field area allowance Exemption is limited to Rs. 2,600 per month in some cases.
Contd… 01/14/12 Name of Allowance Exemption as Specified in Rule 2BB Compensatory modified area allowance  Exemption is limited to Rs.1,000 per month in some cases. Counter insurgency allowance  Exemption is limited to Rs.3,900 per month in some cases. Transport allowance  It is exempt up to Rs. 800 per month (Rs. 1,600 per month in the case of an employee who is blind or orthopedically handicapped) Underground allowance  Exemption is limited to Rs. 800 per month. High altitude allowance  It is exempt from tax up to Rs. 1,060 per month (for altitude of 9,000 to 15,000 feet) or Rs. 1,600 per month (for altitude above 15,000 feet). Highly active field area allowance It is exempt from tax up to Rs. 4,200 per month. Island duty allowance It is exempt up to Rs. 3,250 per month.
Contd… ,[object Object],[object Object],[object Object],[object Object],01/14/12
Contd… ,[object Object],[object Object],01/14/12
PERQUISITES ,[object Object],01/14/12
“ Perquisites” as defined u/s 17 (2)  ,[object Object],[object Object],[object Object],01/14/12
Contd… ,[object Object],[object Object],[object Object],[object Object],01/14/12
Contd… ,[object Object],[object Object],[object Object],01/14/12
TERMINAL BENEFITS ,[object Object],Status of Employee Government Employee Non-government employee covered by the payment of Gratuity Act, 1972 Non-government employee not covered by the payment of Gratuity Act, 1972 01/14/12 It is fully exempt from tax under section 10(10)(i ) ,[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object]
Contd… ,[object Object],Government Employee Non-Government Employee If Gratuity  Received If Gratuity not Received 01/14/12 PENSION Taxable for Government as well as Non-Government employees Entire Commuted Pension is exempt whether or not Gratuity received . UNCOMMUTED COMMUTED 1/3 of commuted pension is exempt 1/2 of commuted pension is exempt
Contd… ,[object Object],[object Object],[object Object],[object Object],[object Object],01/14/12
Contd… ,[object Object],01/14/12
Provident Fund ,[object Object],01/14/12
LEAVE SALARY  ,[object Object],LEAVE ENCASHMENT During Employment Retirement / Leaving the Job Chargeable to Tax Non-Government Employee Government Employee Fully Exempt ,[object Object],[object Object],[object Object],[object Object],[object Object],01/14/12
Deductions Admissible in Computing Income under head ‘SALARIES’ ,[object Object],[object Object],01/14/12
Relief in respect of Advance or Arrears of Salary u/s 89 ,[object Object],Index 01/14/12
01/14/12
Basis of Charge ,[object Object],[object Object],01/14/12
Conditions to be Satisfied  ,[object Object],[object Object],[object Object],01/14/12
Computation of Gross Annual Value (GAV) Step 1 :  Calculate Expected Rent as follows:- 01/14/12 Particulars Amount Amount (a) Fair Rent of the House xxx (b) Municipal Value of House xxx (c) Whichever is more of (a) and (b) XXX (d) Standard Rent xxx Expected Rent  [whichever is less of (c) and (d)] XXX
Contd… ,[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],01/14/12
Net Annual Value (NAV) ,[object Object],[object Object],01/14/12
Meaning ,[object Object],[object Object],[object Object],01/14/12
Self-occupied Property [Sec. 23(2)] ,[object Object],[object Object],[object Object],01/14/12
Contd… ,[object Object],[object Object],01/14/12
Deduction Admissible u/s 24 ,[object Object],[object Object],01/14/12
Deduction for Interest on  Capital Borrowed in case of SOP ,[object Object],01/14/12 CASE MAXIMUM DEDUCTION Interest on capital borrowed on or after 1-4-1999 for acquisition or construction of house 1,50,000 In any other case 30,000
Recovery of Unrealized Rent [Section 25AA] ,[object Object],[object Object],01/14/12
Arrears of Rent [Section 25B] ,[object Object],[object Object],Index 01/14/12 PARTICULARS AMOUNT The amount received as arrears of rent XXX Less:   30% of such amount xxx Amount taxable as arrears of rent XXX
01/14/12
Basis of Charge [sec. 28] ,[object Object],[object Object],[object Object],[object Object],[object Object],01/14/12
Contd… ,[object Object],[object Object],[object Object],[object Object],01/14/12
Contd… ,[object Object],[object Object],[object Object],[object Object],[object Object],01/14/12
Expenses Expressly Allowed  ,[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],01/14/12
Contd… ,[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],01/14/12
Contd… ,[object Object],[object Object],[object Object],01/14/12
EXPENSES NOT DEDUCTIBLE  [Section 37(1)] ,[object Object],[object Object],[object Object],[object Object],[object Object],01/14/12
Contd… ,[object Object],[object Object],[object Object],01/14/12
Contd… ,[object Object],[object Object],[object Object],[object Object],01/14/12
Contd… ,[object Object],[object Object],[object Object],[object Object],[object Object],01/14/12
Contd… ,[object Object],[object Object],01/14/12
Specific Disallowances ,[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],01/14/12
Contd… ,[object Object],[object Object],[object Object],[object Object],01/14/12
Books of Accounts to be maintained [Section 44AA] ,[object Object],[object Object],[object Object],[object Object],[object Object],01/14/12
Tax Audit u/s 44AB ,[object Object],[object Object],01/14/12 Person carrying on - Accounts are to be audited for previous year in which - Business Total sales, turnover or gross receipts exceed Rs. 40,00,000 Profession Gross receipts exceed Rs. 10,00,000 Business covered u/s 44AB, 44AE, 44AF, 4BB and 44BBB He has claimed his income to be lower than the profits or gains so deemed under the respective section.
Special Provisions for Computing Income on Estimated Basis 44AD, 44AE & 44AF ,[object Object],Sec. 44 AD Sec. 44 AE Sec. 44AF Business of Assessee Civil construction or supply of labour for it. Plying, hiring or leasing goods carriages owned by him.  Retail trade in any goods or merchandise. This Section applies if Gross receipts of such business during the previous year do not exceed Rs. 40 lacs. Goods carriages owned by assessee at any time during previous year doesn’t exceed 10 lacs Total business turnover in that previous year doesn’t exceed Rs. 40 lacs. Deemed Profits 8% of Gross receipts  (No. of heavy goods vehicle x Rs. 3500 x  NM) + (No. of other vehicles x Rs. 3150 x NM) NM = No. of months 5% of Gross receipts or such higher sum as declared by him in his Return of Income.
DEPRICIATION [Sec. 32] ,[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],01/14/12
Contd… ,[object Object],[object Object],[object Object],[object Object],01/14/12
Contd… ,[object Object],01/14/12 Step 1 Find out the depreciated value of the block on the April 1, 2008. Step 2 To this value, add “actual cost” of the asset (falling in the block) acquired during the previous year 2008-09. Step 3 From the resultant figure, deduct money received/receivable (together with scrap value) in respect of that asset (falling within the block of assets) which is sold, discarded demolished or destroyed during the previous year 2008-09.
Contd… ,[object Object],[object Object],[object Object],01/14/12
Contd… ,[object Object],[object Object],[object Object],01/14/12
Partnership ,[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],01/14/12
Contd… ,[object Object],In case of a firm carrying of a profession referred to in section 44AA On the first Rs. 1,00,000 of the book profit or in case of a loss Rs. 50,000 or at the rate of 90 percent of the book profit, whichever is more On the next Rs. 1,00,000 of the book profit  At the rate of 60 percent On the balance of the book profit At the rate of 40 percent In the case of any other firm On the first Rs. 75,000 of the book profit or in case of a loss Rs. 50,000 or at the rate of 90 percent of the book profit, whichever is more On the next Rs. 75,000 of the book profit  At the rate of 60 percent On the balance of the book profit At the rate of 40 percent
Minimum Alternate Tax (MAT) ,[object Object],[object Object],[object Object],[object Object],[object Object],01/14/12
Contd… ,[object Object],[object Object],Index 01/14/12
01/14/12
Basis of Charge ,[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],01/14/12
Capital Assets ,[object Object],[object Object],[object Object],01/14/12
Contd… ,[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],01/14/12
Short-term / Long-term  Capital Assets ,[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],01/14/12
Important Terms ,[object Object],[object Object],[object Object],01/14/12
Contd… ,[object Object],[object Object],01/14/12
Contd… ,[object Object],[object Object],01/14/12
Capital Gain Exemption ,[object Object],[object Object],01/14/12
Contd… ,[object Object],[object Object],[object Object],01/14/12
Contd… ,[object Object],01/14/12
Contd… ,[object Object],01/14/12
Contd… ,[object Object],01/14/12
Contd… ,[object Object],01/14/12
Computation of Short-term  Capital Gains 01/14/12 Particulars Amount Full Value of Consideration XXX Less: Expenses incurred wholly and exclusively for  such transfer xxx Net Consideration XXX Less: Cost of Acquisition  xxx Less: Cost of Improvement xxx Less: Exemption u/s 54B, 54D, 54G, 54GA xxx Taxable Short -term Capital gains XXX
Computation of Long-term  Capital Gains 01/14/12 Particulars Amount Full Value of Consideration XXX Less: Expenses incurred wholly and exclusively for  such transfer xxx Net Consideration XXX Less: Indexed Cost of Acquisition  xxx Less: Indexed Cost of Improvement xxx Less: Exemption u/s 54, 54B, 54D, 54EC, 54F, 54G, 54GA xxx Taxable Long- term Capital gains XXX
Indexed Cost Indexed Cost of Acquisition /  Improvement Cost of acquisition /  improvement  x Cost inflation Index of the year of transfer Cost Inflation Index (CII) for the first year in which the asset was held by the assessee or for the year beginning on 1.4.1981, whichever is later /  the year of improvement 01/14/12 Index
01/14/12
General [Section 56(1)] ,[object Object],01/14/12
Specific Income [Section 56(2)] ,[object Object],[object Object],[object Object],[object Object],01/14/12
Contd… ,[object Object],[object Object],[object Object],01/14/12
Contd… ,[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],Index 01/14/12
01/14/12
Cases where Clubbing Applies ,[object Object],[object Object],[object Object],01/14/12
Contd… ,[object Object],[object Object],01/14/12
Contd… ,[object Object],[object Object],01/14/12
Contd… ,[object Object],[object Object],01/14/12
Undisclosed Income / Investments  ,[object Object],01/14/12
Contd… ,[object Object],01/14/12
Contd… ,[object Object],01/14/12
Contd… ,[object Object],01/14/12
Contd… ,[object Object],[object Object],Index 01/14/12
01/14/12
Process of Set-off & Carry Forward ,[object Object],01/14/12 Step 1 Inter-source adjustment under the same head of income  Step 2 Inter-head adjustment in the same assessment year. Step 2 is applied only if a loss cannot be set off under Step 1. Step 3 Carry forward of loss. Step 3 is applied only if a loss cannot be set off under Steps 1 and 2.
Unabsorbed Depreciation ,[object Object],01/14/12 Step 1 Depreciation allowance of the previous year is first deductible from the income chargeable under the head “Profits and gains of business or profession”. Step 2 If depreciation allowance is not fully deductible under the head “Profits and gains of business or profession” because of absence or inadequacy of profits, it is deductible from income chargeable under other heads of income [except income under the head “Salaries”] for the same assessment year. Step 3 If depreciation allowance is still unabsorbed, it can be carried forward to the subsequent assessment year(s) by the same assessee.
Inter-Source Set Off [Section 70] ,[object Object],01/14/12 Loss Set-off allowed against Long-term capital Loss Long-term Capital Gain Speculation business loss  Speculation business gain Loss from business of owning and maintaining race horse  Income from business of owning and maintaining race horse  Loss from lottery, card games, gambling betting etc.  Income from lottery, card games, gambling betting etc.
Inter-Head Set-off [Section 71] ,[object Object],[object Object],[object Object],[object Object],01/14/12
Provisions relating to carry forward and setoff of losses Index 01/14/12 Sec. Loss to be carried forward Income against which the loss can be setoff No. of years for which it can be carried forward 71B Loss from house property Income from house property 8 years from the end of the relevant  A.Y. 72 Losses under ‘Profits & Gains of Business or Profession’, except speculation business loss. Profits of any Business/Profession (including speculation business profits also) 8 years from the end of the relevant  A.Y. 73 Losses in speculation business. Income from speculation business 4 years from the end of the relevant  A.Y. 74 Losses under the head Capital gains. Capital Gains 8 years from the end of the relevant  A.Y. 74A Loss incurred in activity of owning and maintaining race horses. Income from owning and maintaining race horses 4 years from the end of the relevant  A.Y.
01/14/12
Meaning ,[object Object],[object Object],[object Object],[object Object],[object Object],01/14/12
Partially Agricultural & Partially Business Income [Rules 7, 7a, 7b And 8] 01/14/12 INCOME BUSINESS INCOME AGRICULTURAL INCOME Growing and manufacturing tea in India 40% 60% Sale of centrifuged latex or cenex or latex based creps (such as pale latex crepe) or brown crepes (such as estate brown crepe, remilled crepe, smoked blanket crepe or flat bark crepe) or technically specified block rubbers manufactured or processed from field latex or coagulum obtained from rubber plants grown by the seller in India 35% 65% Sale of coffee grow and cured by seller  25% 75% Sale of coffee grown, cured, roasted and grounded by seller in India with or without mixing chicory or other flavoring ingredients  40% 60%
The Scheme of Partial Integration of  Non-Agricultural Income with Agricultural Income  ,[object Object],01/14/12 Condition 1 The taxpayer is an individual, a Hindu undivided family, a body of individual, an association of persons or an artificial juridical person. Condition 2 The taxpayer has non-agricultural income exceeding the amount of exemption limit [i.e., Rs. 1,80,000(in case a resident woman below 65 years), Rs. 2,25,000 (in case of a resident senior citizen 65 years or more) and Rs. 1,50,000 (in case of any other individual or every HUF for the assessment year 2009-10] Condition 3 The agricultural income of the taxpayer exceeds Rs. 5,000.
Contd… ,[object Object],Index 01/14/12 Step 1 Net agricultural income is to be computed as if it were income chargeable to income-tax. Step 2  Agricultural & non-agricultural income of the assessee will then be aggregated & income-tax is calculated on the aggregate income. Step 3 The net agricultural income will then be increased by the amount of exemption limit and income-tax is calculated on net agricultural income, so increased, as if such income was the total income of the assessee. Step 4 The amount of income-tax determined at Step two will be reduced by the amount of income-tax determined under Step three. Step 5  Find out the balance.  Add  surcharge; education cess & SHEC. Step 6  The amount so arrived will be the total income-tax payable by the assessee.
01/14/12
Introduction ,[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],01/14/12
Deduction for Payment of  Life Insurance Premia, etc., [Section 80C] ,[object Object],[object Object],[object Object],[object Object],01/14/12
Contribution To Certain Pension Funds [Section 80CCC] ,[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],01/14/12
Contribution to Pension Scheme of Central Government or any Other Employer [Sec. 80CCD] ,[object Object],[object Object],[object Object],[object Object],01/14/12 Sum paid/deposited by assessee to the credit of his a/c or 10% of salary, whichever is lower Sum contributed by the employer in assesse’s A/c or 10% of salary, whichever is lower
Aggregate Limit u/s 80C, 80CCC & 80CCD ,[object Object],01/14/12
Deduction In Respect Of  Health Insurance Premia [Sec. 80D] ,[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],01/14/12
Maintenance of A Dependant Being Person With Disability [Section 80DD] ,[object Object],[object Object],[object Object],[object Object],[object Object],01/14/12
Deduction in respect of  Medical Treatment, etc. [Sec. 80DDB] ,[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],01/14/12
Deduction in respect of Interest on Loan taken for Higher Education [Sec.80E] ,[object Object],[object Object],[object Object],[object Object],01/14/12
Deduction in respect of Donations [Section 80G] ,[object Object],[object Object],[object Object],[object Object],[object Object],01/14/12
Deductions in respect of Rents Paid [Sec.80GG] ,[object Object],[object Object],[object Object],[object Object],[object Object],01/14/12
Deduction in respect of person with Disability [Section 80U] ,[object Object],[object Object],01/14/12
Other Deductions ,[object Object],[object Object],[object Object],[object Object],[object Object],01/14/12
Contd… ,[object Object],[object Object],[object Object],[object Object],[object Object],01/14/12
Contd… ,[object Object],[object Object],[object Object],[object Object],Index 01/14/12
01/14/12
Liability to pay Advance Tax ,[object Object],[object Object],01/14/12
Due Dates 01/14/12 Due Date Amount payble by Corporate Assessee Amount payble by Non-Corporate Assessee On or before June 15 of the previous year Up to 15 percent of advance tax payable - On or before September 15 of the previous year Up to 45 percent of advance tax payable Up to 30 percent of advance tax payable On or before December 15 of the previous year Up to 75 percent of advance tax payable Up to 60 percent of advance tax payable On or before March 15 of the previous year Up to 100 percent of advance tax payable Up to 100 percent of advance tax payable
Default in payment of Advance Tax [Sec. 234B] ,[object Object],01/14/12 When interest is payable Interest is payable on Rate of interest Period for which interest is payable An assessee who is liable to pay advance tax, has failed to pay such tax Interest is payable on accessed tax Simple interest @ 1 percent for every month or part of month From April 1 of the assessment year to the date of determination of income under section 143(1) or where regular assessment is made to the date of regular assessment An assessee who has paid advance tax but the amount of advance tax paid by him is less than 90 percent of assessed tax. Assessed tax minus advance tax Simple interest @ 1 percent for every month or part of month From April 1 of the assessment year to the date of determination of income under section 143(1) or where regular assessment is made to the date of regular assessment
Deferment of Advance Tax [Sec. 234C] ,[object Object],Index 01/14/12
01/14/12
Time for filing Return of Income [Sec. 139(1)]  01/14/12 Different Situations Due Date for filing Return 1. Where the assessee is a company September 30 ,[object Object],[object Object],[object Object],[object Object],September 30 September 30 July 31
Filing of Return in Electronic Form [Sec. 139D]  ,[object Object],01/14/12
Filing of Return after Due Date  [Sec. 139(4)]  ,[object Object],01/14/12
Consequences of Late Submission  ,[object Object],[object Object],[object Object],[object Object],[object Object],01/14/12
Interest for defaults in furnishing Return of Income [Section 234A] ,[object Object],Index 01/14/12

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Income tax-ppt

  • 1. Income Tax (A.Y. 2011-12 & 2011-12)
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  • 15. Incidence of Tax Particulars Tax Incidence R NOR NR Income received in India by or on behalf of assessee Yes Yes Yes Income deemed to received in India by or on behalf of assessee Yes Yes Yes Income accruing or arising in India Yes Yes Yes Income deemed to accrue or arise in India Yes Yes Yes Income which accrues or arise outside India Yes No No
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  • 20. Contd… 01/14/12 PERSONS TAX RATE FIRMS 30% DOMESTIC COMPANY 30% FOREIGN COMPANY 40% LOCAL AUTHORITIES 30% CO-OPERATIVE SOCIETIES Up to 10000 10000-20000 Above 20000 10% 20% 30%
  • 21. Surcharge & Cess Index 01/14/12 PERSON RATE OF SURCHARGE Individual / AOP / BOI / HUF / Artificial Juridical Person 10% of tax liability if Income Exceeds Rs 10 Lacs Firm 10% of tax liability, if Income exceeds Rs. 1 Crore Domestic Company 10% of tax liability, if Income exceeds Rs. 1 Crore Foreign company 2.5% of tax liability, if Income exceeds Rs. 1 Crore Co-operative Society N.A. Local Authority N.A. Education Cess and Secondary & Higher Education Cess is applicable on every person @ 2% & 1% respectively on tax liability and surcharge applicable, if any.
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  • 32. Contd… 01/14/12 Name of Allowance Exemption as Specified in Rule 2BB Compensatory modified area allowance Exemption is limited to Rs.1,000 per month in some cases. Counter insurgency allowance Exemption is limited to Rs.3,900 per month in some cases. Transport allowance It is exempt up to Rs. 800 per month (Rs. 1,600 per month in the case of an employee who is blind or orthopedically handicapped) Underground allowance Exemption is limited to Rs. 800 per month. High altitude allowance It is exempt from tax up to Rs. 1,060 per month (for altitude of 9,000 to 15,000 feet) or Rs. 1,600 per month (for altitude above 15,000 feet). Highly active field area allowance It is exempt from tax up to Rs. 4,200 per month. Island duty allowance It is exempt up to Rs. 3,250 per month.
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  • 50. Computation of Gross Annual Value (GAV) Step 1 : Calculate Expected Rent as follows:- 01/14/12 Particulars Amount Amount (a) Fair Rent of the House xxx (b) Municipal Value of House xxx (c) Whichever is more of (a) and (b) XXX (d) Standard Rent xxx Expected Rent [whichever is less of (c) and (d)] XXX
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  • 100. Computation of Short-term Capital Gains 01/14/12 Particulars Amount Full Value of Consideration XXX Less: Expenses incurred wholly and exclusively for such transfer xxx Net Consideration XXX Less: Cost of Acquisition xxx Less: Cost of Improvement xxx Less: Exemption u/s 54B, 54D, 54G, 54GA xxx Taxable Short -term Capital gains XXX
  • 101. Computation of Long-term Capital Gains 01/14/12 Particulars Amount Full Value of Consideration XXX Less: Expenses incurred wholly and exclusively for such transfer xxx Net Consideration XXX Less: Indexed Cost of Acquisition xxx Less: Indexed Cost of Improvement xxx Less: Exemption u/s 54, 54B, 54D, 54EC, 54F, 54G, 54GA xxx Taxable Long- term Capital gains XXX
  • 102. Indexed Cost Indexed Cost of Acquisition / Improvement Cost of acquisition / improvement x Cost inflation Index of the year of transfer Cost Inflation Index (CII) for the first year in which the asset was held by the assessee or for the year beginning on 1.4.1981, whichever is later / the year of improvement 01/14/12 Index
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  • 123. Provisions relating to carry forward and setoff of losses Index 01/14/12 Sec. Loss to be carried forward Income against which the loss can be setoff No. of years for which it can be carried forward 71B Loss from house property Income from house property 8 years from the end of the relevant A.Y. 72 Losses under ‘Profits & Gains of Business or Profession’, except speculation business loss. Profits of any Business/Profession (including speculation business profits also) 8 years from the end of the relevant A.Y. 73 Losses in speculation business. Income from speculation business 4 years from the end of the relevant A.Y. 74 Losses under the head Capital gains. Capital Gains 8 years from the end of the relevant A.Y. 74A Loss incurred in activity of owning and maintaining race horses. Income from owning and maintaining race horses 4 years from the end of the relevant A.Y.
  • 125.
  • 126. Partially Agricultural & Partially Business Income [Rules 7, 7a, 7b And 8] 01/14/12 INCOME BUSINESS INCOME AGRICULTURAL INCOME Growing and manufacturing tea in India 40% 60% Sale of centrifuged latex or cenex or latex based creps (such as pale latex crepe) or brown crepes (such as estate brown crepe, remilled crepe, smoked blanket crepe or flat bark crepe) or technically specified block rubbers manufactured or processed from field latex or coagulum obtained from rubber plants grown by the seller in India 35% 65% Sale of coffee grow and cured by seller 25% 75% Sale of coffee grown, cured, roasted and grounded by seller in India with or without mixing chicory or other flavoring ingredients 40% 60%
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  • 147. Due Dates 01/14/12 Due Date Amount payble by Corporate Assessee Amount payble by Non-Corporate Assessee On or before June 15 of the previous year Up to 15 percent of advance tax payable - On or before September 15 of the previous year Up to 45 percent of advance tax payable Up to 30 percent of advance tax payable On or before December 15 of the previous year Up to 75 percent of advance tax payable Up to 60 percent of advance tax payable On or before March 15 of the previous year Up to 100 percent of advance tax payable Up to 100 percent of advance tax payable
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