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INCOME TAX
TAX
• A fee charged (“levied”) by a government on a product,
  income,or activity.
• The purpose of taxation is to finance government expenditure.
                  TYPES OF TAXES

              DIRECT TAX            INDIRECT TAX
              EXAMPLES:             EXAMPLES:
              1. INCOME TAX         1.EXCISE DUTY
              2.WEALTH TAX          2. CUSTOMS DUTY
              3.CORPORARE TAX       3.SALES TAX
              4.GIFT TAX
INCOME TAX
• Income tax is one of the direct tax and it is
  levied on the incomes of individuals, HUF,
  unregistered firms and other associations of
  peoples.
• Income tax act was passed in Sep 1961 and
  came into force in 1st April 1962.
INCOME TAX RELATED TERMS
•   ASSESSEE.
•   PREVIOUS YEAR.
•   ASSESSMENT YEAR.
•   PERSON.
•   GROSS TOTAL INCOME.
•   TOTAL INCOME.
INCOME TAX SLAB RATES (APPLICABLE
               FOR ASSESSMENT YEAR 2013 – 2014).
   The new and revised income tax slabs and rates applicable for the financial year (FY) 2012-13 and
   assessment year (AY) 2013-14 are mentioned below:

  FOR INDIVIDUAL MALE,AGE LESS THAN 60 YEARS
•   Up to 200000 : Nil
•   200001-500000 : 10%
•   500001-1000000 : 20%
•   1000001 & above : 30%

FOR INDIVIDUAL FEMALE,AGE LESS 60 YEARS
•  Up to 200000 : Nil
•  200001-500000 : 10%
•  500001-1000000 : 20%
•  1000001 & above : 30%

FOR INDIVIDUAL, AGE MORE THAN 60 YEARS ( SENIOR CITIZEN)
•  Up to 250000 : Nil
•  250001-500000 : 10%
•  500001-1000000 : 20%
•  1000001 & above : 30%
HEADS OF INCOME
1.   Income from Salary.
2.   Income from House property.
3.   Income from Business / Profession.
4.   Income from Capital Gains.
5.   Income from Other Sources.
COMPUTATION OF
   TOTAL INCOME OF M. NIRANJAN FOR A.Y. 2013-14

                PARTICULARS                            AMOUNT    AMOUNT
I. Income from Salary                                   (RS)       (RS)
            Basic Salary (Rs.7,500 x 12)                        90,000
II. Income from house property
          Gross Annual Value (GAV)                    27,000
    Less : Municipal taxes paid                        2,000
          Net Annual Value (NAV)                      25,000
    Less : Deduction under section 24 (@ 30% of Rs.     7500    17500
           25,000)
III. Income from profession
          Net profit                                            366950
IV. Income from other sources
         Interest on income-tax refund                  450
         Winnings from the game show on T.V.          50000     50450


         Gross Total Income                                     5,24,900
Gross Total Income                                     5,24,900

Less:
 Deductions under Chapter VI A
   (a) Deduction under section 80C
        Tuition fee paid to university for education              1,00,000
   (b) Deduction under section 80D
        Medical insurance premium
       (maximum allowable upto Rs.15,000)                          15,000
   (c) Deduction under section 80E
      Interest on loan taken for higher education is deductible     55,000   170000


                          Total income                                       3,54,900




So the total income of DR. NIRNJAN is
RS.3,54,900
COMPUTATION OF TAX LIABILITY OF DR.NIRANJAN

PARTICULARS                                     (%)   AMOUNT
                                                       (RS)

 Total income =RS. 3,54,900

 Upto RS.200000                                 NIL     NIL

 NEXT RS 200001-500000                          10     15,490
(200001-354900)=RS.154900

Add: Education cess @ 2%                                309.8
Add: Secondary and higher education cess @ 1%           154.9

TAX PAYABLE (17618.8)
ROUNDED OFF                                            17,620



Thus ,The Total TAX LIABILITY of M.NIRANJAN
for A.Y 2013-2014 is RS.17620

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income tax

  • 2. TAX • A fee charged (“levied”) by a government on a product, income,or activity. • The purpose of taxation is to finance government expenditure. TYPES OF TAXES DIRECT TAX INDIRECT TAX EXAMPLES: EXAMPLES: 1. INCOME TAX 1.EXCISE DUTY 2.WEALTH TAX 2. CUSTOMS DUTY 3.CORPORARE TAX 3.SALES TAX 4.GIFT TAX
  • 3. INCOME TAX • Income tax is one of the direct tax and it is levied on the incomes of individuals, HUF, unregistered firms and other associations of peoples. • Income tax act was passed in Sep 1961 and came into force in 1st April 1962.
  • 4. INCOME TAX RELATED TERMS • ASSESSEE. • PREVIOUS YEAR. • ASSESSMENT YEAR. • PERSON. • GROSS TOTAL INCOME. • TOTAL INCOME.
  • 5. INCOME TAX SLAB RATES (APPLICABLE FOR ASSESSMENT YEAR 2013 – 2014). The new and revised income tax slabs and rates applicable for the financial year (FY) 2012-13 and assessment year (AY) 2013-14 are mentioned below: FOR INDIVIDUAL MALE,AGE LESS THAN 60 YEARS • Up to 200000 : Nil • 200001-500000 : 10% • 500001-1000000 : 20% • 1000001 & above : 30% FOR INDIVIDUAL FEMALE,AGE LESS 60 YEARS • Up to 200000 : Nil • 200001-500000 : 10% • 500001-1000000 : 20% • 1000001 & above : 30% FOR INDIVIDUAL, AGE MORE THAN 60 YEARS ( SENIOR CITIZEN) • Up to 250000 : Nil • 250001-500000 : 10% • 500001-1000000 : 20% • 1000001 & above : 30%
  • 6. HEADS OF INCOME 1. Income from Salary. 2. Income from House property. 3. Income from Business / Profession. 4. Income from Capital Gains. 5. Income from Other Sources.
  • 7. COMPUTATION OF TOTAL INCOME OF M. NIRANJAN FOR A.Y. 2013-14 PARTICULARS AMOUNT AMOUNT I. Income from Salary (RS) (RS) Basic Salary (Rs.7,500 x 12) 90,000 II. Income from house property Gross Annual Value (GAV) 27,000 Less : Municipal taxes paid 2,000 Net Annual Value (NAV) 25,000 Less : Deduction under section 24 (@ 30% of Rs. 7500 17500 25,000) III. Income from profession Net profit 366950 IV. Income from other sources Interest on income-tax refund 450 Winnings from the game show on T.V. 50000 50450 Gross Total Income 5,24,900
  • 8. Gross Total Income 5,24,900 Less: Deductions under Chapter VI A (a) Deduction under section 80C Tuition fee paid to university for education 1,00,000 (b) Deduction under section 80D Medical insurance premium (maximum allowable upto Rs.15,000) 15,000 (c) Deduction under section 80E Interest on loan taken for higher education is deductible 55,000 170000 Total income 3,54,900 So the total income of DR. NIRNJAN is RS.3,54,900
  • 9. COMPUTATION OF TAX LIABILITY OF DR.NIRANJAN PARTICULARS (%) AMOUNT (RS) Total income =RS. 3,54,900 Upto RS.200000 NIL NIL NEXT RS 200001-500000 10 15,490 (200001-354900)=RS.154900 Add: Education cess @ 2% 309.8 Add: Secondary and higher education cess @ 1% 154.9 TAX PAYABLE (17618.8) ROUNDED OFF 17,620 Thus ,The Total TAX LIABILITY of M.NIRANJAN for A.Y 2013-2014 is RS.17620