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Paresh ]a!n
97269 24365
pareshjain1991@gmail.com
CONSTITUTION
Constitution of India is the supreme law i.e. all other law in India has
to be consistent with the constitution and if it is not constitutionally
valid, it cant be said a legal law.
Article 246 and 248 and schedule vii of the constitution distributes the
power to impose and collect taxes between the central govt. and state
govt.
15th August 1948 Independence Day on day India Achive Independence.
26th January 1950 Republic Day on day Constitution of india comes
into force as governing document india.
Slab
(Individual/HUF/AOP/B
OI/AJP)
(Below 60 Year)
Tax
rate+
3%Educ
ation
Cess
Up to 2.5 Lakhs
0%
2,50,001 to 5 Lakhs
10%
5,00,000 to 10 Lakhs
Above 10 Lakhs
(A) Tax
(B) Tax
Slab
(Individual/HUF/AOP/B
OI/AJP)
(60 year and above
i.e. Senior Citizens)
Tax
rate+
3%Educ
ation
Cess
Up to 3.0 Lakhs
0%
3,00,001 to 5 Lakhs
10%
20%
5,00,001 to 10 Lakhs
20%
30%
Above 10 Lakhs
30%
Tax
rate+
3%Educ
ation
Cess
Partnership/Local
Authority)
Tax
rate+
3%Educ
ation
Cess
30%
(Firm/Limited Liability
Tax
rate+
3%Educ
ation
Cess
Up to 5 Lakhs
0%
Co-operative Society
5,00,001 to 10 Lakhs
20%
Up to 10000
10%
10,001 to 20,000
20%
Above 20,000
30%
Above 10 Lakhs
30%
(Company)
Domestic Company
30%
5 % if total income
exceeds to Rs. 1 crore
40%
2 % if total income
exceeds to Rs. 1 crore
All revenue receipts are taxable unless specifically exempted and All capital
receipts are exempt unless specifically taxable.
Income tax act gives inclusive definition of Income and includes
(i) Profits and gains
(ii) Capital gains
(iii) Dividend income
(iv) Capital gains
(v) Winning from lotteries etc.
(vi) Allowances and perquisites etc.
Generally, Income from transfer of the revenue generating asset (i.e. the
right which generates income) will be capital receipt and income from the
product arises out of that asset will be revenue receipt.
for Eg.
1. Income from sale of shares will be capital income and
dividend income arises out of it will be revenue income.
2. Income from transfer of house property will be capital income and rental
income arises out of it will be revenue income.
3. Income from transfer of machine will be capital income and sale of
product arises out of machine will be revenue income.
4. Compensation on voluntary retirement compensation is capital income
and salary income is revenue income.
As per golden rule of income tax we can conclude that all receipts are not assessable to
tax. All receipts by an assessee can not necessarily be deemed to be the income of the
assessee for the purpose of the income tax and the question whether any particular
receipt is income or not depends on the nature of the receipt and scope read with
residential status of person.
1. Income may be in cash or in kind.
2. Illegal incomes are also subject to tax.
3. Income must come from outside
4. Contingent income will not form part of income.
5. Method of accounting is only applicable for PGBP and IOS income. For other
heads of income act provides specific charging section.
XXX
XXX
(XXX)
XXX
India : includes(i) The territory of India (it means the land mass of India and
Territorial waters/EEZ means the sea area.)
(ii) Its territorial waters and an area of exclusive economic zone.
Income tax : The direct tax paid by the person whose income is
more than maximum exemption limit prescribed
Income Tax Return : Annual statement of income received and
taxes paid in Previous F.Y.
Assessee : person by whom tax, penalty, interest etc. payable
under Income Tax Act 1961.
Financial Year : 1st April to 31st March
PAN CARD : it is issued by the Indian Income Tax department for the purpose of
financial identification and Permanent Account Number (PAN), as the name suggests,
is a permanent number and does not change during lifetime of PAN holder.
Form 16 : This form carries details of Salary Income and Income tax deducted by
employer.
Form 16A : The certificate that mentions TDS on income from sources other than
salary.
Form 26AS : Annual Tax statement on Tax information network of Income tax
department.
Form 15G : Declaration under section 197A(1) and section 197A (1A) of the
Incometax Act, 1961 to be made by an individual or Person (not being a company or
firm) claiming certain receipts without deduction of tax.
Form 15H : Declaration under section 197A(1C) of the Income tax Act, 1961 to
be made by an individual who is of the age of sixty years or more claiming certain
receipts without deduction of tax.
FORM- 1,2A,2,3,4,4S
For Individuals, HUF
Select appropriate
Income Tax Return
(ITR) Preparation
Software
ITR-1
ITR-2A
ITR-2
ITR-3
ITR-4
ITR-4S
Individ
ual
Individual
& HUF
Individual
& HUF
Individual
& HUF
Individual
& HUF
Individual
& HUF
(Who is a
partner in
firm)
1 Income from
Salary/Pension
Sources (only
Interest income or
Family Pension)
3 Income/Loss from
Other Sources
4 Income/Loss from
House Property
5 Capital Gains/Loss
on sale of
FORM- 5,6,7
For Association of Persons (AoP), Body of Individuals (BoI), Local Authority, Companies, Trusts,
Fringe Benefit Tax (FBT) Return
Select appropriate Income Tax Return
(ITR) Preparation Software
1.
Any Income
ITR-5
ITR-6
ITR-7
Firms, AoP,
BoI, LA,AJP,
Co operative
Bank & society.
Trusts
E-ffilling process
Advance tax
Tax is Paid in Advance when Tax Liability is More than 10,000.
Advance Tax is Paid in the Previous Year Itself, Thus the Tax is Paid in the year
of Earning Income Itself
The Tax is Paid as income is earned
This Scheme of Advance Payment of Tax is also Called as Pay as you earn
income
PAYMENT OF ADVANCE TAX
Due Date for Payment
(Company)
15/06/2015.
NIL
15/09/2015.
15/12/2015.
15/03/2016.
Interest Rate
15/07/2015.
15/10/2015.
1.5% p.m.
15/01/2016.
15/05/2016.
Date of Deduction
OR
Date of Payment
Whichever is earlier.
service tax
Service Tax is a tax imposed by Government of India on services provided in India.
The service provider collects the tax and pays the same to the government.
It is charged on all services except the services in the negative list of services.
The current rate is 14.36% on gross value of the service.
SERVICE TAX (ST)
Period
Apr-14
May-14
Jun-14
Jul-14
Aug-14
Sep-14
Oct-14
Nov-14
Dec-14
Jan-15
Feb-15
Mar-15
Due Date for Payment Due Date for Payment Due Date for Interest Rate
(Other than Company)
(Company)
Return
05/07/2015.
05/10/2015.
05/01/2016.
31/03/2016.
05/05/2015.
05/06/2015.
05/07/2015.
05/08/2015.
05/09/2015.
05/10/2015.
05/11/2015.
05/12/2015.
05/01/2016.
05/02/2016.
05/03/2016.
31/03/2016.
Interest
calculated
from
18%p.a. who
is liable for
25/10/2015. Audit
&
15%p.a. who
is not liable for
25/04/2016. Audit
(Daywise
Interest)
Penalty for
Late Filing
Upto 15 days
Rs..500/-Upto
30 days
Rs.1000/&
thereafter
Rs..100/- per
day,
Maximum of
Rs..20,000/-
Apr-13
May-13
Jun-13
Jul-13
Aug-13
Sep-13
Oct-13
Nov-13
Dec-13
Jan-14
Feb-14
Mar-14
21/05/2013.
21/06/2013.
21/07/2013.
21/08/2013.
21/09/2013.
21/10/2013.
21/11/2013.
21/12/2013.
21/01/2015.
21/02/2015.
21/03/2015.
21/04/2015.
Due Date
(Quarterly)
Due Date
(Half-Yearly)
Interest Rate
Interest
calculated
from
Penalty for
Late Filing
15% p.a.
(Day-wise
Interest)
Rs..5000/- Per
Return (i.e.
Vat & CST
Separately)
21/07/2013.
30/10/2013.
21/10/2013.
21/01/2015.
30/04/2015.
21/04/2015.
Thank
YoU
Paresh ]a!n
97269 24365
pareshjain1991@gmail.com