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INCOME TAX

INCOME TAX

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cascgosmanabad
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11 views

INCOME TAX

INCOME TAX

Uploaded by

cascgosmanabad
Copyright
© © All Rights Reserved
We take content rights seriously. If you suspect this is your content, claim it here.
Available Formats
Download as PDF, TXT or read online on Scribd
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INCOME TAX

RETURN
what is tax ?
Growing need for personal audio
equipment Compulsory monetary
contribution to the states revenue,
assessed and imposed by a
Government on the activities, enjoyment,
expenditure, income, occupation,
privilege, property, etc of
individuals and organizations. Tax is
imposition of financial charge or other
levy upon a taxpayer by a
state or other the functional equivalent of
the state
Defination :
"Tax means a compulsory donation by public without any
direct benefit for such donation".
WHY GOVERNMENT
collect Tax

The taxes to government


collects provide it with
funds to run the country,
pay salaries & pensions to
government officials
maintain infrastructure
such as roads & health care
most importantly cover
defence expenses to guard
the country's borders.
There are two types of taxes
TAX

DIRECT TAX INDIRECT TAX

Pay to direct pay to Tax


Tax by through other
Government sources

GST, excise duty ,


Income tax,
customs duty ,
wealth tax, gift tax
sales tax, vat etc.
What is
Income Tax
Income tax is a tax charged on the annual
income of an individual or business earned
in a financial year.
Head of
income Income from salary
income from capital gain
income from house property
income from other source
income from profit from
professional or business
Who should
file an Income
Tax Returns
Individuals (resident of India
&NRI's) mandatory for prescribed
Income limit optional for others
Sole proprietors
Companies
LLP's partnership firm
7 Benefits of filing ITR
on Time
Proof of Income and a financial
record
Easy loan approval
Quick visa processing
Higher life Insurance cover
Claim tax refunds
Set off and carry forward losses
Avoid penalties.
Objectives To reduce inequalities in the distribution of income or wealth

of Income
To bring out equity between classes of tax payers

To accelerate the economic growth & development of country

tax return To encourage investment in new capital goods

To make available of funds for economic development .


Adhar card & Pan card
ALL bank statement ( saving a/c ,current a/c
Document Investments
statement of loan a/c

required If there is a life insurance policy


Documents of purchases and salevof property
Statement of investment in sahres if any
for ITR Information about any other income received
Agricultural Income (Sales Receipts ) 7/12 8a
ITR - 2FROM
ITR -1FORM
Individuals with >Rs 50 lakh
Resident Individuals with < Rs Income from :
50 lakh Income from: salary
Salary more than one house
One house property property
agricultural Income<Rs 5k Agricultural Income Rs 5k
Other source Other sources
Foreign assets/Income.

ITR -3FROM
ITR - 4 FROM
Individuals /HUF’s with Income
from : Resident Individuals / HUF with
Income from :
Business or profession
Business of profession <Rs
partnership firm
50 lakh
all sources of income
One House property
including speculative Other Sources
Income
ITR -4 FORM
Partnership firm : ITR - 5 FORM
Business of profession <Rs
Applicsble to : Firms LLPs
50 lakh One House property
limited partnership
Other Sources
AOPs- Association of persons
ITR - 4 FROM
BOIs - Body of individuals

ITR - 7 FORM
ITR - 6 FORM
Persons / Companies under :
Companies not claiming sec 139(4A) , sec 139 (4B)
exemption u/s 11 sec 139 ( 4C) , Sec 139 (4D)
Due Dates
business requirement
transaction report ( in
a case of internal
Business specified domestic
requiring audit transaction

30 30 31
31 July 31 October
September November December

Individual / HUF Foreign currency For all


/ AOP/BOI transaction
(books of a/c
not required to
be audited)
Interest
Late fees
1000 & 5000

and
penalties
234B
From appear of A.Y to the end
of A. Y. (1%)

234C
advance tax can not pay will
apply failure of payment of
advance tax (@1% per
month)
Advance Tax Q1 15 % Of total tax

Advance tax is the tax which is paid


Q2 45 % Of total tax
by the taxpayer in advance instead
of making a lump sum payment at
Q3 75 % Of total tax
the end of the financial year.

Q4 100 % Of total tax


Types of Return

01 02 03 04

139 (1 ) 139( 4 ) 139 ( 3 ) 139 ( 9 )


Within due date be lated return Loss return ITR(u) after end of
ie. After due date relevant A.Y.
before 31 Dec of A.Y.
DEDUCTIONS
Deductions under new regime

Available : Not Available :


80 CCD (2) all other deductions
80 CCH under chap . VIA are
80 JJAA not available including
80 QQB 80C , 80D , 80GGB , 80P
THANK YOU

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