Taxation What is Tax Charge made by the Government to the public to meet its expenses for the nation It can be on an individual It can be on a corporation.

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Presentation transcript:

Taxation What is Tax Charge made by the Government to the public to meet its expenses for the nation It can be on an individual It can be on a corporation

Direct and Indirect Tax Direct Taxes Tax paid by persons individually and the liability is ascertained Example : Income Tax,Wealth Tax,Corporate Tax Indirect Taxes - Paid on the total income for an year. The basis is income and not person.Ex.Excise Duty,Sales Tax,Service Tax

Principles Principles of Taxation Equity Progressive Adequacy Transparency Simplicity

Income Tax  Income Tax a) Salary b) Income from property c) Income from Business d) Capital gains e) Income from other Sources

Simple Terms Terminology - Assessor – A person who assess the income of another - Assessee – A person whose income is assessed - Financial Year- The financial year for which income tax is computed

Simple Terms Assessment year- It is the period in which the assessment is made. The Year succeeding the Financial Year Taxable Income- It is the income for which tax is calculated Allowances – The amount which can be deducted from the Income as mentioned in the Income Tax Act before the calculation of tax is made Rebates- The amount which can be deducted from the tax before payment

Tax Slabs Income Tax Rates (Males) Nil – 10% % Above % * Education 3%

Tax table for women Tax rates for Females Nil – 10% % Above 5 lacs - 30% Education

Tax table for senior citizens Income Tax Rates for Senior Citizens (Age65 and above) Upto Nil – % % Above 5 lacs 30% Education 3%

Salary Tax components Salary includes Wages Annuity Gratuity Leave Encashment Amount Perquisites

Allowances Common Allowances from Income (Sec 10) Leave Travel Allowance House Rent Allowance Conveyance Allowance Special Allowance – Hill Uniform Education Allowance

Deductions Deductions from Income Allowances under Sec 10 Profession Tax ( Sec 16) Entertainment Allowance Interest on Housing Loan (Loss under Sec 24 of House property)

Deductions Deductions under Chapter VI A Mediclaim Insurance Premium (80D) Education Loan ( Sec 80E) Donations (Sec 80G) Premiums for physically Handicapped Dependants Scheme ( 80 DDA,80DDB) Physically Handicapped Person (80U)

Deductions Different form of Savings under Sec 80 C LIC Premium, LIC Pension Premium Contribution to ULIP NSC, Post Office Time Deposit, Senior Citizen Deposit Scheme Infrastructure bonds

Deductions Principal on Housing Loan Tution Fees paid for Children Contributions to PF Contribution to Superannuation Funds,Gratutity Funds PPF Scheme Bank Deposits (specified)