Collection. Learning Objective By the end of the session, Participants will be able to : Differentiate between two types of taxes Appreciate the process.

Slides:

Advertisements

Similar presentations

A CYC Electives Module Online Banking and Online Bill Pay.

Advertisements

Tax Information Network of Income Tax Department (managed by NSDL)

Its Inevitable… TAXES! Grade 8 Social Studies Online.

Taxpayers Tax base Tax calculation Tax exemption Tax preferences 10. VAT (2)

User Guide ePayment of Uttar Pradesh Commercial Taxes Baroda Connect

TAX AND NON-TAX REFUND MECHANISMS IN THE GEORGIA TREASURY SERVICE Levan Todua 2012.

Department of Registration And Stamps Presented by Shri. S G Khurd, DD Accounts Department of Registration & Stamps, Maharashtra Making payment online.

Role of RBIRTI Jammu1 Role of Reserve Bank of India in Government Accounting.

C9S2: The Federal Tax System Main Idea: – The federal government raises revenue from a variety of taxes.

Warm-up: Make sure you have completed small group questions from Friday  How and why did the Constitution give Congress the power to tax.  List the most.

 16 th Amendment: Was ratified in Before this amendment the federal government could not levy income tax.  Payroll Deduction: A system requiring.

How to start a business in Poland? We expect the company, which is their own business… Patrycja Staniszewska.

INDIRECT TAXES AN INTRODUCTION. INTRODUCTION Tax is the amount paid by persons staying within a territorial limit of a Sovereign state and is levied on.

Accounting and Tax system in Japan. CEO ／ Yasunari Kuno & Company Profile CEO/ Yasunari Kuno - Japanese CPA Born in Aichi Prefecture 1989 Graduated.

Definition of a tax What is a tax?

Financing Government Chapter 16 Notes

ICA on-line shopping & on-line banking. On-line shopping In early days of internet this was limited due to concerns over security of personal and bank.

ETutorial – TDS on sale of property June 1, 2013 NSDL e-Governance Infrastructure Limited Tax Information Network of Income Tax Department (managed by.

Section 3.6 I.B. Economics Taxation Descriptive Overview: Students will describe the most common types of taxes levied by the government. Students.

2-2 Unearned income and payment

DISTRIBUTION OF INCOME. GOVERNMENT CAN REDISTRIBUTE INCOME IN 3 BASIC WAYS:  TAXATION  TRANSFER PAYMENTS  GOODS AND SERVICES IN KIND.

Rano. Z.ZAkhriddinova Taxation. Types of taxation:  regressive tax  progressive tax  proportional tax.

Government Revenue Economics 120. There is a saying that only two things in life are certain: death and taxes.

Chapter 14: Taxes and Government Spending Section 2

Taxation of assets and asset income Background comments Chris Evans.

Alomar_1111 The Income Approach Components of National Income.

WELCOME TO THE PRESENTATION ON e-Payment of Central Excise and Service Tax.

Important Tax Forms W-2 form: reports employee’s annual wages and total amount of taxes withheld from his or her paycheck W-4 form: Determines how much.

We are dependable and trustworthy knowledge processing partner. Although we are a separate entity, we are an integrated part of your organization, like.

Taxes As Incentives Unit Objectives: Recognize that governments impose taxes in order to collect revenues Identify reasons why people dislike paying taxes.

Taxes There are three general types of taxes in the U.S. List them and identify which tax hurts low income taxpayers and which tax hurts high income taxpayers.

Chapter 6 Understanding Taxes Philosophies of Taxation –Benefits received Citizens who receive benefits of expenditure should help pay the cost Example:

A. Tax Revenue Compulsory – Cannot Refuse – Incomes & Commodities Direct Taxes Indirect Taxes.

definitions  Tax Charge levied by the gov. to meet public needs  Levy To impose  Revenue How much money you bring in  Expenditure How much money you.

1 Regional Training Institute, Ranchi Structured Training Courseware on State Receipts Audit Overview of State Receipts Audit.

TAX STRUCTURE IN INDIA… TAX STRUCTURE IN INDIA… TAX PAYER GOVERNMENT.

+ Tax Deduction at Source DDO’s Role Office of the Principal Chief Controller of Accounts Central Board Excise Customs, Department of Revenue, Ministry.

Planning Your Tax Strategy Tax Strategy. Only two things in life are certain: Death and Taxes Benjamin Franklin.

Federal Govt. Collects Different Taxes Chap. 15. Two Principles of Taxation Benefit Principle – Those who benefit from a service, pay the tax. –Ex. Bridge.

FINANCIAL STATEMENTS Part 13. Lesson Objectives To be able to identify financial Statements. To be able to describe the purpose of financial statements.

Government Spends, Collects, and Owes.  dex_with_mods.php?PROGRAM= &VIDEO=-1&CHAPTER=16

GOODS AND SERVICES TAX REFORM TO CONSOLIDATE INDIRECT TAXATION CA. SANJEEV MALHOTRA FCA, FCS, ACMA, LL.B.

Congressional Power. 3 Types 1. Expressed Powers = 2. Implied Powers = 3. Inherent Powers =

THE JOINT COMMITTEE ON BUSINESS PROCESSES FOR GST

Journal #12 How are citizens and businesses taxed in the U.S.? Think of any thing that we as citizens or business owners pay taxes for in the U.S. Feel.

Direct and Indirect Taxes By: Edmond, Max, and Russell Hold on tight, we are going on a ride m/watch?v=6Q3NPgHZ zDo.

Chapter 5 Taxes.  Payroll Taxes ◦ Largest part of government revenue ◦ Based on employee total earnings ◦ Paid by you and your employer ◦ Include income.

7 th Grade Civics Miss Smith *pgs  Income tax- tax on the earnings of individuals and businesses  The main source of revenue collected by.

7 th Grade Civics Miss Smith *pgs  Income tax- tax on the ________ of individuals and __________  The ____ source of ________ collected by.

Ch. 15 The Gov’t at Work: The Bureaucracy What is a Bureaucracy? A large, complex administrative structure that handles the everyday business of an organization.

TAXES CALM 20. What are taxes? Tax is a mandatory payment made by individuals, trusts, and corporations to government. It can be levied upon things such.

Taxation – focus on the UK Key issues to consider Reasons for taxation - what it’s for Principles of taxation – what taxes should look like Types of tax.

CHAPTER 5 TAXES How Much of Your Income Will You Keep?

BELLWORK What is the title of Unit 7, as well as Chapter 20? (Hint: Chapter 20 is right after Chapter 19 and right before Chapter 21)

© Thomson/South-Western ECONOMIC EDUCATION FOR CONSUMERS Slide 1 Chapter 5 LESSON 5.3 Taxes and Government Objective: By the end of class, students will.

Automated Fund Transfer System AUTOMATED FUND TRANSFER SYSTEM (AFTS) FOR PEMC PARTICIPANTS.

Taxes. Taxes and Your Paycheck Payroll taxes Payroll taxes Based on earnings Based on earnings Paid to government by you and employer Paid to government.

Two countries with best taxation systems Klaudia Mierzejewska Klaudyna Dzieniowska.

Electronic Peso Clearing and Settlement System ELECTRONIC PESO CLEARING SYSTEM (EPCS) FOR PEMC PARTICIPANTS.

Download income tax Challan 280 form BY : myincometaxrefund.inmyincometaxrefund.in.

Individual Income Tax – Key Concepts

Government of Puducherry Treasury Receipt Accounting System

MAHESH RANAWAKAARACHCHI

Item 11: Taxes and social contributions

STRUCTURE OF BUDGET BUDGET REVENUE BUDGET REVENUE RECEIPTS

Economics Review Ch. 7, 8, 9 and 10

MV VALIDATION & TRANSFER

Item 11: Taxes and social contributions

Presentation transcript:

collection

Learning Objective By the end of the session, Participants will be able to : Differentiate between two types of taxes Appreciate the process of direct tax collection Describe the bank’s role in tax collection State the benefit of providing this service by the bank IMA 206 2

Tax payment How do people remit taxes due to the Government? How does the money reach the Government? What are the types of taxes that people pay? What role do Banks play in tax collection? Has technology made a difference to this ancillary service? IMA 206 3

Types of taxes collected through banks IMA Directly levied on the income of the customer Direct taxes Not levied on individuals, but on goods and services. Indirect Taxes

Activity Categorise the following into Direct and Indirect taxes IMA Corporate Tax Excise duty Interest Tax Gift Tax Stamp duty Securities Transaction Tax Income Tax Sales tax Fringe Benefits Tax Estate Duty Wealth Tax Custom duty

Types of taxes collected through banks IMA Income tax Gift tax Corporate tax Interest tax Securities transaction tax Wealth tax Estate duty Fringe benefit tax Direct taxes Custom duty Excise duty Sales tax VAT Stamp duty Indirect Taxes

Problems faced in tax collection Unable to handle work load owing to exponential rise in taxpayer numbers and collections Too much time lag between tax challans presentation at banks and their manual transfer to Department Problem in manual tracking of paper tax challans So there was a need for rapid transfer of tax collection data between bank and tax department Hence OLTAS (Online tax accounting system) was introduced in June, 2004 in banks for direct tax accounting. IMA 206 7

OLTAS work flow IMA Tax payer Collecting branches Nodal Branch ZAO RCC, ITD Bank’s Link at Nagpur NCC, ITD RBI, CAS, Nagpur TIN Pr.CCA, New Delhi Govt Account Single challan Payment Phys Movt Reports Online Online Reports Online Recon Reports Online

Challan for remitting direct tax IMA How does the new system of OLTAS benefit the common tax payer? What is the new procedure for payment of direct taxes at bank? What is CIN (Challan identification number) and what is its relevance?

Challan status inquiry for tax payer Payers have to log on through to view whether the challan for the tax payments is received by TIN. IMA

IMA

IMA

Activity Refer the exercise-1 of tax collection from work book-session 11 for class room activity Case study Non-class room activity: Class to be divided into 10 groups and ask them to collect information on six types of tax challans from different banks and make presentation on procedure of tax payment procedure in session-14 Refer work book session-14 for understanding the activity IMA

There are two types of taxes collected by banks namely, direct taxes and indirect taxes Direct taxes are directly collected on the income of individual OLTAS (Online tax accounting system) was introduced in June, 2004 in banks for direct tax accounting Through OLTAS the customer has to fill only one challan compared to earlier 4 challans For different taxes different challans need to be filled IMA

In the next session, you will learn Indirect tax collection e-payment of taxes IMA