To form clear understanding of the basic concepts relating to taxation laws one must understand the relevant provisions of the constitution, as the power to levy and collect tax by state governments or union government comes from the constitution only. If the branch income incurs tax in the foreign country, credit is given in india to the extent of the lesser of the foreign tax paid or the indian tax on the foreign income, either unilaterally or under treaty. Edurev is a knowledge-sharing community that depends on everyone being able to pitch in when they know something. The presentation discusses the basic concepts of taxation discussed at monika goel's online classes.
To tax the income of the period 1-4-2012 to 25-2-2013 in assessment year 2012-13, ie, the assessment year in which business is discontinued to tax the income of the period 1-4-2012 to 25-2-2013 in assessment year 2013-14. Income tax act 1961 introduction: in india income tax is governed by the income tax act 1961 it was first came into force on 1-4-1962 income tax act is used for determination of taxable income, tax liability and also provides procedure for assessment, appeal, penalties and prosecutionsevery year finance act bring amendment to this act. Basic concepts of income tax assessee sec 2(7): assessee means a person by whom any tax or any other sum of money is payable under this act • previous year sec 3: it is the immediately preceding twelve months period to the relevent assessment year.
Basic concepts of international taxation and dtaa 1) taxation of cross-border transactions 2) a transaction between two or more persons in two or more tax jurisdictions or 3) a transaction involving a person in one tax jurisdiction with property or income flows in another tax jurisdiction. Basic conditions stay in india during the financial year is 182 days or more, or stay in india during the financial year is 60 days or more and in the four years immediately preceding the. At the end of the year, every person that earned income must file a tax return to determine whether the government collected enough taxes through withholding or whether the government owes a person a refund for paying too much tax.
Income tax basic concepts short notes a y 2018 19 - income tax income tax basic concepts short notes a y 2018 19 - income tax ☰ toggle navigation my pm settings income tax 50% discount in ca final,ipcc,inter,foundation subjects for nov18 exams- coupon code : exam50 call: 1800-3000-0505. A basic income, also called basic income guarantee, universal basic income (ubi), basic living stipend (bls), or universal demogrant, is a type of program in which citizens (or permanent residents) of a country may receive a regular sum of money from a source such as the government. As the name suggests,salary received by employee is taxable under income from salariesexamplesuppose a person gets flat salary of rs 20000 pm from his companyincome from salaries=2000012=240000note:-salary is taxable under this head only if there isproper employer employee relationshipie employe.
Purposes of income-tax act, 1961 will include both monetary payments (eg basic salary, bonus, commission, allowances etc) as well as non-monetary facilities (eg housing accommodation, medical facility, interest free loans etc. Basic concepts introduction tax is today an important source of revenue for governments in all the countries it has become inevitable imposition because it has great potentials for raising funds for meeting the development and defence needs of a nation. What is tax if you are looking for meaning or definition of tax and basic concept of indian tax system, then you are at right place here we’ve provided the meaning / definition of tax, basic concepts of indian income tax, types of tax, why are taxes levied and details of who have power to levy taxes.
Basic concepts on tax systems in india: basis of charge (residential status) capital & revenue- a distinction between as per income tax act 1961: the visitors may click here to visit the web site of income tax department for resolving their doubts or for clarifications. Home » accounting and taxation » the essentials of income tax and preparation of income tax return (itr) the essentials of income tax and preparation of income tax return (itr) about the seminar overview it is the duty of almost every taxpayer to file income tax return (itr) and financial statements (fs. This is a short presentation for beginners wanting to learn a bit about the indian income-tax act it gives a snapshot of some of the basic terms in the indian income-tax law. Cleariascom is trying to provide an overview of the basic concepts of economics in a simple language for easy understanding the main areas covered are – national income, monetary policy, fiscal policy, and balance of payments(bop.
Taxation of royalty and fees for technical services ca shabbir motorwala it is further proposed to amend the income-tax act • india in its comment on the un mc 2011 has recommended ^the use of and right to use computer • basic rate of tax increased to 25% on gross basis (+sc and ec) irrespective of the date of the agreement. The income tax service was established in 1944, which was subsequently re-constituted as the indian revenue service (income tax) in 1953 in 1963, given the increasingly complex roles and responsibilities of administering direct tax in india, the central board of direct taxes was constituted as a statutory body under the central board of.
Basic concepts of income tax an assesses may get income from different sources, eg:- salaries-house property income-profits and gains of business or profession - capital gains income from other sources like interest on securities , lottery winnings, races etc. The deadline for filing your income tax returns this year is august 31, which is less than a month away now, for a lot of people, filing tax returns is an exercise that is about as pleasant as. Incometax unit i - basics concepts & fundamentals presented by ca ayussh sanghi powers derived to impose income lax law the central government has got the power through entry 82 of the union list of schedule vil of the constitution of india to impose tax on all incomes, except the agricultural income.