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    This document provides an introduction to income tax in India by addressing common questions about it. It discusses what income tax is, how it works, who pays it, and when it is due. Specifically, it notes that income tax is levied on an individual's income from the previous year at the tax rates of the current assessment year. It also outlines the various entities that can be considered an assessee responsible for paying income tax, such as individuals, Hindu undivided families, firms, companies, and more. Finally, it mentions that income tax obligations can involve taxes withheld during the previous year, advance taxes paid during the year, and additional taxes due during or after the assessment year.

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    Income-tax 2009 Pimsr.

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    This document provides an introduction to income tax in India by addressing common questions about it. It discusses what income tax is, how it works, who pays it, and when it is due. Specifically, it notes that income tax is levied on an individual's income from the previous year at the tax rates of the current assessment year. It also outlines the various entities that can be considered an assessee responsible for paying income tax, such as individuals, Hindu undivided families, firms, companies, and more. Finally, it mentions that income tax obligations can involve taxes withheld during the previous year, advance taxes paid during the year, and additional taxes due during or after the assessment year.

    Copyright:

    Attribution Non-Commercial (BY-NC)
    Download as PPT, PDF, TXT or read online from Scribd
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    8 views10 pages

    Income-Tax 2009 Pimsr.

    Uploaded by

    namukoli
    This document provides an introduction to income tax in India by addressing common questions about it. It discusses what income tax is, how it works, who pays it, and when it is due. Specifically, it notes that income tax is levied on an individual's income from the previous year at the tax rates of the current assessment year. It also outlines the various entities that can be considered an assessee responsible for paying income tax, such as individuals, Hindu undivided families, firms, companies, and more. Finally, it mentions that income tax obligations can involve taxes withheld during the previous year, advance taxes paid during the year, and additional taxes due during or after the assessment year.

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    of 10

    INCOME-TAX

    AN ATTEMPTED INTRODUCTION
    BY

    K.M.V. NAMBUDIRI

    - The usual questions: - Why - What - How - Who - When

    The Why.
    The only two certainties the death and the tax. Ignorance of law is not an excuseThe biggest hole in the pocket The pitfalls and the deadly consequences Know where it pinches Have the cake and eat it too.

    The What
    Income + tax = Income-tax. Or is it Income tax is the real(take home) income? Income tax is levied in the assessment year on the income of an assessee, who is a person, earned/received in the previous year, at the tax rates applicable for the assessment year.

    The How, Who and When


    O.K., to know how to pay income-tax and how not to pay, let us learn the basics of Income-tax Law, Income-tax law means Income-tax Act, 1961 Income-tax Rules, 1962 The Amendments to Income-tax Act and Income-tax Rules from time to time. Relevant Finance Acts of year after year Judicial pronouncements. Circulars, Instructions and Explanations of Central Board of Direct Taxes.

    Income-tax has to be paid by every person who is an assessee, on the taxable income earned/received during the previous year. Similarly, every person who is an assessee has to pay any other sum levied on him as per Income-tax Act. eg. Surcharge, Cess, Interest, Penalty, Prosecution commutations, etc.

    The When
    During the previous year TDS & Advance tax During assessment year SA tax Even later Regular tax

    The WHO

    By a Person, which means An Individual Hindu Undivided Family HUF Firm Company Association of Persons (AOP) or Body of Individuals (BOI) Local Authority Artificial Juridical Person

    An Assessee
    A Person by whom Income-tax or any other sum of money is payable under the Act; Any Person against whom any proceedings under the Act has been initiated; or Any Representative Assessee.

    The WHEN
    Tax on Income earned during the previous year; Tax rates applicable for assessment year; Tax is payable partially during previous year (TDS and Advance tax) and balance if any during assessment year (self assessment year) or even later (regular tax)

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