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Project Report On Taxation

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This study aims at presenting a lucid yet simple understanding of taxation structure of an individual"s income in India for the assess ment year 2013-14. Every individual should know
that ta… Full description
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INTRODUCTION
Income Tax Planning in India
 Abstract
PRIYANKA LANDGE
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 Need for Study
 Objectives
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Project On e Filing Income Tax Return Online

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Summer Internship Report ON: E-Filing of Returns

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Study On Income Tax System1

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Income Tax Planning in India With Respect To Individual

Assessee MBA Project
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Income Tax Planning in India 1

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Assessee MBA Project - 215080540
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Hrishad - Income Tax

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INCOME TAX RETURN Document 47 pages
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Unlock this document Tax Saving Schemes of A Salaried Person
Abstract
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Income TaxtoAct,
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governs the taxation of incomes generated within India and of No ratings yet
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incomes generated by Indians overseas.
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understanding of taxation structure of an individual‟s income in India for the assessment year
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2013-14.
Document 88 pages
Income Tax Department

Income Tax Act, 1961 is the guiding baseline for all the content in this report and the tax kajal
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saving tips provided herein are a result of analysis of options available in current market.
Every individual should know that tax planning in order to avail all the incentives provided
by the Government of India under different statures is legal. Document 66 pages
Pravin Sip1111111123
praveen kumar
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This project covers the basics of the Income Tax Act, 1961 as amended by the Finance Act,
2007 and broadly presents the nuances of prudent tax planning and tax saving options
provided under these laws. Any other hideous means to avoid or evade tax is a cognizable Document 24 pages
Income Tax Synopsis

offence under the Indian constitution and all the citizens should refrain from such acts.
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Economics Project Taxation Class 12th

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2nd AJAY RAJBHAR

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Tax Information
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Taxation in India
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Actual Intrenship Report

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Submitted by in The Guidance of Faculty of Commerce

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Index: List of Tables

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Chapter
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SEEMA
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100 Project-1st 4 Pages

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Need for Study
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my career and education, I have seen my colleagues and faculties
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their
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employers from monthly remuneration. Not equipped with proper knowledge of taxation and
All E-Filing of Income Tax Return
tax saving avenues available to them, they were at mercy of the HR/Admin departments Silvi Khurana
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which never bothered to do even as little as take advise from some good tax consultant.
This prodded me to study this aspect leading to this project during my MBA course with the Document 19 pages
Nmba FM 03: Tax Planning and Management Unit I

university, hoping this concise yet comprehensive write up will help this salaried individual
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Project Topic: Income Tax Systems in Pakistan, India &

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Organized
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INCOME TAX RETURN
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Objectives
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 To study taxation provisions of The Income Tax Act, 1961 as amended by Finance Act,
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2007. Unlock this page after an ad EN Upload
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INCOME TAX RETURN
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sample/population analysis.
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 Basic methodology implemented in this study is subjected to various pros & cons, and Vetri Velan
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diverse insurance plans at different income levels of individual assesses.
 This study may include comparative and analytical study of more than one tax saving
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Corporate Tax Planning

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 The tax rates, insurance plans, and premium are all subject to AY 2013-14 only.
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Synopsis
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INCOME TAX RETURN
INTRODUCTION OF INCOME TAX
OR Document 10 pages
Income tax in India is levied Unlock
by the this
Government
page afterof
anIndia
ad on taxable income of Accepting Engagement: Chapter 2 (Part 3)
individuals, companies, Hindu Undivided Families (HUFs), co-operative Qin Yun
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societies, firms, and trusts (recognized as association of persons and body of 7
individuals) and any other artificial person. Imposition of tax is different for
every individual. Income tax imposition is regulated by the Indian Income Tax
Act, 1961. The Central Board of Direct Taxes (CBDT) has the overall AD Download to read ad-free.
responsibility of regulating the Income Tax Department in India. It is a division

of the Department of Revenue under the Ministry of Finance, Government of
India. Income tax is a tax payable, at the rate enacted by the Union Budget
(Finance Act) for every Assessment Year, on the Total Income earned in the
Previous Year by every Person.
[10]

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INCOME TAX RETURN
MEANING AND DEFINITION
In Income Tax in India are divided in to OR
two types they are:
1. Direct Taxes Unlock this page after an ad EN Upload
2. Indirect Taxes.
All
Income Tax, Wealth Tax, etc., where the entire burden falls in the taxpayer
directly is called as Direct Taxes, whereas like Service Tax, VAT, etc., are
called as indirect taxes as these will be passed on through a third party.
Income tax can be defined as all sources of income other than agricultural
income which Central Government collects levies on that and shares the same
with the states.
As per Income Tax Act of 1961, all persons who are considered as an assessee
determined on the basis of the person‟s residential status in India and their
when their income exceeds the maximum exemption in the prescribed limit and
the income tax will be levied at the prescribed rates according to finance act,
such type of income tax has to be paid on the total income in the previous year
to be paid in relevant assessment year.
[11]

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INCOME TAX RETURN
or subscribe to read and download. HISTORY
OR
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The history of taxation system shows that taxes were levied on either on theEN Upload
sale and purchase of merchandise or livestock. Further it suggests that the

All
process of levying and the manner of tax collection were unorganized. But it
suggests that all historical leaders and head countrymen collected taxes to run
its authority. In other words taxes on income, sale, purchase and properties
were collected to run the ruling Government machineries. Further, these taxes
were collected to meet their military and civil expenditure and also to meet the
common needs of the subjects like maintenance of roads, drainage system,
government buildings, administration of justice and other functions of the
region.
Although, there were no homogeneous tax rate structures but it depended on

the production capacity and commodity of that particular country and/or
region. These taxes were collected in cash or in kind and it entirely depended
on the type of commodity or service on which it was levied upon. The history
of taxation suggests these were done to store government buffer stocks to meet
emergencies. Taxes were levied on all classes of citizens. Taxes were paid in
the form of gold-coins, cattle, grains, raw-materials and even by rendering
personal service.
In India, the tradition of taxation has been in force from ancient times. There
was a perfect admixture of direct taxes with indirect taxes and they were varied
in nature. India's history of taxation suggests existence of a large and
composite taxable population. With the advent of the moguls in India the
[12]
INCOME TAX RETURN

or subscribe
country to read andadownload.
witnessed sea of change in the taxation system of India. Although,
OR
they also practiced the same norm of taxation but it was more homogeneous in
structure and collection. Unlock this page after an ad
7
The period of British rule in India witnessed some remarkable change in the
whole taxation system of India. Although, it was highly in favor of the British
government and its exchequer but it incorporated modern and scientific method
of taxation tools and systems. In 1922, the country witnessed a paradigm shift
in the overall Indian taxation system. Setting up of administrative system and
taxation system was first done in the history of taxation system in India. The
period thereafter witnessed rapid growth and modernization of the Indian
taxation system and the present.
[13]
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INCOME TAX RETURN

OBJECTIVES OF TAXES
OR
 Raising r evenu e: The Unlock
primarythis page after
purpose an adis to raise the revenue
of taxes
for the government. The modern government has to perform several functions
for the welfare of the public. The performance of these functions involves 7
substantial amount of public expenditure.

 Regul ation of consumption and production: Taxes are sometimes used
to discourage the consumption and production of unnecessary or harmful goods

like liquor, tobacco etc. This also results in the diversion of production form
luxury goods to necessities.
 En couragin g domestic i ndustri es: Taxes in the form of custom duties
are used to reduce the import of certain goods that are domestically available
and thereby the domestic industries for the production of these goods. For
example, high customs duties on goods like TV, AC etc switch over the
demand for the foreign brands.
 Stim ul ating in vestments: The instrument of taxation can also be used in
the stimulating investment of the private sector. This can be done by providing
various tax-incentives in the form of tax-holidays, investment allowance and
lower profits.
 Reducin g i ncome i nequali ties: Taxation policy of the government is
often used in reducing the income inequalities of incomes and assets.

Inequality of income can be reduced by the system of progressive taxation
under which the rich people are required to pay much more taxes than poor.
The taxes collected from the rich can further be utilized for providing social
services which benefit the low income groups.
 Promotin g economic gr owth: Taxation policy can also be used for
promoting economic development of the country. The revenue collected by the
[14]

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INCOME TAX RETURN
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government canand
be download.
used in promoting development of industries and
agriculture. The government can also useOR these funds in building a better
Unlock
infrastructure like transport and this page afterpower
communication, an ad etc. EN Upload
 Development of backwar d regions: Tax system can be used in ensuring

What is Scribd? 7
the development of backward regions. Entrepreneurs can be motivated to set up All Documents
their industries in the backward regions by providing tax concessions to them.
 Ensuri ng pr ice stabil ity: Direct taxes like income tax can be used to
ensure price stability. These taxes reduce the disposable income of individuals
and thereby reduce their purchasing power. This results in the fall in aggregate
demand in the economy and thereby reducing demand-pull inflation.
[15]

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INCOME TAX RETURN
Upload a document to download this document Continue for free AD Download to read ad-free.
CHARACTERISTICS OF GOOD TAX SYSTEM
OR
A good tax system should adhere
Unlock to after
this page certain
an adprinciple that becomes
EN Upload
the characteristics of good tax system. These principles are called canons of
What is Scribd? taxation. 7 Documents

All
 Canons of equali ty: Canon of equality states that persons should be
allowed to pay their taxes as per their ability to pay. The burden of tax should
be fair and just. Equality of tax burden can be achieved if the rich people are
taxed more than the poor people not only in terms of tax but also in the terms
of tax rate. This canon tries to achieve the objectives of economic justice.
 Canon of cer tainty : The canon of certainty implies that the tax-payer
should be informed about every detail relating to the payment of each and
every kind of taxes.
 Canon of economy: Every tax has a system of cost of collection which is
the administrative cost of collection. The canon of economy should be such

that the cost of collection should be minimum . It will be useless to impose a
tax that involves huge expenditure in its collection.
 Canon of pr oductivity: All taxes should be productive. The canon of
productivity implies two things. In the first place, the tax system should be able
to generate enough revenue to meet the required expenditure. Secondly, taxes
should be imposed in such a way as not to obstruct and discourage production.
 Canon of elastici ty: The canon of elasticity implies that the taxes should
be levied that the yields of the taxes can be easily increased or decreased as per
the need of the government.
[16]

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or subscribeCanon
 to readofand download.
diver sity: The canon of diversity requires that the tax system
should be such that the government dependsOR on the number of the taxes so that
every class of citizen may beUnlock

calledthis page
upon toafter an ad something towardsENthe
contribute Upload
state revenue.
All
 Canon of simplicity: The tax system should be easy and simple so that
the tax payer can easily understand its implication, the basis and the method of
calculation etc. without the costly help of the expert
WHO IS LIABLE TO PAY INCOME TAX?
There are seven categories of persons chargeable to tax under the Act.
a) an individual
b) a Hindu undivided family
c) a company
d) a firm
e) an association of person or body of individuals ,whether incorporated or
not
f) a local authority
g) every artificial juridical person not falling within any of the preceding
categories.
Therefore any person not falling in the above mentioned categories, may still
fall in the four corners of the term “person” and accordingly may be liable to
tax under section 4.
The person by whom income tax or other sum of money is payable under the
Act is the ASSESSEE
[17]

INCOME TAX RETURN
RESIDENTIAL STATUS
OR
Residential Status
7
Resident but not Ordinarily
Resident Ordinarily Residents
Residents Non Residents
The three residential status, viz.,

 Resident Ordinarily  Under this category,
Residents person must be living in India at
least 182 days during previous
year Or must have been in India
365 days during 4 years
preceding previous year and 60
days in previous year. Ordinary
residents are always taxable on
their income earned both in
India and Abroad.
 Resident but not  Must have been a non-

Ordinarily Residents resident in India 9 out of 10
years preceding previous year or
have been in India in total 729 or
less days out of last 7 years
preceding the previous year. Not
residents are taxable in relation
to income received in India or
income accrued or deemed to be
accrue or arise in India and
income from business or
profession controlled from India.
 Non Residents  Non Residents are exempt
[18]

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INCOME TAX RETURN

or subscribe to read and download. from tax if accrue or arise or
OR deemed to be accrue or arise
Unlock this pageoutside India. Taxable if income
after an ad
is earned from business or
profession setting in India or
7
having their head office in India.
[19]

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INCOME TAX RETURN
INDIVIDUAL HEADS OF INCOME
OR AD Download to read ad-free.

Income EN Upload
from
Salary

All
Income Income
from from
Other Heads House
Sources property
of
income
Income
Income from
from Business
Capital or
Gains Professio
n
 Income from Salary

All income received as salary under Employer-Employee relationship is taxed
under this head. Employers must withhold tax compulsorily, if income exceeds
minimum exemption limit, as Tax Deducted at Source (TDS), and provide their
employees with a Form 16 which shows the tax deductions and net paid
income. In addition, the Form 16 will contain any other deductions provided
from salary such as:
1. Medical reimbursement: Up to 15,000 per year is tax free if supported by
bills.
2. Transport allowance: Up to 800 per month (9,600 per year) is tax
free if provided as transport allowance. No bills are required for this
amount.
3. Conveyance allowance: is tax exempt.
[20]
INCOME TAX RETURN

or subscribe
4. to read and download.
Professional taxes: Most states tax employment on a per-professional
basis, usually a slabbed amount based onOR
gross income. Such taxes paid are
deductible from income tax. Unlock this page after an ad
5. House rent allowance: the least of the following is available as
7
exemption
Actual HRA received
 50%/40%(metro/non-metro) of basic salary
 Rent paid minus 10% of 'salary'. basic Salary for this purpose is
basic+DA forming part + commission on sale on fixed rate.
The exemption for HRA u/s 10(13A) is the least of all the above three factors.
Perquisites and Exemptions u/s 10
The term "Perquisite" includes value of any benefit or amenity/value of any
concession provided by the employer to the employees. Perquisite Valuation
does not include certain medical benefits. Section 10 exemptions are available
for the following perquisites:
1. Leave Travel Concession u/s 10(5)
2. Perquisites paid to Indian Citizens Employed Abroad 10(7) no
3. Tax Paid on Behalf of Any Employee by the Employer 10(10CC)
4. Any sum received under Life Insurance Company
 Income from House property
Income from House property is computed by taking into account what is
called Gross Annual Value of the property. The annual value in case of a self
occupied house is to be taken as NIL. (However if there is more than one self
occupied house then the annual value of the other house/s is taxable.) From
this, deduct Municipal Tax paid and you get the Net Annual Value. From this
Net Annual Value, deduct:
[21]

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What is Scribd?Upload a document to download this document Continue forAll
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 to read
30% andvalue
of Net download.
as repair cost (This is a mandatory deduction)
 No other deduction available OR
 Interest paid or payable on a housing loan against this house
In the case of a self occupied house interest paid or payable is subject to a
7
maximum limit of Rs.1,50,000 (if loan is taken on or after 1 April 1999 and
construction is completed within 3 years) and Rs.30,000 (if the loan is taken
before 1 April 1999). For l non self-occupied homes, all interest is deductible,
with no upper limits.
The balance is added to taxable income.
 Income from Business or Profession
Income arising from profits and gains of any Business or Profession; income
derived by a Trade/ Professional/ similar Association by performing specific
services for its members; any benefit from business whether convertible into
money or not, incentives for exporters; any salary, interest, bonus, commission
or remuneration received by Partner of a firm; any amount received under a
Key man Insurance Policy which also covers Bonus; income from managing
agency and speculative transactions; is taxable.
 Income from Capital Gains
Under section 2(14) of the I.T. Act, 1961, Capital asset is defined as property
of any kind held by an assesse such as real estate, equity shares, bonds,
jewellery, paintings, art etc. but does not consist of items like stock-in-trade for
businesses or for personal effects. Capital gains arise by transfer of such capital
assets.
Long term and short term capital assets are considered for tax purposes. Long
term assets are those assets which are held by a person for three years except in
case of shares or mutual funds which becomes long term just after one year of
[22]

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INCOME TAX RETURN
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holding.toSale
readofand download.
long term assets give rise to long term capital gains which are
taxable as below: OR
 As per Section 10(38) of Income Tax Act, 1961 long term capital gains
on shares/securities/ mutual funds on which Securities Transaction Tax (STT)
All
has been deducted and paid, no tax is payable. Higher capital gains taxes will
apply only on those transactions where STT is not paid.
 For other shares & securities, person has an option to either index costs
to inflation and pay 20% of indexed gains, or pay 10% of non indexed gains.
 For all other long term capital gains, indexation benefit is available and
tax rate is 20%
 Income from Other Sources
This is a residual head , under this head income which does not meet criteria to
go to other heads is taxed. There are also some specific incomes which are to
be taxed under this head.
1. Income by way of Dividends
2. Income from horse races
3. Income from winning bull races
4. Any amount received from key man insurance policy as donation.
5. Income from shares (dividend other than Indian company)
[23]

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or subscribe to read and download.Personal Tax Rates:
OR
For Individuals,HUF, Associations Of Persons(AOP) and Body Of Individuals
(BOI) Unlock this page after an ad EN Upload
The chargeability is based on nature of income, i.e., whether it is revenue or
All
capital.
The rates of taxation of income are-:
Income Tax Rates/Slabs Rate (%) (as per A.Y.2013-2014)
→ Up to 2,00,000(for men & women) = 0%,
→ 2,00,001 – 5,00,000 = 10%,
→ 5,00,001 – 10,00,000 = 20%,
→ 10,00,001 upwards = 30%,
Up to 2,50,000 (for resident individual of 60 years or above)= 0,
Up to 5,00,000 (for very senior citizen of 80 years or above)= 0.
Education cess is applicable @ 3 per cent on income tax, surcharge = NA
[24]
INCOME TAX RETURN

or subscribe to read and download.TAX DEDUCTION
OR
There are various India Tax Deductions or tax
Unlock this page exemptions
after an ad provided by the
Indian Income Tax Act. The tax deductions help to deduct an amount from the
taxable income and help to save tax. Each year, one can save thousands of 8
rupees in income tax through income tax exemptions.
The Central Board for Direct Taxes (CBDT) governs the Indian Income Tax
department. The department is also part of the Department of Revenue which is
managed under the Indian Revenue Service (IRS) under the Ministry of finance
govt. Of india.
Income taxes are imposed by the government of India on taxable income of

Hindu Undivided Families (HUFs), companies, individuals, firms, co-operative
societies and trusts (which are identified as a body of Individuals and
Association of Persons) and any other artificial person. There are separate levy
of taxes on each persons which are governed by the Indian income tax act
1961.
Some of the income tax deductions and tax exemption limits for the financial
year 2012-2013 are given below –
Income Tax deductions –
Section 80c of Section 80C is one of the most common income tax
the I ndian deductions. This is quite popular as it encourages
[25]

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