[Camlin[rage 4. peel INCOME TAX Basie concepts Tax$ Tox %s a mandatory Jee or financial | change. levied by any govéhament) ©n an) Yndividual Yor ian Yorganization to cOllect “revenue Hor Public works! Providing the bear jociViies ond SOA HOS TCE TE The collected und te then Gred tO und Aiffenent public expendttune, Proopwame Tax 2 ans INCMEe 4or goverment BL for Pubtie [ Owpganiaaton , is an Expenditure i> Health ws -—+ Educaton p> Tnjrosrructone Ls and many) more’ — Types _e{ Tax Direct Tax ‘ | zodicect\ Tax Tr 4s ‘the tax wWhtch is [ whic tom te not direcHy directty pad to the government by he Fox payer paid to the government reathent the govt, received the tan Payment 470M For eg, Tacome | TAK the selter of good | cerwvires The seer, 1) FUND, Passes Weatth Tax the tax oq) the buyer blealth Tax is ABOLISHED O{ goods | sowie, wen. OL 04-2016 =e For eg,, GST & VATPowe to Levy TAxs Akela RES ef) ithe Zod an Tens HAHON etater: »that | no tak can! be tr poted | or! collected i vother thar op “tA authori ty od tows bobs — 7 ArHale 265 to ArHee 289 of Fi Conch tuHOn! — dedier dott” the 19 : Proviion e| Tax Ft Schedule wunder Arle 246 deals Letty) | powen. distibution | between tne UMIon and the states TE conse an lists , namely Kt : L>the Onion List Te the State! Lict, > the ConcusmeNt Litt Components —o{ “Tacome Tax Lows fa Indio J 1 |tE\ Income Tax Act, 1964 Yost TH te an act 40 levy, administer) collect and 9 -~ecovess P?AcomMe “tak 20 J Encliot, LT Act y 1961 een roy Who |e Indio GI]. sOKOWIIED 1}! ir yr ahpste rr consis of 298 See Hone. Be 1h Schedule Huenosae ¥ ABIate 1 THs act helps determine a! taxpayers taxable income . fax Mability , appeals penathea and i: ProOsecukon, ~ A ’ TE Income: Tax Ruler 1962. | IT. Rutes Prsiale. detot =u Guidelines - tend procedunes » 4or Senplemantinig Aes Provisions 2 MHZ ANeEOMe — +EQn, Thear wuler) provide detoijed @stuctons ong + how +0 coleulate: tncome UNAdan AtUfenent heods I * the mannen of ChaIeniqoy deduchons oe tne orn | and manner of jin ton wee funins Ceara a Bead lS ae Pit. & Ft BDT) t HEA ‘ t He The Finance. Act The Finance Ministen eal India presents a Sinancea bi eveny~ yeoor thet proposes amendenents b ko the. Atrect and + Indlivect | fares when both the ” Houser. Ponliament parser fhe bill ir weeewes concent ror the President | Indto and becomes the Finance Act. Such omendments LI) become a pank | the Income Tax Aer and wt) be im plemented rom | thes jreet doy" of ye nexr financial / year: For 2a) | Chonges in) TT Rate_ L xr Slab Rote of ThstHe Circulars bol ats Notfiestons CBDT issuex Circulars heap or centro Grovt., 4rom HMe tO HM issuer notifications at tO avoid confusrony IntrOdurg)! ENesd TOK and make the Provisions , arnend extuiy “rons: of the! | ones |) OF Peake eho ga, Trcome Tax: Act cnore Lo — row peated, eXeMNP HOD: | s0| clean. They aim) to or deductions, ensue UNifornn INtIpPretatian andi bNoR4ication have! the application ef te fax): Hore of avd «and are laud Oerass ues counted tegen, enorceabie | Once a NorHiation is Chetaoty donot aves issued) | ft! becomes pr tne, jor ‘Yau the TT Act. [zr a9 iperave| Tr is on Orden Assenzoe An! onesree Pe - a Person that 7 7& pete Ornrersed Cjudged) tO, decidua. haw | Muh tren: he owiehe Ros tO) pay. _ : a Penson : : = s person tncluder : | ao Ann tadwidual I g 2 A: cam pany 3. A Hindu Ga divided omtig: ee c A, A Fier 5. AD BuOsiohon Person” (BOP \ 6, Body iwidual cant )fed yz. The bocal: Buthovity » & Axtifictal justidical Pescom, nor Joining, 19 OSRiodes a Indaviduol § Motus, hurnan Being won: imate ov Female . minor OF mojor- A Companys AcHyficial Ppanson created by oe W HUES Relationship: (created due +o ,opentig| o{. Hindu Laud, The manoge) of HVF is Caled “ Kante” Bye Member axe calied * Coporcenens”, 1 kf ; W ' aw EPrm 2 An entity Which comer @*to Sxistenc oO a ~esulh of Parnerutip Coreement Deoeen Pemons fo Shore Pprofib 2 the Gultnew | eormied On bY all Or any 9 we ADP 2 An AOR can hove’ 4irrns ; eenpanier auctions and tAdividuals as) Tk member Thena must be Ommon Perten purpore, and common acHon tO Achieve commed Punpoe ie. tO ean Fncome. | g * BOTS A BOT cannot have non- individuals ac ee membens’. Only matwio! human beings ean ‘be mermbent: of a BOT, ime Loca): Authority § Mumicipaltty . Port Trak Panchoust. hi i : 7]Income Seaton 2G24) of IT Bee, (64 TAcomne encomparsrer evend! 'oxpect Cnrose) Encome Mnctudfijo © AN S0urrtes oO wevenud. The raceme aan be Aivided Into: ive A Categories 3% 1. Tome From Satay | i) [ran Income: From | House Propenty 3. Emome From Buctades of > Profession 4, Income From _‘Copitali Groint 5. Income From Othen Sources fifarG) srtinda ' fae [The Prosar «of! enearet oi beprt wie ee tunn | Income the ‘TNWene-Tax Aepattment 7s called asaeramment. Tt 18)! .¢he i exarnination = yo detatlc” “stilorintttedh is By Qa festa te or JAN. OM! : a voted Ot Ae «© =IGMAMO> | Fadia gMaIAe AV n9 sdoqvu Tadia means UTD at ink worl’ donne »1O8) thd Toutiocy Of Tneliirnsae eons tO. Stns phen Siac etukon, 2. Th tenvtitorial Water os neutiecal PORE ror tHe COO fe. approx 21-4 v ‘Bi Seabed and | Subst’ \ Uindent Heoviitesia) watent toon ae Sy —[Camiin|rage ate} L 4, ban ISPoke | AbOKe Feruritory and terotitonal Waters Viiiict f Prev?oux © Year) | , 10008) aha The, previous year ? theoiyean 79 whic Heir j?Mcome ys ter ieoomed iY { © Me Mk ibys wl@e vr Assessment Yeoor, ' ( e The asseament weor 9s Hes, Just Succeeding tne” Financial Yeon, For e290, Income eanned %n the cuveent Erqanqciads | Yeon |. 2053-24 vill become toxabte 39 the Asteaament Yor Blog hY a5 Aponte. e hey § Here, 2092-94 fs thes Previour Yeay CK 2024-325 the asenment Yeon ' NOs bis¢ 1- TT = re r Averoge:! Rate ‘ef Encone Tox — Sec. 20) Tr vefins tol a ejectve tak ware ab which an individuals foal income ie Faxed AFR TAKING) kFNtO auwount Nomoqug Adduuions) || Sleraptions aad Tex calwwlakone, TH Was ye, OHO of the total fon paid) to Re ESel! Fonabie THOM 1 oF dil Oe |Ls Computaton +f: Orel Income Ss Tax Liabtiity eo pia ResidenHol Statusr Heods (sources ) a Tnome dp Sataxiy i £ Cin TAomMe ayrorn) Houses Property Gil) Peat and Goin 4rom Busines or Profersion Cin) Tneome rom Capital Gane QW Toome from, othe Souww7cek ‘Exernp HONS —e Clubbing e{ Tnwme Set 4 and Cason 4jorwand Gross Total) Enwme Com) Ree Pra er with FAR provisions of the Act byore maitng Beduc Hors i : ony dedaceiont Total aad = OTT — Deduuions | TT rs the Frooc 7 TALemMes 09 Ohtdy a actually Stas “Crax Slab) PS Sunchasa. A Cducanon ea ; i The Papore ol he sam tnd 1 Fax Liability Ged awe tional: 52 tor fo ters OY) , A ‘esate Pe : Der and above |[Camilin|rase | pxe Ressdental Statue of an Assewer — "Residential (Stara and © Cezenship” ane two? ditenent | ConwPe. An an awidual “Teney foe 30 xadian c8tizen ut Became & Non wesident 4oc centain Pentod . Siemlolg , wforetan Aizen | enay Become A weMi— dank 1 ic) Indio ee Tncame, Tor. Purpose AN oe opeen soon. How +O determine =casquel cer OE AN INDINIDUAL [seco] Tawme |) fx oRan > Awided! tne westden- —BRal- | status bef an iadiwidual 79 Tadta WO Hreee_ categqoxier —_ baxed }]n the length! ‘of Rene me] sre al Nose {avec an ENG, The! 4oWloustne, categomer | ane uted to Chon Yu Noann: Padividual's | rreiidential status $ Pp ReaGeAr CA) Reudent anid Osdinontly Resident (ROR) (6) Resident Sut Nok Ordiniantiiy Resident (RNOR) P| ge iP le Nag Resident CNR)iCamlin | Page [mee Borie Condition th (He! peo 4s #9 Landial Jor 182 days Or MOTE. Guntno HAL Previour “Y2our SS OR” eri \ The Ppesson. % tA Fadia yor Go days or nore’ dumiag | the PY. and. Yor B65 day oc. Mow duntag 4 yeor tenmedkia Fey Cpe ecoccdt og Phen then arolevant PY. nia vin® i Lo.psty -anyct est HE talbove two “| eSAdtOns! ane Anety | Hen av) Penson ie Resident | India [Excepttonn ff condition G Tndian citizen leavers India During, the — PY or | Employment | Ounid-eY Tedie, aka member of the: Cred of 24 Indian” Chip, Oe JEndion <

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