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Presentation on Taxation

History

Income tax is today an important source of revenue for government in all the countries. More than 3,000 years ago, the inhabitants of ancient Egypt and Greece used to pay income tax, consumption taxes and custom duties. Income-tax was first introduced in India in 1860 by James Wilson who become Indians first Finance Member.

Income-tax Authorities.

Central Government :- income-tax, Excise Duty and Customs Duty. State Governments :- sales tax, VAT, Excise and tax on agricultural income. Municipalities :- Octroi and House property tax.

Defination

Income :- Income means some monetary returns periodically received from some definite source. Assesses :- A person liable to pay any tax or any other sum of money under this Act. Person :- According to law an assessee is a person by whom any tax is payable. Person includes - An individual - A firm - A HUF - A local authority - A company

Assessment years :- It is a year in which the income of the Previous year is to be assessed. The current assessment year is 2011-12. Previous years :- Previous years means financial year immediately preceding the assessment year. Previous years for this assessment year would be 2010-11.

Previous Year 2010-11 Assessment Year 2011-12

Total Income of an Individual Assessee.

Salary Income. House Property. Business or Profession. Capital Gains. Income from other source.

Statement showing taxable income from Salary.


PARTICULAR Basic Salary Bonus Commission Allowances Perquisites Gross Salary Less:- Specific deduction Taxable income from salary .... . . . . XXX . XXXX

Statement showing taxable income from House Property.


PARTICULAR Gross Annual Value Less:- Local Tax, Mu. Tax Net Annual Value Less:- Specific deduction 1.Std. dedu. (30% of NAV) 2. Int. on Loan Taxable Income/Loss of House Property. LOP . XXX DLOP . XXX SOP 0 0 0

. . 0 . . . XXXX XXXX XXXX

Statement showing taxable income from Business or Profession.


PARTICULAR Net Profit (P&L A/c) Less: Other Heads of Income (P&L A/c) Less: Other Income (Cr. P&L A/c not taxable) Add: Inadmissible Exp. (Dr. to P&L A/c) . . . .

Less: Inadmissible Exp. (not claimed)


Add: Taxable Business Income Not recorded Taxable Business Income

.
. XXX

Statement showing Taxable Income


PARTICULAR Salary Income Add: House Property Add: Business or Profession Add: Capital Gains Add: Income from other source Gross Total Income . . .... . . XX

Less: General Deduction


Taxable Income

.
XXX

Value Added Tax Act, 2003

The value addition by a producer is the addition in its final sales value due to its performance over the cost of raw material plus services purchased from outside. The two concept VAT. 1. Trader 2. Manufacture. VAT = Net Sales Value Total cost of good

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