BUSINESS LAWS AND TAXATION PRESENTATION BY V. T. MURASHILLIN M. com; , LL. B(spl); , FCA; , DISA(ICAI) MURASHILLIN ASSOCIATES CHARTERED ACCOUNTANTS USA CENTRE, COEN ROAD, HUBLI-20 TEL: 2265309/4253597/9845390575/2373522 murashillin@yahoo. co. in, murashillin@gmail. com
INCOME n n n REVENUE EARNED DURING THE YEAR: < 12 MONTHS OR = 12 MONTHS REGULAR OR CASUAL CAPITAL VS REVENUE PREVIOUS YEAR ASSESSMENT YEAR
PERSON n n n n INDIVIDUAL/HUF FIRM CO AOP/BOI LOCAL AUTHORITY CO-OP SOCIETY ARTIFICIAL JURIDICAL PERSONS INCLUDES LEGAL REPRESENTATIVES
SOURCES OF INCOME n n n INCOME FROM SALARIES HOUSE PROPERTY BUSINESS/PROFESSION CAPITAL GAINS OTHER SOURCES
INCOME FROM SALARY n n n MONTHLY/ONE TIME FIXED ALLOWANCES DEDUCT P. TAX ONE OR MANY EMPLOYERS FORM NO 16 IS THE BASE
INCOME FROM HOUSE PROPRTY n n n SOP LOP RENT-M. TAX STD DED 30% DEDUCT INT. ON HL
BUSINESS/PROFESSION n n NET INCOME AFTER ALL EXPS. ONE TIME RECEIPT TAXABLE?
CAPITAL GAINS n n n SALE PRICE LESS: COST+IMPROVEMENT COST OF INDEX (LTCG) LTCG VS STCG INVESTMENTS TO SAVE CAPITAL GAIN TAX CG SAVING A/C
INCOME FROM OTHER SOURCES n n n BANK INTEREST SITTING FEES RENT OF OPEN LAND RENT OF MACHINERY EXAM REM.
INCOME TAX EXEMPT LIMIT n n IT IS TAXED IN THE HANDS OF MALE / FEMALE LIMIT EXEMPT FOR MALE For female For sr. citizens Rs 180000 Rs 190000 Rs 250000
Income tax rates UP TO RS 180000 n 180000 -500000 n 500001 -800000 n >800001 n n n ED. CESS 2% ON TAX 0% 10% 20% 30% SHE CESS- 1%
RATES OF TAX FOR PS FIRMS n 30% +10%SC+2%EC+1%HSC COMPANIES n DOMESTIC n FOREIGN n 30% + 10% SC+2+1% 50%+2. 5%SC +2+1%
Terms for discussion n n PAN TDS RETURN FILING TAXABLE INCOME SALARY RENT BUSINESS/PROFESSION CAPITAL GAIN OTHER INCOME
PAN AND TAN n n PAN FOR INDIVIDUAL PAN FOR INSTITUTION TAN FOR INSTITUTION PENALTY RS 10000
TDS n n n EMPLOYER’S RESPONSIBILITY GROSS SALARAY – KNOWN DEDUCTIONS NO DONATIONS CONSIDERED EQUAL TAX DEDUCTIONS OVER 12 MONTHS REMIT TO BANK (7 TH OF NEXT MONTH) PENALTY FOR NON/SHORT DEDUCTION
DEDUCTIONS AVAILABLE 80 C n n n n LIC NSC TUITION FEES HL PRINCIPLE MF PPF ADDL 20000 FOT INFRA BONDS
CONCLUSION n IGNORANCE OF LAW IS NOT AN EXCUSE n TAKE THE HELP OF EXPERTS LIKE C As
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