BUSINESS LAWS AND TAXATION PRESENTATIONBYV.T.MURASHILLIN M.com;,LL.B(spl);,FCA;, DISA(ICAI)...
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Transcript of BUSINESS LAWS AND TAXATION PRESENTATIONBYV.T.MURASHILLIN M.com;,LL.B(spl);,FCA;, DISA(ICAI)...
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BUSINESS LAWS BUSINESS LAWS AND TAXATIONAND TAXATION
PRESENTATIONPRESENTATIONBYBY
V.T.MURASHILLINV.T.MURASHILLINM.com;,LL.B(spl);,FCA;, DISA(ICAI)M.com;,LL.B(spl);,FCA;, DISA(ICAI)
MURASHILLIN ASSOCIATESMURASHILLIN ASSOCIATESCHARTERED ACCOUNTANTSCHARTERED ACCOUNTANTS
USA CENTRE,COEN ROAD,HUBLI-20USA CENTRE,COEN ROAD,HUBLI-20TEL:2265309/4253597/9845390575/237TEL:2265309/4253597/9845390575/237
[email protected],murashillin@[email protected],murashillin@g
mail.commail.com
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INCOME
REVENUE EARNED DURING THE YEAR
YEAR: < 12 MONTHS OR = 12 MONTHS
REGULAR OR CASUAL CAPITAL VS REVENUE PREVIOUS YEAR ASSESSMENT YEAR
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PERSON
INDIVIDUAL/HUF FIRM CO AOP/BOI LOCAL AUTHORITY CO-OP SOCIETY ARTIFICIAL JURIDICAL PERSONS INCLUDES LEGAL
REPRESENTATIVES
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SOURCES OF INCOME
INCOME FROM SALARIES HOUSE PROPERTY BUSINESS/PROFESSION CAPITAL GAINS OTHER SOURCES
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INCOME FROM SALARY
MONTHLY/ONE TIME FIXED ALLOWANCES DEDUCT P.TAX ONE OR MANY EMPLOYERS FORM NO 16 IS THE BASE
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INCOME FROM HOUSE PROPRTY
SOP LOP RENT-M.TAX STD DED 30% DEDUCT INT. ON HL
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BUSINESS/PROFESSION
NET INCOME AFTER ALL EXPS. ONE TIME RECEIPT TAXABLE?
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CAPITAL GAINS
SALE PRICE LESS: COST+IMPROVEMENT COST OF INDEX (LTCG) LTCG VS STCG INVESTMENTS TO SAVE CAPITAL
GAIN TAX CG SAVING A/C
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INCOME FROM OTHER SOURCES
BANK INTEREST SITTING FEES RENT OF OPEN LAND RENT OF MACHINERY EXAM REM.
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INCOME TAX EXEMPT INCOME TAX EXEMPT LIMITLIMIT
IT IS TAXED IN THE HANDS OF MALE / IT IS TAXED IN THE HANDS OF MALE / FEMALEFEMALE
LIMIT EXEMPT LIMIT EXEMPT FOR MALE Rs 180000FOR MALE Rs 180000For female Rs 190000For female Rs 190000For sr.citizens Rs 250000For sr.citizens Rs 250000
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Income tax ratesIncome tax rates
UP TO RS 180000 0%UP TO RS 180000 0% 180000-500000 10%180000-500000 10% 500001-800000 20%500001-800000 20% >800001 30%>800001 30%
ED.CESS 2% ON TAX SHE CESS- 1%ED.CESS 2% ON TAX SHE CESS- 1%
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RATES OF TAX FOR PS RATES OF TAX FOR PS FIRMSFIRMS
30% +10%SC+2%EC+1%HSC30% +10%SC+2%EC+1%HSC
COMPANIESCOMPANIES DOMESTIC 30% + 10% DOMESTIC 30% + 10%
SC+2+1%SC+2+1% FOREIGN 50%+2.5%SC FOREIGN 50%+2.5%SC
+2+1% +2+1%
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Terms for discussionTerms for discussion PANPAN TDSTDS RETURN FILINGRETURN FILING TAXABLE INCOMETAXABLE INCOME SALARYSALARY RENTRENT BUSINESS/PROFESSIONBUSINESS/PROFESSION CAPITAL GAINCAPITAL GAIN OTHER INCOMEOTHER INCOME
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PAN AND TAN
PAN FOR INDIVIDUAL PAN FOR INSTITUTION TAN FOR INSTITUTION PENALTY RS 10000
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TDS
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
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DEDUCTIONS AVAILABLE 80C
LIC NSC TUITION FEES HL PRINCIPLE MF PPF ADDL 20000 FOT INFRA BONDS
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CONCLUSIONCONCLUSION
IGNORANCE OF LAW IS NOT AN IGNORANCE OF LAW IS NOT AN EXCUSEEXCUSE
TAKE THE HELP OF EXPERTS LIKE TAKE THE HELP OF EXPERTS LIKE C AsC As
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THANK YOUTHANK YOU