Group 3( Pallavi Sood)

8/8/2019 Group 3( Pallavi Sood)

1/12

Corporate Tax PresentationCorporate Tax Presentation

Presented By:Pallavi SoodVishal S Naik Nimbalkar

Abhimanyu Nikam

Piyush Chowdhary


2/12

TAX DEDUCTED AT SOURCE(TDS)TAX DEDUCTED AT SOURCE(TDS)

TAX EVASIONTAX EVASION

PENALTIES AND PROSECUTIONSPENALTIES AND PROSECUTIONS


3/12

AnyAny incomeincome payablepayable toto thethe assesseassesse shallshall bebe liableliable forfor

deductiondeduction ofof taxtax atat sourcesource byby thethe personperson responsibleresponsible forfor

makingmaking paymentpayment.. TDSTDS isis deducteddeducted atat prescribedprescribed raterate asas

perper thethe FinanceFinance ActAct ofof thatthat yearyear andand depositeddeposited thethe samesame

toto thethe governmentsgovernments treasurytreasury withinwithin stipulatedstipulated timetime..

ExampleExample::

TAX DEDUCTED AT SOURCE (TDS)TAX DEDUCTED AT SOURCE (TDS)


4/12

OOBJECTIVESBJECTIVES OFOF INTRODUCTIONINTRODUCTION OFOFTTAXAX

DDEDUCTEDEDUCTED ATATSSOURCEOURCE..

It helps in reporting the correct IncomesIt helps in reporting the correct Incomes..

It helps in checking Tax evasionIt helps in checking Tax evasion..

Early collection of revenue by the GovernmentEarly collection of revenue by the Government..

It is the cheapest mode of collection of taxIt is the cheapest mode of collection of tax..

It helps to widen the tax base as more and more peopleIt helps to widen the tax base as more and more peopleare covered.are covered.


5/12

Salary.

Interest.

Rental fee.

Interest on Securities.

Dividends from shares and UTI/Mutual Funds. Commission and brokerage.

Prize money won from lotteries, horse races, etc.

Payments to non-resident sportsmen or sports associations.

Commission on sale of lottery tickets.

Fees for professional and technical services and the like.

Compensation for compulsory acquisition.

Income from units of an offshore fund.

Income from foreign currency bonds or shares of Indian Companies (unless

specified as tax-free).

Some incomes that are subjected to Tax Deduction at SourceSome incomes that are subjected to Tax Deduction at Source

are as follows:are as follows:


6/12

Male Female Senior Citizen Tax (%)

For Income Between 0

to 1,60,000


to 1,90,000


to 2,40,000 0

For Income Between

1,60,001 to 5,00,000

For Income Between

1,90,001 to 5,00,000

For Income Between

2,40,001 to 5,00,000

10

For Income Between

5,00,001 to 8,00,000

For Income Between

5,00,001 to 8,00,000

For Income Between

5,00,001 to 8,00,000

20

For Income above

8,00,001

For Income above

8,00,001

For Income above

8,00,001

30

Surcharge 0

Education Cess 3

TDSTDS RATESRATES IINN FFINANCIALINANCIALYYEAREAR20102010--1111

FFOROR SSALARIESALARIES


7/12

Section Nature of Payment Tax (%)

193 Interest on Debentures & Securities 10

194 Deemed Dividend 10

194A Other Interest

> Aggregate sum exceeding Rs. 10,000 for Banking Cos , etc.per person

during the financial year.

> Aggregate sum exceeding Rs. 5,000 per person during the financial year

10

194B Lottery/Crossword Puzzle > Rs.10,000 30

194BB Winnings from Horse Race > Rs. 5,000 30

194C Contracts to Transporter, who has provided a valid PAN 0*

Contracts to Individuals/HUF 1

Contracts to others 2194D Insurance Commission > Rs.20,000 10

194EE Withdrawal from NSS > Rs.2,500 20

194F Repurchase of Units by MF/UTI 20

194G Commission on Sale of Lottery Tickets > Rs.1,000 10

194H Commission or Brokerage > Rs.5,000 10

194I Rent > Rs.1,80,000 p. a.

Rent of Plant & Machinery

2

Rent of Land, Building, Furniture, etc 10

* If there is no PAN details, then it is 20%. (or at actual, whichever is higher)


8/12

TAX EVASION

What is it?- Its illegal

- Consists of Deliberate Misrepresenting &

Dishonest Tax Reporting.

Important Factors- Tax Lawyers, CAs

- Fiscal Equation

Methods of Tax Evasion- Smuggling

- Customs Duty Evasion- VAT Evasion

- Illegal Income Tax Evasion


9/12

TAX EVASION

Measures Taken- Prevention of Money Laundering Act, 2004

- Section 4

- Section 12(1), Section 12(2) The CBDT & DGIT


10/12

FailureFailure to deduct tax atto deduct tax at sourcesource

Default in making payment of tax..Default in making payment of tax..

Failure to pay advance tax..Failure to pay advance tax..

Concealment of particulars of income..Concealment of particulars of income..

Failure to maintain books of accounts and documents in business.Failure to maintain books of accounts and documents in business.

FailureFailure to keep and maintain information & document in respect ofto keep and maintain information & document in respect of

international transaction.international transaction.

Failure to deliver copy of declaration of non deduction of tax at source.Failure to deliver copy of declaration of non deduction of tax at source.

failure to furnish the return of income by charitable or religious institutions.failure to furnish the return of income by charitable or religious institutions.

Defaults which invite levy of penaltyDefaults which invite levy of penalty


11/12

WWHENHENAASSESSESSESSE BBECOMESECOMES LLIABLEIABLE FFOROR PPUNISHMENTUNISHMENT

SECTION NATURE OF OFFENCE Minimum Period of

Imprisonment

Maximum Period

Of Imprisonment

276B Failure to pay Tax deducted at

source

3 Months (and Fine) 7 Years (and Fine)

276C(1) Willful attempt to evade the

payment of any tax , penaltyor interest

3 Months & fine 3 years (and Fine)

277 Making a false statement n

verification or delivering a

false account of statement

Tax evaded exceeds

Rs. 1 lacs: 6 mnths

Otherwise: 3 mnths &

fine

Tax evaded exceeds

Rs. 1 lacs : 7yrs

Otherwise : 3 yrs

(and fine)

277 A Falsification of books of

accounts or documents etc..

3 months & with

fine

3 years & with fine

276 Removal, concealment,

transfer or delivery of

property to thwart tax

recovery

Any period up to 2

years (and fine)

2 years ( and fine)


12/12

Group 3( Pallavi Sood)

Documents

Transcript of Group 3( Pallavi Sood)