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

35223522murashillin@yahoo.co.in,murashillin@gmurashillin@yahoo.co.in,murashillin@g

mail.commail.com

INCOME

REVENUE EARNED DURING THE YEAR

YEAR: < 12 MONTHS OR = 12 MONTHS

REGULAR OR CASUAL CAPITAL VS REVENUE PREVIOUS YEAR ASSESSMENT YEAR

PERSON

INDIVIDUAL/HUF FIRM CO AOP/BOI LOCAL AUTHORITY CO-OP SOCIETY ARTIFICIAL JURIDICAL PERSONS INCLUDES LEGAL

REPRESENTATIVES

SOURCES OF INCOME

INCOME FROM SALARIES HOUSE PROPERTY BUSINESS/PROFESSION CAPITAL GAINS OTHER SOURCES

INCOME FROM SALARY

MONTHLY/ONE TIME FIXED ALLOWANCES DEDUCT P.TAX ONE OR MANY EMPLOYERS FORM NO 16 IS THE BASE

INCOME FROM HOUSE PROPRTY

SOP LOP RENT-M.TAX STD DED 30% DEDUCT INT. ON HL

BUSINESS/PROFESSION

NET INCOME AFTER ALL EXPS. ONE TIME RECEIPT TAXABLE?

CAPITAL GAINS

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

BANK INTEREST SITTING FEES RENT OF OPEN LAND RENT OF MACHINERY EXAM REM.

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

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%

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%

Terms for discussionTerms for discussion PANPAN TDSTDS RETURN FILINGRETURN FILING TAXABLE INCOMETAXABLE INCOME SALARYSALARY RENTRENT BUSINESS/PROFESSIONBUSINESS/PROFESSION CAPITAL GAINCAPITAL GAIN OTHER INCOMEOTHER INCOME

PAN AND TAN

PAN FOR INDIVIDUAL PAN FOR INSTITUTION TAN FOR INSTITUTION PENALTY RS 10000

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

DEDUCTIONS AVAILABLE 80C

LIC NSC TUITION FEES HL PRINCIPLE MF PPF ADDL 20000 FOT INFRA BONDS

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

THANK YOUTHANK YOU