Elements of Indian income-tax incorporating the provisions of the Finance act, 1970. by Ram Niwas Lakhotia

Cover of: Elements of Indian income-tax | Ram Niwas Lakhotia

Published by Asha Pub. House in Calcutta .

Written in English

Read online


  • India.


  • Income tax -- Law and legislation -- India

Edition Notes

Book details

SeriesAsha publication series, 47
LC ClassificationsLAW
The Physical Object
Pagination440 p.
Number of Pages440
ID Numbers
Open LibraryOL4391597M
LC Control Number78914975

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INCOME TAX òIncome tax is a tax on yearly taxable income of a person levied by the Central Government at prescribed rates.

ó Tax payers include individual, firm, company, Hindu undivided family, association of persons, trust etc. Taxable income means income calculated under the provisions of the Income Tax Act. Salient Feature of Income Tax Size: 1MB. is one of the academic graduate degree.

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Key Elements of the U.S. Tax System. Individual Income Tax. What is the standard deduction. What are itemized deductions and who claims them. How did the TCJA change the standard deduction and itemized deductions.

What are personal exemptions. How do federal income tax rates work. What are tax credits and how do they differ from tax deductions. understanding indian income tax law: income tax law basics Enter your mobile number or email address below and we'll send you a link to download the free Kindle App.

Then you can start reading Kindle books on your smartphone, tablet, or computer - no Kindle device required.3/5(2). submitted a draft, finally, the old Indian Income Tax Act, was totally recast in and a new Income Tax Act came into force with effect from The administration of the Income Tax Act, is done through the Central Board of Direct Taxes (CBDT), which works under the supervision of the Ministry of Size: 4MB.

For Direct Taxation, the most well known authors are Dr. Girish Ahuja and Dr. Singhania. Whereas for Indirect Taxation (Service Tax and VAT primarily) Mr. Datey and Dr. Ashok Batra are renowned names. These authors have written books. Overview of the Federal Tax System in Congressional Research Service 2 income tax rates.6 Projections indicate that in8% of income reported by individual taxpayers will be business, farm, or Schedule E income.7 Gross Income and Adjustments To levy an income tax, income must first be defined.

As a benchmark, economists often turn toFile Size: 1MB. - Buy ECO Elements Of Income Tax book online at best prices in India on Read ECO Elements Of Income Tax book reviews & author details and more at Free delivery on qualified orders.4/5(1).

The Constitution of India → Schedule VII → Union List → Entry 82 has given the power to the Central Government to levy a tax on any income other than agricultural income, which is defined in Section 10(1) of the Income Tax Act, The Income Tax Law consists of Income Tax ActIncome Tax RulesNotifications and Circulars issued by Central Board of Direct Taxes (CBDT.

Income tax is the tax payable by an individual/firm/group for the income earned by them during the applicable financial year.

The income tax liability of a tax assessee is calculated based on the applicable income tax slab rate and subject to other factors such as rebate, tax saving investments, etc.

Income Tax Act of India provides many deductions, exemptions, various kinds of tax computation, time limitation for the tax payers and assessing officers, forms for application under different provisions.

Therefore, both for tax payer and their counsels like chartered accountants and lawyers who practice tax, it is nightmarish experience to keep reminding themselves of important 4/5(K).

Basic Concepts of Income Tax: useful for all students of CA, CMA, CS and Author (s): Paul I-Hai Lin. Transportation Economics. Transportation Economics is aimed at advanced undergraduate and graduate civil engineering, planning, business, and economics students, though the material may provide a useful review for practitioners.

Topics covered includes: Demand Curve, Demand and Budgets in Transportation, The Shape of. Income Tax: Law & Practice [B.B.

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agricultural income tax. • India’s GDP per capita (Dec. ): 9 US$ 9 INDIAN TAX SYSTEM AND ITS ORGANISATIONAL STRUCTURE. C S Arun Kumar V. Central Board of Direct Taxes (CBDT) constituted MAT- Ind AS Committee to suggest framework for computation of book profit for purposes of levy of Minimum Alternate Tax (MAT) under Section JB of the Income-tax Act, for Indian Accounting Standards (Ind AS) compliant companies in the year of adoption and thereafter.

The following are brief extracts based on the. INCOME TAX Books on Law and Business in India - Jain Book Agency, Delhi based book store for all your books related needs.

JBA provides variety in law & commercial books and business directories. The Income Tax Department of India clearly lays down the rules associated with the use of this form.

Form 3CD is a Form in accordance with Rule 6G(2) and Section 44AB of the Indian Income Tax Act, The Form is a part of the process of filing Income Tax Returns in India and is an Annexure to the Audit Report.

Form 3CD contains 41 Clauses. As you can see the presence of above salary components can easily lower your annual taxable income by Rs lakhs. This means annual saving of Rs 6, for person in lowest tax bracket and Rs 40, for person in highest tax bracket.

Free Download: Complete Tax Planning e-book for FY The Sad Part. E Book on Income Tax. TDS Rate Chart for FY ; GSTR 2A Reconciliation Tool; Income Tax Comparison for 21 Old & New Scheme. A book by Princeton economist is sure to make heads turn and if it is the celebrated Burton Malkiel students cannot resist the inclination to grab a copy of his book.

Written inthis book is an established guide for all fresher, novice or entrepreneur. Written in a simple and engaging style, this book packs the idea of indexing in a risk. The corporate income tax is the third-largest source of federal revenue, although substantially smaller than the individual income tax and payroll taxes.

It raised $ billion in fiscalpercent of all revenue, and percent of gross domestic product (GDP). The Income Tax was introduced in India for the first time in by British rulers following the mutiny of The period between and was a period of experiments in the context of Income Tax.

This period ended in when first Income Tax Act came into existence. Inthe Government constituted „All India Income Tax Committee‟ and on the basis of recommendation of this committee a new Act (Act XI of ) was enacted.

This Act is a landmark in the history of Indian Income Tax system. This Act made income tax a central subject by shifting theFile Size: KB. Basic principles of income tax 1. Basic Principles of Income-tax Presented by AMEET N. PATEL November 1 2. Income-tax and Death are the only two inevitable things in life In India, taxes were levied even in ancient times – refer to Manu Smriti & Arthashastra Why to Pay Tax.

Further, income tax in India is levied on the basis of income received rather than income accrued during a year. This also makes the income tax system convenient. However, there is a lot of harassment of the tax payers as they are asked to come to the income tax office several times during a year for clarifications of their income tax returns.

The Income Tax Department NEVER asks for your PIN numbers, passwords or similar access information for credit cards, banks or other financial accounts through e-mail. The Income Tax Department appeals to taxpayers NOT to respond to such e-mails and NOT to share information relating to their credit card, bank and other financial accounts.

The easiest way to calculate your tax liability is through an online income tax calculator. However, it can be done manually as well.

Let us consider the example of Mr. Dutta whose earnings include a basic salary of Rs, per month (i.e., Rs lakh per annum) in the financial year His salary also includes House Rent Allowance (HRA) of Rs, per month or Rs lakh. Indian Income Tax Law A Brief - search pdf books free download Free eBook and manual for Business, Education,Finance, Inspirational, Novel, Religion, Social, Sports, Science, Technology, Holiday, Medical,Daily new PDF ebooks documents ready for download, All PDF documents are Free,The biggest database for Free books and documents search with fast results better than any.

The most comprehensive Income Tax Law was the Income Tax Act of Chelmsfod reforms made a distinction between the functions and resources of the state and the Central Govt. and Income Tax became a primary source of revenue for the central Government.

Salient features of Act included the following. is a platform featuring every aspects of your financial life with advice and how to guide on tax, investing, accounting, financial analysis, views and analysis on most buzzing topics.

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Nature of Income Tax Rate; Royalty received from Government or an Indian concern in pursuance of an agreement made with the Indian concern after Mabut before April 1,or fees for rendering technical services in pursuance of an agreement made after Febru but before April 1, and where such agreement has, in either case, been approved by the Central Government5/5(31).

(1) Individual Income Tax: This is the tax you are most familiar with. Individuals must pay this tax by April During the year the government withholds a portion of each paycheck as tax payments. Table 1 shows that individual income tax has been and still is the File Size: KB.

The Income Tax Act provides for various income tax deductions which can be claimed at the time of filing of income tax returns. The total taxable income (after reducing the income tax deductions that have been claimed) would be taxed as per the Income tax slab rates of the individual.

The Indian Income Tax Department encourages its citizens to.Indian Income Tax Act divides the various types of income that one can receive, into five broad categories (a) Salaries, (b) Income from house property, (c) Profits or gains from business or profession, (d) capital gains, and (e) other sources.

Each type of income is .Any payment in cash exceeding Rs/= till financial year and with effect fromthe limit of cash payments will be Rs/= and (Rs/= in case of payment made for plying, hiring or leasing goods carriages) except when payments are made under circumstance specified in Rule 6DD of Indian income tax act.

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