PPT: Basic Concepts | Taxation for CA Intermediate PDF Download

 Page 1


INCOME TAX
Page 2


INCOME TAX
POINTS OF PRESENTATION
? INTRODUCTION 
? BRIEF HISTORY OF INCOME TAX
? HEADS OF INCOME
? IMPORTANT TERMS
? INCOME TAX RATES
? EXEMPTION   & DEDUCTIONS
? SOME USEFUL TIPS
? CONCLUSION
Page 3


INCOME TAX
POINTS OF PRESENTATION
? INTRODUCTION 
? BRIEF HISTORY OF INCOME TAX
? HEADS OF INCOME
? IMPORTANT TERMS
? INCOME TAX RATES
? EXEMPTION   & DEDUCTIONS
? SOME USEFUL TIPS
? CONCLUSION
INTRODUCTION
WHAT IS TAX ? & WHY IT IS REQUIRED?
TAX IS A PART OF AN IND IVI DUA L ’S EARNING WHICH IS REQUIRED TO BE
PAID TO THE GOVERNMENT IN ORDER TO GENERATE REVENUE. IT IS A
MANDATORY LIABILITY FOR EVERY CITIZEN OF THE COUNTRY. THERE
ARE TWO TYPES OF TAX IN INDIA I.E. DIRECT AND INDIRECT TAX. INCOME
TAX IS DIRECT TAX.
WHY TAX IS REQUIRED?
INCOME TAX IS THE MAIN SOURCE OF INCOME FOR THE GOVT. TAX
MONEY IS USED IN INITIATING VARIOUS WELFARE AND OTHE ACTIVITIES
SUCH AS
Page 4


INCOME TAX
POINTS OF PRESENTATION
? INTRODUCTION 
? BRIEF HISTORY OF INCOME TAX
? HEADS OF INCOME
? IMPORTANT TERMS
? INCOME TAX RATES
? EXEMPTION   & DEDUCTIONS
? SOME USEFUL TIPS
? CONCLUSION
INTRODUCTION
WHAT IS TAX ? & WHY IT IS REQUIRED?
TAX IS A PART OF AN IND IVI DUA L ’S EARNING WHICH IS REQUIRED TO BE
PAID TO THE GOVERNMENT IN ORDER TO GENERATE REVENUE. IT IS A
MANDATORY LIABILITY FOR EVERY CITIZEN OF THE COUNTRY. THERE
ARE TWO TYPES OF TAX IN INDIA I.E. DIRECT AND INDIRECT TAX. INCOME
TAX IS DIRECT TAX.
WHY TAX IS REQUIRED?
INCOME TAX IS THE MAIN SOURCE OF INCOME FOR THE GOVT. TAX
MONEY IS USED IN INITIATING VARIOUS WELFARE AND OTHE ACTIVITIES
SUCH AS
INTRODUCTION 
?PROVIDING HEALTHCARE FACILITIES
?PROVIDING EDUCATION THROUGH GOVT SCHOOLS WHER FEE IS 
NEGLIGIBLE
?SUBSIDY ON COOKING GAS, FERTILIZERS AND OTHER ESSENTIAL 
COMMODITIES.
?SALARY AND PENSION TO LAKHS OF GOVT EMPLOYEES.
?NATIONAL SECURITY AND INFRASTRUCTURE DEVELOPMENT
Page 5


INCOME TAX
POINTS OF PRESENTATION
? INTRODUCTION 
? BRIEF HISTORY OF INCOME TAX
? HEADS OF INCOME
? IMPORTANT TERMS
? INCOME TAX RATES
? EXEMPTION   & DEDUCTIONS
? SOME USEFUL TIPS
? CONCLUSION
INTRODUCTION
WHAT IS TAX ? & WHY IT IS REQUIRED?
TAX IS A PART OF AN IND IVI DUA L ’S EARNING WHICH IS REQUIRED TO BE
PAID TO THE GOVERNMENT IN ORDER TO GENERATE REVENUE. IT IS A
MANDATORY LIABILITY FOR EVERY CITIZEN OF THE COUNTRY. THERE
ARE TWO TYPES OF TAX IN INDIA I.E. DIRECT AND INDIRECT TAX. INCOME
TAX IS DIRECT TAX.
WHY TAX IS REQUIRED?
INCOME TAX IS THE MAIN SOURCE OF INCOME FOR THE GOVT. TAX
MONEY IS USED IN INITIATING VARIOUS WELFARE AND OTHE ACTIVITIES
SUCH AS
INTRODUCTION 
?PROVIDING HEALTHCARE FACILITIES
?PROVIDING EDUCATION THROUGH GOVT SCHOOLS WHER FEE IS 
NEGLIGIBLE
?SUBSIDY ON COOKING GAS, FERTILIZERS AND OTHER ESSENTIAL 
COMMODITIES.
?SALARY AND PENSION TO LAKHS OF GOVT EMPLOYEES.
?NATIONAL SECURITY AND INFRASTRUCTURE DEVELOPMENT
BRIEF HISTORY OF INCOME TAX
?ORIGIN OF TAXATION IN INDIA DATES BACK TO ANCIENT INDIA AS
FOUND MENTIONED IN ANCIENT BOOKS SUCH AS ARTHA
SHASTRA AND MANUSMRITI.
?ACCORDING TO MANUSMRITI ARTISANS USED TO PAY 1/5
TH
OF
THEIR PROFITS AS TAX WHEREAS AGRICULTURIST WERE
REQUIRED TO PAY 1/6
TH
, 1/8
TH
OR 1/10
TH
OF THEIR PRODUCE
DEPENDING UPON THE CIRCUMSTANCES.
?