Needs notes for income tax b.com 2 nd year?

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Income Tax for B.Com 2nd Year

Introduction

Income tax is a tax levied on the income earned by an individual or entity in a particular financial year. It is a direct tax that is collected by the government to fund various public services and infrastructure development programs.

Components of Income Tax

Gross Total Income (GTI): It is the total income earned by an individual or entity in a financial year, including income from all sources such as salary, business profits, capital gains, etc.

Deductions: The income tax law provides for various deductions that can be claimed by an individual to reduce their taxable income.

Taxable Income: It is the income on which income tax is calculated after deducting all eligible deductions from GTI.

Tax Slabs: The tax rates applicable to an individual or entity depend on the tax slab they fall under, based on their taxable income.

Tax Saving Instruments

Investing in tax-saving mutual funds

Investing in Public Provident Fund (PPF)

Purchasing National Saving Certificate (NSC)

Investing in Equity-Linked Savings Scheme (ELSS)

Investing in Unit Linked Insurance Plans (ULIPs)

Due Dates for Filing Income Tax Returns

31st July: Due date for filing returns for individuals and entities who are not required to get their accounts audited.

30th September: Due date for filing returns for individuals and entities who are required to get their accounts audited.

Penalties for Late Filing of Income Tax Returns

Rs. 5,000: For returns filed after the due date but before 31st December of the assessment year.

Rs. 10,000: For returns filed after 31st December but before 31st March of the assessment year.

Rs. 1,000 per day: For returns filed after 31st March of the assessment year.

Conclusion

Understanding income tax is important for every individual and entity to comply with the tax laws and avoid any penalties. By investing in tax-saving instruments, one can also reduce their taxable income and save on taxes. Filing income tax returns on time is crucial to avoid any penalties and ensure compliance with the tax laws.

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