2. History
ïź Income tax is today an important source of
revenue for government in all the countries.
ïź More than 3,000 years ago, the inhabitants of
ancient Egypt and Greece used to pay income
tax, consumption taxes and custom duties.
ïź Income-tax was first introduced in India in 1860
by James Wilson who become Indianâs first
Finance Member.
3. Income-tax Authorities.
ïź Central Government :- income-tax, Excise Duty
and Customs Duty.
ïź State Governments :- sales tax, VAT, Excise
and tax on agricultural income.
ïź Municipalities :- Octroi and House property tax.
4. Defination
ïź Income :- Income means some monetary returns
periodically received from some definite source.
ïź Assesses :- A person liable to pay any tax or any
other sum of money under this Act.
ïź Person :- According to law an assessee is a
person by whom any tax is payable.
Person includes
- An individual - A firm
- A HUF - A local authority
- A company
5. ïź Assessment years :- It is a year in which the
income of the Previous year is to be assessed.
The current assessment year is 2011-â12.
ïź Previous years :- Previous years means financial
year immediately preceding the assessment year.
Previous years for this assessment year would be
2010-â11.
Previous Year
2010-â11
Assessment Year
2011-â12
6. Total Income of an Individual Assessee.
ïź Salary Income.
ïź House Property.
ïź Business or Profession.
ïź Capital Gains.
ïź Income from other source.
7. Statement showing taxable income from
Salary.
PARTICULAR
Basic Salary ....
Bonus âŠ.
Commission âŠ.
Allowances âŠ.
Perquisites âŠ.
Gross Salary XXX
Less:- Specific deduction âŠ.
Taxable income from salary XXXX
8. Statement showing taxable income from
House Property.
PARTICULAR LOP DLOP SOP
Gross Annual Value âŠ. âŠ. 0
Less:- Local Tax, Mu. Tax 0
Net Annual Value XXX XXX 0
Less:- Specific deduction
1.Std. dedu. (30% of NAV) âŠ. âŠ. 0
2. Int. on Loan âŠ. âŠ. âŠ.
Taxable Income/Loss of XXXX XXXX XXXX
House Property.
9. Statement showing taxable income from
Business or Profession.
PARTICULAR
Net Profit (P&L A/c) âŠ.
Less: Other Heads of Income (P&L A/c) âŠ.
Less: Other Income (Cr. P&L A/c not taxable) âŠ.
Add: Inadmissible Exp. (Dr. to P&L A/c) âŠ.
Less: Inadmissible Exp. (not claimed) âŠ.
Add: Taxable Business Income Not recorded âŠ.
Taxable Business Income XXX
10. Statement showing Taxable Income
PARTICULAR
Salary Income âŠ.
Add: House Property âŠ.
Add: Business or Profession ....
Add: Capital Gains âŠ.
Add: Income from other source âŠ.
Gross Total Income XX
Less: General Deduction âŠ.
Taxable Income XXX
11. Value Added Tax Act, 2003
ïź The value addition by a producer is the
addition in its final sales value due to its
performance over the cost of raw material
plus services purchased from outside.
ïź The two concept VAT.
1. Trader
2. Manufacture.
VAT = Net Sales Value â Total cost of good
12. Thank you
Name :- Daxesh Kanani
Roll No. :- 09
Subject :- Communication Skills for IT Mgmt.
Class :- BBA [ITM] â IV
College :- C. P. Patel & F. H. Shah
Commerce College