Income taxation ppt
WebTaxation -Salary Taxation -Salary 7.Surrender of Salary: If an employee surrenders his salary u/s 2 of Surrender of Salaries (Exemption from taxation act 1961), the salary so surrendered would be excluded. 8.Salary is taxable on due or receipt basis, whichever is earlier. 9.Place of accrual of salary income: • Normally the place of accrual of is the place where service … WebNov 5, 2014 · 6. A tax imposed on taxable income in one taxable year. It is based on the gross income/ taxable income payable yearly by individual persons or corporations. 7. …
Income taxation ppt
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Web1. INTRODUCTION TO INCOME TAX ACT 1961 Introduction Basic concepts Important Terms. 2. When Income Tax Act was Established? In year 1961 ' Income tax Rules were … WebProgressive Tax: This is a tax which increases as the tax base (i.e. income or stock of wealth being tax) increases. It is commonly found in income taxation and the aim is to achieve equitable distribution of tax burden. For …
WebSep 14, 2014 · The following incomes shall be chargeable to income-tax under the head Salaries:-Salary DueAdvance Salary [u/s 17 (1) (v)]Arrears of Salary. Note: (i)Salary is chargeable on due basis or receipt basis, whichever is earlier. (ii)Advance salary and Arrears of salary are chargeable to tax on receipt basis only.*. WebApr 10, 2024 · Moreover, income up to Rs 7 lakh is tax-free under the New Regime. This along with a standard deduction of Rs 50,000 makes income up to Rs 7.5 lakh tax-free under the New Regime. However, other ...
WebApr 10, 2024 · In addition, the maximum rate of surcharge is 25 per cent in the new tax regime, whereas the maximum surcharge rate under the old regime was 37 per cent. The … WebTaxation -Salary Taxation -Salary 7.Surrender of Salary: If an employee surrenders his salary u/s 2 of Surrender of Salaries (Exemption from taxation act 1961), the salary so …
WebView salary taxation2.ppt.pptx from TAX 717 at Ryerson University. Taxation - Salary VII. Payment from statutory/Public Provident Fund Sec.10(11) The statutory Provident Fund (under P/F act 1925) is ... P/F was Rs.36000/-LIC Premium Rs. 4000/- and subscription to infrastructure bonds Rs.20000/-⦿ Calculate her taxable income and Tax payable by ...
WebTaxation is the process by which the government collects revenue in order to pay for its expenses . In the Philippines , the Bureau of Internal Revenue ( BIR ) is the primary implementing agency in charge of tax collections in the Philippines . There are many forms of taxes in the Philippines the most common of which are Value Added Tax or VAT , … drunk man air india flightWebISTAT is involved in various EU projects with the objective of "supporting the Lisbon objectives, EU governance and the process of national policy coverage with the best EU-wide and national policy impact … comedy mystery raisinWebTaxation: Exempt Incomes • Sum received from Life insurance policy including bonus but this exemption isnot available for: a) Scheme under sec.80DD – Maintenance and medical … comedy music hall songsWeb4. Objectives of Taxation. Goals include raising revenue, wealth. redistribution, price stability, economic growth, and social goals. Horizontal equity persons in similar. circumstances … comedy nacht xxl kölnWebMar 28, 2024 · The payer has to deduct an amount of tax based on the rules prescribed by the income tax department. For instance, An employer will estimate the total annual income of an employee and deduct tax on his Income if his Taxable Income exceeds INR 2,50,000. Tax is deducted based on which tax slab you belong to each year. drunk man breathalyzerdrunk man cuddling catWebIAS 12 - Accounting for income taxes. 2. Executive summary. Despite the similar approaches to accounting for. taxation under IFRS and US GAAP, deferred. taxation is one … drunk man at cricket