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INCOME TAX ,[object Object],[object Object],[object Object],[object Object],[object Object]
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TYPES OF INCOMES A 1. Taxable income 2. Exempted incomes 3. Rebateable incomes u/s 86 B  1. Gross total income 2. Taxable/Total income ROUNDING OFF: OF INCOME u/s288A OF TAX u/s 288B
COMPUTATION OF TAX 1.  INCOME FROM SALARIES   XXXX 2. INCOME FROM HOUSE PROPERTY  XXXX 3. INCOME FROM BUSINESS/PROFESSION  XXXX 4. INCOME FROM CAPITAL GAINS  XXXX 5. INCOME FROM OTHER SOURCES  XXXX GROSS TOTAL INCOME  XXXXX DEDUCTIONS U/S 80  XXX TAXABLE INCOME  XXXXX
COMPUTATION OF TAX Tax on short term shares (STT)  @ 10%  XXX Tax on L.T Capital assets  @ 20%  XXX Tax on Casual Incomes  @  30%  XXX Tax on other incomes **  XXX  TOTAL TAX  XXX  LESS:  Rebate u/s 88E  XX  TAX PAYABLE  XXX ADD:  surcharge @  10%  XXX ADD:  Education cess @ 3%  XXX TOTAL TAX  XXX LESS:  Tax Relief u/s 86-89  XXX  Advance Tax /TDS  paid if any   XXX  BALANCE OF TAX PAYABLE  XXXX
TAX RATES  for AY 08-09 MALE INCOME ( Rs. )   RATE O-1,10,000  nil 1,10,001-1,50,000  10% 1,50,001-2,50,000  20%  exceeding 2,50,000  30% FEMALE O-1,45,000  nil 1,45,001-1,50,000  10% 1,50,001-2,50,000  20%  exceeding 2,50,000  30% SENIOR CITIZEN O-1,95,000  nil 1,95,001--2,50,000  20%  exceeding 2,50,000  30%
INCIDENCE OF TAX FOR DIFFERENT STATUS Not taxed Not taxed taxed Income earned & recd outside India from business/any other source Not taxed Not taxed Not taxed Income earned & recd outside India of earlier PYs but remitted to India in RPY Not taxed taxed taxed Income earned & recd outside India from a business (profess) set up/controlled in India taxed taxed taxed Income received in India taxed taxed taxed Income earned in India NR RNOR ROR INCOME

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Income Tax

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  • 5. TYPES OF INCOMES A 1. Taxable income 2. Exempted incomes 3. Rebateable incomes u/s 86 B 1. Gross total income 2. Taxable/Total income ROUNDING OFF: OF INCOME u/s288A OF TAX u/s 288B
  • 6. COMPUTATION OF TAX 1. INCOME FROM SALARIES XXXX 2. INCOME FROM HOUSE PROPERTY XXXX 3. INCOME FROM BUSINESS/PROFESSION XXXX 4. INCOME FROM CAPITAL GAINS XXXX 5. INCOME FROM OTHER SOURCES XXXX GROSS TOTAL INCOME XXXXX DEDUCTIONS U/S 80 XXX TAXABLE INCOME XXXXX
  • 7. COMPUTATION OF TAX Tax on short term shares (STT) @ 10% XXX Tax on L.T Capital assets @ 20% XXX Tax on Casual Incomes @ 30% XXX Tax on other incomes ** XXX TOTAL TAX XXX LESS: Rebate u/s 88E XX TAX PAYABLE XXX ADD: surcharge @ 10% XXX ADD: Education cess @ 3% XXX TOTAL TAX XXX LESS: Tax Relief u/s 86-89 XXX Advance Tax /TDS paid if any XXX BALANCE OF TAX PAYABLE XXXX
  • 8. TAX RATES for AY 08-09 MALE INCOME ( Rs. ) RATE O-1,10,000 nil 1,10,001-1,50,000 10% 1,50,001-2,50,000 20% exceeding 2,50,000 30% FEMALE O-1,45,000 nil 1,45,001-1,50,000 10% 1,50,001-2,50,000 20% exceeding 2,50,000 30% SENIOR CITIZEN O-1,95,000 nil 1,95,001--2,50,000 20% exceeding 2,50,000 30%
  • 9. INCIDENCE OF TAX FOR DIFFERENT STATUS Not taxed Not taxed taxed Income earned & recd outside India from business/any other source Not taxed Not taxed Not taxed Income earned & recd outside India of earlier PYs but remitted to India in RPY Not taxed taxed taxed Income earned & recd outside India from a business (profess) set up/controlled in India taxed taxed taxed Income received in India taxed taxed taxed Income earned in India NR RNOR ROR INCOME