Income taxation ppt

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August undefined, 2024

WebTaxation – Income from house property • Property A : • Step 1: Compare F.R 1 lakh with MV.Rs.1.2lakh Whichever is higher is F.R. = 1.2 lakh • Step 2 Compare F.R ( of step 1 = 1.2) with S.R. 1.25 whichever is lower is FR. = Rs.1.2 lakh • Step 3 Compare F.R of step 2 Rs.1.2 lakh with A.R. 1 lakh whichever is higher is Fair Rent = 1.2 lakh 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. …

MODULE 1: AN INTRODUCTION TO TAXATION - Coursera

WebTaxation – Business Income • Expenditure on Eligible Project / Scheme : Sec.35AC • Where assessee incurs any expenditure by way of payment of any sum to public sector company or local authority or an institution or association approved by the National Committee for carrying out any eligible project or scheme it will be allowed as deduction. • Eligible … WebJul 30, 2024 · Notwithstanding the overall statistical significance that exists between the tax revenue and total revenue, Petroleum Profit Tax (PPT) was the only predictor that was statistically... flower with velvety petals

Foreign Earned Income Exclusion - Physical Presence Test

WebApr 13, 2024 · ITR-1 or Sahaj is a type of Income Tax Return Form used by a resident individual in India. This form is applicable for the Assessment Year 2024-24. The form is … Web4. Objectives of Taxation. Goals include raising revenue, wealth. redistribution, price stability, economic growth, and social goals. Horizontal equity persons in similar. circumstances … WebApr 13, 2024 · An Income Tax Return (ITR) is a document that taxpayers use to report information about the income they have earned and the applicable taxes to the income tax department. The income tax department has notified seven different forms, namely ITR-1, ITR-2, ITR-3, ITR-4, ITR-5, ITR-6, and ITR-7. flower with two petals

Taxation - Concepts 1.ppt - Taxation Income Tax Act: …

WebEntities in Federal Income Tax System Taxpaying Entities Various entities in the federal income tax system may be classified into two general categories: taxpaying entities and … 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 … greenbushes townsiteWebTaxation – salaryTaxation – salary • Amount of exemption : • Least of the following will be exempt: • 1. Last Drawn salary x 3x completed yearsof service or Last drawn salary x remaining months ofservice – whichever is higher. 2. … greenbushes to boyup brook

"WebMar 22, 2024 · Total Income Total Income of an assessee is the gross total Income received under the five heads of income as reduced by the amount deductible Under Sections … " - Income taxation ppt

Income taxation ppt

salary taxation.ppt - Income under the head SALARIES ...

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 ...

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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 … WebTaxation is the practice of collecting taxes (money) from citizens based on their earnings and property. The primary purpose of taxation is to raise revenue to meet huge public …

WebTaxation - Concepts 1.ppt - Taxation Income Tax Act: 1961 1 Taxation • Under Constitution of India Govt has right to collect Income Tax • As per Income Taxation - Concepts 1.ppt - Taxation Income Tax Act: 1961 1... School Ryerson University Course Title TAX 717 Uploaded By CommodoreBee746 Pages 92 This preview shows page 1 - 11 out of 92 pages. WebColorful PPT theme having depiction of tax from earnings with scissors and 2D text TAX Amazing slides consisting of tax time written in all capitals on a tax form Colorful 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 … WebThe next biggest source of federal tax revenues, our payroll taxes. These are taxes imposed in addition to the income tax and are used to fund the Social Security and Medicare …

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 new regime seems to be more beneficial ...

WebJan 31, 2024 · Below are the tax rates according to the old tax regime: Old income slabs Tax rates for persons below 60 years Nil Tax rates for persons between 60 and 80 years Nil Tax rates for persons above 80 years Nil Up to Rs. 2,50,000 Rs. 2,50,001 to Rs. 3,00,000 Rs. 3,00,001 to Rs. 5,00,000 5% Nil Nil 5% 5% Nil greenbushes traffic collegeWebTaxation - Salary Section 17 (2) defines perquisites to include value of benefits such as : i) Rent free accommodation ii) Concession in rent iii) Value of benefit amenity (only in case of specified employees) iv) Any sum paid on behalf of employee v) Any premium towards LIC policy or contract if annuity. vi) Value of other fringe benefits. flower with tiny flowersWebApr 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 … flower with stem templates printableWebFeb 24, 2024 · Petroleum profit tax (PPT) PPT is a tax on the income of companies engaged in upstream petroleum operations in lieu of CIT. The PPT rates vary as follows: 50% for petroleum operations under production sharing contracts (PSC) with the Nigerian National Petroleum Corporation (NNPC). greenbushes wa 6254WebSep 14, 2014 · Five main Heads of Income:SalariesIncome from House PropertyProfits and Gains of Business or ProfessionCapital GainsIncome from Other Sources** Under each Head of Income, there could be multiple Sources of Income For example, a person could be employed with more than one employer. flower with yellow centerWebEach year the IRS publishes a Revenue Procedure containing a list of countries for which the minimum time requirements are waived and the applicable date such waiver begins (visit IRS.gov and search “foreign earned income waiver”). greenbushes townWebA earns N20,000 taxable income and pays 10% as tax (i.e. N,2000) and Mr. B earns a taxable income of N80,000 and pays 20% as tax (i.e. 16,000). In this situation, income tax is progressive, as the tax rate has direct relationship … greenbushes town hall