Agricultural Income - Income Tax

Description

Introduction of Tax

Types of Tax : 1. Direct Tax 2. Indirect Ta

Direct Tax- Paid by assessee and borne by assessee .

Example: Income Tax, Corporate Tax

Explanation of Direct Tax

Indirect Tax- Paid by assessee but borne by other than assessee.

Example: GST (1,000+ items), VAT + Excise Duty (Petroleum – 150% approx.), Excise Duty (Alcoholic items), Custom Duty (Import – Export), security transaction tax (share trading)

Explanation of Indirect Tax

Difference between Direct Tax and Indirect Tax

Income Tax

Income Tax Act 1961

Income Tax Introduced first time in India

Person Section 2(31) Person includes:-

(1) An Individual

(2) A Hindu Undivided family

(3) A Company

(4) A Firm

(5) An association of person or body of individuals.

(6) A Local authority

(7) Artificial juridical person

Divide and rule policy

Previous Year Section 3

Assessment Year Section 2(9)

Due Date of Income Tax Return

Computation of Gross Total Income and Total Income

Sections of Five Heads

Income from Salary U/S 15 – 17

Income from House Property U/S 22 – 27

Profit and gains of business or profession U/S 28 – 44

Capital Gain U/S 45 – 55

Income from other sources U/S 56 – 59

Difference between gross total income and total income

Assessee Section 2(7)

Double taxation avoidance agreement

Different name of tax

Income tax Court name & Sequence

Permanent Account Number - PAN

Meaning of Permanent Account Number (PAN)

Mandatory of Permanent Account Number

Agricultural Income Definition Section 2(1A)

Kinds of Agricultural Income

Partly Agricultural Income

Income which is partially agricultural and partially from business

Income not included in Agricultural Income/Non Agricultural income

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