Guide to .. Tax Management ,Tax Planning and Tax Saving

 

 

INCOME TAX BASIC - Direct Taxes


1-Person [Section 2(31)]

Under Section 2(31), A 'Person' is An Association Of Persons (AOP) or a Body Of Individuals (BOI) or a Local Authority or an Artificial Juridical Person, whether or not, such Person or Body or Authority or Juridical Person, was formed or  established or incorporated with the object of deriving income, profits or gains.
 

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2- In which Cases Income of Previous Year is Assessed in the Same Year

As a normal rule, the income earned during any previous year is assessed or charged to tax in the immediately succeeding assessment year. However, in the following circumstances the income is taxed in the same year in which it is earned.
 

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3. ‘Income’ Under Income Tax Act. [Section 2(24)] – Concept & Definition

The word 'Income' covers receipts in the shape of money or money's worth which arise with certain regularity or expected regularity from a definite source. However, all receipts do not form the basis of taxation under the Act. Broadly, an analogy is drawn of a tree and the fruits of that tree. The tree symbolises the source from which one gets fruits which symbolises 'Income'.
 

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4. Income Tax Rates for Assessment Year 2021-22

Income Tax Rates for Assessment Year 2021-22 in case of Individual, Domestic company, Foreign Company, Firm, Co-oprative Societies and Local Authorities .
 

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5. ‘Residential Status’ under Income Tax Act. 1956

‘Residential Status’ under Income Tax Act. 1956 in case of Individual, HUF, AOP / BOI, Company
 

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6. Exempted Incomes or Incomes which do not form part of Total Income [Section 10, 10AA, and 11 to 13A]

Table showing a list of Exempted Incomes or Incomes which do not form part of Total Income [Section 10, 10AA, and 11 to 13A]

 

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7. Rates for TDS in case of a Person other than a Company for Financial Year 2020-21

Table showing Rates for TDS (Deduction of Tax at Source) in case of a Person other than a Company for Financial Year 2020-21 (Assessment Year 2021-22). 
 

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8. Rates for TDS in case of a Company for Financial Year 2020-21

Table showing Rates for TDS (Deduction of Tax at Source) in case of a Company for Financial Year 2020-21 (Assessment Year 2021-22)
 

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9. Rates for TDS given under Income Tax Act. for Financial Year 2020-21

Table showing Rates for TDS ( Deduction of Tax at Source) given under Income Tax Act. for Financial Year 2020-21 (AY:2021-22)
 

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10. Exemptions Available in Computation of Capital Gain

Table showing Exemptions Available in Computation of Capital Gain
 

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11. Deductions [Sections 80A to 80U (Chapter VIA)] to be made in Computing Total Income

Table showing Deductions [Sections 80A to 80U (Chapter VIA)] to be made in Computing Total Income
 

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12. Time Limit, Form & Fees for Filing an Appeal

Time Limit, Form & Fees for Filing an Appeal under Income Tax Act.
 

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13. Investment Planning for Tax Savings

A list of various cases towards Investment for Tax Savings are discussed in details.
 

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14. Limitation / Compliance by Assessee , Assessing Authority, etc. Under Income Tax Act, 1961.

Limitation / Compliance by Assessee , Assessing Authority, etc. Under Income Tax Act, 1961. in case of Advance Tax, Refund, Income Tax Return, Assessment / Re-assessment, Appeals, Settlement Commission, Revision under Income/Wealth Tax, Rectification of Mistake, Order of Appellate Tribunal, Penalty, Partnership Firm, Survey, Search and Seizure, Advance Ruling, Recovery of Tax, Provident Fund / Superannuation Fund / Gratuity Fund etc.
 

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15. Prescribed Audit Reports under the Income-tax Rules / Act.

Relevent IT Rules, Sections of IT Act., Prescribed Aufit Reports and Forms are discussed in details in a Table.
 

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16. Prescribed Reports / Certificates from a Chartered Accountant U/s 288(2)

Under the Explanation to section 288(2), an “Chartered Accountant” means a chartered accountant within the meaning of the Chartered Accountants Act, 1949, and includes in relation to any State, any person who by virtue of the provisions of section 226(2) of the Companies Act is entitled to be appointed to act as an auditor of companies registered in that State.
 

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17. Special Provisions on Deduction Allowed to newly established Units in Special Economic Zones (SEZ) [Section 10AA]

Special Provisions on Deduction Allowed to newly established Units in Special Economic Zones (SEZ) [Section 10AA] regarding Assessee who are eligible, essential conditions to claim deduction, Period of Deduction, How to compute Deduction.
 

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18. Clubbing of Income of an Individual with income of Spouse, Minor Child, etc. [Section 64]

Clubbing of Income of an Individual with income of Spouse, Minor Child, etc. [Section 64]
 

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19. Taxation of Cash Credits, Unexplained Money, Unexplained Investments etc. covered under Section 68, 69, 69A, 69B, 69C & 69D

Taxation of Cash Credits, Unexplained Money, Unexplained Investments etc. covered under Section 68, 69, 69A, 69B, 69C & 69D -
 

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20. Agricultural Income & Its Tax Treatment [Section 2(1A) and 10(1)]

Income which is Partially Agricultural and Partially from Business, Tax on Non-Agricultural Income if the Assessee Earns Agricultural Income also
 

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21. Permanent Account Number (PAN) [Section 139A and Rule 114]

Who has to apply for PAN? [Section 139A (1)], for whom it will be obligatory to apply for permanent account number (PAN) [Section 139A(1A)], Prescribing new class of persons for allotment of PAN, PAN to be quoted in certain cases [Section 139A(5)]
 

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22. Transactions where Quoting of PAN made Compulsory [Section 139A (5) (c) and Rule 114B]

Every person shall quote his PAN (Permanent Account Number) in all documents pertaining to the transactions specified in the Table below, namely :-
 

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23. Search and Seizure [Section 132] – Under Income Tax Act.

Authority who can issue Order for Search and Seizure U/s 132 and which can be Authorised by a Principal CCIT/CCIT or Principal CIT/CIT other than jurisdictional Principal CCIT/CCIT or Principal CIT/CIT. Power of Officer to whom Authority is given for Search and Seizure.


 

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24. Procedure for Assessment of Search Cases [Sections 153A, 153B and 153C]

Notice for Filing Return [Section 153A(1)(a)], Assessment in case of Search or Requisition [Section 153A(1)(b)], Assessment of Income of any other person [Section 153C],
 

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25. 'Survey' under Income Tax Act [Section 133A]

'Survey' contemplates a comprehensive and extensive view of the business or charitable activities of an assessee, subject to the limitations laid down in the Income-tax Act. The survey is conducted by the Income Tax Department to achieve the following 3 objects:
 

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26. Advance Payment of Tax by the Assessee

Advance payment of tax is another method of collection of tax by the Central Government in the form of pre-paid taxes. Such advance tax is in addition to deduction of tax at source or collection of tax at source.
 

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27. Interest Payable by the Assessee for default in furnishing Return of Income U/s 139(1)

The assessee is liable to pay interest in the following cases: (a) where the return of income is furnished after the due date. (b) where the return of income is not furnished by the assessee.
 

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28. Interest payable for defaults in payment of Advance Tax [Section 234B(1)]

The assessee is liable to pay interest in the following cases: (1) advance tax has not been paid by the assessee; or (2) the advance tax paid by the assessee is less than 90% of the 'Assessed Tax'.
 

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29. Interest Payable to Assessee [Section 244A]

Interest Payable on Refund of Income Tax [Section 244A (1)], Where the Refund becomes due to the Deductor, Increase or Reduction of the Interest on Refund [Section 244A(3)],
 

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30. Refund of Tax under Income Tax Act. [Section 237 to 241]

Who should claim Refund of Tax?, Who is entitled to Refund of Tax ? [Section 237], Can a person other than the assessee claim Refund of Tax? [Section 238], Refund of Tax on Appeal, etc. [Section 240], Withholding of Refund of Tax in certain cases [Section 241A] and Procedure for Filing a Delayed Refund Claim of Tax.
 

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31. Mode of taking or accepting certain Loans, Deposits and Specified Sum [Section 269SS]

No person shall take or accept from ant' other person (herein referred to as the depositor),— (i) any loan or (ii) deposit or (iii) any specified sum, otherwise than by an account payee cheque or account payee bank draft or use of electronic clearing system through a bank account, if,—
 

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32. Mode of repayment of certain Loans or Deposits and Specified Advance Received [Section 269T]

(a) No branch of a banking company or a co-operative bank, and (b) No other company or co-operative society, and (c) No firm or other person, shall repay any loan or deposit made with it or any specified advance received by it otherwise than by an account payee cheque or account payee bank draft drawn in the name of the person who has made the loan or deposit or paid the specified advance or use of electronic clearing system through a bank account if—
 

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33. Restriction on Cash Transactions [Section 269ST and 271DA]

In India, the quantum of domestic black money is huge which adversely affects the revenue of the Government creating a resource crunch for its various welfare programs. Black money is generally transacted in cash and large amount of unaccounted wealth is stored and used in form of cash.
 

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34. Provisional attachment of Property to protect revenue in certain cases [Section 281B]

Provisional attachment of any properly belonging to the assessee [Section 281B(1)], Period of validity of the attachment order [Section 281B(2)], Assessing Officer to revoke attachment of property if a guarantee from a scheduled bank is furnished [Section 281B(3)]
 

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35. Service of Notice under the Income-tax Act [Sections 282 to 284]

Mode of Service of Notice or summon or requisition or order or any other communication under the Income Tax Act, Service of Notice when Family is disrupted or Firm, etc., is Dissolved [Section 283], Service of Notice in the case of Discontinued Business [Section 284]
 

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36. Obligation to Furnish Statement of Financial Transaction or Reportable Account [Section 285BA]

Section 285BA requires the furnishing of statement on account of the following: (A) Statement of financial transactions (B) Statement of reportable account .
 

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