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Tax - Fee - Compulsory Contribution - - Coggle Diagram
Tax - Fee - Compulsory Contribution -
Direct Taxes - Directly on income of person
Income Tax - Income of Previous Year - Assessed on Assessment Year - Exceeding the min. Taxable Limit - Consist of 300 Sections - Income Tax Act 1961 - Effective April 1962 - Central Tax - On Total Income - Progressive Tax - Has Separate Department - Under CBDT
Comprises of 1.Income Tax Act 1962 2.The Income Tax Rule 1962 3.Judicial Decision 4.CBDT
Exceptions
NRI Shipping Business
Person with no chance of comeback
Transfer of property for avoidance of Tax
Discontinued within FY or Formed for a Particular Purpose
Definitions
Assesse - Person - Proceedings
Body of Individual - Only of Individuals
Association of Person - Common Purpose - Individuals and Non Individuals
Company - Legal Entity - Group of Individual - Business Enterprise - Industrial Capacity
Deemed Assesse - Other Person
Assesse in Default - Fails to Comply
Assessment Year - Section 2(9) - Always of 12 months
Previous Year - Section 3 - May be less than 12 Month
Heads
Income From Salaries 15-17
Income From House Properties 22-27
Income From Profit and Gains of Business and Profession 28-44
Capital Gain 45-55
Income From Other Sources 56-59
Additional
Carry Forward and Set off of Losses 70-80
Deductions 80C-80U
Clubbing Provisions 60-55
Depends upon Residential Status
If in India for Upto or more than 182 Days
Yes
Resident
No
Indirect Taxes - On Goods and Service - Ultimate Consumers
GST : Goods and Service Tax - GST Act 29/03/17 - Effective from 01/07/17 - Removal of Double Taxation - Uniformity - Reduction in Tax Evasion - Transparency, Regular and Predictable Tax Structure