INCOME TAX ACT 1961

DIRECT TAX INDIRECT TAX

person product or service

1 INCOME TAX 1 SEVICE TAX

2 WEALTH TAX ABOLISHED 2 VAT
3 GIFT TAX ABOLISHED 3 CST
4 CUSTOM DUTY
5 EXCISE DUTY

INCOME TAX IS CHARGED ON THE BASIS OF RESIDENTIAL STATUS N

INCOME TAX LAWS

INCOME TAX ACT 1961
INCOME TAX RULES, 1962
NOTIFICATION
CIRCULARS
TRADE NOTICE
CASE LAWS

Income Tax Act 1961

SEC(1) this is income tax 1961
applicable form 1 april 1962
eqqally applicable throghout india incluing j&k

SEC 2(31) person 1 INDIVIDUAL

2 HUF
3 FIRM
 4 AOP/BOI
5 COMPANY
6 LOCAL AUTHORITY
7 ARTIFICIAL JUDICIAL PERSON

SEC(3) PREVIUOS YEARIS A FINANCIAL YEAR , IMMIDIATE PRECIDING THE ASSESSMENT YEA

SEC(4) Charges of Inocme tax

- SALARY
- HOUSE PROPERTY
- PGBP
- CAPITAL GAIN
- OTHER SOURCES

PLUS + CLUBBING OF INCOME

MINUS - SET OFF CARY FORWARD
GROSS TOTAL INCOME
MINUS - DEDUCTION UNDER SEC 80 C TO 80 U
TAXABLE INCOME
x TAX RATE
INCOME TAX
(-) REBATE & RELIEF UNDER SEC 88 TO 89
TAXPAYABLE
+ INTEREST
+ PENALTY
TOTALE AMOUNT PAYBLE
LESS TDS/TCS/ADVANCE TAX
NET AMT PAYBLE

SEC 172 exception to previous year

1 income from shiping bussiness non resident of indian
2 aop or boi formed for spesific purpose
3 person leaving india
4 transfer of property to avade tax
5 discountinue bussiness

SEC 5 SCOPE OF TOTAL INCOME MOST IMP

IN INDIA
1 INCOME ACRRUE OR ARISE OR DEEMED TO BE ACCRUE OR ARISE IN INDIA

2 INCOME RECIVED OR DEEMED TO BE RECIVED IN INDIA

OUT SIDE INDIA

1 INCOME ACRRUE OR ARISE OUTSIDE INDIA BUT IF :

(A)
*BUSINESS IS CONTROLLED OR PROFFESTION IS SET UP IN INDIA

(B)
ANY OTHER CASE
NDIRECT TAX

product or service IMPOSE ON CHRGED BY

SEVICE TAX SERVICE CENTRAL government

VAT STATE GOV
CST CENTRAL GOV
PRODUCT
CUSTOM DUTY CENTRAL GOV
EXCISE DUTY CENTRAL GOV

L STATUS NOT ON THE CITIZEN SHIP BASIS.

WHAT TO DO / NOT TO DO
HOW TO DO
CENTRAL GOV
CBDT

DECISIONS

1961
CIDING THE ASSESSMENT YEAR

ROR RNOR NR
where
SE IN INDIA T T T * T= taxable

T T T *x= not taxble

T UP IN INDIA
T T X
T X X