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    Harshil Kaushik Amity Oida Taxation

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    Harshil Kaushik
    The document discusses various types of taxes in India including indirect taxes like excise duty, VAT, customs duty and direct taxes like income tax and corporate tax. It also explains the differences between companies, firms, Hindu Undivided Families, Body of Individuals, and Associations of Persons for tax purposes. Popular tax saving sections of the Income Tax Act such as Section 80C, 10(10D), and 80D are also summarized along with comparisons of old and new income tax slabs and salary tax calculations.

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    Harshil Kaushik Amity Oida Taxation

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    Harshil Kaushik
    35 views13 pages
    The document discusses various types of taxes in India including indirect taxes like excise duty, VAT, customs duty and direct taxes like income tax and corporate tax. It also explains the differences between companies, firms, Hindu Undivided Families, Body of Individuals, and Associations of Persons for tax purposes. Popular tax saving sections of the Income Tax Act such as Section 80C, 10(10D), and 80D are also summarized along with comparisons of old and new income tax slabs and salary tax calculations.

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    The document discusses various types of taxes in India including indirect taxes like excise duty, VAT, customs duty and direct taxes like income tax and corporate tax. It also explains the differences between companies, firms, Hindu Undivided Families, Body of Individuals, and Associations of Persons for tax purposes. Popular tax saving sections of the Income Tax Act such as Section 80C, 10(10D), and 80D are also summarized along with comparisons of old and new income tax slabs and salary tax calculations.

    Copyright:

    © All Rights Reserved
    Download as PPTX, PDF, TXT or read online from Scribd
    Download as pptx, pdf, or txt
    35 views13 pages

    Harshil Kaushik Amity Oida Taxation

    Uploaded by

    Harshil Kaushik
    The document discusses various types of taxes in India including indirect taxes like excise duty, VAT, customs duty and direct taxes like income tax and corporate tax. It also explains the differences between companies, firms, Hindu Undivided Families, Body of Individuals, and Associations of Persons for tax purposes. Popular tax saving sections of the Income Tax Act such as Section 80C, 10(10D), and 80D are also summarized along with comparisons of old and new income tax slabs and salary tax calculations.

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    © All Rights Reserved
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    of 13

    TAXATION

    HARSHIL KAUSHIK
    AMITY UNIVERSITY
    NOIDA
    2
    Types of taxes
    3
    Indirect tax

    Service Tax
    Excise duty
    Value Added Tax
    Custom Duty
    Stamp Duty
    Entertainment Tax
    Securities Transaction Tax
    4
    Direct tax
    Income tax.
    Corporate tax
    Capital gains tax
    Estate tax
    Wealth tax
    DIFFERENCE b/w 5
    company and firm
    FIRM
    COMPANY

    Registration is mandatory for all the companies  Registration is not mandatory


     Firm is not a separate entity
    Company is a separate entity with an ability to
     Partners are jointly and severally liable to pay the
    own assets in its name. debts of the partnership firm
    Many legal formalities are required to be  No legal formalities as such while forming or
    completed when a company is incorporated or dissolving a partnership firm.
    dissolved  Partners themselves are the management of the concern
    in the case of a firm
    Directors form the management in the case of a  There is no such requirement of capital for business to
    company. be registered as a firm

    The minimum capital requirement is ₹ 1


    lakh for private companies and ₹ 5 lakhs for
    public companies.
    HINDU 6
    UNDIVIDED
    FAMILY

    Under Hindu Law, an HUF is a family which


    consists of all persons lineally descended
    from a common ancestor and includes
    their wives and unmarried daughters. An
    HUF cannot be created under a contract, it is
    created automatically in a Hindu Family. The
    head of the family is liable to pay the taxes.
    7

    BOI

    Body of Individuals (BOI) means a group


    of INDIVIDUALS who come together to
    achieve a common objective
    8
    AOP
     AOP (Association of Persons)
    as an integration of persons for a
    mutual benefit or a common
    purpose. They may be individual
    or artificial persons such as LLP
    or a company.
    For example, two companies may
    join together and form an AOP
    for the achievement of a common
    objective
    The income of a Local Authority which is chargeable
    under the head Income from House Property, Capital
    9
    Gains or Income from Other Sources or from a trade
    or business carried on by it which accrues or arises
    from the supply of a commodity or service (not being
    water or electricity) within its own jurisdictional area

    Local authorities are also liable to pay tax to centre.


    10

    5 HEADS OF INCOME
    TAX SAVING SECTIONS 11

     Section 80C is one of the most popular and favourite sections amongst the
    taxpayers as it allows to reduce taxable income by making tax saving
    investments or incurring eligible expenses. It allows a maximum deduction of
    Rs 1.5 lakh every year from the taxpayers total income
     As per Section 10(10D) of the Income Tax Act, 1961 the amount of sum assured
    plus any bonus paid on maturity or surrender of policy or on death of the
    insured are completely tax free for the receiver subject to certain conditions.
     As per section 80D, a taxpayer can avail tax deduction on premium paid
    towards medical insurance for self, spouse, dependent parents and dependent
    children. ... Additional deduction of Rs 25000 is available for insurance paid for
    parents aged less than 60 years and Rs 50,000 if parents are above 60 years of age
    Comparative analysis of old and new tax slabs12

    Tax Slab Old Tax Regime New Tax Regime


    Up to Rs. 2,50,000 Nil Nil
    From Rs. 2,50,000 - 5,00,000 5% 5%
    From Rs. 5,00,000 - 7,50,000 20% 10%
    From Rs. 7,50,000 - 10,00,000 20% 15%

    From Rs. 10,00,000 - 12,50,000 30% 20%

    From Rs. 12,50,000 - 15,00,000 30% 25%

    Above Rs. 15,00,000 30% 30%


    Salary Old Regime Tax Old Regime Tax New Regime Tax rate New Regime Tax
    Rate Amount Amount
    Up to Rs. 2,50,000 0% 0 0% 0
    13
    Rs. 2,50,000 to Rs. 5,00,000 5% Rs. 12,500 5% Rs. 12,500

    Rs. 5,00,000 to Rs. 7,50,000 20% Rs. 50,000 10% Rs. 25,000

    Rs. 7,50,000 to Rs. 10,00,000 20% Rs. 50,000 15% Rs. 37,500
    Rs 1000000 to 1250000 30% Rs.75000 20% Rs.50000

    RS 1250000 to 1500000 30% Rs.75000 25% Rs.62500

    RS. 1500000 and above 30% 30%

    total tax for 25 lakhs Rs. 671250 RS.693750

    Total tax for 75 lakhs Rs. 2171250 Rs. 2193750

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