Title: Income tax Act Current Issues Author: palaniswamy Last modified by: ksworld Created Date: 8/16/2006 12:00:00 AM Document presentation format – A free PowerPoint PPT presentation (displayed as a Flash slide show) on PowerShow.com - id: 594a3c-YTM1Y Income Tax (A.Y. INCOME TAXES At the end of this topic, students should be able to: Define deferred tax … INCOME-TAX AUTHORITIES [5. Looks like you’ve clipped this slide to already. nothing in return. 3- However for Income tax purposes separate financial statement for the period April-March covering 12 months period has to Aprilbe prepared, audited and filed with the authorities. MFRS 112 INCOME TAXES.ppt from ACCOUNTING EAB30703 at University of Kuala Lumpur. Rates for the PY 14-15 (India). Purpose of Vivad Se Vishwas Scheme, 2020-To Reduce Income Tax Litigations pending before various Appellate Authorities i.e. Pakistan Taxation System - Law Presentation, No public clipboards found for this slide. Slideshare uses cookies to improve functionality and performance, and to provide you with relevant advertising. The tax authorities calculate the amount of tax payable based on the annual income tax declaration. CIT(A), ITAT, High Court and Supreme Court. - UTC. Slideshare uses cookies to improve functionality and performance, and to provide you with relevant advertising. 0 0 upvotes, Mark this document as useful 0 0 downvotes, Mark this document as not useful Embed. Tell us whether you accept cookies. article 265 of the INDIAN CONSTITUTION. You can change your ad preferences anytime. —(1) The Income-tax Officer, Appellate Assistant Commissioner, Commissioner and Appellate Tribunal shall, for the purposes of this Act, have the same powers as are vested in a Court under the Code of Civil Procedure, 1908 (V of 1908), when trying a suit in respect of the following matters, namely:— We … The relevant section of Income-tax Act prescribe the minimum and maximum penalties which can be levied. Penalty for default in making payment of Self Assessment Tax As per section 140A(1) any tax due (after allowing credit for TDS, advance tax, etc.) Log on to e-filing portal at https://incometaxindiaefiling.gov.in. INTRODUCTION • The present law of income tax is contained in the Income Tax Act, 1961. ... income_tax.ppt The countries having a reasonable number of tax payees can become economically strengthened and stay listed at the top in business. A large number of businessmen community has a vital role in the development of their country. 3/1/2015 2 Tax is a payment made to the government of a country with out “ quid pro quo”i.e. The Government of India has constituted a number of authorities to execute the Income Tax Act and to control the Income Tax Department efficiently. The quantum of penalty leviable depends upon the nature of default. They have made some changes in income tax slab rate and rules. The Income Tax Department appeals to taxpayers NOT to respond to such e-mails and NOT to share information relating to their credit card, bank and other financial accounts. What is the minimum and maximum penalty leviable? The Central Board of Direct Taxes is the supreme body in the direct tax set-up. 34 2. Income Tax Authorities - Free download as Powerpoint Presentation (.ppt / .pptx), PDF File (.pdf), Text File (.txt) or view presentation slides online. Step 5 Find out the balance. Certain incomes are also deemed to have been earned in India although they may have been earned outside the country. Print. In 2014, Income Tax Department has identified additional 22,09,464 non-filers who have done high value transactions. Your Personal Allowance may be bigger if you claim Marriage Allowance or Blind Person’s Allowance. Income-tax levied in any form by any authority - is eligible for DTA relief. is not limited to income earned within the geographical limits or boundaries of the country. Approximately 4.9 lakhs cases involving Dispute of Rs. Step 6 The amount so arrived will be the total income-tax payable by the assessee. PPT on Vivad Se Vishwas Scheme, 2020. You may be one of them. Top 10 making tax digital questions - MTD (Making Tax Digital) is a part of HMRC’s plan to transform the current system into one of the most digitally progressive tax administration. 1. 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