Income Tax

• Names of your tax deductors and the Tax Deduction Account Number (TAN) associated with them
• Tax refunds, if any, received in the particular financial year
• If you have sold immovable property in the financial year, details of the TDS deducted by the purchaser
• TDS deducted by the tenant on the payment of rent exceeding INR 50,000 (if applicable)
• Details of all high-value transactions (reported by the banking and financial institutions that they are conducted through)

Direct Tax

Indirect Taxes (Goods and Services Tax)

• Residence in India for a period amounting to 182 days or more in total.
• You have been in India for 365 days or more in any of the four years preceding the year of assessment, plus is living in India for 60 or more days in the current financial year.
• Similarly, every person is a resident of India with regard to the previous year, unless the management of his affairs is situated completely out of India.
• A person will be deemed ‘not ordinarily resident’ in India if he has not been residing in India for 9 out of 10 years preceding the year of assessment.

• the manager of the HUF has not been residing in India for 9 out of 10 years before the year of assessment, or
• In the preceding 7 years, the manager has been living in India for 729 days or less.

• Payment in cash to a hotel or restaurant against a bill/bills at any one time exceeding fifty thousand rupees.
• Payment in cash in connection with travel to any foreign country or payment for the purchase of any foreign currency at any one time exceeding fifty thousand rupees.
• Sale or purchase of any immovable property exceeding ten lakh rupees.
• Sale or purchase of goods or services of any nature exceeding two lakh rupees per transaction.

• Direct taxes: tax on income, wealth, corporates, capital gains.
• Indirect taxes: taxes that are levied on goods and services

• Tax on agricultural income(( Schedule VII, entry 46 under State List, Constitution))
• Tax on lands and buildings(( Schedule VII, entry 47 under State List, Constitution))
• Professional tax(( Schedule VII, entry 60 under State List, Constitution))
• State excise duty
• Tax on electricity(( Schedule VII, entry 53 under State List, Constitution))
• Excise duty on alcohol(( Schedule VII, entry 51 under State List, Constitution))
• Toll tax(( Schedule VII, entry 69 under State List, Constitution))

• VAT or value added tax
• Sales Tax
• Entertainment Tax
• Octroi
• Purchase Tax
• Service Tax

• During the lifetime of such an employee, the premium on a Keyman Insurance Policy is paid by the employer.
• In case the employee dies untimely, the employer becomes the claimant of the insurance benefits.
• To qualify as a ‘keyman’, the employee should hold less than 51% shares in the company

• Members of the HUF must be ‘Hindu’ as defined under Hindu Law, which includes Sikhs, Jains, and Buddhists along with Hindus.
• Members should form a family, i.e. they should be related to each other through blood or marriage. Therefore, an HUF cannot be contractually created.
• The family should be ‘undivided’, i.e. it should be a joint Hindu family where partition has not been affected.  

• Ancestral property
• Property acquired with the aid of ancestral property
• Property transferred by members of HUF

Calculating Advance Tax

Payment of Advance Tax

• Resident Individual
• Resident Hindu Undivided Family
• Resident Partnership Firm (except a Limited Liability Partnership Firm).

• the child gets income from manual work or
• income from an activity involving application of the child’s skill, talent or specialised knowledge and experience.

• Without any consideration
• Of value more than INR 50, 000

• They have been received  from specific relatives, i.e. parents, siblings, spouse
• Gift received in marriage, from relatives or in a will, regardless of value
• Gift received in contemplation of death of the payer
• Received from a local authority, fund, university, or medical institution

• Consumables or raw materials, possessed by a taxpayer for the purpose of his business or profession.
• Movable property like clothes and furniture that count as personal effects of the taxpayer or his family, valuables like jewellery, archaeological collections and artworks are considered as capital assets.
• Agricultural land
• Gold bonds
• Special bearer bonds
• Gold deposit bond

• Short-term capital asset: An asset held for 36 months or less, right before it is transferred. For immovable property, this time limit is 24 months.((  Section 2(42A), Income Tax Act, 1961.))

• Any salary due from an employer (or former employer,) whether paid or not.
• Any salary paid or allowance made by the employer (or former employer or somebody on their behalf) though not due or before it was due to the taxpayer. For example, a salary paid in advance for a project.
• Arrears on salary

• Wages
• Any annuity or pension
• Gratuity
• Fees, commissions, profits
• Any advance of salary
• Provident Fund amount (on yearly basis)

• Basic income: It is the base remuneration which exists before any deduction or increment is made and is a fixed amount.
• Allowances: Above the basic income, an employee may be given monetary benefit to meet expenses in the form of allowances. These may be:
  • Housing rent allowance
  • Dearness allowance
  • Medical or conveyance allowance.
• Provident Fund (PF): This is in the form of pension, where equal contributions from the employer and employee are collected in a PF fund throughout the latter’s service tenure. Currently, the Government of India makes the contribution on behalf of the employer for the first 3 years of service of a new employee, to boost employment in India.
• Gratuity: This is also a retirement benefit payable to those who have been employed by a company for at least 5 years. This is also deducted from the employee’s salary throughout their service tenure.
• Professional Tax: This tax is payable to the State Government for practising a certain profession. It is levied on the monthly salary.

• Income Tax: Income tax is levied by the Government of India on the income of every person.(( The Income Tax Act, 1961.)) 
• Central Goods & Services Tax (CGST): CGST or Central Goods and Service Tax(( The Central Goods and Services Tax Act, 2017.)) is levied and collected by the central government on every supply of goods and services within the state.
• Customs Duty: Customs duty(( Ice Gate, e-commerce portal, Customs National Trade Portal, available at https://www.icegate.gov.in/; The Customs Tariff Act, 1975)) is applicable on all goods imported and a few goods exported out of the country. Duties levied on import of goods are termed as import duty while duties levied on exported goods are termed as export duty.
• Integrated Goods & Services Tax (IGST): IGST(( The Integrated Goods and Services Tax Act, 2017)) is tax levied on inter-state supply of goods. IGST will be applicable on any supply of goods and services in both cases of import into India and export from India.

• Part I: Income tax rates and surcharges on income tax
• Part II: Rates of TDS
• Part III: TDS on income from ‘salaries’ 
• Part IV: rules for calculating net agricultural income