BUSINESS TAXATION by 19E2144 Aadavrishikesh https://padlet.com/19e2144/kd6t9uzbjoc6pbsc ASSIGNMENT - 21/09/2021 en-us 2021-09-21 05:59:35 UTC 2025-11-06 04:24:37 UTC hello@padlet.com TDS 19e2144 https://padlet.com/19e2144/kd6t9uzbjoc6pbsc/wish/1756212425 TDS stands for tax deducted at source. As per the Income Tax Act, any company or person making a payment is required to deduct tax at the source if the payment exceeds certain threshold limits.
TDS has to be deducted at the rates prescribed by the tax department. The company or person that makes the payment after deducting TDS is called a deductor and the company or person receiving the payment is called the deducted.]]> 2021-09-21 06:02:01 UTC https://padlet.com/19e2144/kd6t9uzbjoc6pbsc/wish/1756212425 Advance Tax 19e2144 https://padlet.com/19e2144/kd6t9uzbjoc6pbsc/wish/1756213450 Advance tax is the amount of income tax that is paid much in advance rather than a lump-sum payment at the year-end. Also known as earn tax, advance tax is to be paid in installments as per the due dates decided by the income tax department.]]> 2021-09-21 06:02:47 UTC https://padlet.com/19e2144/kd6t9uzbjoc6pbsc/wish/1756213450 Rates of Taxation in India 19e2144 https://padlet.com/19e2144/kd6t9uzbjoc6pbsc/wish/1756232681 The Finance Minister introduced new tax regime in Union Budget, 2020 wherein there is an option for individuals and HUF (Hindu Undivided Family) to pay taxes at lower rates without claiming deductions under various sections.
New tax regime slab rates are not differentiated based on age group. However, under old tax regime the basic income threshold exempt from tax for senior citizen (aged 60 to 80 years) and super senior citizens (aged above 80 years) is ₹ 3 lakh and ₹ 5 lakh respectively.
However, under new tax regime person cannot claim up to 70 income tax deductions while calculating taxes. Hence, every person has to make his/her own calculation as per old and new tax regime and calculate which one is beneficial based on type of investments made and returns earned on those investments.

]]> 2021-09-21 06:16:00 UTC https://padlet.com/19e2144/kd6t9uzbjoc6pbsc/wish/1756232681 Assessment Procedure 19e2144 https://padlet.com/19e2144/kd6t9uzbjoc6pbsc/wish/1756239342 Ascertaining total income is one major task of the procedure involved in levying tax on an assessee.   The task of assessing the income returned and determination of tax liability is called ‘assessment’.   The term ’assessment’ has been used in the Income-tax Act meaning differently contexts.   In certain situations, it refers to computation of income, sometimes to the determination of tax payable and in some cases to the whole procedure laid down in the Act of imposing tax liability on assessee.

Assessment of income relating to one Financial Year (FY) starts in the succeeding financial year, which is called Assesment Year (AY). Income tax assessment procedure begins when an assessee files his return of income to the income tax department.

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