Navdeep Kaur is teaching live on Unacademy Plus
Navdeep Kaur Following VERIFIED Expert in CBSE UGC NET, Reasoning, SSC, CGL,BANK PO, IBPS preparation, Teaching Experience of 5 years, JRF Qualified, All the Best o 30,680 This month views 106,169 Lifotimo Views https://unacademy.com/plus 35 Courses 7.4k Followers2 Follwing UNACADEMY PLUS By Navdeep Kaur By Navdeep Kaur Complete Course for CBSE UGC NET Paper 1 (Hindi) Crash Course on People and Environment Hindi) Accounting Standard Tricks- CBSE UGC Last date to apply is 5th May
The Income-tax Act, 1961 The Income-tax Act, 1961 is the charging Statute of Income Tax in India. It provides for levy, administration, collection and recovery of Income lax.
"The Taxation Laws (Second Amendment) Act, 2016" is an amendment Act, No.48 of 2016, to Income-tax Act, 1961 and The Finance Act, 2016. It was passed during the 2016 Winter Session of Indian Parliament. The Taxation Laws (Second Amendment) Bill, 2016 was passed in Lok Sabha as a money bill on 29 November 2016 enabling people to declare their undisclosed incomes after Indian 500 and 1000 rupee note demonetisation.
The Taxation Laws (Second Amendment) Bill, 2016, was introduced in the Lok Sabha during the 2016 Winter Session of Indian Parliament. The bill was introduced on 28 November 2016, by Finance Minister of India, Arun Jaitley. The bill was passed by Speaker Sumitra Mahajan, with a voice vote without debate in Lok Sabha. The Government, clarified that gold asset in form of jewellery of People of India, were not for taxation as per the introduced Bill. The Opposition, parties, expressed anger against the passed bill in Lok Sabha, that a debate was not held.
An assesses may get income from different sources, eg: salaries-house property income-profits and gains of business or profession - capital gains income from other sources like interest on securities , lottery winnings, races etc. Income from each of these sources calculated first to find out the gross total income, and then permissible deduction allowed arriving in total income according to sec 80 c to 80 u. Every person whose taxable income in the previous year exceeds the minimum taxable limit is liable to pay income tax during the current financial year at the rates applicable to the current financial year.
ASSESSMENT YEAR SEC 2(9) Assessment year means the period of 12 months commencing on the first day of April every year and ending on 31st march of the next year. The current assessment year is 2018 -2019 An Assessee is liable to pay tax on the income of the previous year during the next following assessment year. Eg: - during the Assessment year 2018 -2019 income earned during 2017-18 is taxed.
PREVIOUS YEAR SEC 3 Previous year means the financial year immediately preceding the assessment year. The previous year relevant to the Assessment year 2018 -2019 is 2017-18(1.4.17 to 31.03.18).ie the year in which income is earned is known as previous year.
PERSONS SEC 2(34]) 1. Individual 2. Hindu undivided family 3. Company 4. Firm 5. Association of persons or body of individual 6. Local authority 7. Artificial juridical person
ASSESSEE SEC 2(7) Assessee is a person, who has liability to pay tax or any other sum of money under Income Tax act of 1961, so the aforesaid persons include in the category of Assessee. Every Assessee whose taxable income in the previous year exceeds the minimum taxable limit is liable to pay income tax during the current financial year at the rates applicable to the current financial year.
EXCEPTIONS TO THE GENERAL RULE Generally income earned in the previous year is taxed in the assessment year. But there are certain exceptions to the general rule. le the previous year and assignment year are same; the Assessee is liable to be assessed in the same year in which he earns the income in the following case, 1. Income from non resident shipping company 2. Income of person leaving India 3. Income of person likely to transfer assets to avoid tax 4. Income from discontinued business.
RESIDENTIAL STATUS Income tax is charged on total income earned by an Assessee during the previous year, but at the rate applicable to the assessment year. It shall be determined on the basis of the residential status of the Assessee. Sec.6 of the act divides the Assessee into 3 categories' Resident *Non resident *Not ordinary resident There is basic and additional condition for determining the residential status of different assessee.
A pollutant is a substance or energy introduced into the environment that has undesired effects, or adversely affects the usefulness of a resource A pollutant may cause long- or short-term damage by changing the growth rate of plant or animal species, or by interfering with humarn amenities, comfort, health, or property values. Some pollutants are biodegradable and therefore will not persist in the environment in the long term. However, the degradation products of some pollutants are themselves polluting such as the products DDE (Dichlorodiphenyldichloroethylene) and DDD (Dichlorodiphenyldichloroethane) produced from degradation of DDT (Dichlorodiphenyltrichloroethane)
Classification of Pollutants: The classification of pollutants is done from different points of view: (i) Depending upon their existence in nature pollutants are of two types, namely quantitative and qualitative pollutants. (a) Quantitative Pollutants: These are those substances normally occurring in the environment, who acquire the status of a pollutant when their con-centration gets increased due to the unmindful activities of man. For exam-ple, carbon dioxide, if present in the atmosphere in concentration greater than normal due to automobiles and industries, causes measurable effects on humans, animals, plants or property, then it is classified as a quantita-tive pollutant.
(b) Qualitative Pollutant These are those substances which do not normally occur in nature but are added by man, for example, insecticides
(i) Depending upon the form in which they persist after being released into the environment, the pollutants are categorized into two types, namely pri- mary and secondary pollutants (a) Primary Pollutants: These are those which are emitted directly from the source and persist in the form in which they were added to the environ-ment. Typical examples of pollutants included under this category are ash, smoke, fumes, dust, nitric oxide, sulphur dioxide, hydrocarbons etc.