Administration Direct tax in India: Analysi

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1. “Administration of Income tax in India”

2. LEARNING OUTCOMES 01 BASICS OF TAX 02 PROCESS OF COMPUTING TAX 03 ADMINISTARTION OF INCOME TAX IN INDIA 01 02 03 The students will be able to understand

3. Section Break Insert the Subtitle of Your Presentation

4. Introduction to tax Direct Tax collection, net of refunds, stands at  Rs.   13.73 lakh crore  which is 16.78% higher than the net collections for the corresponding period of last year.  The gross Personal Income Tax collection (including STT) (provisional) in FY 2022-23 is at  Rs.   9,60,764 crore  and has shown a growth of 24.23% over the gross Personal Income Tax collection (including STT) of Rs. 7,73,389 crore of the preceding year.

5. Overview of Income Tax law in India Income tax act,1961 Finance act Circulars and notification

6. Total income and tax payable Step-1 Determination of residential status - Resident and ordinary resident 1. Stay in India for a year is 182 days or more or 2. Stay in India for the immediately 4 preceding years is 365 days or more and 60 days or more in the relevant financial year Ordinary resident 1.   Has been a resident of India in at least 2 out of 10 years immediately previous years and 2. Has stayed in India for at least 730 days in 7 immediately preceding years - Resident but not ordinary resident - Non-Resident of India (NRI)

7. Total income and tax payable Step-2 Classification of income under different heads (1) Salary (2) Income from house property (3) Profits and gains from Business and Profession (4) Capital Gain (5) Income from Other sources Step-3 Computation of income under each head Step-4 Clubbing of income spouse, minor Child etc.. Step-5 Set-off or Carry Forward of losses Step-6 Computation Gross Total Income

8. Step-7 Deductions from Gross Total Income -Deduction In respect of certain payment Step-8 Total Income

9. Step-9 Application of Rates of taxes https://www.maxlifeinsurance.com/blog/tax-savings/income-tax-slab-fy-2022-23 Step-10 Surcharge Step-11 Education cess and SHEC Step-12 Advance tax and TDS Step-12 Filling up of Income tax return https://cleartax.in/s/which-itr-to-file

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