NAME: SWATI ROHRA

COURSE:BCOM (H)
BCH2017035
There are two types of taxes:
1)Direct tax
Examples:
 Income tax

 Wealth tax

2)Indirect tax
Examples:
 Service tax

 Excise duties

 VAT
Income is money that an individual or
business receives in
exchange for providing a good or service
or through investing capital. Income is
used to fund day-to-day expenditures. ...
In businesses, income can refer
to acompany's remaining revenues after
paying all expenses and taxes.
 Income from salary
 Income from housing property
 Income from business and
profession
 Income from capital gain
 Income from other sources
Annual charge levied on both earned income (wages, salaries,
commission) and unearned income (dividends, interest, rents). In
addition to financing a government's operations, progressive
income taxation is designed to distribute wealth more evenly in a
population, and to serve as automatic fiscal stabilizer to cushion
the effects of economic cycles. Its two basic types are (1) Personal
income tax, levied on incomes of individuals, households,
partnerships, and sole-proprietorships; and (2) Corporation
income tax, levied on profits (net earnings) of incorporated firms.
However, presence of tax loopholes (whose number increases in
direct proportion to the complexity of tax code) may allow some
wealthy persons to escape higher taxes without violating the letter
of the tax laws.
ASSESSEE:
According to section-2(7),Assessee means a person who pay tax
and takes the benefits and deduction under the income tax Act.
According to section -2(31),a person includes,
 Individual
 HUF

 Company
 Firm
 An AOP/ BOI

 Local Authority
 Every Other Artificial judicial person .
What is Agriculture Income?
Agricultural income in India is categorized as a valid source and
essentially incorporates income from sources that include farming
area, structures on or identified with a rural land and business
deliver from a horticultural land. This income is considered for rate
purposes while ascertaining the income tax liability of an individual.

NON AGRICULTURE INCOME:

The below-mentioned list draws exception to that revenue or income
which is generated by doing agriculture work, but they are “non-
agriculture income. They are as follows-:
Revenue from the sale of processed products of agricultural nature
without actual agricultural activity.
Revenue from extremely processed products.
Revenue from trees that have been sold as timber.
Income from poultry farming.
Income from bee hiving.
Income from sale of spontaneously grown trees.
 Slab of Income RATES OF INCOME TAX

1)Income upto Rs.2,50,000 NIL

2)Income more than Rs.2,50,000 but 10%

upto Rs.5,00,000

3)Income more than Rs.5,00,000 but 20%

upto Rs.10,00,000

4)Balance of income(if income exceeds 30%

Rs.10,00,000)
 SLABS OF INCOME RATES OF INCOME TAX

1)Income upto Rs. 3,00,000 NIL

2)Income more than Rs.3,00,000 but upto 10%

Rs. 5,00,000

3)Income more than Rs.5,00,000 but upto 20%

Rs.10,00,000

4) Balance of Income (If income exceeds

Rs. 10,00,000) 30%
 Slab of Income Rates of Income tax

1)Income upto Rs. 5,00,000 NIL

2)Income more than Rs. 5,00,000 but 20%

upto Rs. 10,00,000

3)Balance of Income (if income exceeds 30%

Rs. 10,00,000)
THANK YOU