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INCOME --------------

INCOME --------------. For FY 2012-13. ASSESSEE. INCOME TAX IS IMPOSED ON INDIVIDUALS HINDU UNDIVIDED FAMILY (HUF) COMPANIES FIRMS ASSOCIATION OF PERSONS ARTIFICIAL JUDICIAL PERSONS. 20/01/12. WHAT IS ACCOUNTING YEAR.

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INCOME --------------

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  1. INCOME -------------- For FY 2012-13

  2. ASSESSEE INCOME TAX IS IMPOSED ON INDIVIDUALS HINDU UNDIVIDED FAMILY (HUF) COMPANIES FIRMS ASSOCIATION OF PERSONS ARTIFICIAL JUDICIAL PERSONS 20/01/12

  3. WHAT IS ACCOUNTING YEAR THEF.YYEAR IN WHICH INCOME IS RECEIVED i.e. 2012-13 WHAT IS ASSESSMENT YEAR THEYEAR IN WHICH LAST FY INCOME IS ASSESSED i.e.2013-14 20/01/12

  4. INCOME • THE FOLLOWING CONSTITUTES INCOME OF AN INDIVIDUAL ASSESSEE • SALARY, ALLOWANCES, PENSION, PERQUISIT • COMMISSION • PROFESSIONAL FEE • PROFIT FROM BUSINESS • EARNING FROM PROPERTY • INTEREST (FROM BANK etc.) • LOTTERY / PRIZE • INCOME FROM SHARE / DEBENTURE • CAPITAL GAIN • ROYALTIES • DIRECTOR’S FEES 20/01/12

  5. EXEMPTION FROM INCOME Agricultural incomeSec. 10(1) • Agricultural Income is Exempted from Income Tax. • However it is added to other taxable income for the purpose of computation of Income Tax on non agriculture income.The calculation is required only when the non agriculture income exceeds the maximum exemption limit and the net agriculture income exceeds Rs. 5,000. 20/01/12

  6. EXEMPTION FROM INCOME (Con.. Money received under Life Insurance Policy Sec. 10 (10D) • Full amount received including Bonus. But excluding- • Monies received under Key-man policies. • Monies received under Jeevan Aadhar Plan when the handicapped beneficiary predeceases the L/A • In policies where the annualised premium exceeds 20% of Sum Assured for policies issued on or after 1st April’ 03. 20/01/12

  7. EXEMPTION FROM INCOME (Con.. House Rent Allowance received Sec. 10 (13A) • When an employee stays in rented house. Amount of exemption is the least of the following • Actual H.R.A. received • Rent paid in excess of 10% of salary • 50% of salary in metro cities • 40% of salary in other places 20/01/12

  8. EXEMPTION FROM INCOME (Con.. Conveyance Allowance received Sec. 10 (14) Expenditure incurred on conveyance during performance of the duty is exempted upto Rs.800 pm. 20/01/12

  9. DEDUCTION FROM INCOME SECTION 80 C Max. Rs 1,00,000/- Life Insurance premium Contribution to CPF, GPF, PPF . Contribution to ULIPs & MFs. Premium under Jeevan Akshay , Jeevan Dhara policies. Repayment of Housing Loan Principal. School/College tuition fees paid for two children. Fixed Deposits in Bank for 5 years or more. Deposits in NSC Po TERM DEPOSIT,SCSAVING SCHEME-2004 20/01/12

  10. DEDUCTION FROM INCOME (Con.. SECTION 80 CCC Max. Rs 1,00,000/- • Premium paid under Jeevan Suraksha and Jeevan Nidhi policy of LIC • Payment towards pension fund of any other Insurance company 20/01/12

  11. DEDUCTION FROM INCOME (Con.. SECTION 80 CCD Max. Rs 1,00,000/- • Contribution to specified Pension scheme by Employee of Central Government. • Maximum 10% of the salary for employees recruited on or after 01.01.2004. 20/01/12

  12. DEDUCTION FROM INCOME (Con.. SECTION 80 CCE Total amount deposited under Sec. 80 (C) + 80 (CCC) + 80 (CCD) Maximum Deduction allowed is Rs. 1,00,000/- 20/01/12

  13. DEDUCTION FROM INCOME (Con.. SECTION 80 CCF Deduction in respect of subscription to long term infra structure bonds Rs. 20,000/-.This is in addition to Rs.1lac u/s 80C. 20/01/12

  14. DEDUCTION FROM INCOME (Con.. SECTION 80 CCG RAJIV GANDHI EQUITY SCHEME-FOR NEW RETAIL INVESTERS WITH INCOME LESS THAN 10 LAKHS . 50% EXEMPTION ALLOWED MAX INVESTMENT – 50000/-. LOCK IN PERIOD 3 YEARS. SPECIFED EQUITIES ONLY 20/01/12

  15. DEDUCTION FROM INCOME (Con.. SECTION 24 (2) • Deduction allowed for payment of interest on • House building Loan : • Maximum Rs 30,000/- if loan availed on or before 31.3.1999. • Maximum Rs 1,50,000/- if loan availed on or after 01.4.1999. 20/01/12

  16. DEDUCTION FROM INCOME (Con.. SECTION 37 (1) Payment of insurance Premium under Key-man insurance is treated as expense if the premium is paid from firm’s account hence deducted from income. 20/01/12

  17. DEDUCTION FROM INCOME (Con.. SECTION 80 (D) • Premium paid for Health Insurance policy including central Govt Health Scheme covering self, spouse, children and dependent parents premium paid other than cash. • Maximum Rs 15,000/-For senior citizens maximum Rs 20,000/- • Budget 2008-09 proposed that an additional deduction of up to 15000 would be available if you pay Health Insurance Premium for your parent/(s). (It is immaterial, whether parent/(s) are dependable or not on you.) 20/01/12

  18. DEDUCTION FROM INCOME (Con.. SECTION 80 (DD) Expenses towards maintenance including treatment of disabled dependents. This includes Premium paid towards LIC’s Jeevan Aadhar Policy: Maximum Rs 50,000/- Max. Rs 75,000/- if deformity is more than 80% 20/01/12

  19. DEDUCTION FROM INCOME (Con.. SECTION 80 (DDB) Amount spent for treatment of the chronic diseases:- Neurological disease Cancer AIDS Chronic Renal Failure Hemophilia Thalassamia # Maximum Rs 40,000/- # Maximum Rs 60,000/- for Senior Citizens 20/01/12

  20. DEDUCTION FROM INCOME (Con.. SECTION 80 (U) • Deduction for permanent Physical • Disability of self • Maximum Rs 50,000/- • For senior citizens Max. Rs 75,000/- 20/01/12

  21. DEDUCTION FROM INCOME (Con.. SECTION 80 (E) • Payment of Interest towards Educational • Loan taken for higher education of the • Assessee himself or for children • Total amount paid without any limit • Maximum period of 8 years or repayment of loan whichever is earlier • Allowed to the parents or ward 20/01/12

  22. DEDUCTION FROM INCOME (Con.. SECTION 80 (G) • DONATION TO CERTAIN FUNDS / APPROVED CHARITABLE INSTITUTIONS • 50% OF DONATION (100% IN CASE OF CERTAIN SPECIFIED FUNDS) • MAXIMUM 10% OF TAXABLE INCOME • NO DEDUCTION AT SOURCE (EXCEPT IN CASE OF CERTAIN SPECIFIED FUNDS) . 20/01/12

  23. DEDUCTION FROM INCOME (Con.. SECTION 80 (GG) • Rent paid by as assessee who is not in receipt of HRA • The assessee, spouse or minor children does not own any residential house at any place. • Least of the following is exempted. [a] Rent paid in excess of 10% of total income. [b] Rs 2000/- per month. [c] 25% of the total income 20/01/12

  24. DEDUCTION FROM INCOME (Con.. SECTION 80 (GGA) • DONATION TO CERTAIN SCIENTIFIC RESEARCH OR RURAL DEVELOPMENT 50% OF DONATION (100% IN CASE OF CERTAIN SPECIFIED FUNDS) • MAXIMUM 10% OF TAXABLE INCOME • NO DEDUCTION AT SOURCE (EXCEPT IN CASE OF CERTAIN SPECIFIED FUNDS) . 20/01/12

  25. DEDUCTION FROM INCOME (Con.. SECTION 80 (QQB) Deduction in respect of the royalty Income of authors Maximum deduction allowed Rs 3,00,000/- 20/01/12

  26. Life Insurance Business & Union Budget 2012-13 A PRESENTATION

  27. References • The Finance Bill, 2012 The IT Act 1961 • The Chapter XVII-C of the Act

  28. What is New… • The DTC is to be Implemented from April 2013. • Income up to INR 2.00 Lac Exempted from I Tax. • Senior Citizens’ Age Limit Lowered to 60 Years. • ‘Very Senior Citizens’ – New Category Age 80 & more. • The ‘Salaried’ Individuals need not file I T Returns – Employers to File Returns. • Investment in Infra Structural Bonds up to INR 20000 (U/S 80 CCF) I T Exempted (over & above U/S 80C) – Extension of the Benefit for 1 Year. • Service Tax on conventional life insurance endowment plans hiked from 1.54 TO 3.0 % • Service Tax on all ULIP charges re-imposed.

  29. RATES of IT - Individuals(Other than females & senior citizens)

  30. RATES of IT – Individuals(Females)

  31. RATES of IT – Individuals(Senior Citizens: Age 60 & More)

  32. RATES of IT – Individuals(Senior Citizens: Age 80 & More)

  33. THANK YOU

  34. TEA BREAK We decide to reassemble exactly after 10 minutes

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