income tax
TRANSCRIPT
Income Tax
Career Point UniversityKota (Raj.)
“An Overview of
Tax Planning in relation to Individual”
Submitted to:- Submitted by:-C.A. Manoj Kumar Yadav Sir Surbhi Hada
(Astt.Prof. Mgmt.Dept.) (MBA 2nd sem.KID-K13239)
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ACKNOWLEDGEMENT
This project would not have come to fruition without the help of several individual to
whom we owe many thanks.
Our deepest thanks to our lecturer C.A. Manoj Kumar Yadav Sir without whose
constant guidance support and time this project would have been a distant reality.
We express our thanks to our Vice Chancellor sir, for providing us with the right kind
of environment in the college, which helped us in the realization of this project.
We would also like to thank our families, friends and other well-wishers, who
supported us on all accounts, during the preparation of this project.
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CONTENT
Introduction
Residential Status of an individual
Types of income
Salary House Property Business & Profession Capital Gain Income from other Sources
Clubbing Provision
Deduction
Tax Liability
Return
Income Tax Slab Rate
Bibliography
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Introduction
A tax is a financial charge or other levy imposed upon a taxpayer (an individual or legal
entity) by a state or the functional equivalent of a state to fund various public expenditures. A
failure to pay, or evasion of or resistance to taxation, is usually punishable by law. Taxes consist
of direct or indirect taxes and may be paid in money or as its labour equivalent. Most countries have
a tax system in place to pay for public/common/agreed national needs and government functions:
some levy a flat percentage rate of taxation on personal annual income, some on a scale based on
annual income amounts, and some countries impose almost no taxation at all, or a very low tax rate
for a certain area of taxation. Some countries also charge a tax on corporate income, dividends, or
distributions—this is often referred to as double taxation as the individual shareholder receiving this
payment from the company will also be levied some tax on that personal income.
The legal definition and the economic definition of taxes differ in that economists do not regard
many transfers to governments as taxes. For example, some transfers to the public sector are
comparable to prices. Examples include tuition at public universities and fees for utilities provided
by local governments. Governments also obtain resources by "creating" money and coins (for
example, by printing bills and by minting coins), through voluntary gifts (for example, contributions
to public universities and museums), by imposing penalties (such as traffic fines), by borrowing,
and by confiscating wealth. From the view of economists, a tax is a non-penal, yet compulsory
transfer of resources from the private to the public sector levied on a basis of predetermined criteria
and without reference to specific benefit received.
In modern taxation systems, governments levy taxes in money; but in-kind and taxation are
characteristic of traditional or pre-capitalist states and their functional equivalents. The method of
taxation and the government expenditure of taxes raised is often highly debated
in politics and economics.
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Purposes and effects
The levying of taxes aims to raise revenue to fund governing and/or to alter prices in
order to affect demand. States and their functional equivalents throughout history have used money
provided by taxation to carry out many functions. Some of these include expenditures on economic
infrastructure (roads, public transportation, sanitation, legal systems, public safety,
education, health-care systems), military, scientific research, culture and the arts, public works,
distribution, data collection and dissemination, public insurance, and the operation of government
itself. A government's ability to raise taxes is called its fiscal capacity.
When expenditures exceed tax revenue, a government accumulates debt. A portion of taxes may be
used to service past debts. Governments also use taxes to fund welfare and public. These services
can include education systems, pensions for the elderly, benefits, and public
transportation. Energy, water and management systems are also common public utilities.
A tax effectively changes relative prices of products. Therefore, most economists,
especially neoclassical economists, argue that taxation creates market distortion and results in
economic inefficiency unless there are (positive or negative) externalities associated with the
activities that are taxed that need to be internalized to reach an efficient market outcome.
They have therefore sought to identify the kind of tax system that would minimize this distortion.
Recent scholarship suggests that in the United States of America, the federal government effectively
taxes investments in higher education more heavily than it subsidizes higher education, thereby
contributing to a shortage of skilled workers and unusually high differences in pre-tax earnings
between highly educated and less-educated workers.
Governments use different kinds of taxes and vary the tax rates. They do this in order to distribute
the tax burden among individuals or classes of the population involved in taxable activities, such as
the business sector, or to redistribute resources between individuals or classes in the population.
Historically, taxes on the poor supported the nobility; modern social-security systems aim to
support the poor, the disabled, or the retired by taxes on those who are still working. In addition,
taxes are applied to fund foreign aid and military ventures, to influence
the macroeconomic performance of the economy (a government's strategy for doing this is called
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its fiscal policy; see also tax exemption), or to modify patterns of consumption or employment
within an economy, by making some classes of transaction more or less attractive.
A state's tax system often reflects its communal values and the values of those in current political
power. To create a system of taxation, a state must make choices regarding the distribution of the
tax burden that will pay taxes and how much they will pay and how the taxes collected will be
spent.
In democratic nations where the public elects those in charge of establishing or administering the
tax system, these choices reflect the type of community that the public wishes to create. In countries
where the public does not have a significant amount of influence over the system of taxation, that
system may reflect more closely the values of those in power.
All large businesses incur administrative costs in the process of delivering revenue collected from
customers to the suppliers of the goods or services being purchased. Taxation is no different; the
resource collected from the public through taxation is always greater than the amount which can be
used by the government The difference is called the compliance cost and includes (for example) the
labour cost and other expenses incurred in complying with tax laws and rules.
The collection of a tax in order to spend it on a specified purpose, for example collecting a tax on
alcohol to pay directly for alcoholism-rehabilitation centers, is called hypothecation. Finance
ministers often dislike this practice, since it reduces their freedom of action.
Some economic theorists regard hypothecation as intellectually dishonest since, in reality, money
is fungible. Furthermore, it often happens that taxes or excises initially levied to fund some specific
government programs are then later diverted to the government general fund. In some cases, such
taxes are collected in fundamentally inefficient ways, for example, though highway toll
RESIDENTIAL STATUS OF AN INDIVIDUAL
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RESIDENT AND ORDINARILY RESIDENT
As per section 6(1), in order to find out whether an individual is “resident and ordinarily
resident” in India, one has to proceed as follows—
Step 1 First find out whether such individual is “resident” in India.
Step 2 If such individual is “resident” in India, then find out whether he is “ordinarily
resident” in India. However, if such individual is a “nonresident” in India, then no further
investigation is necessary.
Different residential status –
An Assessee is either: (a) resident in India, or (b) non-resident in India.
However, a resident individual or a Hindu undivided family has to be
(a) resident and ordinarily resident, or (b) resident but not ordinarily resident.
Therefore, an Individual and a Hindu undivided family can either be:
a. resident and ordinarily resident in India; or
b. resident but not ordinarily resident in India; or
c. non-resident in India
All other assesses (viz., a firm, an association of persons, a joint stock company and every
other person) can either be:
a. resident in India; or
b. non-resident in India
Residential status for each previous year –
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Residential status of an Assessee I to be determined in respect of each previous year as it may vary from previous year to previous year.
Different residential status for different assessment years –
An Assessee may enjoy different residential status for different assessment years. For instance, an individual who has been regularly assessed as resident and ordinarily resident has to be treated as non-resident in a particular assessment year if he satisfies none of the conditions of section 6(1).
Resident in India and abroad –
It is not necessary that a person, who is “resident” in India, cannot become “resident” in any other country for the same assessment year. A person may be resident in two (or more) countries at the same time. It is, therefore, not necessary that a person who is resident in India will be non-resident in all other countries for the same assessment year
Basic conditions to test as to when an individual is resident in India
Under section 6(1) an individual is said to be resident in India in any previous year, if he satisfies at least one of the following basic conditions—
(a) He is in India in the previous year for a period of 182 days or more
(b) He is in India for a period of 60 days or more during the previous year and 365 days or more during 4 years immediately preceding the previous year
Note: In the following two cases, an individual needs to be present in India for a minimum of 182 days or more in order to become resident in India:
1. An Indian citizen who leaves India during the previous year for the
Purpose of taking employment outside India or an Indian citizen leaving
India during the previous year as a member of the crew of an Indian ship.
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2. An Indian citizen or a person of Indian origin who comes on visit to India during the previous year (a person is said to be of Indian origin if either he or any of his parents or any of his grandparents was born in undivided India).
Additional conditions to test as to when resident individual is ordinarily resident in India
Under section 6(6), a resident individual is treated as “resident and ordinarily resident” in India if he satisfies the following two additional conditions —
(i) He has been resident in India in at least 2 out of 10 previous
Years [according to basic condition noted above] immediately preceding the relevant previous year.
(ii) He has been in India for a period of 730 days or more during
7 years immediately preceding the relevant previous year.
Resident but not ordinarily resident
An individual becomes resident but not ordinarily resident in India in any of the following circumstances:
Case 1 If he satisfies at least one of the basic conditions [i.e., condition (a) or (b) of sec 6(1) but none of the additional conditions [i.e., (i) and (ii) of sec 6(6)]
Case 2 If he satisfies at least one of the basic conditions [i.e., condition (a) or (b) of sec 691) and one of the two additional conditions [i.e., (i) and (ii) of sec 6(6) ]
Non resident
An individual is a non-resident in India if he satisfies none of the basic conditions [i.e., condition (a) or (b) of sec6 (1).
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In the case of non-resident, additional conditions [i.e., (i) and (ii) of sec 6(6)] are not relevant.
Types of income
Salary:
Payer & Payee
More than one source
Foregoing salary is salary income
Tax free salary should include the tax paid by the employee
Basis of Charge:
Salary is chargeable to tax when it is due to be paid whether it is paid or not
Salary is chargeable to tax when any amount is paid whether it is due or not
An arrears of salary paid to employee is chargeable to tax.
Salary means-
Basic salary and allowances
Annuity
Gratuity
Commission
Perquisite in lieu of salary
Advance salary
Employers contribution to PF
Leave salary
House property
Section 22: Basis of Charge
Income is taxable under the head “Income from House Property” if the following three conditions are satisfied:-
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i) The property should consist of any building or land apparent thereto
ii) The Assessee should be owner of the property
iii) The property should not be used by the owner for the purpose of any business or profession carried on by him, the profits of which are chargeable to income tax
Deemed Owner
Section 27 provides that following will be deemed owner of the house property for the purpose of charging tax on Annual Value.
i) Transfer to spouse or minor child
ii) Holder of importable estate
iii) Property held by a member of Co-operative Society
iv) Person who has acquired a property under Power of
attorney transaction
v) Person who has acquired the Right in Property
u/s 269 UA (Property held on lease exceeding 12 years)
Annual Value
A) Reasonable Expected Rent
a) Municipal Valuation xx
b) Fair Rent xx
c) Standard Rent xx
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(a) or (b) whichever is high XXX
subject to Maximum ( c)
B) Rent Received/ Receivable
Rent for the period the property
is available for letting XX
Less : unrealized Rent XX
XXX
C) : (A) or (B) whichever is high xxx
Less : Loss due to Vacancy XX
D) Gross Annual Value XXX
Net Annual Value
Gross Annual Value XXX
Less : Municipal Taxes paid by owner XXX
Net Annual Value XXX
Less : Deduction u/s 24
i) Standard Deduction
( 30 % of Net Annual Value) XX
ii) Interest on Loan XX
Income from House Property XX
Income from business and profession
Business as defined in Section 2(13) as under:
BUSINESS: SECTION 2 (13)
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Business includes any trade, commerce or manufacture or any adventure or concern
in the Nature of trade, commerce or manufacture.
From the above definition, we can make out that business means any continuous or systematic or
organized activity carried on with the intention to earn profits. Even a single transaction can be
business if it is aimed at earning profit.
The above definition is an inclusive definition i.e. it is not exhaustive. The definition does not
Explain what the business is, but it says that every activity intended to earn profits is included in the
definition of business. The definition says not only continuous transactions as business but also a
single Transaction can be covered by the definition:
PROFESSION: SECTION 2 (36)
“Profession is defined to include vocation.” The word “Profession” implies professed
Attainments in special knowledge which is to be acquired only after patient study and
application.
Profession includes self-employment.
If a person carried any activity on account of inborn talents/skill and attributes any income
Derived there from, it shall also be considered as professional income for e.g. Income
earned by rendering discourses on philosophy, religion, etc.
Scope of business income: - section 28
1) Income by way of profits and gains from business or profession carried on by the Assessee at any
Time during the previous year.
2) Any compensation or other payment due to or received by:
i) Any person for termination or modification of terms of agency;
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ii) Any person on takeover of assets of the business by the Government.
3) Income derived by a trade, professional or similar association by way of rendering of specific
Services to its members.
4) Profits on sale of import licenses.
5) Cash assistance granted under any export scheme.
6) Any refund of excise or custom duty under any scheme of export granted as duty drawback.
7) The value of any benefit or perquisite whether convertible into money or not obtained in the
course of business or exercise of a profession.
8) Interest, salary, bonus, commission or remuneration received by a partner from the firm where he
is partner.
9) Any sum received by an Assessee under a Key man Insurance Policy including the sum allocated
by way of bonus is taxable as Profit and Gains of business or profession.
10) Income from speculative business.
Where speculative transactions carried on by an Assessee are of such a nature as to constitute a
business, the business shall be deemed to be distinct and separate from any other business. A
Speculative business is a business where sale or purchase of a commodity including stocks and
shares is periodically or ultimately settled otherwise than by the actual delivery of or transfer of
goods or security e.g. settlement of transaction through rate difference in cash.
Deductions from business income:
(i) RENT, RATES, TAXES, REPAIRS AND INSURANCE FOR BUILDINGS: SEC 30
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In respect of rent rates, taxes, repairs and insurance for building used for the purpose of
business or profession the following shall be allowed:-
a) Where the buildings are occupied by the Assessee;
i) As a tenant, the rent paid for such premises; and further if he had undertaken to bear the cost of
repairs of the premises, the amount of current repair.
ii) Otherwise than as a tenant, the amount of current repairs to the premises. 2
b) Any sum paid on account of land revenue, local rates or municipal taxes.
c) The amount of any premium paid in respect of insurance against any risk of
damage or destruction of the premises.
Therefore, if an assessee is the owner of premise, no notional rent is allowed as deduction, willful repairs
(E.g. incurred without necessity) will not be allowed. In case of local taxes of the business premises are paid by somebody else, then assessee cannot claim deduction.
Capital gains
“Any profit or gains arising from the transfer of capital assets is taxable under the head capital gains in the previous year in which the transfer has taken place
Conditions for Gains to be charged under Capital Gains:
There should be a capital asset.
• The capital asset should be transferred by the assessee.
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• Such transfer should take place during the previous year.
• The profits or gains should arise as a result of this transfer.
Such profit or gain should not be exempted from tax under sections 54, 54B, 54D, 54EC, 54F and 54G & 54GA
Short term and long term capital assets
“Short term capital assets” means a capital asset held by the assessee for not more than 36 months,
immediately prior to its date of transfer. However, the following assets are treated as short term
assets if they are held for not more than 12 months, they are:
• Equity or preference shares in a company
• Securities like debentures, government securities listed in a recognized stock exchange in
India.
• Units of UTI and
• Units of mutual funds.
• An asset other than a short-term capital asset is regarded as a “long term capital asset”.
Transfer of capital asset [sec2 (47)]
• Any transaction involving the allowing of the possession of any movable property to be
taken or retained in part of performance of contract of the nature referred to in the sec53a of
the transfer of property act,1982
• Any transaction (whether by way of becoming a member of, or acquiring shares in a co-
operative society, company association of person or by way of agreement or any
arrangement or in any other manner whatsoever) which has the effect of transferring or
enabling the enjoyment of any immovable property
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What is included in transfer?
• Transfer Includes
• Sale
• Exchange
• Relinquishment
• Extinguishment
• Compulsory Acquisition
• Conversion of Capital Asset Into Stock in Trade[sec(47)(iv)]
• Transfer in Case of Amalgamation Sec[47(vi)]
• Transfer in Case of Demerger Sec[47(vi B)]
• Transfer of Agricultural Land in India Effected Before March 1, 1970 [Sec 47(viii)]
• Transfer of a Capital Asset , Being Any Work of Art ,Scientific or Art Collection, Book,
Drawing, painting, photograph Etc [Sec47(ix)]
• Transfer by Way of Conversion of Bonds or Debenture of a Company Into Shares or
Debenture of That Company [ Sec 47(x)] Income from Other Sources Basis of Charge- U/s
56
General Provision- Section 56 (1)
Income of every kind which is not to be excluded from the total income under this Act shall
be chargeable to income-tax under the head Income from other sources, if it is not chargeable to
income-tax under any other of the heads such as
1) Salaries
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2) House Property
3) Profit/ Gains from Business
4) Capital Gains Special Provision- Section 56 (2)
i) Dividends
ii) Winning of Lotteries, crossword puzzles, races or card games or any sort of gambling &
betting
iii) Sum Received by Assessee from his employees as contribution to Staff welfare scheme
iv) income by way of interest on securities (Debentures, Bonds & Government Securities)
v) Rental Income of Machinery or furniture let on hire
vi) Rental Income of Letting out of Plant, Machinery or furniture along with letting out of
building and the tow lettings are not separable.
vii) Any sum received under a Key man Insurance Policy including bonus if not taxable as
Salary or Business Income
viii) Gifts (Receipts without/inadequate consideration/)
i) Any sum of money total exceeding Rs 50,000 is received by Individual/ HUF. Then Entire
amount
ii) Any immovable property exceeding Rs 50,000
iii) Any Movable property exceeding Rs 50,000
Clubbing Provisions
Clubbing of income of spouse, minor child etc.
In case of individuals, income-tax is levied on a slab system on the total income. The tax
system is progressive i.e. as the income increases, the applicable rate of tax increases.
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Some taxpayers in the higher income bracket have a tendency to divert some portion of
their income to their spouse, minor child etc. to minimize their tax burden. In order to
prevent such tax avoidance, clubbing provisions have been incorporated in the Act, under
which income arising to certain persons (like spouse, minor child etc.) have to be
included in the income of the person who has diverted his income for the purpose of
computing tax liability
Deductions
Exemptions and deductionsExemption available under sections 10, 10A, 10AA, 10B, 10BA, 10C, 13A, 80C to 80U are of
special nature and are allowed to certain specified categories of taxpayers [Reference 7]. While
sections 10, 10A, 10AA, 10B, 10BA and 13A specify tax-free incomes [paras 104 to 106], sections
80C to 80U provide deductions from gross total income [Para 107] in order to arrive at taxable
income
Indian tax laws contain certain provisions, which are intended to act as an incentive for achieving
certain desirable socio-economic objectives. These provisions are contained in Chapter VIA and are
in the form of deductions (80C TO 80U) from the Gross Income. By reducing the chargeable
income, these provisions reduce the tax liability, increase the post-tax income and thus induce the
tax-payers to act in the desired manner. This unit is intended to give a broad idea of such deductions
Deduction in respect of life insurance premia, etc. (sec. 80c)
Deduction in respect of pension fund (sec. 80ccc)
Deduction in respect of contribution to pension scheme of central
government (sec. 80ccd)
Section 80ccf – investment in infrastructure bonds
Deduction in respect of medical insurance premia sec 80d
Deduction in respect of repayment of loan taken for higher education –
section 80e
Amount of rent paid - section 80gg
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Donation to certain funds, charitable institution etc. (section 80g)
Donations to political parties u/s 80ggc
Deduction allowed to a person with disability - section 80u
Return
Income Tax Return is the form in which an assessee files information about his Income and tax
thereon to Income Tax Department. Various forms are ITR 1, ITR 2, ITR 3, ITR 4, ITR 5, ITR 6
and ITR 7. When you file a belated return, you are not allowed to carry forward certain losses.
The Income Tax Act, 1961, and the Income Tax Rules, 1962, obligates citizens to file returns with
the Income Tax Department at the end of every financial year. These returns should be filed before
the specified due date. Every Income Tax Return Form is applicable to a certain section of the
Assessee. Only those Forms which are filed by the eligible Assessee are processed by the Income
Tax Department of India. It is therefore imperative to know which particular form is appropriate in
each case. Income Tax Return Forms vary depending on the criteria of the source of income of the
Assessee and the category of the Assessee
Filing of Income Tax Returns: Obligation by Law Individuals who fulfill any one of the following conditions should by law file
their Income Tax Returns during a financial year
Possesses a valid Credit Card
Pays for foreign travel, either for himself or another individual
Is the member of a Club where entrance fees charged is twenty five thousand or more
Occupies a particular floor area of an immovable piece of property
Is the owner of a vehicle
Due Date for filing returns
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The due date for filing Income Tax for year FY 2014-15 was extended to 07-Sep-2015
ITR-1 SAHAJ
ITR-1 SAHAJ form is an essential Income Tax Return form for Indian citizens filing their tax
returns with the Income Tax Department. This form is issued by the Income Tax Department of
India and is an integral part of the rules laid down by the Government of India for filing Income
Tax Returns.
Eligible individuals for ITR-1 SAHAJ
Individuals who have earned their Income for a Financial Year only through the following means
are eligible to fill the ITR-1 SAHAJ form.
Through Salary or Pension
Through One House Property (except in case of losses brought forward from preceding years)
Through other sources apart from Lottery, Racehorses, Legal Gambling etc.
In case of clubbed Income Tax Returns, where a spouse or a minor etc. is included in the tax
returns, this can be done only if their income too is limited to the specifications laid down above.
Non-eligible individuals for ITR-1 SAHAJ
Individuals who are not eligible to fill the ITR-1 SAHAJ form are those who have earned Income
through the following means:[5]
Through more than one piece of Property
Through Lottery, Racehorses, Legal Gambling etc.
Through non tax-exempted capital gains, Short term as well as Long term
Through exempted income exceeding Rs. 5000
Through Business and Professions
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Loss under the head other sources
Any Person claiming relief under section 90 and/or 91
If any Resident Individual who has any Income from any source outside India or has any asset
outside India or has signing authority in any account located outside India
Submission of ITR-1 SAHAJ form
The form can be submitted physically at any Income Tax Returns Office. An Acknowledgment
Receipt can be obtained upon submission. In case of Electronic Filing of the form there are two
alternatives. Firstly, if a Digital Signature is obtained, the Form is uploaded online. Secondly, the
Form is downloaded, printed, signed, and a copy of the acknowledgement is sent by post to the
Income Tax Department’s office in Bangalore. ITRV can now be verified online Using Aadhaar
Card or Electronic Verification Code (EVC). The EVC can be generated either via One Time
Password sent to email and registered mobile number (if income is less than INR 5 Lakhs) or via
Net Banking. After online verification Income Tax Assesses is not required to send ITRV to
Bangalore CPC.
ITR-3 Form
The ITR-3 Form particularly applies to those Individuals and Hindu Undivided Families who are
registered as Partners in a firm. As per Rule 12 of the Income Tax Rules, 1962, this form does not
apply to those who are Proprietors of a firm. It is mainly for the business which includes partnership
deals. It is also applicable for professionals but it should be a partnership profession.
Eligible Assessee for the ITR-3 Form
The eligibility criteria of every Income Tax Return form are governed by a set of rules and
conditions. The ITR-3 Form is applicable only to those Individuals and Hindu Undivided Families
that can be placed under the following categories
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Is a Partner in a firm
Gains Income through ‘Profits or gains of business or profession’
Gains Income by means of interest, salary, bonus, commission, remuneration, as a partner
If the partner of a firm only earns income from the firm as a share in the profits and not by any other
means such as interest, bonus, salary, remuneration, or commission etc. then such an Individual
or Hindu Undivided Family should file Income Tax Returns using only the ITR-3 Form, and not the
ITR-2 Form.
Non-eligible Assessee for the ITR-3 Form
Individuals and Hindu Undivided Families who are not eligible to fill the ITR-3 Form are those who
have earned Income through a Business or Profession operated as a Proprietorship firm. Assessee,
who apart from being a partner in a firm, also have sources of income from a business or profession,
including the speculation market, are also not eligible to file their Income Tax Returns through this
form.
Income Tax Slab Rate
1. Income tax slab for citizens below 60 years old (both men & women) [OLD]
Income Slab Tax Rate
Income up to 2,50,000 NILIncome up to Rs. 2,50,000 – 5,00,000 10%Income from Rs. 5,00,000 – 10,00,000 20%Income more than Rs. 10,00,000 30%
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2. Income tax slab for citizens below 60 years old (both men & women) [NEW]
Income Slab Tax Rate
Income up to 3,00,000 NILIncome up to Rs. 3,00,000 – 5,00,000 05%Income from Rs. 5,00,000 – 10,00,000 20%Income more than Rs. 10,00,000 30%
3. Income tax slab for senior citizens 60 years old (both men & women)
Income Slab Tax RateIncome up to Rs. 3,00,000 No TaxIncome up to Rs. 3,00,000 - 5,00,000 05%Income from Rs. 5,00,000 – 10,00,000 20%Income more than Rs. 10,00,000 30%
4. Income tax slab for senior citizens above 60 years old (both men & women)
Income Slab Tax RateIncome up to Rs. 3,00,000 No TaxIncome up to Rs. 3,00,000 - 5,00,000 No TaxIncome from Rs. 5,00,000 – 10,00,000 20%Income more than Rs. 10,00,000 30%
Bibliography
www.google.com
www.businessjagrons.com
www.wikkipedia.com
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