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INCOME TAX PLANNING WITH RESPECT TO INDIVIDUAL ASSESSEE
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ACKNOWLEDGEMENT
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concrete. I owe a great debt to my guide Prof .N. M .Nair who provided wholesome direction 100% (1)
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the highest standards inspired and motivated me.
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DECLARATION
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I hereby declareWhat
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Individual Assessee” is an original piece of research work carried out by me under the
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guidance of Prof.N. M. Nair the information has been collected form genuine and authentic
sources. The work has been submitted in practical fulfillment of the requirement of degree of
Master of Business Administration to university of pune .
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Final Project Report On Tax
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INDEX
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Chapter No Topics Page No
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1 WhatIntroduction
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Study of Income Tax
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2 Industry profile 3–4
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4 Theoretical background 8 – 30
Taxation Planning For Individual
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5 Research methodology 31-34
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Objective of study
Need for study
Scope & Limitation
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Tools of analysis
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6 Data analysis & interpretation 35-54
7 Findings 55-56
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10 Annexure 61-66
Bibliography Document 80 pages
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Tax Planing
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CHAPTER 1
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INTRODUCTION
Income Tax Act, 1961 governs the taxation of incomes generated within India and of incomes
generated by Indians overseas. This study aims at presenting a lucid yet simple understanding of Upload
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taxation structure of an individual‟s income in India for the assessment year2019-20
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Tax On Indi
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Income Tax Act, 1961 is the guiding baseline for all the content in this report and the tax saving
tips provided herein are a result of analysis of options available in current market. Every individual
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should know that tax planning in order to avail all the incentives provided by the Government of
Tax Audit Project - Final
India under different statures is legal.
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This project covers the basics of the Income Tax Act, 1961 as amended by the Finance Act 2019,
and broadly presents the tax planning and tax saving options provided under these laws.
The finance act is responsible for laying down the tax slabs that applies to taxpayer .
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Income Tax
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Black Book
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Income Tax
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CHAPTER 2
INDUSTRY PROFILE Document 312 pages
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INDUSTRY PROFILE
The Institute of Chartered Accountants of India (ICAI) is the national professional
accounting body of India. It was established on 1 July 1949 as a statutory body under the Upload
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Chartered Accountants Act, 1949 enacted by the Parliament to regulate the profession of
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Chartered Accountancy in India. ICAI is the second largest professional Accounting &
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Finance body in the world. ICAI is the only licensing cum regulating body of the financial
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audit and accountancy profession in India. It recommends the accounting standards to be
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followed by companies in India to National Advisory Committee on Accounting Standards
(NACAS). and sets the accounting standards to be followed by other types of organisations.
ICAI is solely responsible for setting the Standards on Auditing (SAs) to be followed in the
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audit of financial statements in India. It also issues other technical standards like Standards Taxation of e Commerce
on Internal Audit (SIA), Corporate Affairs Standards (CAS) etc. to be followed by Mahesh Chandrashekar
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Bank of India and the Securities and Exchange Board of India in formulating and enforcing
such standards.
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3.1 Profile
The Abhijeet .s. Mahale & Pankaj Mahale and Associates, CHARTERD ACCOUNTANTS
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Membership No: 136434 , 153655
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FRN139814W , FRN139204W
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CHARTERD ACCOUNTANTS
Chartered Accountants work in a wide range of business sectors and in a broad spectrum of
roles, from Chief Executives to Financial Controllers. Below are a few examples of the type
of positions that Chartered Accountants occupy.
• Tax Accountant
• Management Accountants
• Financial Accountants
• Budget Analysts
• Auditor
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We will become the Tax advisor of choice through the creation of an environment where we
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want to give of our best
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that will exceed our client's expectations and assist them to improve the and reduce and
maintain Tax Liability
We are committed to creating a client focused culture and supporting our staff to achieve the
prime objective.
Our professional and local communities are an integral part of our ability to deliver on this
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CHAPTER 4
THEORETICAL BACKGRUND
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The objective of income taxe on an accrual basis is to recognize the amount of current and deferred Upload
taxes payable or refundable at the date of the financial statements(a) as a result of all events that
have been recognized
What isin the financial statements and (b) as measured by the provisions of enacted
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tax laws. Other events not yet recognized in the financial statements may affect the eventual tax
consequences of some events that have been recognized in the financial statements. But that change
in tax consequences would be a result of those other later events, and the Board decided that the tax
consequences of an event should not be recognized until that event is recognized in the financial
statements.
To implement that objective, all of the following basic principles are applied:
While tax rules vary widely, there are certain basic principles common to most income tax systems.
Tax systems in Canada, China, Germany, Singapore, the United Kingdom, and the United States,
among others; follow most of the principles outlined below. Some tax systems, such as India, may
have significant differences from the principles outlined below.
The tax regime in India is currently governed under The Income Tax, 1961 as amended by The
Finance Act, 2019 notwithstanding any amendments made thereof by recently announced Union
Budget for assessment year 2019-20.
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prescribed in the Finance Act. Such income shall be paid on the total income of the previous year in
the relevant assessment year.
Assessee means a person by whom (any tax) or any other sum of money is payable under the Upload
(b) Every person who is deemed to be an assessee under any provisions of the Income Tax
Act.
(c) Every person who is deemed to be an assessee in default under any provision of the
Income Tax Act.
o Every artificial judicial person not falling within any of the preceding categories.
Income tax is an annual tax imposed separately for each assessment year (also called the tax year).
Assessment year commence from 1st April and ends on the next 31 st March.
The total income of an individual is determined on the basis of his residential status in India. For
tax purposes, an individual may be resident, nonresident or not ordinarily resident.
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Types of Residents
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Assessees
• accrues or arises or is deemed to accrue or arise to him in India during such year; or
Provided that, in the case of a person not ordinarily resident in India, the income which accrues or
arises to him outside India shall not be included unless it is derived from a business controlled in or
a profession set up in India.
1. Total Income
For the purposes of chargeability of income-tax and computation of total income, The Income Tax
Act, 1961 classifies the earning under the following heads of income:
• Income fromSalaries
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2. Tax Evasion
Tax Evasion means not paying taxes as per the provisions of the law or minimizing tax by Upload
illegitimate and hence illegal means. Tax Evasion can be achieved by concealment of income or
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falsification of accounts or by conscious deliberate violation of law. All Documents
Tax Evasion is an act executed knowingly willfully, with the intent to deceive so that the tax
reported by the taxpayer is less than the tax payable under the law.
3. Tax Avoidance
Tax Avoidance is the art of dodging tax without breaking the law. While remaining well within the
four corners of the law, a citizen so arranges his affairs that he walks out of the clutches of the law
and pays no tax or pays minimum tax. Tax avoidance is therefore legal and frequently resorted to.
In any tax avoidance exercise, the attempt is always to exploit a loophole in the law. A transaction
is artificially made to appear as falling squarely in the loophole and thereby minimize the tax. In
India, loopholes in the law, when detected by the tax authorities, tend to be plugged by an
amendment in the law, too often retrospectively. Hence tax avoidance though legal, is not long
lasting. It lasts till the law is amended.
4.3.4Tax Planning
Tax Planning has been described as a refined form of „tax avoidance‟ and implies arrangement of a
person‟s financial affairs in such a way that it reduces the tax liability. This is achieved by taking
full advantage of all the tax exemptions, deductions, concessions, rebates, reliefs, allowances and
other benefits granted by the tax laws so that the incidence of tax is reduced. Exercise in tax
planning is based on the law itself and is therefore legal and permanent.
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• Tax Evasion is fraudulent and hence illegal. It violates the spirit and the letter of the law.
• Tax Avoidance, being based on a loophole in the law is legal since it violates only the spirit of
the law but not the letter of the law. Upload
• Tax Planning does not violate the spirit nor the letter of the law since it is entirely based on the
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• Tax Management is actual implementation of a tax planning provision. The net result of tax
reduction by taking action of fulfilling the conditions of law is tax management.
Any arrears of salary paid in the previous year, if not taxed in any earlier previous year, shall be
taxable in the year of payment.
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Advance Salary:
Advance salary is taxable in the year it is received. It is not included in the income of recipient
again when it becomes due. However, loan taken from the employer against salary is not taxable. Upload
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Salary arrears are taxable in the year in which it is received.
Bonus:
Bonus is taxable in the year in which it is received.
Pension:
Pension received by the employee is taxable under „Salary‟ Benefit of standard deduction is
available to pensioner also. Pension received by a widow after the death of her husband falls under
the head „Income from Other Sources.
Profits in lieu of salary:
Any compensation due to or received by an employee from his employer or former employer at or
in connection with the termination of his employment or modification of the terms and conditions
relating thereto;
Any payment due to or received by an employee from his employer or former employer or from a
provident or other fund to the extent it does not consist of contributions by the assessee or interest
on such contributions or any sum/bonus received under a Keyman Insurance Policy.
Any amount whether in lump sum or otherwise, due to or received by an assessee from his
employer, either before his joining employment or after cessation of employment.
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Allowance (CCA):
CCA is taxable as it is a personal allowance granted to meet expenses wholly, necessarily and
exclusively incurred in the performance of special duties unless such allowance is related to the Upload
Entertainment Allowance:
Entertainment allowance is fully taxable, but a deduction is allowed in certain cases.
Academic Allowance:
Allowance granted for encouraging academic research and other professional pursuits, or for the
books for the purpose, shall be exempt u/s 10(14). Similarly newspaper allowance shall also be
exempt.
Conveyance Allowance:
It is exempt to the extent it is paid and utilized for meeting expenditure on travel for official work.
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