Workshop on Taxation Matters
Updated April 6, 2019
Purpose:
The course is designed to sharpen the financial skills of officers particularly dealing the taxation issues for ensuring compliance
of taxation rules.
Who participated in the course?
The course always receive overwhelming response from the organizations and last time 33 officers
participated in the course. Last time, the participants were District Employment
Officers, District Statistical Officers, Block Education Officers, Principals,
Executive Engineers, Sub-Divisional Officers, and Women & Child Development
Project Officers; and their concerns were resolved by interactions during the course.
The greater emphasis is provided upon processing and submission of Tax
Deduction at Source (TDS). The next course is scheduled from 8th to 10th May 2019.
What has been covered in this course:
At the end of the course, the participants
became able to (i) describe the provisions of Income Tax with latest
amendments, (ii) compute Income Tax as per latest amended rules for the
Financial Year 2018-19 for ensuring accurate deduction of tax at source, (iii)
submit e-TDS return (24Q) as per Government Instructions.
*Copyright © 2019 Dr.
Lalit Kumar. All rights reserved. Taxation in Managerial Administration:
The managerial administration requires
proper planning to ensure effective implementation of various provisions of the
income tax. The income tax and goods and services tax (GST) are required to be
implemented in organizations. The most of the work is done by accounts branch
with the help of chartered accountants. Why to ensure compliance of taxation
rules? Income Tax is basically a percentage of income of person required to be
paid to the government which further used by government in the development of
the nation. Goods and Services Tax (GST) and Income Tax are levied on the basis
of concerned laws. The taxes form significant part of revenues of the
government. The revenue function is directly related to Finance Department and
the Drawing and Disbursing Officers (DDOs) represent Finance Department in the
Government offices.
Who pays Income Tax?
The income tax is required to be paid by
persons and the definition of person in Income Tax Act 1961 includes
individuals, Hindu Undivided Family (HUF) or sole traders, Association of
Persons (AOP) or Body of Individuals (BoI) or partnership firms, corporate
entities, and other organizations including local authorities. The collection
of taxes, recoveries of taxes if not paid, and maintenance of records for
effective administration of the taxes require proper training and deployment of
manpower in the whole nation. In India, the Finance Ministry’s department of
revenue is entrusted to perform these functions. Every year tax laws and
financial acts are passed in the union budget presented by the finance minister
in the parliament. For effective regulation, the department of revenue through
Central Board of Direct Taxes (CBDT) administers the functions and ensure
proper compliance with the help of Prinipal Accounts Officers (PAOs) and Drawing
and Disbursing Officers (DDOs).
Changes in Income Tax (from FY 2017-18):
While preparing the income tax return for
the Financial Year 2017-18; the changes were kept in mind: (i) the tax rate for
the slab ‘upto 250000’ became from 10% to 5% and surcharge of 10% and 15% were
imposed for the slab ’50 Lacs to 1 Crores’ and ‘Above 1 crore’ respectively.
(ii) The deduction for investments under ‘Rajiv Gandhi Equity Saving Scheme’
was stopped. (iii) A provision for penalty of Rs. 5000 was introduced in case
income tax return (ITR) is not filed by 31st Decemeber of the
Assessment Year however, persons in slab upto Rs. 5 lac income were provided
relaxation with penalty upto Rs. 1000. (iv) The persons paying rent were asked
to deduct 5% TDS in case Rs. 50000 paid as monthly rent. (v) The provisions were
made for withdrawl of 25% of own contribution in ‘National Pension System’ for
emergencies and specific needs.
The cess of 3% was applicable in Financial
Year 2017-18 on ‘Income Tax + Surcharge’ payable.
How to pay income tax?
The persons came under the definition of
income tax, can make payment of income tax through (i) Advance Tax, (ii) Self
Assessment Tax, (iii) Tax Deduction at Source, and (iv) Tax Collection at
Source. For filing of Self Assessment Tax purposes, various Income Tax Return
(ITR) forms are used.
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3. Implications on Income Tax on Formation and Dissolution of Hindu Undivided Family 4. Payment and Status of Income Tax
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