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Showing posts with label Participation. Show all posts
Showing posts with label Participation. Show all posts

Workshop on Taxation Matters

Workshop on Taxation Matters

By Dr. Lalit Kumar Setia |  @drlalitsetia  |  drlalitsetia@gmail.com  |  Created October 10, 2018
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.

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.

*Copyright © 2019 Dr. Lalit Kumar. All rights reserved. 

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