Income Tax Planning Wrt Individual Assesee

Topics: Taxation, Tax, Progressive tax Pages: 2 (496 words) Published: June 19, 2013
Name:-Jaspreet kaur bindra Institute:- GNIM&IT

This Income Tax Planning in India with respect to Individual Assessee MBA Project  covers the basics of the Income Tax Act, 1961 as amended by the Finance Act, 2007 and broadly presents the nuances of prudent tax planning and tax saving options provided under these laws. Any other hideous means to avoid or evade tax is a cognizable offense under the Indian constitution and all the citizens should refrain from such acts.

Need for Study
In last some years of my career and education, I have seen my colleagues and faculties grappling with the taxation issue and complaining against the tax deducted by their employers from monthly remuneration. Not equipped with proper knowledge of taxation and tax saving avenues available to them, they were at mercy of the HR/Admin departments which never bothered to do even as little as take advise from some good tax consultant. This prodded me to study this aspect leading to this project during my MBA course with the university, hoping this concise yet comprehensive write up will help this salaried individual assessee class to save whatever extra rupee they can from their hard-earned money.

•    To study taxation provisions of The Income Tax Act, 1961 as amended by Finance Act, 2007. •    To explore and simplify the tax planning procedure from a layman’s perspective. •    To present the tax saving avenues under prevailing statures

Scope & Limitations

•    This project studies the tax planning for individuals assessed to Income Tax. •    The study relates to non-specific and generalized tax planning, eliminating the need of sample/population analysis. •    Basic methodology implemented in this study is subjected to various pros & cons,...

Bibliography: Income Tax Slab rate
Net income range (For resident woman below 60 years on the last day of the previous year) | Net income range (For resident senior citizen1) | Net income range (For super senior citizen2) | Net income range (For any otherperson excluding companies and co-operative societies) | Income Tax rates3 |
Up to ₹ 200,000 | Up to ₹ 250,000 | Up to ₹ 500,000 | Up to ₹ 200,000 | NIL% |
₹ 200,001–500,000 | ₹ 250,001–500,000 | - | ₹ 200,001–500,000 | 10% |
₹ 500,001–1,000,000 | ₹ 500,001–1,000,000 | ₹ 500,001–1,000,000 | ₹ 500,001–1,000,000 | 20% |
Above ₹ 1,000,000 | Above ₹ 1,000,000 | Above ₹ 1,000,000 | Above ₹ 1,000,000 | 30% |
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