Income Tax Act in India

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Introduction to the Income Tax Act
The Income Tax Act is a pivotal legislation in
India, defining the framework for taxation on
personal and business income. Enacted in 1961, it
has evolved significantly, shaping the country's
tax landscape over the past six decades.
Understanding this Act is crucial for taxpayers
and businesses to navigate the complex tax system
effectively.
by UnacademyTrios
2
Key Components of the Income Tax Act
Residential Status
Income Heads
Deductions
The Act classifies individuals as Resident,
Non-Resident, and Resident but Not Ordinarily
Resident (RNOR) based on their stay in India.
Income is classified into five heads Salaries,
House Property, Business or Profession, Capital
Gains, and Other Sources.
Sections 80C to 80U provide a wide range of
deductions that can be claimed to reduce taxable
income.
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Registration and Login on the Income Tax e-Filing
Portal
New User Registration
Logging In
Security Considerations
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Entering the User ID (PAN), password, and captcha
code to securely access the portal.
Step-by-step guide for creating an account on the
Income Tax Department's e-Filing portal.
Importance of protecting login credentials and
ensuring browser compatibility for seamless
e-filing.
4
Recent Amendments and Digital Transformation
Tax Reforms
Digital Initiatives
Simplified Compliance
Impact of recent amendments, such as the
implementation of GST and changes in corporate
tax rates.
Overview of the Income Tax Department's e-filing
portal, digital tax payments, and instant refunds.
How digital transformation has enhanced
transparency and simplified tax filing for
taxpayers.
5
Tax Implications for NRIs Selling Property in
India
Capital Gains
TDS and Exemptions
Explanation of Short-Term Capital Gains (STCG)
and Long-Term Capital Gains (LTCG) for NRIs.
Overview of Tax Deduction at Source (TDS) and
relevant exemptions under Sections 54 and 54EC.
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Indexation Benefits
How indexation can help reduce the capital gains
tax liability for NRIs.
6
Double Taxation Avoidance Agreement (DTAA)
DTAA Purpose
DTAA Countries
DTAA Benefits
Preventing double taxation for NRIs through
bilateral agreements between countries.
Examples of countries that have DTAA agreements
with India.
How NRIs can leverage DTAA provisions to reduce
their tax liability in India.
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Conclusion
Importance
The Income Tax Act's significance in India's tax
system and its complexities.
Compliance
Key considerations for taxpayers to ensure timely
and accurate tax filings.
Opportunities
Leveraging tax planning strategies and digital
tools for a seamless tax experience.
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