![AssesseIncome Tax Act 1961 (Act no. 43) defines 'assesse' as a person by whom any tax or any other sum of money is payable<br />Assessment year Assessment year means the period of twelve months commencing on 1st April every year and ending on 31st March of the next year. Income of previous year of an assesse is taxed during the following assessment year at the rates prescribed by the relevant Finance Act.<br />Gross Total IncomeUnder the scheme of computation of total income under the Income Tax Act, the income falling under each head is to be computed as per the relevant provisions of the Act relating to computation of income under that head. The aggregate of income under each head is known as 'Gross Total Income'<br />What does the term Agricultural Income mean?<br />Agriculture income is exempt under the Indian Income Tax Act.<br />As per Income Tax Act income earned from any of the under given three sources meant Agricultural Income;<br />(I) any rent received from land which is used for agricultural purpose.<br />(ii) Any income derived from such land by agricultural operations including processing of agricultural produce, raised or received as rent in kind so as to render it fit for the market, or sale of such produce.<br />(iii) Income attributable to a farm house subject to the condition that building is situated on or in the immediate vicinity of the land and is used as a dwelling house, store house etc<br />TAX RATES FOR FINANCIAL YEAR 2010-2011<br />For Individual tax payers From Rs. 0 to Rs. 1, 60,000 - No tax will be chargedFrom Rs. 1, 60,001 to Rs. 3, 00,000 - 10% tax will be chargedFrom Rs. 3, 00,001 to Rs. 5, 00,000 - 20% tax will be chargedFrom Rs. 5, 00,000 and above - 30% tax will be charged<br />Income Tax Rates/Slabs Rate (%) Up to 1,60,000Up to 1,90,000 (for women)Up to 2,40,000 (for resident individual of 65 years or above) NIL <br />1,60,001 – 5,00,000 10 <br />5,00,001 – 8,00,000 20 <br />8,00,001 upwards 30<br />For Women tax payersFrom Rs. 0 to Rs. 1, 90,000 - No tax will be charged<br />INCOME EXEMPT FORM TAX <br />,[object Object]](https://image.slidesharecdn.com/fm-110202211301-phpapp01/85/fm-1-320.jpg)
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- 2. receipts by a member from a Hindu undivided family
- 3. share of profit from partnership firm
- 4. casual and non recurring income
- 7. amount paid on life insurance policies
- 9. daily allowances of members of parliament
- 10. family pension received by members of armed forces
- 11. income of minor
- 13. Payments made towards leases signed by you as an individual only have a tax effect if the item or service being leased directly relates to qualified business activity. Leases pertaining to personal use or for hobbies are not deductible, and they consequently have no tax effect
- 14. Corporate Lease of Office Space
- 16. The types of venture capitals are classified as per the purpose and time of their application
- 17. The three principal types of venture capital are
- 22. Early stage financing has three sub divisions
- 23. seed financing,
- 24. start up financing and
- 26. Seed financing is basically a small amount that an entrepreneur receives for the purpose of being eligible for a startup loan
- 27. Start up financing is given to companies for the purpose of finishing the development of products and services
- 29. Expansion financing may be categorized into
- 33. Second stage financing is provided to companies for the purpose of beginning their expansion
- 34. Bridge financing is useful to provide short term interest
- 35. Acquisition or buyout financing
- 36. Acquisition or buyout financing is categorized into acquisition finance and management buyout financing
- 37. Acquisition financing assists a company to acquire certain parts or an entire company
- 38. Management buyout financing helps a particular management group to obtain a particular product of another company.
- 39. MOTIVES BEHIND MERGERS AND ACQUISITION:
- 40. Economy of scale: reduce its fixed cost by removing duplicate departments and lowering cost compared to the same reeve stream
- 41. Economy of scope: demand side change like increasing or decreasing the scope of marketing and distribution
- 42. Increased revenue or market share: absorbing a major competitor and thus increase its market power
- 43. Cross selling
- 44. Synergy: due to increased order size and associated bulk buying discounts
- 45. Taxation: a profitable company can buy a loss maker to use the targets loss as their advantage by redoing their tax liability
- 47. Resource transfer: acquiring firm’s resources can create value through either overcoming scarce resources
- 48. Vertical integration: it occurs when upstream and downstream firm merges
- 49. Absorption of similar business
- 53. communication with share holders and investors