This document provides a summary of key concepts in Indian income tax law. It defines terms like previous year, assessment year, assessee and the different heads of income. It discusses exemptions for items like leave encashment, gratuity and compensation received under voluntary retirement schemes. It also covers deductions available for house rent allowance and taxable allowances and perquisites for employees. It outlines income tax slabs and rates for individual taxpayers below 65 years of age, resident women and senior citizens.

43. Find out the Tax Liability in the cases given below for assessment year 2007-08 2000 26000 - 100000 Notified bonds of Infrastructure company 15000 15000 - - Notified Equity Linked Saving scheme MEP 07 6000 16000 40000 - Recognized Provident Fund 40000 50000 70000 - Public Provident Fund Investment Contribution for deduction under 80C 426000 310000 196000 260000 Gross Total Income 55 25 31 42 Age A Z Y X

48. I llustration for deduction under Sec:80E Find out the amount of deduction under sec:80E for assessment year 2007-08 0.55 0.3 0.6 Annual payment of interest during the previous year 1L 0.5L 1L Annual repayment of Loan during the period 5L 3L 6L Amount of Loan Purpose of Loan Daug of X X X For whom education loan is taken Loan 3 Loan 2 Loan 1 Particulars

58. Time for filing of return(due dates) 31 st July all other assessee 5 31st October one by six scheme Assessee other than company covered under 4 31st October are required to be audited A working partner of a firm whose accounts 3 31st October income tax act or any other law accounts are required to be audited uner i Assessee other than company whose 2 31st October Companies 1

59. Annual Information Return: form 65 Trustee, authorised person of mutual fund Receipt from any person of Rs.2,00,000 for acquiring units of a mutual fund 3 Bank, company, institution issuing such credit card Payment of credit card holder of Rs.2,00,000 or more during in a year 2 Bank Cash Deposit of Rs.10,00,000 or more in a year in a saving account 1 Persons responsible for furnishing A.I.R. Nature & value of transactions Sr no

62. Advance Tax Installments & due dates: 25% of advance tax 40% of advance tax By 15 th March 30% of advance tax 30% of advance tax By 15th December 30% of advance tax 30% of advance tax By 15 th Sept 15% of advance tax Nil By 15 th June For company assessee For non company Due date for payment of Advance Tax

64. Payment on which tax is to be deducted at Source: 10.2% Insurance Commi. 30.6% if it exceeds Rs.5000 Winning from lotteries If it exceeds Rs.5,000 TDS is 10.2% Interest on time deposits If it exceeds Rs.2,500 TDS is 10.2% Interest on securities Sec:192 Salary How tax is deducted at source Name of the payment

65. Tax deducted at source 20..4% Payment of rent to any person other than ind,huf 20..4% Payment on withdrawal from NSS 20..4% Payment of repurchase of units under ELSS 1.02% Payment to sub contractor 2.04% Payment to Contractor 1.02% Payment to advertising ag.