Income Tax Project

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Project submitted in partial fulfillment for the award of degree

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DECLARATION
I hereby declare that this project report titled, Income Tax Planning in India with respect to Individual Assessee submitted by me to the Department of Business Management of XXXXX, is a bonafide work undertaken by me and it is not submitted to any other University or Institute for the Award of any degree diploma/certificate or published any time before.

Date: (XXXX)

ACKNOWLEDGEMENT

A work well begun is half done. These encouraging words from my project supervisor and guide led me to churn out this concise yet comprehensive study.

I sincerely thank Shri XXX, Faculty, Department of Business Management at XXXX, for his support
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Objectives
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, and diverse insurance plans at different income levels of individual assessees.

This study may include comparative and analytical study of more than one tax saving plans and instruments.

This study covers individual income tax assessees only and does not hold good for corporate taxpayers.

The tax rates, insurance plans, and premium are all subject to FY 2007-08 only.

CHAPTER 2
AN EXTRACT FROM INCOME TAX ACT, 1961
Tax Regime in India

Chargeability of Income Tax

Scope of Total Income

Total Income

Concepts used in Tax Planning

o Tax Evasion

o Tax Avoidance

o Tax Planning

o Tax Management

The Income Tax Equation

Tax Regime in India

The tax regime

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