BVZ5A/BPF5C/BVC5A/ BPG5C INCOME TAX LAW & PRACTICE I. Unit : I - V. BVZ5A/BPG5C/CYA5C - Income Tax Law & Practice - I
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1 BVZ5A/BPF5C/BVC5A/ BPG5C INCOME TAX LAW & PRACTICE I Unit : I - V BVZ5A/BPG5C/CYA5C - Income Tax Law & Practice - I
2 UNIT 1 Meaning & Features of Income Important definitions under Income Tax Act Tax rate of Individual Assesse Residential status Scope of total income Capital & Revenue Income exempt from tax 2
3 BASIC CONCEPTS Assessment year : The tax payer s income of previous year is assessed to tax in the assessment at the rates prescribed in Finance Act. Previous year : Income earned in a year is taxable in the next year. The year in which income is earned is known as previous year. Person : Includes an individual,huf, Company, Firm, AOP, BOI. 3
4 content: font size 20 4
5 Basic & Additional conditions Basic or Conditions (i) An individual is in India during the relevant previous year for a period amounting in all to 182 days or more. (ii) An individual is in India for a period amounting in all to 365 days or more during four years preceeding the relevant previous year & he is in India for a period of 60 days or more during the previous year. Additional Condition (i)he has been resident in India in at least Two out of Ten P.Y (ii) He has been in India atleast 730 days in all during 7 preceeding P Y 5
6 INCIDENCE OF TAX content: font size 20 6
7 FEATURES OF INCOME Definite source Legal or Illegal income Income may be received in cash or in kind Income being considered on receipt basis or accrual basis Dispute regarding title Mere relief or reimbursement of expenses Income may be permanent or temporary Gifts of personal nature PIN money Diversion of income vs Application of Income 7
8 Link below appends exempted income. List of exempted incomes Exempted income vs Deduction 8
9 Heading: font size 32 content: font size 20 9
10 Heading: content: font size 20 Link below explains capital and revenue items Capital vs Revenue 10
11 11
12 UNIT 2 INCOME UNDER THE HEAD SALARIES Allowances Perquisites and their valuation Deduction from salary Gratuity Pension Commutation of pension Leave salary Profit in lieu of salary Provident funds Deductions under section 80 C 12
13 INCOME UNDER THE HEAD SALARIES Salaries Sec 15 to 17 Features of Salary Employer Employee Relationship Salaries and Business Profit Salaries and Professional Income Tax free Salary Leave Salary 13
14 TREATMENT OF PROVIDENT FUND EMPLOYER S CONTRIBUTION SPF content: RPF font size 20 URPF Fully exempt from tax Exempt upto 12% of salary ( Basic + DASB + Commission on turnover) Ignore for the time being 14
15 Fully Exempted Allowance Foreign Allowances of Govt employees working outside India Allowances of U.N.O employees working in India. Allowances received by judges of high court. 15
16 Fully Taxable Allowance DA CCA MEDICAL ALLOWANCE LUNCH ALLOWANCE OVERTIME ALLOWANCE content: font size 20 DOG ALLOWANCE CAPITAL COMPENSATORY ALLOWANCE SERVANT ALLOWANCE MARRIAGE ALLOWANCE FAMILY ALLOWANCE WATER & ELECTRICITY ALLOWANCE DEPUTATION ALLOWANCE TIFFEN ALLOWANCE E.A FOR NON GOVT EMPLOYEES NON PRACTISING ALLOWANCE WARDEN ALLOWANCE PROJECT ALLOWANCE 16
17 HRA - PROVISIONS Least of following is exempt : (i) HRA actually received (ii) 50% of salary or 40% of salary (iii) Excess of rent paid over 10% of salary SALARY = basic salary + DA (forming part) + Commission based on sales 17
18 PERQUISITES View the following link to acquire knowledge about perquisites Perks 18
19 19
20 20
21 TIPS TO REMEMBER SALARY ALLOWANCES View Link below for salary allowances provisions & Revision Salary allowances REVISION INCOME UNDER HEAD SALARIES INCOME UNDER THE HEAD SALARY 21
22 22
23 1. DA is taxable in the hands of. 2. Children education allowance is exempted upto. 3. Exempted limit of HRA in non metropolitan cities is. 4. Interest on RPF balance is exempted upto. 5. Statutory limit for exemption of gratuity received by Non Govt employees is. 23
24 PROBLEM COMPUTATION OF RFA Mr. A is employed in Delhi and gets following emoluments. Basic Salary Rs 8000 p.m DA - Rs 6000 ( forming part) p.m Bonus - Rs 10,000 Conveyance Allowance 500 p.m ( Actual amount spent Rs 4,000) He is provided with a rent free house. Calculate taxable value of perquisite Answer Hint : RFA 2,04,000*15/100 = Rs 30,600 24
25 UNIT 3 INCOME FROM HOUSE PROPERTY Definition of annual value Deductions from Annual value Computation of income under different circumstances. 25
26 Particulars Let out house Self occupied house Deemed to be let out house GAV xxx NIL xxx Less : Municipal Tax paid by owner xxx NIL xxx NAV XXX NIL XXX Less : Deduction u/s 24 Std deduction xxx NIL Int on loan for construction xxx xxx xxx Net income from HP xxx (xxx) xxx 26
27 27
28 28
29 EXEMPTED INCOMES Income from farm house Property used for own business or profession Property income of hospital Property income of resident of Ladakh Income from HP owned by political party Income from HP owned by Trade union One self occupied property Annual value of any one palace of ex-indian ruler 29
30 Following video link illustrates calculation of GAV with unrealised rent GAV - House property 30
31 QUICK REVISION INCOME FROM HOUSE PROPERTY Income from house property PROBLEM INCOME FROM HOUSE PROPERTY Problem & Solution Income from House property 31
32 UNIT 4 INCOME FROM BUSINESS OR PROFESSION Allowable & not allowable expenses General deductions Provisions relating to depreciation Deemed business profits, undisclosed income Compulsory maintenance of books of accounts Special provision for computing incomes on estimated basis Computation of income from business or profession. 32
33 DEFINITION OF BUSINESS Business includes any trade, commerce, manufacture or any adventure or concern in the nature of trade, commerce or manufacture FEATURES OF BUSINESS Importance of Profit motive Business to involve two or more persons Rendering Service Business includes trade, manufacture & commerce Length of time not an essential factor Export incentives being revenue receipts. 33
34 COMPUTATION OF BUSINESS INCOME PARTICULARS AMOUNT BALANCE AS PER P & L ACCOUNT XXX ADD : INADMISSIBLE EXPENSES XXX LESS : EXPENDITURE ALLOWED BUT NOT DEBITED LESS : INCOME CREDITED TO P&L WHICH IS TAXABLE UNDER OTHER HEADS XXX xxx 34
35 INADMISSIBLE EXPENSES Drawings by the proprietor Rent paid to self All provisions and reserves All taxes Household and personal expenses Gifts and presents (Non advertisement) Bad debts still recoverable Undervaluation of closing stock Personal LIC Capital expenses Excess depreciation Interest on Capital 35
36 INCOME CREDITED TO P&L WHICH IS TAXABLE UNDER OTHER HEADS Gifts from relatives Agricultural receipts Any Capital receipt Part time salary Dividend income Part time salary Rent from let out property Capital gains Winning from Lotteries Withdrawal from PPF Income tax refund Interest on Bank deposit 36
37 Professional income is computed by taking the professional receipts of the previous year and deducting professional expenses incurred during that year. 37
38 Preliminary expenses are deductible in 5 equal installments Expenditure exceeding Rs 20,000, shall be paid by an account payee cheque or an account payee demand draft otherwise 100% amount is disallowed. Know how acquired on or after is subject to 25% rate of depreciation. 38
39 39
40 QUICK REVISION - PGBP REVISION - PGBP 40
41 Compulsory Audit of Accounts u/s 44AB Turnover/Gross Receipts exceeding prescribed limit Business u/s 44AD,44AE,44BB Assessee Claiming deduction u/s 33AB, 33ABA,35D 41
42 UNIT 5 Assessment of Individuals (Covering incomes under Salary,House Property, Business or Profession including sec 80 C- Computation of Tax) Filing of Return Various Return Forms PAN and its usage 42
43 (a) Determination of Gross Total Income - It is ascertained by aggregating the net income under each head. (b) Deductions from Gross Total Income - The deductions are u/s 80C 80CCD 80CCC Gross total income minus these deductions will be his total income. (c)taxable Income - It is said to be total income or net income or taxable income 43
44 Rebate of Rs 5000 for individual having total taxable amount not exceeding Rs 5,00,
45 Link given below explains the types of assessment. types of assessment 45
46 DEDUCTIONS U/s 80C 80 U DEDUCTIONS 80C - 80U 46
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