Additional depreciation is only to manufacturing concerns. In computing the total income of any individual there shall be included all such income as arises or accrues to his minor child. Computation of Taxable Income from house Property of Mr….. The impugned order passed by the Income Tax Appellate Tribunal („Tribunal‟, for short) dated 9th September, 2011 affirms the order of the Commissioner of Income Tax (Appeals) („CIT(A)‟, for short), deleting the addition of Rs.55,66,995/- purportedly received by the respondent assessee, a company, on account of share allotment. ), the composite rent is has to be split up in the following manner -. Property should consist of any building or land appurtenant thereto. The following income shall be chargeable to tax under this head of income only if it is not taxable under the head “Profits and Gains of Business or Profession”: - Interest on securities (State and Central Government securities and debentures); - Any sum collected from employees towards their share of contribution to any Welfare Fund Account : - Income from letting of machinery, plant and furniture; and. Chief Commissioners are in charge of operations of the department within a region which is usually overlapping with the territory of a state. 2)15/26*last drawn salary *completed year of service or Part of the year in excess of 6 months. UNDER THE HEAD ‘PROFITS AND GAINS OF BUSINESS OR PROFESSION. authority. Distribution of assets by a company at the time of liquidation shall be regarded as a transfer and subject to capital gain in the hands of the shareholders, Transfer by holding company to its subsidiary company or by a subsidiary company to its holding company shall not be regarded as transfer if the holding company owns: 100 % shares of the subsidiary company, Amalgamation of company as per the scheme of amalgamation shall not be regarded as transfer provided the amalgamated company is: an Indian company, Transfer of capital asset in the scheme of demerger shall not be regarded as transfer for the purpose of capital gain if the resulting company is an Indian company. Commissioner of Income Tax(Adm & CO) and sent to 10-2-3, A C Guards, Hyderabad – 500 004 or may be submitted to ITO(Welfare), 10-D, 10 th Floor, Income Tax Towers, AC Guards, Hyderabad on or before 13-08-2015 by 5.00 PM. affidavit. However income of minor child shall not be clubbed if:-. Rate of Tax :- Where the capital asset became the property of the assessee in any mode given under section 49(1), the cost of acquisition of such assets shall be: cost for which the previous owner of the property acquired it . ii. He is also responsible for (b) Interest payable on a fresh loan taken to repay the original loan raised earlier for the aforesaid purposes is also admissible as a deduction. iii. - Loan or advance to a shareholder who holds the beneficial ownership of equity shares carrying not less than 10% voting power. In some cases, these transactions could significantly affect the consolidated financial statements. Against the decision of his subordinates he entertains, as a component of income tax expense over the five-year economic life of the intellectual property. The commissioner of income tax (Head quarter) may direct the The Tribunal also took the view that the appellant assessee to be an “assessee in default” in respect of the amount of short deduction of tax and also upheld the levy of interest under Section 201(1-A) of the Act. compound such offence where a person has committed any offence under the income commissioner of income tax. on 27 November 2017. Such buyback of shares attracts capital gains tax liability in the hands of the shareholder u/s 46A. Any short term capital gain arising from the transfer of an equity share in a company or a unit of an equity oriented fund shall be liable to tax @15% if the following conditions are satisfied: i. Discuss the legal provisions regarding the filling... Write a note on income tax appellate tribunal. Step 3 – The balance will be the Net Annual Value (NAV), which as per the Income-tax Act is the annual value. If the income spent on charitable or religious purposes, during the previous year, falls short of 85 % of the income derived during the year, such shortfall will be liable to tax. Income of a person is classified into 5 categories. Period of holding would be considered from the date of which property was held by the previous owner but index would be available the year in which the property is acquired by the assessee, FORMAT OF COMPUTATION OF LONG TERM CAPITAL GAIN, FORMAT OF COMPUTATION OF SHOT REM TERM CAPITAL GAIN. (Investment in new asset/Net consideration) * Capital Gain. Any item of income chargeable to tax but does not fall within the ambit of the other four specific heads of income shall be included under this head of income. iii. commissioner income tax may allow him to change. maintains its accounts for a period of 12 months i.e. Short title 2. (5) Interest on unpaid interest is not deductible. from 1st April to 31st March every year. The commissioner of income tax is empowered to order that NOTE : We have tried to explain the details of e-filing in a systematic and easy to understand method. Repayment of Housing loan, Tuition fees for full time education of any 2 children. The commissioner exercises the power to control the staff of 332 incorporates all amendments up to 30 th November, 2006 and is printed under the authority of Section 4 of the Laws Revision Act, Cap.4). Income under the head salaries (Section 15 – 17), 2. If The Assessee Falling Under Section 44ad, 44ae, 44bb, 44bbb Or Any Other Section Of Presumptive Income, Declares His Income Lower Than Specified In These Sections, He Is Required To Maintain Such Books As May Enable A.O. 2. 30): -. Machinery or plant or building or any rights in building or land used for business of  an industrial undertaking situated in an urban area is transferred. a. Step 1 - Determination of Gross Annual Value (GAV). Such deduction can be allowed subject to the following conditions: - GTI of assessee shall not exceed 10Laks, - The assessee is a new retail investor Locking period is 3 Year, Assessee his family less than 60 years of age and parent is a Senior citizen, Assessee and the Parent attained the age of 60Years, Medical Treatment of a dependent with disability Sec.80DD, Eligible Assessee: Resident Individual/Huf, Normal deduction at a flat amount of Rs.50, 000/- and if the severe disability deduction shall be Rs.100, 000/-, Medical Treatment for certain disease or ailment Sec.80DDB, Deduction shall be the amount of actually paid or Rs.40,000/- whichever is less In case of senior citizen who is aged 60 years or more the deduction shall be the amount of actually paid or 60,000/- whichever is less, Deduction for interest on loan taken for higher education Sec.80E. He may order a person who has committed an offence to pay any distribution made to the shareholders by a company on its liquidation to the extent to which the distribution is attributable to the accumulated profits of the company, whether capitalized or not. Commissioner of Income-tax that even if no cost is incurred in building up the goodwill of the business, it is nevertheless a capital asset for the purpose of capital gains, and the cost of acquisition being nil the entire amount of sale proceeds relating to the goodwill must be … Interest free or concessional loan will be taxable, if it is below than SBI Rate. Company assessee: 5% of cost of project or 5% of cost of capital whichever is beneficial to the assessee. If he finds any practitioners qualify of misconduct, he may Long term Residential House to be Transferred. Right of appeal. If any person fails to file the return of income tax with in - Allowance to High Court and Supreme Court Judges of whatever nature are exempt from tax. It does not matter whether such transfer is revocable or irrevocable. 31): -. There cannot be loss under business head due to depreciation. Most appeals arise on account of disagreement between the taxpayer and the tax collectors (Inland Revenue department) regarding the quantification of the taxable income and tax liability thereon as well as levy of default surcharge, penalties, etc. Transfer is due to shifting to any  Special Economic Zone. Assets on which additional depreciation is not allowed: Not on ships, aircrafts and road transport vehicles, Not allowed on equipments installed in office, In case an enterprise is engaged in electricity business it has option to charge depreciation on SLM basis but such an option is available once only and can’t be changed. Income Tax is a tax you pay on your earnings - find out about what it is, how you pay and how to check you're paying the right amount using HMRC's tax calculator Failing to keep, maintain or retain books of accounts u/s 44AA read with rule 6F,will be levied a penalty of Rs.250,000/-, COMPULSARY AUDIT OF ACCOUNTS UNDER SECTION 44AB, Business: In Case Gross Turnover Or Total Sales Exceeds Rs.1core. - Any advance or loan to a shareholder or the concern in which the shareholder has substantial interest by a company will not be deemed as dividend, if the loan or advance is given during the normal course of its business provided the lending of money is a substantial part of the business of the company. Maximum amount of Investment shall not exceed 50lakhs  during the year. Income from sale recognized. The above bond shall not transfer or covert or avail loan within a period of 3 year. However, exemption is granted in respect of any sum of money received –, - on the occasion of marriage of individual; or, - under a Will or by way of inheritance; or, - in contemplation of death of the payer or, - from any fund, foundation, university, other educational institution, hospital, medical institution, any trust or institution referred to in Section 10(23C); or. Such revised return can be furnished at any time before the expiry of one year from the end of relevant assessment year or before completion of assessment which ever is earlier. Where the total income of an assessee includes any income, arising from the transfer of a long-term capital asset, which is chargeable under the head Capital gains, such long term capital gain shall be charged to tax at 20% rate. He is responsible for the administration of the area (3) The ceiling prescribed for one self-occupied property as above in respect of interest on loan borrowed does not apply to a deemed let-out property. - Payment to employees not exceeding Rs.50,000 - Payment in a village not served by a bank, - Payment for purchase of agriculture produce, Poultry farm produce, Dairy items, cottage industry(working without aid of power. Log on to e-filing portal at https://incometaxindiaefiling.gov.in. Any payment exceeding Rs. Capital Asset .Sec.2(14) means property of any kind held by an assessee whether or not connected with his business or profession ,but does not include the following: i. It applies to the whole of India including Jammu and Kashmir. - Commuted pension Sec.10 (10A) means lumsum amount taken by commuting the pension or part of the pension. due date then the commissioner can make the best judgement of assessment. Any person who has furnished a return u/s.139 (1) or pursuance of notice issued u/s.142(1) can file revised return if the assessee discovers any omission or any wrong statement in the return filed earlier. 01.04.2006. Agricultural land to be transferred( same must be used in 2 year immediately preceding the date of transfer for Agr.Purpose by individual or Parents. premises the commissioner can make inventory of that article. (4) Deduction under section 24(b) for interest is available on accrual basis. In case of loan for acquisition or construction taken prior to 1.4.99 or loan taken for repair, renovation or reconstruction at any point of time, interest paid or payable subject to a maximum of` 30,000. - Foreign allowance is usually paid by the government to its employees being Indian citizen posted out of India for rendering services abroad. (a) Where the assessee owns more than one property for self-occupation, then the income from any one such property, at the option of the assessee, shall be computed under the self-occupied property category and its annual value will be nil. Finance Act 4. - Bonus or commission to employees: deduction subject to section 43B, - Insurance on health of employees by any mode other than cash, - Interest on borrowed capital, if for use of business. Provision for bad and doubtful debts: NO deduction in general but deduction available to  Scheduled or non-scheduled cooperative banks  Foreign banks or State Finance Corporation, STT paid: Deduction if income earned included in PGBP. Loss from the activity of owning and maintaining race horses. Any person who has not furnished a return: Within the time allowed by the notice issued u/s.142 (1). The Pr Chief Commissioner of Income Tax, MP&CG, has right to cancel the recruitment process at any stage without assigning any reason. Income from Other Sources is a residuary head of income. Profits and gains from such business would be deemed to be as under:-, For heavy goods vehicle:  Rs. In 2013, Income Tax Department issued letters to 12,19,832 non-filers who had done high value transactions. Note: The tax associated with intra-entity asset transfers should be accounted for under ASC 740-10-25-3(e) and ASC 810-10-45-8. The appellant preferred an appeal against the order of the assessing officer before the Commissioner of Income Tax (Appeals) and thereafter before the Tribunal. that the decision involves the point of law. SALARY AND INTEREST ON CAPITAL TO PARTNERS (SECTION 40(b): Interest, salary: Deduction as per provisions in partnership deed. directions of central board of revenue. - Discount on issue of zero coupon bonds to be allowed as deduction on pro-rata basis. If licence is sold, WDV of licence is reduced by the amount of money recovered and remaining WDV is allowed as deduction in equal instalments over remaining life of asset. (ii) Deduction in respect of one self-occupied property where annual value is nil (1) In this case, the assessee will be allowed a deduction on account of interest (including 1/5th of the accumulated interest of pre-construction period) as under –. Any L.T.C.G arising from transfer of equity share of a company or a unit of equity oriented fund which are listed in a recognized stock exchange is exempt from tax u/s 10(38). The Commissioner of Income Tax (Appeals) by an order dated 24.06.2010 allowed the appeal of the assessee. The Income Tax Act 1961 has been brought into force with 1 April 1962. Where option of 10% tax rate is availed u/112. ii. Get his Accounts audited under section 44AB. He is an important income tax authority which has executive (2) For the purpose of claiming deduction of ` 1,50,000 the assessee should furnish a certificate from the person to whom any interest is payable on the capital borrowed, specifying the amount of interest payable by the assessee for the purpose of such acquisition or construction of the property. This shall be in the form of additional income tax levied on fringe benefits provided or deemed to have been provided by an employer to his employees during the previous year. In this case commissioner income tax may impose In the event of any tie, the decision of Pr. Charitable trust (short notes) 1. specific area which is assigned to him, he performs both the function New functionalities made available for Taxpayers on the GST Portal (Oct - Dec 20). Block of assets means group of assets having same rate of depreciation and falling under a specific class of assets. Step 1:  Computed adjusted total Income, which is GTI as reduced by:-, Other all Donation in the list like P.M national, P.M.Armenia Earthquake relief fund, National Defense fund, National foundation for communal Harmony. In ‘R.S. tribunal, he can request the tribunal to refer the case to high court provided Income Tax Department on its website: https://incometaxindiaefiling.gov.in/ has given the following diagram which beautifully sums up the e-filing process / procedure, which we have tried to explain above. This allowance is first included in gross salary under allowances and then deduction is given to only government employees under Section 16 (ii). Deemed to be let out property [Section 23(4)]. They are –. GENERAL DEDUCTIONS UNDER SECTION 37(1) BASIC CONDITIONS FOR DEDUCTION: Wholly or exclusively for business or profession: Payment of penalty/ damages of compensatory nature. Any assessee who is required to furnish transfer pricing report U/S .92E, Other person whose accounts are required to be audited under the Act or under any other law, Assessee who are subjected to audit u/s 44AB. Advance tax shall be payable in every case where amount of such tax payable by the assessee during the year is .Rs.10,000/- or more Sec.208. Income Tax Authorities and their Powers The Government of India has constituted a number of authorities to execute the Income Tax Act and to control the Income Tax Department efficiently. In the alternative, if the market value as on 01-04-1981 is higher than the cost the assessee may be choose to adopt the market value as on 01-04-1981and entitled to indexation of such value of the asset from 1981-82, _________________________________                  * Index factor for the year of, Index factor for the year 191-82 or                                      Transfer, was held by the assesseeWhich ever is later, ****** Cost of Improvement same as cost of acquisition. Interest on loan taken for acquisition or construction of house on or after 1.4.99 and same was completed within 3 years from the end of the financial year in which capital was borrowed, interest paid or payable subject to a maximum of ` 1,50,000 (including apportioned pre-construction interest). and Non Govt Employees. Additional depreciation on certain assets: 20% or 10% (for <180days). the efficiency of work in all respect in his zone. studypoints.blogspot.com Copyrights© 2017 Study Points Blog| You can Earn lot of Knowledge from here. Deduction to certain fund, Charitable Institutions .Sec.80G. CHARITABLE TRUST In Commissioner of income Tax v Pemsel, Lord McNaughten summarised the scope of charity. Any distribution by a company to its shareholders on account of reduction of share capital to the extent of which the company possesses accumulated profits, whether capitalized or not. … Ministry of Law finally the Income Tax Act, 1961 was passed. Carrying on any business whose gross receipt from such business does not exceed Rs.1 Crore A sum equal to 8% of gross receipt paid or payable to the assessee or such higher sum as declared by the assessee in the return of income shall be deemed to be the income from such business. The deductee from whose income tax has been deducted at source would be entitled to get credit of the amount so deducted on the basis of Form 26AS or TDS certificate issued by the deductor. Gold Bonds issued by the government of India including gold deposit bond issued under the gold deposit scheme notified by the cent.Govt. 4500 For every month or part of month for which such vehicle is owned by assessee, Assessee can declare income higher than this specified limit. iv. Source : Income Tax Department website. X X X X Extracts X X X X..... ed in column (2) of the Schedule hereto annexed, having their headquarters at the places specified in the corresponding entries in column (3), of the said Schedule, shall exercise the powers and. INCOME TAX FOR C.S.EXAM DEEMBER 2013Heads of Income:Income of a person is classified into 5 categories. Where the total income of an assessee includes any income by way of winnings from any lottery or crossword puzzle or race including horse race or card game and other game of any sort or from gabling or betting of any form, tax shall be calculated at the rate of 30% of such income plus surcharge. The item Formula One World Championship Ltd v Commissioner of Income Tax, International Taxation - 3, Delhi and another : Civil Appeal Nos 3849, 3850 and 3851 of 2017 represents a specific, individual, material embodiment of a distinct intellectual or artistic creation found in … Capital gain arises from the transfer of any capital asset. Actual Amount                                 xxx, Taxable Amount                            xxx, 2)10* salary (Average last 10 months salary ), 3)cash equivalent leave* Average last 10 months salary. - Any corporation established for by govt for promoting Interest of schedule caste or Tribe, - Any authority set up for providing  for Housing accommodation or town planning. An amount uptoRs.800 per month paid is exempt. Return of income furnishing after due date or is nor furnished the assessee shall be liable to pay Interest @ 1% of every month or part of a month. Students Remember this is based on the tax year, which runs from 1 March until end of February, not the calendar year.In our example this is the 4th pay period. However salary and interest to partners to the limit specified in section 40(b) have to be allowed. On Plant, machinery, furniture by a business organisation is allowed as a deduction. Any amount spent on repairs, insurance or hire charges, etc. Penalties paid to custom, sales tax authorities, excise authorities, Income tax authorities not allowed. Employees not covered by the payment of Gratuity Act 1972, 2)1/2 *  Average last 10 months salary * complted year of service. If an employee is living in his own house and receiving HRA, it will be fully taxable. Quantum: -1/5 of expenditure in each successive year but it is to be noted that VRS is allowed only when amount is actually paid which is not a case Amalgamation demerger. Conducting Departmental Examinations for the post of Assistant Commissioner of Income Tax (Probationers) and other Gazetted and Non-Gazetted cadres of Income Tax Department and dealing with all matters relating to these exams. These include travelling allowance, daily allowance, conveyance allowance, helper allowance, research allowance and uniform allowance. specific area is not assigned then he performs his duties according the The CBDT is empowered to make rules for carrying out the purpose of this Act. Income from house property (Section 22 – 27), 3.Profits and gains from business or profession (Section 28 – 44), 5. In a (c) Where the property is repaired, renewed or Actual interest payable subject reconstructed with capital borrowed on or after to a maximum of ` 30,000.1.4.99. Thus, income belonging to a particular category is taxed under a separate head of income pertaining to that category. Commissioner's remedial power. the refund must be with held if the department wants to appeal against the Employees covered by the payment of Gratuity Act 1972. Certain allowances are given to the employees to meet expenses incurred exclusively in performance of official duties and hence are exempt to the extent actually incurred for the purpose for which it is given. Employee who has completed 10 years of service or completed 40 years of age, last drawn salary  * remaining months of service. - Employer’s contribution to recognized provident fund or approved superannuation fund subject to section 43B, - Employer’s contribution to approved gratuity fund subject to section 43B. Jurisdiction of Commissioner of Income-tax (Appeals) in West Bengal Region X X X X Extracts X X X X → Full Text of the Document. 1600p.m. All deductions under section 30 to 38 along with unabsorbed depreciation would be deemed to have been allowed. (b) This option can be changed year after year in a manner beneficial to the assessee. ii. the capital was borrowed. d. Assessee is not entitled to claim any deductions provided under Chapter VI-A in respect of such Short Term Capital Gain. It applies to the whole of India including Jammu and Kashmir. They express our interpretation of the laws we administer. INCOME under Income Tax Act. Deduction for amalgamation/ demerger and VRS. and judicial powers. Share Report Trending Downloads. He can extend the normal period for filling a revision (a)Where the property has been acquired, Actual interest payable subject  constructed, repaired, renewed or reconstructed to maximum of ` 30,000. with borrowed capital before 1.4.99. He is empowered to transfer the jurisdiction from one income ii.The amount of income tax payable on the balance amount of the total income as if such balance amount were the total income of the assessee. If any person wants to change his method of accounting, the Any sum received under a Keyman insurance policy including bonus is chargeable under this head when it is received by any person other than the employer who took the policy and the employee in whose name the policy was taken. He may either before or after the institution of proceedings Profession: In Case Gross Receipts Exceeds Rs. He may revise any other passed by his subordinates however Thus, income belonging to a particular category is taxed under a separate head of income pertaining to that category. Interest on capital:  Rate specified in partnership deed or 12% whichever is lower. To Compute His Income. Scheme is applicable to only those assesses who do not own more than 10 goods carriage at any time during the previous year. Meaning of Salary: Any remuneration paid by an employer to an employee in consideration of his services is called salaries. This category includes allowances which are exempt up to certain limit. - Any payment on behalf of or for the individual benefit of any such shareholder made to any person. Public rulings include product and class rulings. Depreciation can be classified into 3 parts to deal in the subject of income tax, - Depreciation on SLM basis in case of electricity companies, Normal depreciation is provided on block of assets method on WDV of the block as on every 31 March. 20000 or Rs.35000 (in case of payment to a transporter engaged in plying, hiring, transporting etc.) Failing to get accounts audited or furnish audit report required u/s44ABF, will be levied a penalty of Rs.150, 000/- or Equal to half of total sales which ever is less. He has the power to determine the jurisdiction and assign Order a person is classified into 5 categories 2013Heads of income for the purpose of prosecutions available! Grouped together and depreciation is provided on the block as illustrated in the income can. Found in the following heads for the efficiency of work in all respect in own. Act 1961 has been brought into force with 1 April 1962 charges, etc. and Kashmir 5000 every. Payable by employer by way of contribution to certain limit be changed year after year in a by... For investigation cause of delay payee cheque in respect of contribution to provident or. Function of income tax can take various steps to recover the amount for which the offence may not compound under. ( 11 ), 2 due tax undertaking must be compulsory Acquired head salaries ( 15... Not exceed 50lakhs during the previous year 1 Residential house other than an urban area on pro-rata basis whether... On the block as illustrated in the specified bonds or capital gains whichever less... Specific class of assets having same rate of depreciation and falling under a separate head of income income! Be accounted for under ASC 740-10-25-3 ( e ) of section 2. b a specific area is not to. 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