Income Tax Returns manual by ayantika

1. Taxmann’s TAX PAYERS’ PRESENTATION RETURN OF INCOME [ITR - 4] By Dr. Vinod K. Singhania

2. Form ITR - 4 INDIAN INCOME TAX RETURN (For Individuals and HUFs having income from a proprietory business or profession)

6. Modes of filing Income-tax returns   Paper Form   Bar Code Return   E-filing without Digital Signature Certificate   e-filing with Digital Signature Certificate ITR-V Acknowledgment slip Mode of filing

7. Personal information Write first name Write middle name (If no middle name leave blank) Write surname Write 10 digit PAN, please ensure that first five letters of PAN are alpha and next four letters are numeric and the last one is alpha . For, e.g., – AMUPK0123N

8. Personal information Write Flat/Door/ Block No. Write Premises/ Building/ Village Write 6 digit PIN Code Write Road/ Street/ Post Office Write Area/ Locality Write Town/ City/ District Write State name

9. Personal information Govt. category will include Central Govt./ State Governments employees Write Date of Birth Write Gender Optional Optional PSU category will include public sector companies of Central Govt. and State Govt. Tick on applicable status if individual tick on Individual otherwise on HUF

10. Filing status Write Ward/ Circle 15 In response to notice under section 153A 14 In response to notice under section 148 13 In response to notice under section 142(1) 12 Voluntarily after the due date 11 Voluntarily before the due date Code Description

11. Filing status If it is not revised return tick on original. Tick the residential status. A person is resident if he is in India in the previous year for 182 days or more.

12. Audit information There are two types of professions, one is “Specified Professions” and other is “Non-specified Professions”.

13. Specified profession - For the purpose of section 44AA and rule 6F legal, medical, engineering, architectural, accountancy, etc. are specified professions. Non-specified profession - A non-specified profession is a profession other than a “specified profession”.

14. Audit information Category B Category A Persons coming in this category are required to maintain such books of account as are prescribed by rule 6F (specified books of account as discussed in next slide) . Gross receipts in the profession exceed Rs. 1,50,000 in all the three years immediately preceding the previous year. Persons coming under this category are required to maintain such “books of account and other documents” as may enable the Assessing Officer to compute their taxable income. The Board has not prescribed books of account to be maintained for persons falling under this category. Gross receipts in the profession do not exceed Rs. l,50,000 in any of the three years immediately preceding the previous year . Specified profession

15. Audit information Category D Category C Persons falling under this category are required to maintain such "books of account and other documents" as may enable the Assessing Officer to compute their taxable income. However, the Board has not prescribed the account books to be maintained by persons falling under this category. Business whose income from such business or profession exceeds Rs. 1,20,000, or the total sales, turnover, or gross receipts thereof are in excess of Rs. 10,00,000 in any of the three years immediately preceding the previous year. Persons coming under this category are not required to maintain any books of account. Business whose income from such business or profession does not exceed Rs. 1,20,000, or the total sales, turnover or gross receipts thereof are not in excess of Rs. 10,00,000 in all the three years immediately preceding the previous year. Non-specified profession

16. Specified books of account - For persons falling under category B: a . a cash book; b. a journal (in case of mercantile system); c. a ledger; d. carbon copies of bills (whether machine numbered or, otherwise serially numbered) exceeding Rs. 25 and carbon copies or counterfoils of machine numbered or otherwise serially numbered receipts; e. original bills in respect of expenditure incurred by the person or, where such bills and receipts are not issued and the expenditure incurred does not exceed fifty rupees, payment vouchers prepared and signed by the person.

17. Audit information Note : Section 44AB is not applicable in the case of assessees who come within the purview of section 44B or 44BBA. If such person claims that the profits and gains from the business are lower than the profits and gains computed under these sections (irrespective of his turnover). A person covered under section 44AD, 44AE, 44AF, 44BB or 44BBB If his gross receipts in profession for the previous year(s) relevant to the assessment year exceeds Rs. 10 lakh. A person carrying on profession If the total sales, turnover or gross receipt in business for the previous year(s) relevant to the assessment year exceed or exceeds Rs. 40 lakh. A person carrying on business When they are covered by the provisions of compulsory audit under section 44AB Different taxpayers Who has to get his accounts audited on compulsory basis- —

18. Nature of business For detail list please see Instruction No. 9(ii).

19. Sources of funds The Balance Sheet as on 31st March,2007 and the profit and loss account for financial year 2006-07 in the formats provided in these parts have to be filled in respect of proprietory business or profession carried out by you during the financial year 2006-07 if you were required to maintain accounts of the business or profession during the year.

20. Sources of funds Loan against which firm has furnished securities (for, e.g., mortgaged property, pledge). Loan against which firm has not furnished any securities. Deferred tax liability is as a result of temporary difference between accounting income and taxable income which will be payable in future years.

21. Application of funds Investments which have been purchased with the intention of holding them for more than one year. The investments made in other firm or company with a view to promote the trade of the firm and generally categorised as long term investment.

22. Application of funds

23. Application of funds Deferred tax asset is as a result of temporary difference between accounting income and taxable income which will be deductible in future years.

24. No account case Please write these amounts as on 31-3-2007.

25. Credit to profit and loss account The Balance Sheet as on 31st March,2007 and the profit and loss account for financial year 2006-07 in the formats provided in these parts have to be filled in respect of proprietory business or profession carried out by you during the financial year 2006-07 if you were required to maintain accounts of the business or profession during the year.

26. Credit to profit and loss account Generally rent is not taxable as business income. It is taxable as income from house property. Dividend income from a domestic company is not taxable. Commission is an income earned by rendering services.

27. Credit to profit and loss account Interest on units of mutual fund is not chargeable to tax. Agricultural income in India is not taxable. However, it is taken into consideration for calculating tax on non-agricultural income.

28. Debits to profit and loss account This information will be helpful in calculating disallowance under section 43B. Write opening stock as on 1-4-2006

29. Debits to profit and loss account This information will be helpful in calculating disallowance under section 43B. Contribution to unapproved fund is not deductible.

30. Debits to profit and loss account Premium of life insurance policy on the life of sole proprietor and his family members is not deductible while calculating business income. However, a deduction is available up to Rs. 1 lakh is available under section 80C.

31. Debits to profit and loss account These details are relevant for ascertaining fringe benefit tax liability of an “employer”. However, individuals and Hindu undivided families are not “employers” and, consequently, fringe benefit tax liability is not applicable.

32. Debits to profit and loss account These details are relevant for ascertaining the amount of disallowance under section 43B. Provisions for bad and doubtful debt is not a deductible expenditure for tax purposes.

33. Tax provisions and appropriations

34. No account case Write gross receipts Write gross profit Write expenses Write net profit

35. Other information If the accounts of the business or profession were not required to be audited under section 44AB, it is optional to fill these parts. Where the accounts of the business or profession were required to be audited under section 44AB, the details to be filled in these parts which are also required to be reported in the report of audit by the auditors, should broadly match with the details as given in the report of audit.

36. Other information Tick on method of valuation of closing stock If there is change in stock valuation method Tick on Yes otherwise No

37. Other information Generally referred in case of construction contract business which is increased income due to the terms agreed in a contract for increase in charges due to price increase. Capital receipt is a receipt which is not a revenue receipt and is not taxable.

38. Other information Fully deductible Deductible if payment is made by cheque It is not deductible

39. Other information Deductible on pro-rata basis Deductible if loan is taken for business purposes and conditions of section 43B are satisfied Deductible if conditions of section 40A(9) are satisfied Deductible if it is written off in the books of account

40. Other information Not deductible Deductible only in the case of a company

41. Other information

42. Other information This is not relevant in the case of an individual or a Hindu undivided family. Amount paid to a relative or inter-connected concern in excess of fair market value of the goods or services supplied by the other party is not deducted under section 40A(2).

43. Other information 20% of such payment is not deductible under section 40A(3). Contribution to an unapproved gratuity fund is not deductible. It covers amount paid to relatives or inter-connected concerns

44. Other information If such amount is paid during the previous year, it is deductible during the current year.

45. Other information If the amount covered by section 43B is not paid till the due date of submission of return of income, it is not allowed as deduction.

46. Other information Section 33AC is not applicable in the case of an individual or a Hindu undivided family.

47. Quantitative details The quantitative details may be furnished only in respect of principal items. Purchases are to be shown exclusive of taxes and the details of taxes paid on the purchases are to be indicated separately in the relevant rows. However, where it is not possible to segregate the details of the different taxes paid on the purchases, the same may be included and shown in the details of purchases.

49. Total income Take from Schedule HP. Enter nil if it is negative Take item A37 of Schedule BP, write Nil , if loss Speculative transaction means a transaction in which a contract for the purchase or sale of any commodity, including stocks and shares, is periodically or ultimately settled, otherwise than by the actual delivery or transfer of the commodity or scrips

50. Total income Short-term capital gain if securities transaction tax is paid. Take item A7 of Schedule-CG. Any other short-term capital gain Long-term capital gain take from Schedule CG

51. Total income Income from owning and maintaining race horses Income from other sources not being from owning and maintaining race horses

52. Total income Take total of items 2vii, 3vii and 4vii from Schedule CYLA Take total of items 2vii, 3vii and 4vii from Schedule BFLA Take item 4 from Schedule EI Take total of item ‘xi’from Schedule CFL

53. Computation of tax liability Calculate tax on total income other than income chargeable at special rates 30% Above 2,50,000 Above 2,50,000 Above 2,50,000 20% 1,50,000 – 2,50,000 1,85,000 – 2,50,000 1,50,000 – 2,50,000 10% 1,00,000 – 1,50,000 – 1,35,000 – 1,50,000 Nil 0 – 1,00,000 0 – 1,85,000 0 – 1,35,000 Slab rate Any other Resident senior citizen Resident woman

54. Computation of tax liability Surcharge is applicable only if total income exceeds Rs. 10 lakh. Rate of surcharge is 10 per cent of income-tax. Education cess is 2 per cent of income-tax and surcharge. Available if arrears of salary/gratuity, etc. are received Relief in respect of income which is taxable in India as well as outside India. Take item 4 from Schedule STTR Double Taxation Relief – when no agreement exist

55. Computation of tax liability Simple interest is levied when return is furnished after due date or no return has been furnished @ 1% per month or part of the month (even part of month will be taken as full month). Interest will be calculated as – 1% per month or part of month of amount of tax [as determined on the regular assessment and assessment u/s 143(1)] – Advance tax – Tax deducted/Tax collected at source – Relief u/s 90, 90A and 91.

56. Computation of tax liability *Assessed tax means tax on total income on the basis of regular assessment or assessment u/s 143(1) – Tax deducted/collected at source - do - - do - Assessed tax* – Advance tax When advance tax paid but it is less than 90% of assessed tax From April 1 of the AY to the date of determination of total income u/s 143(1) or where regular assessment is made to the date of such regular assessment Simple interest @ 1% for every month or part of month On assessed tax* When assessee who is liable to pay advance tax, has failed to pay such tax Period for which interest is payable Rate of interest Amount on which interest is payable When interest is payable

57. Computation of tax liability Simple interest is levied when advance tax is not paid or under estimated instalments of advance tax @ 1% per month. a. Tax on total income declared in the return. b. Tax deducted/collected at source (double tax relief u/s 90, 90A and 91. c. Amount of advance tax paid on or before September 15 of the financial year immediately preceding the relevant AY. d. Amount of advance tax paid on or before December 15 of the financial year immediately preceding the relevant AY. e. Amount of advance tax paid on or before March 15 of the financial year immediately preceding the relevant AY. 60% (a – b) – d 3 months Simple interest @ 1% per month If advance tax paid on or before December15 is less than 60% of (a) – (b) 100% (a – b) – e – Simple interest @ 1% per month If advance tax paid on or before March 15 is less than 100% of (a) – (b) 30% (a – b) – c 3 months Simple interest @ 1% per month If advance tax paid on or before September 15 is less than 30% of (a) – (b) Amount on which interest is payable Period of interest Rate of interest When interest is payable

58. Tax paid Take from Schedule-IT Take from Schedules TDS 1 and TDS 2 Take from Schedule IT Take from Schedule TCS

59. Refund Enter bank account number (essential in case of refund) Magnetic Ink Character Recognition (MICR) may be taken from cheque leaf of the assessee

60. Verification I, …………………………….son/daughter of……………………….. solemnly declare that to the best of my knowledge and belief, the information given in the return thereto is correct and complete and that the amount of total income and other particulars shown therein are truly stated and are in accordance with the provisions of the Income-tax Act, 1961, in respect of income chargeable to income-tax for the previous year relevant to the assessment year 20___, ___. Place Date Sign here Write your name Write your father’s name Write place Write date Put signature here Write assessment year

61. Write identification number of TRP, if return is prepared by TRP Write name of TRP, if return is prepared by TRP If you are filing your return yourself then these columns are not to be filled up TRP means, Tax Return Preparer who has been issued as per Tax Return Preparer Scheme, 2006, a Tax Return Preparer Certificate and a unique Identification Number to prepare return of income of Tax Payers

62. Salaries In case there were more than one employer during the year, please give the details of the last employer. Further, in case, there were more than one employer simultaneously during the year, please furnish the details of the employer you have got more salary. Fill the details of salary as given in TDS certificate(s) (Form 16) issued by the employer(s). However, if the income has not been computed correctly in Form No. 16, please make the correct computation and fill the same in this item. Further, in case there were more than one employer during the year, please furnish in this item the details in respect of total salaries from various employers.

63. Salaries Write name of employer Write 10 digit PAN of employer, please ensure that first five letters of PAN are alpha and next four letters are numeric and the last one is alpha. For, e.g., – AMUPK0123N Write address of employer Write Town/ City Write State name Write 6 digit PIN Code

64. Salaries House rent allowance, education allowance, conveyance allowance, travelling allowance, etc. if a few conditions are satisfied. Fixed medical allowance, conveyance allowance/travelling allowance use for personal purposes, telephone allowance, lunch allowance, etc.

65. Salaries Perquisites which are taxable – rent-free/concessional accommodation, education facility, free-gas, electricity or water supply, domestic servants, interest-free loan, transfer of movable assets, use of movable assets. Gratuity, leave encashment, retrenchment compensation, leave travel concession, compensation for voluntary retirement, etc. to the extent chargeable to tax.

66. House property If there are three or less than three house properties, fill out the details for each properties in this Schedule. If there are more than two house properties, the details of remaining properties be filled in a separate sheet in the format of this Schedule. and attach this sheet with this return. The results of all the properties have to be filled in last row of this Schedule.

67. House property Write address Write Town/ City Write State name Write 6 digit PIN Code Write name of tenant Write 10 digit PAN of tenant Tick if property is let out Nil Self-occupied property Gross annual value Let out property

69. House property Deduction is available only in respect of municipal taxes (not being penalty or interest) actually paid during the previous year. Not deductible if the house is self-occupied. Available only if property is let out.

70. House property If capital is borrowed for construction, reconstruction, purchase, renewal or repair of house property, interest is deductible on accrual basis. No maximum ceiling in the case of let out property. In the case of self-occupied property, amount deductible cannot exceed Rs. 1,50,000.

71. House property Write address Write Town/ City Write State name Write 6 digit PIN Code Write name of tenant Write 10 digit PAN of tenant Tick if property is let out

72. House property

73. House property Deduction is available for unrealized rent in the case of a let-out property. If such a deduction has been taken in an earlier assessment year, and such unrealized rent is actually received in the assessment year in question, the unrealized rent so received is to be shown in this item. Give back years’ extra rent received after claiming deduction @ 30% of such arrear rent received.

74. Income from business and profession

75. Income from business and profession Depreciation in respect of know-how, patents, copyrights, trade marks, licences, franchises, etc. Depreciation in respect of buildings, machinery, plant or furniture.

76. Income from business and profession

77. Income from business and profession

78. Income from business and profession Take item ‘6’ of Schedule 10A Take item ‘d’ of Schedule 10AA Take item ‘f’ of Schedule 10B Take item ‘f’ of Schedule 10BA

79. Income from business and profession Item C of this schedule computes the total of profit or loss from business or profession (other than speculative business and profit or loss from speculative business) (item A37 + item B41). Please note that if balance in item B41 in respect of speculative business is a loss, same shall not be set-off against profit from non-speculative business. In such situation, only the figures of item A37 be entered in item C.

80. Depreciation on plant and machinery

81. Depreciation on plant and machinery At the rate of 20% of actual cost. Applicable only if block is empty on the last day of previous year or written down value is zero .

82. Depreciation on other assets

83. Depreciation on other assets In the case of building, furniture, fixtures, intangible assets, additional depreciation is not available.

84. Summary of depreciation on assets Any plant or machinery (not covered by other blocks) and motor cars (other than those used in a business of running them on hire) acquired or put to use on or after April 1, 1990. Buses, lorries and taxies used in the business of running them on hire, machinery used in semi-conductor industry, moulds used in rubber and plastic goods factories.

85. Summary of depreciation on assets Aeroplanes - Besides, it includes commercial vehicle which is acquired after September 30, 1998 but before April 1, 1999 and it is put to use for any period prior to April 1, 1999, life saving medical equipment . Containers made of glass or plastic used as refills and plant and machinery which satisfy conditions of rule 5(2) and the following— a. new commercial vehicle acquired during 2001 -02 and put to use before March 31,2002 for the purpose of business or profession; and b. machinery /plant used in weaving, processing and garment sector of textile industry which is purchased under Technology Upgradation Fund Scheme during April 1,2001 and March 31, 2004 and put to use up to March 31, 2004 .

86. Summary of depreciation on assets Computers including computer software. Besides, it includes new commercial vehicles acquired in replacement of condemned vehicle of 15 years of age and put to use before April 1, 1999 (if acquired after September 30, 1998 but before April 1, 1999) or put to use before April 1, 2000 (if acquired during the financial year 1999-2000). It also includes books (other than annual publication) owned by a professional. It also includes gas cylinders ; plant used in field operations by mineral oil concerns; direct fire glass melting furnaces. Energy saving devices; renewal energy devices; rollers in flour mills; sugar works and steel industry

87. Summary of depreciation on assets Air pollution control equipments; water pollution control equipments; solid waste control equipments, recycling and resource recovery systems; machinery acquired and installed on or after September 1, 2002 in a water supply project or water treatment system or for the purpose of providing infrastructure facility; wooden parts used in artificial silk manufacturing machinery ; cinematograph films, bulbs of studio lights ; wooden match frames ; some plants used in mines, quarries and salt works ; and books (being annual publications) owned by assessees carrying on a profession or books (may or may not be annual publications) carrying on business in running lending libraries .

88. Summary of depreciation on assets Residential buildings other than hotels and boarding houses . Office, factory, godowns or buildings which are not mainly used for residential purpose [it covers hotels and boarding houses. Buildings acquired on or after September 1, 2002 for installing machinery and plant forming part of water supply project or water treatment system and which is put to use for the purpose of business of providing infrastructure facilities under clause ( i) of sub­section (4) of section 80-IA; Temporary erections such as wooden structures.

89. Summary of depreciation on assets Rate of depreciation is 10% on a ny furniture/ fittings including electrical fittings Rate of depreciation is 25% on i ntangible assets (acquired after March 31, 1998) - Know-how, patents, copyrights, trade­marks, licences, franchises and any other business or commercial rights of similar nature. Rate of depreciation is 20% on o cean-going ships, vessels ordinarily operating on inland waters including speed boats.

90. Deemed capital gains on sale of depreciable assets

91. Deemed capital gains on sale of depreciable assets

92. Deemed capital gains on sale of depreciable assets

93. Deduction under section 35 Revenue expenditure on scientific research related to the business of taxpayer. Amount of deduction is 100% of the expenditure. Contribution to an approved scientific research association, university, college, etc., for conducting scientific research. Amount of deduction is 125% of the amount of contribution. Expenditure on scientific research Deduction under section 35 Schedule ESR Total vii 35(2AB) vi 35(2AA) v 35(1)(iv) iv 35(1)(iii) iii 35(1)(ii) ii 35(1)(i) i Amount of deduction in excess of the amount debited to profit and loss account (4) = (3) - (2) Amount of deduction allowable (3) Amount, if any, debited to profit and loss account (2) Expenditure of the nature referred to in section (1) Sl No

94. Deduction under section 35 Contribution to an approved university, college, etc., for conducting scientific research in social sciences. Amount of deduction is 125% of the amount of contribution. Capital expenditure for conducting scientific research related to the business of the taxpayer. Amount of deduction is 100%. Depreciation is not available under section 32. Deduction under section 35 Schedule ESR Total vii 35(2AB) vi 35(2AA) v 35(1)(iv) iv 35(1)(iii) iii 35(1)(ii) ii 35(1)(i) i Amount of deduction in excess of the amount debited to profit and loss account (4) = (3) - (2) Amount of deduction allowable (3) Amount, if any, debited to profit and loss account (2) Expenditure of the nature referred to in section (1) Sl No

95. Deduction under section 35 Contribution to an approved National laboratory or university or IIT, etc., for conducting an approved scientific research. Amount of deduction is 125% of contribution. Deduction under section 35(2AB) is not available in the case of a taxpayer other than a company. Deduction under section 35 Schedule ESR Total vii 35(2AB) vi 35(2AA) v 35(1)(iv) iv 35(1)(iii) iii 35(1)(ii) ii 35(1)(i) i Amount of deduction in excess of the amount debited to profit and loss account (4) = (3) - (2) Amount of deduction allowable (3) Amount, if any, debited to profit and loss account (2) Expenditure of the nature referred to in section (1) Sl No

96. Capital gains If period of holding is not more than 36 months (12 months in the case of shares, units, quoted debentures, etc. If more than one short-term capital asset has been transferred, make the combined computation for all the assets. Similarly, make the combined computation for all the assets if more than one long-term capital asset has been transferred.

97. Capital gains Applicable in the case of non-resident if securities are purchased in foreign currency.

98. Capital gains Section 94(7) - It is applicable if shares/securities/units are purchased within 3 months before the “record date” and transferred within 3 months (9 months in the case of units) from the record date. Section 94(8) - It is applicable in the case of bonus stripping.

99. Capital gains Exemption is available only under sections 54B (agricultural land), 54D (compulsory acquisition of industrial land or building), 54G/54GA (transfer of an industrial undertaking from urban area to rural area/SEZ). Exemption under sections 54, 54EC, 54F is not available in the case of short-term capital gain.

100. Capital gains A capital asset was purchased to get exemption under sections 54B, 54D, 54G, 54GA in an earlier year. This asset is transferred in the current year before completion of 3 years.

101. Capital gains Equity shares or units of mutual fund/UTI are transferred within 12 months and securities transaction tax is applicable ( i.e. , transfer in a recognised stock exchange or transfer to the mutual fund).

102. Capital gains Applicable in the case of non-resident if securities are purchased in foreign currency. If period of holding is more than 36 months (12 months in the case of shares, units, quoted debentures, etc.

103. Capital gains Cost of acquisition × 519 (Cost Inflation Index for financial year 2006-07) Cost inflation index of the year in which the capital asset was first held by the assessee.

104. Capital gains Cost of improvement incurred on or after April 1, 1981 × 519 (Cost Inflation Index for financial year 2006-07) Cost inflation index of the year in which the improvement took place

105. Capital gains

106. Capital gains A capital asset was purchased to get exemption under these sections in an earlier year. This asset is transferred in the current year before completion of 3 years.

107. Other sources Dividend from a domestic company is not chargeable to tax. Fixed deposit interest, saving bank account interest, post office interest, NSC interest, Indira Vikas Patra (IVP)/Kisan Vikas Patra interest, company deposit interest, etc.

108. Other sources Gross income from machinery, plant or furniture let on hire and also such income from building where its letting is inseparable from the letting of the said machinery, plant or furniture, if it is not chargeable to income-tax under the head “Profits and gains of business or profession”.

109. Other sources Gross winning is taxable. No deduction for expenses or losses

110. Current year loss adjustment Mention only positive incomes of the current year in column 1, headwise, in the relevant rows. Mention total current year’s loss(es), if any, from house property, business or profession and other sources (other than losses from race horses) in the space above columns 2, 3 and 4 respectively. These losses are to be set off against income under other heads in accordance with the provisions of section 71. The amount set off against the income of respective heads has to be entered into in columns 2, 3 and 4, in the relevant rows.

111. Current year loss adjustment Mention the end-result of the above inter-head set-off(s) in column 5, headwise, in relevant rows.

112. Current year loss adjustment House property loss cannot be set off against salary income. Short-term capital loss can be set off only against short-term or long-term capital gains. Long-term capital loss can be set off only against long-term capital gains.

113. Current year loss adjustment Total of loss set off out of columns 2, 3 and 4 have to be entered into row vii. The losses remaining for set off have to be entered in row viii. Losses cannot be set off against winnings from lotteries, races, etc.

114. Brought forward loss adjustment The amount of brought forward losses which may be set off are to be entered in column 2 in respective rows. Mention only positive incomes of the current year (after set-off of loss in Schedule-CYLA in column 1, headwise in relevant rows. The end result of the set off will be entered in column 5 in respective heads. The total of column 3 shall be entered in row viii which shall give the amount of gross total income.

115. Brought forward loss adjustment House property loss can be set off only against house property income. Short-term capital loss can be set off only against short-term or long-term capital gains. Long-term capital loss can be set off only against long-term capital gains.

116. Brought forward loss adjustment The total amount of brought forward losses set off during the year shall be entered in columns 2, 3 and 4 of row vii.

117. Carry forward of loss In this Schedule, the summary of losses carried from earlier years, set off during the year and to be carried forward for set off against income of future years is to be entered. The losses under the head “house property”, ‘profit and gains of business or profession” short term capital loss and long term capital loss, losses from other sources (other than losses from race horses) are allowed to be carried forward for 8 years. However, loss from owning and maintaining race horses can be carried forward only for 4 assessment years.

118. Deductions under section 10A If there are more than one undertaking entitled for deduction under this section, please enter the details of deduction for each undertaking separately.

119. Deductions under section 10A The amount of deduction under this section for an undertaking shall be as per item 17 of Form No.56F being the report of audit under section 10A.

120. Deductions under section 10A

121. Deductions under section 10AA If there are more than one undertaking entitled for deduction under this section, please enter the details of deduction for each undertaking separately.

122. Deductions under section 10B If there are more than one undertaking entitled for deduction under this section, please enter the details of deduction for each undertaking separately. The amount of deduction under this section for an undertaking shall be as per item 17 of Form No.56G being the report of audit under section 10B.

123. Deductions under section 10BA If there are more than one undertaking entitled for deduction under this section, please enter the details of deduction for each undertaking separately. The amount of deduction under this section for an undertaking shall be as per item 15 of Form No.56H being the report of audit under section 10BA.

124. Details of donations under section 80G In this Schedule, the details of donation given by you which are entitled for deduction under section 80G have to be filled.

125. Details of donations under section 80G Donation to National Defence Fund set up by the Central Government, Prime Minister’s National Relief Fund, Prime Minister’s Armenia Earthquake Relief Fund, Africa (Public Contributions - India) Fund, National Foundation for Communal Harmony, An approved university/ educational institution, etc.

126. Details of donations under section 80G Donation to Jawaharlal Nehru Memorial Fund, Prime Minister’s Drought Relief Fund, National Children’s Fund, Indira Gandhi Memorial Trust, Rajiv Gandhi Foundation, etc.

127. Details of donations under section 80G Where the aggregate donations referred to in Part-C and donations referred to in sub-clauses (v), (vi), (via) and (vii) of clause (a) and in clauses (b) and (c)of section 80G(2) exceeds 10% of total income (before deduction under other provisions of Chapter VI-A), the excess amount shall be ignored for purpose of computing deduction under section 80G.

128. Deduction under section 80-IA If there are more than one undertaking entitled for deduction under any of these sections, please enter the details of deduction in relevant schedule for each undertaking separately.

129. Deduction under section 80-IA The amount of deduction for an undertaking shall be as per item 30 of Form No.10CCB being the report of audit under section 80-IA/ 80-IB/ 80-IC.

130. Deduction under section 80-IA 100% of the profit from the undertaking is deductible for the first 10 years commencing from “Initial assessment year”. Initial assessment year means assessment year specified by assessee at his option to be initial year, but it does not fall beyond fifteenth assessment year starting from previous year in which enterprise begins operating and maintaining infrastructure facility.

131. Deduction under section 80-IA 100% of the profit from the undertaking is deductible for the first 5 years commencing from “Initial assessment year”. 50% is deductible for the next 5 years.

132. Deduction under section 80-IA 100% of the profit from the undertaking is deductible for the first 10 years commencing from “Initial assessment year”.

133. Deduction under section 80-IB If there are more than one undertaking entitled for deduction under any of these sections, please enter the details of deduction in relevant schedule for each undertaking separately.

134. Deduction under section 80-IB The amount of deduction for an undertaking shall be as per item 30 of Form No.10CCB being the report of audit under section 80-IA/ 80-IB/ 80-IC. 25% of the profit is deductible for first 10 years.

135. Deduction under section 80-IB 100% of the profit from the undertaking is deductible for first 5 years. For next 5 years 25% is deductible.

136. Deduction under section 80-IB 50% of the profit is deductible for 5 years. 100% of the profit from the undertaking is deductible for the first 10 years. 100% of the profit from the undertaking is deductible for the first 7 years.

137. Deduction under section 80-IB 100% of the profit from the undertaking is deductible. 100% of the profit from the undertaking is deductible for first 5 years. For next 5 years 25% is deductible. 100% of the profit is deductible for first 5 years.

138. Deduction under section 80-IC If there are more than one undertaking entitled for deduction under any of these sections, please enter the details of deduction in relevant schedule for each undertaking separately. The amount of deduction for an undertaking shall be as per item 30 of Form No.10CCB being the report of audit under section 80-IA/ 80-IB/ 80-IC. 100% of the profit from the undertaking is deductible for first 10 years.

139. Deduction under section 80-IC 100% of the profit from the undertaking is deductible for first 5 years. For next 5 years 25% is deductible.

140. Deduction under section 80-IC 100% of the profit from the undertaking is deductible for first 10 years.

141. Total deductions 80C - Deduction in respect of LIC premium, contribution to PF, amount paid under Home Loan Account Scheme of NHB, etc. 80CCC - Deduction in respect of contribution to Pension Fund. 80CCD - Deduction in respect of contribution to Pension Scheme.

142. Total deductions The aggregate amount of deduction under sections 80C, 80CCC and 80CCD shall not, in any case exceed one lakh rupees.

143. Total deductions Deduction in respect of Medical Insurance Premium maximum amount of Rs. 10,000 Deduction in respect of maintenance of a handicap dependant who is with disability, maximum amount Rs. 50,000 (Rs. 75,000 where disability is over 80%).

144. Total deductions Deduction in respect of Medical Treatment, maximum amount Rs. 40,000 or Rs. 60,000 Deduction in respect of loan taken for higher education. Entire payment of interest is deductible for maximum of 8 years

145. Total deductions Deduction in respect of donations to certain funds, charitable institutions, etc. 100% or 50% Deduction in respect of rent paid if a few conditions are satisfied.

146. Total deductions Deduction in respect of contributions given by any person to political parties. Take item 5 of Schedule 80-IC Take item ‘n’ from Schedule 80-IB

147. Total deductions Deduction in the case of the business of collecting and processing of biodegradable waste. The amount of deduction is 100% of the profit for first 5 years. Royalty income of authors of literary, artistic or scientific work is deductible up to a maximum of Rs. 3 lakh. The taxpayer should obtain a certificate in Form No. 10CCD from the person from whom income is received.

148. Total deductions Deduction in case of a person with disability Royalty on patents is deductible up to Rs. 3 lakh if a few conditions are satisfied. Royalty income on patent is deductible up to a maximum of Rs. 3 lakh. The taxpayer should obtain a certificate in Form No. 10CCE from the person from whom income is received.

149. Rebate under section 88E Section 88E provides for rebate of securities transaction tax (STT) paid on the transactions chargeable to STT which have been entered into by the assessee in the course of business activities.

150. Rebate under section 88E The rebate is restricted to the amount of income tax computed on average rate of tax on the profit arising from such transactions which is included in total income. Please note that no rebate is available in respect of STT paid on the transactions which give rise to long term/ short term capital gain. The rebate under this section be claimed as computed in Form No.10DB and Form No.10DC in accordance with rule 20AB. Take lower of item (2) and (3).

151. Rebate under section 88E Income of minor child (after exemption of Rs. 1,500). Income of a spouse/son’s wife from an asset transferred directly or indirectly without consideration.

152. Special rate

153. Special rate

154. Special rate

155. Information regarding partnership firms This Schedule has to be filled for each firm in which you are partner. In case you are partner in more than 5 firms, a separate sheet may be enclosed giving the details in same format.

156. Information regarding partnership firms Furnish the amount of share in the profit of the firm as computed in accordance with the provisions of the Income-tax Act in case of the firm. Such share is exempt from tax in hands of the partner. The amount of capital balance (including the capital on which you are entitled for an interest) in the firm in which you are partner.

157. Exempt income Interest income from UTI, Mutual Fund, etc.

158. Exempt income Dividend from domestic companies

159. Exempt income Long-term capital gain on transfer of equity shares/units of equity oriented mutual funds where securities transaction tax is applicable.

160. Exempt income Net agricultural income in India.

161. Exempt income Other incomes which are exempt under section 10, i.e ., exempted portion of house rent allowance, gratuity, pension, transport allowance, education allowance, etc.

162. Other information

163. Tax payments These details will be taken from the counter foil of the Challan 280.

164. TDS on salary These details can be taken from Form 16.

165. TDS on other income These details can be taken from Form 16A.

166. TCS on income These details can be taken from Form 27D.

167. Thanks