This document provides information about CTC (cost to company), tax planning, and other important points related to income tax. It discusses topics like exempt income, gift tax, deductions under sections 80C, 80D, salary income, capital gains tax, and more. The speaker intends to discuss CTC, simple tax options, and what to provide to a CA or tax consultant when filing returns.
OBJECTIVE
The deadly virus COVID-19 has already started to impact the economy. In view of fighting against the effects of the pandemic on the nation, the Ministry of Finance of India has come up with certain relief measures to tackle the economic situation and measures with regard to statutory and compliance requirements. In this Webinar, we will be learning about the various tax and economic measures taken by the Government of India to aid the nation during the lock down period.
Chapter VI A - Deductions while Computing Total Income - Part IIDVSResearchFoundatio
OBJECTIVE
Every assessee earning more than the basic exemption limit is eligible to seek deduction from Gross Total Income by way of deductions allowed for investments or payments made, under Chapter VI-A of the Income Tax Act. Chapter VI-A helps an assessee to reduce the overall tax burden to the extent of investment and expenses made within the ambit of law and fulfilment of prescribed conditions. In this Webinar, we shall be focusing on the provisions of Chapter VI-A which relate to Corporate Assessees.
Understanding the Recent Developments in taxation of charitable & religious t...Taxmann
OVERVIEW OF NEW SCHEME OF REGISTRATION.
1. Under the existing law, NGOs are required to get registered under section 12A/12AA or to obtain approval under
section 10(23) to claim various exemptions and under Section, 80G to provide deductions to donors.
2. The Finance Act 2020 has introduced substantial changes to the provisions of registration of NGOs. A new section 12AB replaces the existing section 12AA. Similar amendments have been made to section 10(23C) and Section 80G. These changes are effective from 1st June 2020.
3. Registration and approvals of NGOs shall be completely electronic under which a unique registration number (URN) shall be issued to all new and existing charity institutions.
4. NGOs registered prior to 01-06-2020 are required to make an application again under a new scheme of registration.
5. The concept of the perpetuity of registration is withdrawn under the new scheme. The registration under a new scheme
shall be valid for a specified period, that is, up to 3 years for provisional cases and a maximum period of 5 years for
final registration.
6. Registration is required to be renewed every 5 years.
Concept of provisional registration introduced for new charity institutions that are yet to start their charitable activities.
OBJECTIVE
The deadly virus COVID-19 has already started to impact the economy. In view of fighting against the effects of the pandemic on the nation, the Ministry of Finance of India has come up with certain relief measures to tackle the economic situation and measures with regard to statutory and compliance requirements. In this Webinar, we will be learning about the various tax and economic measures taken by the Government of India to aid the nation during the lock down period.
Chapter VI A - Deductions while Computing Total Income - Part IIDVSResearchFoundatio
OBJECTIVE
Every assessee earning more than the basic exemption limit is eligible to seek deduction from Gross Total Income by way of deductions allowed for investments or payments made, under Chapter VI-A of the Income Tax Act. Chapter VI-A helps an assessee to reduce the overall tax burden to the extent of investment and expenses made within the ambit of law and fulfilment of prescribed conditions. In this Webinar, we shall be focusing on the provisions of Chapter VI-A which relate to Corporate Assessees.
Understanding the Recent Developments in taxation of charitable & religious t...Taxmann
OVERVIEW OF NEW SCHEME OF REGISTRATION.
1. Under the existing law, NGOs are required to get registered under section 12A/12AA or to obtain approval under
section 10(23) to claim various exemptions and under Section, 80G to provide deductions to donors.
2. The Finance Act 2020 has introduced substantial changes to the provisions of registration of NGOs. A new section 12AB replaces the existing section 12AA. Similar amendments have been made to section 10(23C) and Section 80G. These changes are effective from 1st June 2020.
3. Registration and approvals of NGOs shall be completely electronic under which a unique registration number (URN) shall be issued to all new and existing charity institutions.
4. NGOs registered prior to 01-06-2020 are required to make an application again under a new scheme of registration.
5. The concept of the perpetuity of registration is withdrawn under the new scheme. The registration under a new scheme
shall be valid for a specified period, that is, up to 3 years for provisional cases and a maximum period of 5 years for
final registration.
6. Registration is required to be renewed every 5 years.
Concept of provisional registration introduced for new charity institutions that are yet to start their charitable activities.
To understand the meaning, need,objective and issues of secondary adjustment and to know the intent of government to introduce secondary adjustment in transfer pricing. Method of secondary adjustment adopted by India. To analyse Union Budget 2019 amendments regarding secondary adjustment. Finally, to know the method of secondary adjustment adopted in other countries.
Dividends, Winning from Lotteries, Interest on Securities, Keyman Insurance Policy, subletting of house property, family pension, interest on bank deposit, interest on loan given, rent from vacant plot of land, agriculture income, interest on income tax refund, post office saving certificates, gift, gift received from relatives,
Understanding the Impact of Finance Act, 2020 on Residential Status of Indivi...Taxmann
Overview of the Presentation:
1. Under the provisions of the Income-tax Act, an individual becomes a resident of India based on, his/her number of days of stay in India. The condition of ‘number of days’ is relaxed in case of a Person of Indian origin (PIO) / Citizen of India (COI), visiting India. Also, India unlike other countries classifies residents into Resident & Ordinary Resident (ROR)and Resident but Not Ordinary Resident (RNOR).
2. In few countries an individual becomes tax resident based on citizenship irrespective of whether he/she lives in that country or not. Examples: USA, Eritrea
3. The Finance Act, 2020 (FA 2020)has introduced citizenship-based residency provisions for Indian citizens apart from restricting the relaxations granted to COI/PIO visiting India. Further, the FA 2020 has also increased the criteria of qualifying RNOR
Objectives & Agenda :
To analyse and interpret the provisions of the Income-tax Act relating to chargeability of Income from Sources other than Salary, House Property, Business or Profession and Capital Gains. In this Webinar, we will discuss the various incomes that are chargeable under the head 'Income From Other Sources' which covers Dividends, Gifts, Certain Interest, Advance money forfeited etc. Finally, the Webinar will touch upon relevant Judicial Precedents.
Understanding the Impact of Finance Act, 2020 on the Taxation of ESOPsTaxmann
What all has been covered in this Presentation:-
1. About ESOPs
a. What are ESOPs?
b. How ESOPs Work?
c. Stages in ESOPS
2. Taxation of ESOPs
a. Computation of Perquisite Value
b. Determination of Fair Market Value of Listed Shares
c. Determination of Fair Market Value of Un-Listed Shares
d. Deduction of Tax
3. Deferment of Tax
a. Amendments by the Finance Act, 2020
b. Meaning of Eligible Start-Up
c. Deferment of TDS under Section 192
d. Calculation of Tax to be Deferred
e. Consequences of Failure to Deduct Tax
f. Direct Payment of Tax by Employee
4. Taxation of ESOPs (Transfer of Share)
a. Computation of Capital Gains
5. Taxation of ESOPs - Summary
Tax Saving Guide for FY 2015-16 (AY 2016-17)Apnaplan.com
eBook on Tax Planning for FY 2015-16. Covers all tax exemptions available to tax payers in India. Updated according to Budget 2015 with latest Tax Calculator.
Objectives
Introduction
What is Remittance???
Who are Non-residents???
Relevant Notifications and Circulars
Which assets can be remitted?
How are assets remitted?
Legal Compliances (In special cases)
The Must-Read Analysis of Finance Act 2020, Straight from the Taxmann's Edito...Taxmann
Changes in the Finance Act, 2020 Viz-a-viz Finance Bill, 2020.
The budget session was scheduled to end on 03-04-2020 but the house curtailed its sitting in the wake of COVID-19 outbreak and ended the session on 23-03-2020 bypassing the Finance Bill, 2020. The Bill which was presented originally in the Lok Sabha on 01-02-2020 has not passed in its original shape. The Finance Bill, 2020 has been passed with more than 50 changes.
New amendments have been made, scope of some provisions have been expanded, some proposed amendments are removed, so on and so forth. The Bill has received the
Presidential assent on 27-03-2020. Snippets of all changes made in the Finance Act, 2020 viz-a-viz the Finance Bill, 2020 as presented in the Lok Sabha are presented hereunder.
To understand the meaning, need,objective and issues of secondary adjustment and to know the intent of government to introduce secondary adjustment in transfer pricing. Method of secondary adjustment adopted by India. To analyse Union Budget 2019 amendments regarding secondary adjustment. Finally, to know the method of secondary adjustment adopted in other countries.
Dividends, Winning from Lotteries, Interest on Securities, Keyman Insurance Policy, subletting of house property, family pension, interest on bank deposit, interest on loan given, rent from vacant plot of land, agriculture income, interest on income tax refund, post office saving certificates, gift, gift received from relatives,
Understanding the Impact of Finance Act, 2020 on Residential Status of Indivi...Taxmann
Overview of the Presentation:
1. Under the provisions of the Income-tax Act, an individual becomes a resident of India based on, his/her number of days of stay in India. The condition of ‘number of days’ is relaxed in case of a Person of Indian origin (PIO) / Citizen of India (COI), visiting India. Also, India unlike other countries classifies residents into Resident & Ordinary Resident (ROR)and Resident but Not Ordinary Resident (RNOR).
2. In few countries an individual becomes tax resident based on citizenship irrespective of whether he/she lives in that country or not. Examples: USA, Eritrea
3. The Finance Act, 2020 (FA 2020)has introduced citizenship-based residency provisions for Indian citizens apart from restricting the relaxations granted to COI/PIO visiting India. Further, the FA 2020 has also increased the criteria of qualifying RNOR
Objectives & Agenda :
To analyse and interpret the provisions of the Income-tax Act relating to chargeability of Income from Sources other than Salary, House Property, Business or Profession and Capital Gains. In this Webinar, we will discuss the various incomes that are chargeable under the head 'Income From Other Sources' which covers Dividends, Gifts, Certain Interest, Advance money forfeited etc. Finally, the Webinar will touch upon relevant Judicial Precedents.
Understanding the Impact of Finance Act, 2020 on the Taxation of ESOPsTaxmann
What all has been covered in this Presentation:-
1. About ESOPs
a. What are ESOPs?
b. How ESOPs Work?
c. Stages in ESOPS
2. Taxation of ESOPs
a. Computation of Perquisite Value
b. Determination of Fair Market Value of Listed Shares
c. Determination of Fair Market Value of Un-Listed Shares
d. Deduction of Tax
3. Deferment of Tax
a. Amendments by the Finance Act, 2020
b. Meaning of Eligible Start-Up
c. Deferment of TDS under Section 192
d. Calculation of Tax to be Deferred
e. Consequences of Failure to Deduct Tax
f. Direct Payment of Tax by Employee
4. Taxation of ESOPs (Transfer of Share)
a. Computation of Capital Gains
5. Taxation of ESOPs - Summary
Tax Saving Guide for FY 2015-16 (AY 2016-17)Apnaplan.com
eBook on Tax Planning for FY 2015-16. Covers all tax exemptions available to tax payers in India. Updated according to Budget 2015 with latest Tax Calculator.
Objectives
Introduction
What is Remittance???
Who are Non-residents???
Relevant Notifications and Circulars
Which assets can be remitted?
How are assets remitted?
Legal Compliances (In special cases)
The Must-Read Analysis of Finance Act 2020, Straight from the Taxmann's Edito...Taxmann
Changes in the Finance Act, 2020 Viz-a-viz Finance Bill, 2020.
The budget session was scheduled to end on 03-04-2020 but the house curtailed its sitting in the wake of COVID-19 outbreak and ended the session on 23-03-2020 bypassing the Finance Bill, 2020. The Bill which was presented originally in the Lok Sabha on 01-02-2020 has not passed in its original shape. The Finance Bill, 2020 has been passed with more than 50 changes.
New amendments have been made, scope of some provisions have been expanded, some proposed amendments are removed, so on and so forth. The Bill has received the
Presidential assent on 27-03-2020. Snippets of all changes made in the Finance Act, 2020 viz-a-viz the Finance Bill, 2020 as presented in the Lok Sabha are presented hereunder.
REVIEW OF PAGGLAIT BY CA NITIN PATHAK.PRSESIDENT ISACA CHAPTER AHMEDABAD . FOR MORE DETAILS:E-Mail:nitinmpathak@gmail.com
Mobile: 98258 04094
Blog: canitinmpathak.blogspot.com
You Tube: CA NITIN PATHAK
Disclaimer: This review presentation On my personal belief and knowledge.
For the purposes of this section, the expression "income from foreign sources" means income that accrues or arises outside India.
For more presentations,
Visit blog: canitinmpathak.blogspot.com
Visit our YouTube channel: CA Nitin Pathak
For more queries reach out us at M: 9825804094
Email: nitinmpathak@gmail.com
Real Estate Regulation and Development Act (RERA) came into full force on 1 May 2017 across India, though 52 sections were notified in 2016. Check this presentation for new and ongoing projects to know all about RERA Act 2016, whether you are a buyer, promoter, investor or real estate agent.
For more presentations,
Visit blog: canitinmpathak.blogspot.com
Visit our YouTube channel: CA Nitin Pathak
For more queries reach out us at M: 9825804094
Email: nitinmpathak@gmail.com
Startup India is a flagship initiative of the Government of India, intended to build a strong ecosystem that is conducive for the growth of startup businesses, drive sustainable economic growth, and generate large-scale employment opportunities. The Government through this initiative aims to empower Startups to grow through innovation and design.
For Details
Visit Blog: www.canitinmpathak.blogspot.com
YouTube channel: CA Nitin Pathak
NO1 Uk Black Magic Specialist Expert In Sahiwal, Okara, Hafizabad, Mandi Bah...Amil Baba Dawood bangali
Contact with Dawood Bhai Just call on +92322-6382012 and we'll help you. We'll solve all your problems within 12 to 24 hours and with 101% guarantee and with astrology systematic. If you want to take any personal or professional advice then also you can call us on +92322-6382012 , ONLINE LOVE PROBLEM & Other all types of Daily Life Problem's.Then CALL or WHATSAPP us on +92322-6382012 and Get all these problems solutions here by Amil Baba DAWOOD BANGALI
#vashikaranspecialist #astrologer #palmistry #amliyaat #taweez #manpasandshadi #horoscope #spiritual #lovelife #lovespell #marriagespell#aamilbabainpakistan #amilbabainkarachi #powerfullblackmagicspell #kalajadumantarspecialist #realamilbaba #AmilbabainPakistan #astrologerincanada #astrologerindubai #lovespellsmaster #kalajaduspecialist #lovespellsthatwork #aamilbabainlahore#blackmagicformarriage #aamilbaba #kalajadu #kalailam #taweez #wazifaexpert #jadumantar #vashikaranspecialist #astrologer #palmistry #amliyaat #taweez #manpasandshadi #horoscope #spiritual #lovelife #lovespell #marriagespell#aamilbabainpakistan #amilbabainkarachi #powerfullblackmagicspell #kalajadumantarspecialist #realamilbaba #AmilbabainPakistan #astrologerincanada #astrologerindubai #lovespellsmaster #kalajaduspecialist #lovespellsthatwork #aamilbabainlahore #blackmagicforlove #blackmagicformarriage #aamilbaba #kalajadu #kalailam #taweez #wazifaexpert #jadumantar #vashikaranspecialist #astrologer #palmistry #amliyaat #taweez #manpasandshadi #horoscope #spiritual #lovelife #lovespell #marriagespell#aamilbabainpakistan #amilbabainkarachi #powerfullblackmagicspell #kalajadumantarspecialist #realamilbaba #AmilbabainPakistan #astrologerincanada #astrologerindubai #lovespellsmaster #kalajaduspecialist #lovespellsthatwork #aamilbabainlahore #Amilbabainuk #amilbabainspain #amilbabaindubai #Amilbabainnorway #amilbabainkrachi #amilbabainlahore #amilbabaingujranwalan #amilbabainislamabad
Introduction to Indian Financial System ()Avanish Goel
The financial system of a country is an important tool for economic development of the country, as it helps in creation of wealth by linking savings with investments.
It facilitates the flow of funds form the households (savers) to business firms (investors) to aid in wealth creation and development of both the parties
Currently pi network is not tradable on binance or any other exchange because we are still in the enclosed mainnet.
Right now the only way to sell pi coins is by trading with a verified merchant.
What is a pi merchant?
A pi merchant is someone verified by pi network team and allowed to barter pi coins for goods and services.
Since pi network is not doing any pre-sale The only way exchanges like binance/huobi or crypto whales can get pi is by buying from miners. And a merchant stands in between the exchanges and the miners.
I will leave the telegram contact of my personal pi merchant. I and my friends has traded more than 6000pi coins successfully
Tele-gram
@Pi_vendor_247
how can i use my minded pi coins I need some funds.DOT TECH
If you are interested in selling your pi coins, i have a verified pi merchant, who buys pi coins and resell them to exchanges looking forward to hold till mainnet launch.
Because the core team has announced that pi network will not be doing any pre-sale. The only way exchanges like huobi, bitmart and hotbit can get pi is by buying from miners.
Now a merchant stands in between these exchanges and the miners. As a link to make transactions smooth. Because right now in the enclosed mainnet you can't sell pi coins your self. You need the help of a merchant,
i will leave the telegram contact of my personal pi merchant below. 👇 I and my friends has traded more than 3000pi coins with him successfully.
@Pi_vendor_247
Poonawalla Fincorp and IndusInd Bank Introduce New Co-Branded Credit Cardnickysharmasucks
The unveiling of the IndusInd Bank Poonawalla Fincorp eLITE RuPay Platinum Credit Card marks a notable milestone in the Indian financial landscape, showcasing a successful partnership between two leading institutions, Poonawalla Fincorp and IndusInd Bank. This co-branded credit card not only offers users a plethora of benefits but also reflects a commitment to innovation and adaptation. With a focus on providing value-driven and customer-centric solutions, this launch represents more than just a new product—it signifies a step towards redefining the banking experience for millions. Promising convenience, rewards, and a touch of luxury in everyday financial transactions, this collaboration aims to cater to the evolving needs of customers and set new standards in the industry.
when will pi network coin be available on crypto exchange.DOT TECH
There is no set date for when Pi coins will enter the market.
However, the developers are working hard to get them released as soon as possible.
Once they are available, users will be able to exchange other cryptocurrencies for Pi coins on designated exchanges.
But for now the only way to sell your pi coins is through verified pi vendor.
Here is the telegram contact of my personal pi vendor
@Pi_vendor_247
Resume
• Real GDP growth slowed down due to problems with access to electricity caused by the destruction of manoeuvrable electricity generation by Russian drones and missiles.
• Exports and imports continued growing due to better logistics through the Ukrainian sea corridor and road. Polish farmers and drivers stopped blocking borders at the end of April.
• In April, both the Tax and Customs Services over-executed the revenue plan. Moreover, the NBU transferred twice the planned profit to the budget.
• The European side approved the Ukraine Plan, which the government adopted to determine indicators for the Ukraine Facility. That approval will allow Ukraine to receive a EUR 1.9 bn loan from the EU in May. At the same time, the EU provided Ukraine with a EUR 1.5 bn loan in April, as the government fulfilled five indicators under the Ukraine Plan.
• The USA has finally approved an aid package for Ukraine, which includes USD 7.8 bn of budget support; however, the conditions and timing of the assistance are still unknown.
• As in March, annual consumer inflation amounted to 3.2% yoy in April.
• At the April monetary policy meeting, the NBU again reduced the key policy rate from 14.5% to 13.5% per annum.
• Over the past four weeks, the hryvnia exchange rate has stabilized in the UAH 39-40 per USD range.
What website can I sell pi coins securely.DOT TECH
Currently there are no website or exchange that allow buying or selling of pi coins..
But you can still easily sell pi coins, by reselling it to exchanges/crypto whales interested in holding thousands of pi coins before the mainnet launch.
Who is a pi merchant?
A pi merchant is someone who buys pi coins from miners and resell to these crypto whales and holders of pi..
This is because pi network is not doing any pre-sale. The only way exchanges can get pi is by buying from miners and pi merchants stands in between the miners and the exchanges.
How can I sell my pi coins?
Selling pi coins is really easy, but first you need to migrate to mainnet wallet before you can do that. I will leave the telegram contact of my personal pi merchant to trade with.
Tele-gram.
@Pi_vendor_247
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Contact with Dawood Bhai Just call on +92322-6382012 and we'll help you. We'll solve all your problems within 12 to 24 hours and with 101% guarantee and with astrology systematic. If you want to take any personal or professional advice then also you can call us on +92322-6382012 , ONLINE LOVE PROBLEM & Other all types of Daily Life Problem's.Then CALL or WHATSAPP us on +92322-6382012 and Get all these problems solutions here by Amil Baba DAWOOD BANGALI
#vashikaranspecialist #astrologer #palmistry #amliyaat #taweez #manpasandshadi #horoscope #spiritual #lovelife #lovespell #marriagespell#aamilbabainpakistan #amilbabainkarachi #powerfullblackmagicspell #kalajadumantarspecialist #realamilbaba #AmilbabainPakistan #astrologerincanada #astrologerindubai #lovespellsmaster #kalajaduspecialist #lovespellsthatwork #aamilbabainlahore#blackmagicformarriage #aamilbaba #kalajadu #kalailam #taweez #wazifaexpert #jadumantar #vashikaranspecialist #astrologer #palmistry #amliyaat #taweez #manpasandshadi #horoscope #spiritual #lovelife #lovespell #marriagespell#aamilbabainpakistan #amilbabainkarachi #powerfullblackmagicspell #kalajadumantarspecialist #realamilbaba #AmilbabainPakistan #astrologerincanada #astrologerindubai #lovespellsmaster #kalajaduspecialist #lovespellsthatwork #aamilbabainlahore #blackmagicforlove #blackmagicformarriage #aamilbaba #kalajadu #kalailam #taweez #wazifaexpert #jadumantar #vashikaranspecialist #astrologer #palmistry #amliyaat #taweez #manpasandshadi #horoscope #spiritual #lovelife #lovespell #marriagespell#aamilbabainpakistan #amilbabainkarachi #powerfullblackmagicspell #kalajadumantarspecialist #realamilbaba #AmilbabainPakistan #astrologerincanada #astrologerindubai #lovespellsmaster #kalajaduspecialist #lovespellsthatwork #aamilbabainlahore #Amilbabainuk #amilbabainspain #amilbabaindubai #Amilbabainnorway #amilbabainkrachi #amilbabainlahore #amilbabaingujranwalan #amilbabainislamabad
Empowering the Unbanked: The Vital Role of NBFCs in Promoting Financial Inclu...Vighnesh Shashtri
In India, financial inclusion remains a critical challenge, with a significant portion of the population still unbanked. Non-Banking Financial Companies (NBFCs) have emerged as key players in bridging this gap by providing financial services to those often overlooked by traditional banking institutions. This article delves into how NBFCs are fostering financial inclusion and empowering the unbanked.
how can I sell my pi coins for cash in a pi APPDOT TECH
You can't sell your pi coins in the pi network app. because it is not listed yet on any exchange.
The only way you can sell is by trading your pi coins with an investor (a person looking forward to hold massive amounts of pi coins before mainnet launch) .
You don't need to meet the investor directly all the trades are done with a pi vendor/merchant (a person that buys the pi coins from miners and resell it to investors)
I Will leave The telegram contact of my personal pi vendor, if you are finding a legitimate one.
@Pi_vendor_247
#pi network
#pi coins
#money
what is the future of Pi Network currency.DOT TECH
The future of the Pi cryptocurrency is uncertain, and its success will depend on several factors. Pi is a relatively new cryptocurrency that aims to be user-friendly and accessible to a wide audience. Here are a few key considerations for its future:
Message: @Pi_vendor_247 on telegram if u want to sell PI COINS.
1. Mainnet Launch: As of my last knowledge update in January 2022, Pi was still in the testnet phase. Its success will depend on a successful transition to a mainnet, where actual transactions can take place.
2. User Adoption: Pi's success will be closely tied to user adoption. The more users who join the network and actively participate, the stronger the ecosystem can become.
3. Utility and Use Cases: For a cryptocurrency to thrive, it must offer utility and practical use cases. The Pi team has talked about various applications, including peer-to-peer transactions, smart contracts, and more. The development and implementation of these features will be essential.
4. Regulatory Environment: The regulatory environment for cryptocurrencies is evolving globally. How Pi navigates and complies with regulations in various jurisdictions will significantly impact its future.
5. Technology Development: The Pi network must continue to develop and improve its technology, security, and scalability to compete with established cryptocurrencies.
6. Community Engagement: The Pi community plays a critical role in its future. Engaged users can help build trust and grow the network.
7. Monetization and Sustainability: The Pi team's monetization strategy, such as fees, partnerships, or other revenue sources, will affect its long-term sustainability.
It's essential to approach Pi or any new cryptocurrency with caution and conduct due diligence. Cryptocurrency investments involve risks, and potential rewards can be uncertain. The success and future of Pi will depend on the collective efforts of its team, community, and the broader cryptocurrency market dynamics. It's advisable to stay updated on Pi's development and follow any updates from the official Pi Network website or announcements from the team.
2. CTC AND OTHER POINTS NEEDS TO BE KEPT
25th Feb, 2021, Friday
Mondeal Heights, Iscon Circle, Ahmedabad
CA Nitin Pathak
President, ISACAAhmedabad Chapter
F.C.A ,CISA, CISM,CIA, CISSP(USA)
DISA(ICAI) ,DIRM(ICAI) ,SAP(FICO)
Certification course on International taxation( ICAI)
Certification course on IFRS ( ICAI)
3. We are going to deliberate on CTC ,
what is simple tax option available, what
needs to be taken while submitting the
papers to CA/Tax consultant
4.
5. EXEMPT INCOME
1. Interest on PPF/GPF/EPF
2.Interest on tax free bonds( Infra structure
Companies)
3.Dividends on Shares and on Mutual Funds.
4.Any sum received under a life insurance
policy.
5.Saving bank interest of bank up to Rs
10,000/- U/s 80TTA & 50,000/- U/S80TTB
6. GIFT TAX
Gift received above Rs.50,000/- is taxable, except from
specified persons :
1. Spouse .
2. Brother or sister
3. Brother or sister of the spouse.
4. Brother or sister of either of the parents of the individual.
5.Any lineal ascendant or descendant of the individual.
6. Any lineal ascendant or descendant of the spouse of the
individual.
7. Spouse of the person referred to in (2) or (6).
Also, gifts received on the occasion of marriage or
under a will by way of inheritance are also tax free
7.
8. Tax Planning
Filling income tax return of wife, sons,
daughters, etc.
Creating HUF/Company/Firm/LLP
Invest Income flow in such a manner that
creates minimum tax liability
Transferring the fund directly/indirectly in the
name of spouse, daughter-in-law or minor
child will lead to deem income in the hand of
transferor
9. NATIONAL PENSION SCHEME(NPS)
NPS keep contributing till the age of 65 years
Deduction to NPS Scheme for contribution by
individual u/s 80CCD(1) :
Salaried employee 10% of his salary;
Non salaried employee 20 % of his GTI
Deduction towards NPS scheme for
contribution made by the employer u/s
80CCD(2)(No deduction in excess of 10% of
salary)
10. NATIONAL PENSION SCHEME(NPS)
Additional exemption up to Rs.50,000 :u/s
80CCD(1B)
Tax at NPS-Withdrawal
Partial withdrawal up to 25 % exempt
40% of the accumulated balance shall be
exempt from tax on withdrawal /maturity
On death tax free to nominee
Pension taxable
Amount utilized for buying annuity tax free
from NPS-Withdrawal /Maturity
11. COMPUTATION OF GROSS TAXABLE INCOME
Five heads of income
1.Income from Salaries
2.Income from House Properties
3.Profit & Gains of Business &
Profession
4.Capital Gains
5.Income from Other Sources
12. INCOME FROM HOUSE PROPERTY
Self occupied/Let-out: Up to Rs200000
for HBA interest : No other rebate .
Before possession interest 5 years
Other than self occupied:
A. Determine Annual Rental Income
B. Municipal tax
C. Deduct 30 %: Statutory deduction
D. HBA interest
13. PROFIT FROM BUSINESS / PROFESSION
Income derived from business and
profession
The expenses which are incurred to earn the
income is allowable as business expenditure
Capital expenditure/Expenditure having
endurable benefit not allowed
Personal expenditure not allowed
14. INCOME FROM OTHER SOURCES
Interest Income:
Company deposits
Debentures/bonds
Savings / Fixed deposits with banks
Post office savings schemes like MIS,
NSC, Time Deposit etc.
Private loans given to relatives, friends
or any other entity.
Government securities.
15. 15G AND 15H
The above form one can not submit if
income of the assessee is higher than basic
exemption limit.
If you still submit the form you are liable
for penal action.
16. CAPITAL GAINS
Any sale of a personal asset
( Certain assets exempt), capital gain is taxable
between sale price and purchase price
Capital gain tax is a levy on sale of
immovable property, FMV, Shares & Mutual
funds, etc.
Certain deduction is available to reduce tax
liability.
Base Year of indexation for Immovable property
is change to 01/04/2001.
17. Sr.
No.
Capital Asset Minimum Holding
Period for "Long-
Term"
1 Listed security in a recognised stock
exchange in India (other than a unit)
12 months
2 Units of Unit Trust of India 12 months
3 Unit of an equity oriented fund 12 months
4 Unlisted shares (w.e.f 1st April 2017) 24 months
5 Land or Building or both (w.e.f 1st April
2018)
24 months
6 Units of a Mutual Fund specified under
section 10(23D)
36 months
7 Any other Capital Asset 36 months
18. Exemption Capital gains:
U/s 54 HP : 1 year before and 2/3 after
U/s 54B Agriculture land: within two year
U/s 54D Industrial Land: Within 3years
U/s 54EC LTCA: within six month bonds
U/s 54EE LTCA: within six month bonds
U/s 54F Any Capital Assets (Less residential) 1 year
before 2 /3 year after in residential property.
U/s 54G Industrial land /Building and plant shifting of a
plant
U/s 54GB residential property being a House/Plot of land
Investment in specified equity within 1 year
U/s 54GA shifting of a plant to specified economic zone
19. LTCG SALE OF EQUITY SHARES, MF U/S 10(38)
& 112A
Section 10(38) exemption withdrawn
New section 112A added
LTCG on from transfer of long term capital asset(LTCA) being
an equity share in a company or a unit of an equity oriented fund
or a unit of a business trust shall be taxed at 10 per cent of
such capital gains exceeding one lakh rupees .
The rate of 10 per cent will be applicable to such LTCG, if—
i) in a case where LTCA is in the nature of an equity share in a
company , securities transaction tax(STT) has been paid on both
acquisition and transfer of such capital asset; and
ii) in a case where LTCA is in the nature of a unit of an equity
oriented fund or a unit of a business trust, STT has been paid on
transfer of such capital asset.
18
20. U/S 112A FOR COMPUTATION OF LTCG
The first and second provisos to section 48, The indexation benefit in
respect of cost of acquisitions and cost of improvement while
computation of LTCG is withdrawn
Capital gains in foreign currency in the case of a non-resident, will
not be allowed.
The new scheme of computation of LTCG under:-
The cost of acquisitions in respect of the LTCA acquired by the
assessee before the 1st day of February,2018 , shall be deemed to be
the higher of –
a) the actual cost of acquisition of such asset; and
b) the lower of –
(I) the fair market value of such asset as on 31st January, 2018 ; and
(II) the full value of consideration received or accruing as a result of
the transfer of the capital asset.
Broad three scenario is explained
19
21. FMV : FAIR MARKET VALUE(SHARES/UNITS OF MF)
1. In a case where the capital asset is listed on any
recognized stock exchange, the highest price of the
capital asset quoted on such exchange on the 31st day of
January, 2018.
1.A However, where there is no trading in such asset on such
exchange on the 31st day of January, 2018 , the highest price
of such asset on such exchange on a date immediately
preceding the 31st day of January, 2018 when such asset was
traded on such exchange shall be the fair market value;
2. In a case where the capital asset is a unit and is not listed
on recognized stock exchange, the net asset value of such
asset as on the 31st day of January, 2018.
20
22. Sr NO. Particulars Scenario-1 Scenario-2 Scenario-3
1 Actual Cost of acquisition 1000 1000 100
2
2A
FMV as on 1st
February,2018 3000 3500 300
2B Sales consideration 4000 3000 70
2 Lower of 2A & 2B 3000 3000 70
3
Cost of acquisition(Higher
of 1 or 2) 3000 3000 100
4 Sales consideration 4000 3000 70
4-3 LTCG(S-C) 1000 0 -30
ROT 10% 10% 10
Tax payable 100 0 -3
24. DEDUCTION 80C
Under this section, a deduction of up to Rs.
1,50,000 is allowed from taxable Income in
respect of investments made in some specified
schemes.
1. Life Insurance Premiums
2. Employee’s Contributions to
Employees Provident Fund/GPF
3. PPF(Maximum Rs.1,50,000/-)
25. DEDUCTION 80C
4. NSC (National Savings Certificates)
5. Unit Linked Insurance Plan (ULIP)
6. Repayment of Housing Loan (Principal)
7. Equity Linked Savings Scheme (ELSS) of
Mutual Funds
8. Tuition Fees including admission fees or
college fees paid for full-time education of
any two children of the assesse (Any
development fees or donation or payment of a
similar nature shall not be eligible for
deduction).
26. DEDUCTION 80C
9.Interest accrued in respect of NSC VIII issue.
10.Pension scheme of LIC of India or any other
insurance company.
11.Fixed Deposit with Banks having a lock-in
period of 5 Years
12.Amount deposited under Post Office Senior
Citizens Scheme.
13.Amount deposited in Five Year Time Deposit
Scheme in Post Office
14.Amount deposited in the NABARD (Rural
Development Bonds of NABARD)
27. 80D
On whose life health
Insurance Policy is taken
Self
&
Pare
nts
Total
Premium paid + preventive
health check up expenses of
self, family, dependent
25000 25000 50000
Additional Deduction if one
of the Insured is Senior
Citizen (60 year of Age)
5000 5000 10000
28. U/S 15/17 SALARY INCOME
. Salary is chargeable to tax on “due” or
“receipt” basis whichever is earlier and
includes wages, annuity or pension,
gratuity, fees, commission, perquisites or
profits in lieu of salary, advance salary,
leave encashment, etc.
29. SECTION 17(3)/ PROFITS IN LIEU OF
SALARY
Any compensation from employer
or former employer on termination
or modification of the terms of
employment.
30. SECTION 17(3)/ PROFITS IN LIEU OF
SALARY
Any receipt from Employer/former
employer or from provident/other fund
(other than gratuity, commuted pension,
retrenchment compensation, house rent
allowance, provident fund or such other
funds) to extent not consisting of
contributions by assessee/ interest on
such contributions.
31. SECTION 17(3)/ PROFITS IN LIEU OF
SALARY
Any sum received under a Keyman insurance
policy including the sum allocated by way of
bonus on such policy.
Any sum received before his joining any
employment or after cessation of his
employment.
32. PENSION [SECTION 10(10A)]
Pension is taxable as salary
Commuted value of pension is exempt:
For Government employees, fully exempt
For other employees, following is exempt —
If employee has received gratuity then commuted value
of 1/3rd of the pension which he is entitled to receive,
and
In any other case, commuted value of 1/2 of the
pension which he is entitled to receive.
Any payment in commutation of pension received from
fund set up by LIC is exempt under section 10(23AAB)
33. GRATUITY [SECTION 10(10)]
Death-cum-retirement gratuity received by the Government
employees or employees under Civil Services — wholly
exempt from tax.
Employees covered by Payment of Gratuity Act.
Amount received on termination, after continuous service
of not less than five years qualifies for exemption.
Exemption is least of the following: (aggregate
maximum from any number of employers)
15 days salary (denominator taken as 26 in case of
monthly salary) for every completed year/ part thereof
in excess of 6 months, or
₹20,00,000/-
Gratuity actually received whichever is less.
34. Other employees — Amount received on retirement,
incapacitation, death or termination
— Exemption is least of the following :
(aggregate maximum from any number of
employments)₹20,00,000/-.
Half month’s salary for each completed year of
service; (based on last ten months’ average salary),
or
Gratuity actually received.
Definition of salary: Salary includes dearness
allowance, if terms of payment allows but excludes
all other allowances and perquisites
GRATUITY [SECTION 10(10)]
35. RETRENCHMENT COMPENSATION
-SECTION 10(10B)
Exempt to the extent of the lower of the
following:
Amount calculated in accordance with s.
25F(b) of the Industrial Disputes Act, 1947; or
₹5,00,000/-
In cases where the scheme is approved by the
Central Government the entire amount is exempt.
36. VOLUNTARY RETIREMENT
COMPENSATION [SECTION 10(10C)]
Any amount received or receivable by an
employee of
A public sector company, or
Any other company, or
An authority established under a Central, State or
Provincial Act, or
A local authority.
A co-operative society.
A university established under a Central, State or
Provincial Act.
37. VOLUNTARY RETIREMENT
COMPENSATION [SECTION 10(10C)]
An Indian Institute of Technology/ State
Government/The Central Government;
Notified institutions having importance
throughout India or in any State or States
Notified Institute of Management at the time of
his voluntary retirement or termination under a
scheme framed in accordance with guidelines
prescribed by Rule 2BA.
38. Exemption allowable only in one A.Y.
restricted to Rs 5 lakhs. The said limit is
relaxed w.e.f. A.Y. 2004-05 to cover VRS
payments received in instalments with an
overall limit of ₹5,00,000.
* U/s 89 relief will not be available w.e.f. 1-4-
2010 where exemption is claimed.
VOLUNTARY RETIREMENT
COMPENSATION [SECTION 10(10C)]
39. HOUSE RENT ALLOWANCE
50% of salary (Mumbai, Kolkata, Delhi or
Chennai) and 40% of salary where
residential house is situated at any other
place;
HRA paid
Actual rent paid over 10% of salary
Where Salary = B+A+B+C
40. LEAVE ENCASHMENT
Encashment of earned leave while in service
will be treated as income
Exempt at the time of retirement:
10 months salary * last 10 months
average salary or
Rs.3,00,000/- whichever is less
Entitlement to earned leave not to
exceed 30 days for every year of actual
service.
Limits aggregate n of employers.
41. LEAVE TRAVEL CONCESSION
For himself/spouse/children/dependent
parents/siblings
Amount actually spent for travelling
In India only
Twice in a block of four calendar years. (Block year
2018-21)
Two surviving child
Road travel on vehicle, second class train fair
Air fare of a economy class/Air condition first class
rail fare/1st class or deluxe class public transport fare
For C/f entitlement one is allowed
42. Specified period means the period commencing from
12thOctober, 2020- 31st March, 2021
The amount of exemption shall not exceed thirty-six
thousand rupees per person or one-third of specified
expenditure, whichever is less;
LEAVE TRAVEL CONCESSION: CASH SCHEME
43. Situations Amount of exemption
Where journey is
erformed by air
Amount of economy class air fare of the
national carrier by shortest route or
amount spent whichever is less
Where journey is
erformed by rail
Amount of air-conditioned first
class rail fare by the shortest route
or amount spent whichever is less
Where the place of origin of
ourney-destination are connected
y rail and journey is performed by
ny other mode of transport
Amount of air-conditioned first
class rail fare by the shortest route
or amount spent whichever is less
44. Situations Amount of exemption
Where the place of origin of journey and destination are not
connected by rail
a. Where a recognized
public transport exists
First class or deluxe class
fair by the shortest route
or the amount spent
whichever is less
b .Where no recognized
public transport exists
Air conditioned first class
rail fare by shortest route
or the amount spent
whichever is less.
45. MEDICAL BENEFITS (U/S 17)
Family includes: Spouse, children and
dependent brothers, sisters and parents
Hospital maintained by the employer.
Hospital maintained by the Government, or any
local authority or any other hospital approved by
Government.
Treatment in respect of prescribed diseases in a
hospital approved by the Chief Commissioner,
provided certificate from the hospital specifying the
disease and receipt for amount paid is attached
along with the return of income.
46. MEDICAL BENEFITS U/S 17
Medical insurance only under a Central
Government approved scheme.
Reimbursement of Insurance premium for
mediclaim, etc.
FOR AY21-22 this will above would not be
entitled. It will be included in Standard
Deduction upto Rs. 40,000/-
47. MEDICAL BENEFITS U/S 17
Actual expenditure on medical treatment outside
India, including expenditure on travel and stay
abroad as also on travel and stay abroad of one
attendant, to the extent permitted by RBI.
Expenditure on travel abroad will be exempt only
if the gross annual total income of the employee
excluding this perquisite is ₹2 lakhs or less.
48. SPECIALALLOWANCES EXEMPT
Any allowance, not in the nature of perquisite,
granted to meet expenses wholly, necessarily and
exclusively incurred in the performance of duties,
to the extent to which actually incurred.
Allowance granted to meet personal expense at the
place where duties of his office are ordinarily
performed or at the place where he ordinarily
resides or to compensate for increased cost of
living as may be prescribed in Rule 2BB.
49. SPECIAL ALLOWANCES EXEMPT
Travel expenses on tour or transfer,
Ordinary daily charges on account of
absence from normal place of duty on tour
or journey in connection with transfer
For conveyance in performance of
duties where it is not provided
For expenditure on helper engaged for
performance of office duties
50. For encouraging academic, research and
training pursuits in educational and
research institutions
For purchase or maintenance of
uniform,
Special Compensatory Allowance in
specified areas to extent specified
SPECIAL ALLOWANCES EXEMPT
52. Sr Allowances Exemption limits
1 Children Education allowance ₹100 p.m per child
maximum 2 children
2 Children hostel exp. Allowance ₹300 p.m per child
maximum 2 children
3 Tribal area allowance ₹200 p.m
4 Transport allowance (between
Residence & office)From
AY19- 20:Rs.3200/-
₹800 p.m & ₹1600 p.m
for blind/handicapped
5 Transport allowance for transport
employee (During the course of
transport)
Least of 70% of
allowance or ₹10,000
p.m
6 Underground allowance ₹800 p.m
53. Sr Allowances Exemption limits
7 Compensatory field area
allowance
Maximum ₹ 2600
p.m.
8 Compensatory modified hill area
allowance
Maximum up to ₹1000
p.m.
9 Special Compensatory hill area
or high altitude
₹300 p.m to ₹ 7000
p.m allowance, etc.
10 Border area, Remote area,
Disturbed area allowance
₹200 p.m to ₹ 1300
p.m.
11 High altitude allowances
(Non-congenial climate)
₹ 1,060 p.m. (Altitude for
9,000 ft. to 15,000 ft.), ₹
1,600 p.m. (Above 15000
ft.)
12 Special compensatory for
highly active field area
Limit is ₹ 4,200
pm allowance
54. PERQUISITES
Value of rent-free accommodation/value of
concession in rent. 15 % of Salary or rent paid
whichever is lower
Value of any security or sweat equity shares allotted
or transferred by employer/former employer as free
or concessional cost.
Contribution to an approved superannuation fund by
the employer, up to Rs.1,00,000/-
Any sum payable either directly or through a fund by
employer (other than recognized PF, approved
superannuation fund, etc.) to effect an assurance on the
life of the employee or to effect a contract for an annuity.
55. LOAN TO EMPLOYEE
Any loan given by an employer is taxable
at the rate of for the same purpose, if
given by SBI, on maximum monthly
balance
Reduced by any amount charged by an
employer
56. Assets given Value of benefits
a) Use of laptops and Nil
computers
b) Movable asset other
than Laptops and
computers
i. 10% p.a. of the actual
cost of such asset, or
ii.the amount of rent
paid, or payable by the
employer
iii.Less: amount
recovered from
employee.
57. Assets transferred Value of perquisites
Computers &
electronics
Depreciated value of asset [depreciation is
computed @50% on WDV for each completed
year of usage] less: amount recovered from
employee.
Motor cars Depreciated value of asset [depreciation is
computed @20% on WDV for each completed
year of usage] less: amount recovered from
employee.
Any other asset Depreciated value of asset [depreciation is
computed @10% on SLM for each completed
year of usage] less: amount recovered from
58. MISCELLANEOUS
Free meals during Actual cost to the
office hours employer in excess of
₹
50 per meal or tea
or snacks
(Free meal in less: amount
remote area or recovered from the
offshore installation employee. (Tea or
area is not taxable non-alcoholic
perquisite) beverages and snacks
during working hours
is not taxable)
59. MISCELLANEOUS
Expenditure incurred on
credit card or add on card
including membership fee
and annual fees
Actual expenditure to
employer is taxable Less:
amount recovered
Less spent for official purpose
Expenditure on club other
than health club or sports
club or similar facilities
provided uniformly to all
employees
Actual expenditure
incurred by the employer
Less: amount recovered Less
spent for official purpose
60. Specified employee Section 17(2)(iii)
Director of the company or
Employee having 20% or more voting
power in the employer company or
Employee having salary* more than ₹
50,000
*Salary means all taxable monetary benefit
after deduction u/s 16
61. WHAT IS THE DEFINITION OF SALARY FOR
CALCULATION ?
Salary = basic salary + DA + bonus (current
year) + commission + taxable portion of all
allowances + monetary payment from
employer other than PF (not include
perquisites)
62. TAX FREE PERQUISITES
Employer’s contribution to staff group
insurance scheme
Actual traveling expenses paid/reimbursed for
journeys undertaken for business purposes
Payment of annual premium on personal
accident policy, if such policy is taken to
safeguard the employer’s interest
63. Statutory Provident
Fund
Recognised
Provident Fund
Employers
contribution to
provident fund
Not taxable Not taxable up to 12
per cent* of salary
Employee’s
contribution
Available
deduction u/s 80C
Available
deduction u/s 80C
Interest
credited
Fully exempt Exempt up to 9.5%
Lump sum payment
received at the time
of retirement/
Exempt u/s
10(11)
Exempt from tax
u/s10(12)
Subject to conditions:
not
64. Unrecognised Provident
Fund
Public Provident Fund
Employers
contribution to
provident fund
Not taxable Employer does not
contribute
Employee’s
contribution
Not available U/s 80C Available deduction u/s 80C
Interest
credited
Not taxable at the time of
credit
Exempt from tax
Lump sum
payment
received at the
time of
retirement or
termination of
service or
withdrawn
Employee’s contribution
exempt from tax & Interest
thereon is taxable under the
head of Income from other
sources.
Employer s contribution
and interest thereon is
taxable as Profits in lieu
Exempt from tax u/s
65. Change in ITR of A.Y. 2021-22
Fees for late filing of return [Section 234F].
Require more details of salary and
house(PAN/Adhar/Cash@Cheque) property income.
On presumptive basis additional details :
Debit side: Fixed assets, Cash/bank balance, Inventories,
Sundry debtors, Loans and advances and other current assets
including advance to creditors :
Credit side: Capital Account, Secured/Unsecured loan,
Advances from debtors, Sundry creditors ,GIFT receive during
the year in cash or kind
Further, new ITR 4 seeks GSTR no. of the assessee and
turnover as per GST return filed by him.
Details of GSTin 26AS
Details of business transactions with registered and
unregistered suppliers under GST.
66. Capital Gains in case of transfer of unquoted
shares.
Reporting of sum taxable as Gift.
Revised Depreciation Schedule i.e. the highest rate
of depreciation for any block of asset is restricted to
40%
Info relating to capital gains exemption to be furnished
in detail.
Disallowance of expenses in case of TDS default (for
residuary income).
67. Taxability on remission of trading liability in case
of 'Income from other source'.
Impact on profit or loss due to ICDS deviation.
Details of foreign bank account of non-residents.
Ownership information in case of unlisted
company.
Taxability of Dividend in excess of Rs. 10
lakhs.[Section 115BBDA]
No deduction for corpus donations made to other
institutions [Section 11].
Political Parties to confirm if cash donations are
received [Section 13A].
68. THINKS COVERED IN ONE LINE
WILL
Annual Return
RTI
Rights of consumer
Rights of a citizen
Record of books, vouchers and
documents
Reverse Mortgage
GST
69. Prayer
Oh god give me a courage,
To change the things, which I can,
Oh God give me a serenity to
accept the things,
which I cannot change, Give me a
wisdom to know,
what I can change and what I can’t
change.