The document discusses the taxation of income from house property under the Income Tax Act.
1. Income from house property is taxable if the property is owned and is not used for business purposes. Various situations are discussed such as deemed ownership, self-occupied property, let out property, and vacant property.
2. In computing income from house property, gross annual value is determined based on municipal value, fair rent or actual rent whichever is higher. Standard deductions and interest on borrowed capital can be deducted to arrive at taxable income.
3. For self-occupied property, net annual value is nil and interest deduction is capped at Rs. 30,000/Rs. 2 lakh depending on the
The document discusses income from house property under the Indian Income Tax Act. It defines income from house property as the annual value of any buildings or lands owned by an assessee. It provides details on computation of gross annual value, deductions allowed, treatment of self-occupied properties, and exempted incomes from house property. The key steps involved in computing income from house property are determining the annual value, calculating the net annual value, and claiming allowed deductions.
The document summarizes key aspects of income tax in India. It discusses the five heads of total income - salaries, house property, business/profession, capital gains, and other sources. For each head, it provides examples of types of income that fall under that head. It also discusses various deductions and exemptions available for items like gratuity, pension, house rent allowance, leave encashment, and others. Agricultural income is exempt from tax in India.
The document provides information about income tax rates and deductions in India. Some key points:
- Only 2% of the Indian population files income tax returns.
- Tax rates range from 0-30% depending on income level and citizen status (senior, very senior).
- Various deductions are available including housing loan interest, medical insurance, education loans, charity donations, and investments under Section 80C up to Rs. 150,000.
- Tax planning strategies include maximizing deductions, investing in a spouse or parent's name to take advantage of lower tax brackets, and claiming exemptions for allowances like transport, meals, and children's expenses.
The document discusses key aspects of income from business and profession under the Income Tax Act of 1961 in India. It defines business and profession, outlines the basis of charge for income from business/profession, and describes various deductions that are allowed under sections 30-37 of the Act such as rent, repairs, insurance, depreciation, bad debts, and more. It provides explanations and conditions for claiming many of these deductions.
Agriculture income derived from land in India used for agricultural purposes is exempt from income tax under Section 10. Agriculture income includes: (1) rent or revenue from land; (2) income derived from land through agriculture or processing agricultural produce; and (3) income from farm buildings used as dwellings or stores by cultivators. Some specific examples of agriculture income outlined in the document are income from crops, livestock, coconuts, grass, flowers, insurance compensation for damaged crops, and sale of seeds grown by the assessee. Non-agriculture income examples provided are income from forests, salt production, stone quarries, dairy, poultry, fisheries, royalties, brick making,
The document discusses income from house property under the Indian Income Tax Act. It defines income from house property as the annual value of any buildings or lands owned by an assessee. There are different categories of house properties - let out, deemed let out, self-occupied, and vacant. The gross annual value is the expected rent, which is the higher of municipal value and fair rent subject to a maximum of standard rent. From the gross annual value, deductions can be claimed for taxes paid, standard deduction of 30% of net annual value, and interest on loans for self-occupied properties.
The document provides details about income under the salary head in India, specifically focusing on perquisites and retirement benefits. It defines perquisites as benefits provided in addition to salary. Perquisites are further classified into categories - those taxable for all employees, those taxable only for specified employees, and those fully exempt. Various perquisites like rent-free housing, transport, medical benefits, and education are described in detail including tax treatment and valuation methods. Retirement benefits and the process for computing taxable salary income are also outlined.
The document discusses income from house property under the Indian Income Tax Act. It defines income from house property as the annual value of any buildings or lands owned by an assessee. It provides details on computation of gross annual value, deductions allowed, treatment of self-occupied properties, and exempted incomes from house property. The key steps involved in computing income from house property are determining the annual value, calculating the net annual value, and claiming allowed deductions.
The document summarizes key aspects of income tax in India. It discusses the five heads of total income - salaries, house property, business/profession, capital gains, and other sources. For each head, it provides examples of types of income that fall under that head. It also discusses various deductions and exemptions available for items like gratuity, pension, house rent allowance, leave encashment, and others. Agricultural income is exempt from tax in India.
The document provides information about income tax rates and deductions in India. Some key points:
- Only 2% of the Indian population files income tax returns.
- Tax rates range from 0-30% depending on income level and citizen status (senior, very senior).
- Various deductions are available including housing loan interest, medical insurance, education loans, charity donations, and investments under Section 80C up to Rs. 150,000.
- Tax planning strategies include maximizing deductions, investing in a spouse or parent's name to take advantage of lower tax brackets, and claiming exemptions for allowances like transport, meals, and children's expenses.
The document discusses key aspects of income from business and profession under the Income Tax Act of 1961 in India. It defines business and profession, outlines the basis of charge for income from business/profession, and describes various deductions that are allowed under sections 30-37 of the Act such as rent, repairs, insurance, depreciation, bad debts, and more. It provides explanations and conditions for claiming many of these deductions.
Agriculture income derived from land in India used for agricultural purposes is exempt from income tax under Section 10. Agriculture income includes: (1) rent or revenue from land; (2) income derived from land through agriculture or processing agricultural produce; and (3) income from farm buildings used as dwellings or stores by cultivators. Some specific examples of agriculture income outlined in the document are income from crops, livestock, coconuts, grass, flowers, insurance compensation for damaged crops, and sale of seeds grown by the assessee. Non-agriculture income examples provided are income from forests, salt production, stone quarries, dairy, poultry, fisheries, royalties, brick making,
The document discusses income from house property under the Indian Income Tax Act. It defines income from house property as the annual value of any buildings or lands owned by an assessee. There are different categories of house properties - let out, deemed let out, self-occupied, and vacant. The gross annual value is the expected rent, which is the higher of municipal value and fair rent subject to a maximum of standard rent. From the gross annual value, deductions can be claimed for taxes paid, standard deduction of 30% of net annual value, and interest on loans for self-occupied properties.
The document provides details about income under the salary head in India, specifically focusing on perquisites and retirement benefits. It defines perquisites as benefits provided in addition to salary. Perquisites are further classified into categories - those taxable for all employees, those taxable only for specified employees, and those fully exempt. Various perquisites like rent-free housing, transport, medical benefits, and education are described in detail including tax treatment and valuation methods. Retirement benefits and the process for computing taxable salary income are also outlined.
Computation of total income & tax liability individual, Partnership Firm,...CA Abhishek Bansal
Computation of total income & tax liability individual. Rebate U/s 87A, Surcharge, Tax On Partnership Firm, Individual, Companies, Society & Trust, Health & Education Cess, Foreign Company
Under Fundamental Concepts of Income Tax Presentation, Important Definitions under Income Tax Act, Residential Status of the assesses & its tax incidence is covered.
Objectives & Agenda :
One of the heads of income under the Income Tax Act is Income from House Property. Under this head, incomes earned from house properties are chargeable to tax. The webinar covers the aspects of basis of charging income to tax under this head, nature of house properties taxed under the Act, manner of computing income chargeable to tax under this head, deductions available under this head and eventually judicial precedents pertaining to this head of income.
- Salaries received from employment are taxable under the head "income from salaries". This includes basic pay, bonuses, commissions, allowances, perks provided by the employer, and retirement benefits like pension and gratuity (subject to exemptions).
- Certain allowances and benefits are fully or partially tax exempt such as leave travel concession, medical reimbursements, rent free accommodation, interest free loans, etc. as per specified limits and conditions.
- The valuation and tax treatment of various types of non-monetary perquisites like cars, household employees, education, etc. is explained based on factors like employee category, location, and actual usage.
- Common deductions available from salary income include standard deduction,
TDS, TCS, and advance payment of tax refer to India's tax collection methods where:
1) TDS requires deductors to withhold a percentage of certain payments like salaries and interest and deposit it with the government. It helps collect taxes in advance and expand the tax net.
2) TCS requires sellers to collect tax from buyers when receiving payment for specified goods.
3) Advance tax must be paid in installments by those with tax liability over Rs. 10,000, before the end of the fiscal year based on estimated income.
This document discusses residential status under Indian income tax law. It defines residential status and explains why it is important for determining tax liability. There are different residential statuses for individuals, HUFs, firms, companies and other persons. For individuals, residential status depends on the number of days spent in India. Ordinary residents meet additional criteria of being resident in at least two of the last ten years and being present in India for at least 730 days in the last seven years. Residential status must be determined separately for each tax year and can vary between years. Control and management determines residential status for firms, companies and other persons. The document provides examples to illustrate how residential status is assessed.
This document discusses income from house property under section 22 of the Indian Income Tax Act. It defines annual value, deemed ownership, gross annual value, deductions allowed from house property income like interest on borrowed capital, and provides examples of practice sums to calculate income from house property.
Deduction under Section 80 (income tax act )Narender777
Under Section 80C, individuals can claim a tax deduction of up to Rs. 1,50,000 for amounts paid towards life insurance premiums, provident funds, eligible investments and more. Section 80CCC provides an additional deduction of up to Rs. 1,50,000 for contributions to certain pension plans. Section 80CCD allows deductions of up to Rs. 1,50,000 for contributions to Central Government pension schemes.
This document provides an overview of income tax in India. It defines tax and outlines the main features of taxation, including that taxes are compulsory payments used to fund government services. It also describes the objectives and classifications of taxes, and distinguishes between direct and indirect taxes. Direct taxes have the same incidence and impact, while indirect taxes impact different entities. The administration of tax laws is hierarchical, with the Ministry of Finance overseeing the Central Board of Direct and Indirect Taxes. The Income Tax Act of 1961 governs income tax determination and assessment in India.
Deduction under chapter VI-A (section 80C- 80U) income tax, 1961Shubham Verma
The document outlines key aspects of India's Income Tax Act of 1961, as amended in 2015, including:
1) It describes the different chapters and sections covering definitions, residential status, exemptions, heads of income, clubbing provisions, setoff provisions, and deductions.
2) It provides details on the residential status criteria for being a non-resident, non-ordinary resident, or ordinary resident.
3) It summarizes various deductions that can be claimed under sections 80C to 80U, including for provident funds, life insurance, tuition fees, health insurance, disability, and donations. The maximum aggregate deduction is Rs. 1,50,000.
The document defines agricultural income and non-agricultural income for tax purposes. Agricultural income includes any income derived from land used for agricultural purposes in India, such as rent, crop sales, or farm building income. Non-agricultural income includes income from activities like stone quarries, dairy farming, poultry, fisheries, and brick making. Some incomes are partially agricultural and partially business. For individuals and HUFs with both agricultural and non-agricultural income, tax is calculated by integrating the incomes and comparing to the tax on agricultural income alone.
This document discusses various types of income that are taxable under the head "Income from Other Sources" according to the Indian Income Tax Act:
1. Any sum of money over Rs. 50,000 received without consideration by an individual or HUF is taxable, except money received from relatives, on marriage, under a will, for death, or from specified institutions.
2. Gifts of immovable property, shares, jewelry, art, etc. valued over Rs. 50,000 without consideration are taxable at fair market value.
3. Closely held companies receiving share consideration over the face value are taxed on the excess amount.
4. Winnings from lotteries,
This document summarizes various tax deductions available under the Indian Income Tax Act. It discusses deductions available under sections 80C, 80CCC, 80CCD, 80D, 80DD, 80DDB, 80E, 80G, 80GG, 80GGA, 80U, and recently introduced sections 80TTA and 80CCG. Key deductions include those for life insurance premiums, PF contributions, home loan repayment, medical expenses, donations, tuition fees, and investments in specified savings instruments to encourage personal savings. The aggregate deduction under sections 80C, 80CCC and 80CCD cannot exceed Rs. 100,000.
Losses can be set off against income of the same year or carried forward to future years to offset income. Set off of losses occurs either intra-head, where losses of one source offset income of another source within the same head, or inter-head, where losses offset income across different heads. Strict rules govern which losses can offset which incomes both currently and when carried forward. House property losses can be carried forward 8 years against house property income, while long term capital losses can only offset long term capital gains.
What is Agricultural Income ?
Section 2 (1A) of the Income tax Act,1961
Agricultural income means :
Revenue generated through rent or lease of a land in India that is used for agricultural purposes ;
Any income derived from commercial sale of produce gained from an agricultural land
Any income from farm building.
Key points to validly classify an income as “agricultural income”
Income should be from an existent piece of land in India ;
Income should be from a piece of land that is used for agricultural operations ;
Income should stem from produce achieved after cultivation of the land. Cultivation of land is a must ;
Income can be from a land that is not under the assessee’s ownership. i.e. ownership of Land is not essential.
Profits and Gains of Business or ProfessionChella Pandian
This document provides information about an income tax course taught by Dr. K. Chellapandian. It includes details about the course code, credit hours, outcomes, units covered, textbooks, and assessment details. The key points are:
- The course is Income Tax Law & Practice - II taught by Dr. K. Chellapandian at Vivekananda College.
- It has 5 units covering topics like computation of profits/capital gains, deductions, assessment of individuals/firms, and tax authorities.
- The course aims to enable students to learn income tax provisions and assessment procedures.
- Assessment includes 40% theory and 60% problems, following amendments up to 6 months
The document summarizes key aspects of the Wealth Tax Act of 1957 in India. It outlines that wealth tax is charged on the net wealth of individuals, HUFs, and companies above a certain threshold. It defines what constitutes an asset and exceptions. Some key assets include residential and commercial properties, motor vehicles, cash in hand, and jewelry. It also discusses deemed assets, asset valuation methods, tax rates, and filing of wealth tax returns.
The document discusses the rules for set off and carry forward of business losses under the Income Tax Act. It can be summarized as follows:
1) Section 70 allows for set off of losses from one source of income against profits from another source within the same head. Section 71 allows set off of losses under one head against income under another.
2) Business losses can be carried forward for 8 years and set off against future profits of any business. Speculation losses can be carried forward for 4 years against future speculation profits only.
3) Capital losses can be carried forward for 8 years against capital gains. House property losses can be carried forward for 8 years against future house property income. Losses from specified businesses
This document provides an overview of the key sections related to computing income from house property under the Indian Income Tax Act. It discusses sections 22-27 which relate to the chargeability and basis of taxing income from house property. It describes how to calculate the annual value of a property whether it is let out for the full year, partially let out and vacant, or self-occupied. It also covers deductions allowed for interest paid on loans for house property and treatment of unrealized rent. The document summarizes rules for co-owned properties and deemed ownership under section 27.
Computation of total income & tax liability individual, Partnership Firm,...CA Abhishek Bansal
Computation of total income & tax liability individual. Rebate U/s 87A, Surcharge, Tax On Partnership Firm, Individual, Companies, Society & Trust, Health & Education Cess, Foreign Company
Under Fundamental Concepts of Income Tax Presentation, Important Definitions under Income Tax Act, Residential Status of the assesses & its tax incidence is covered.
Objectives & Agenda :
One of the heads of income under the Income Tax Act is Income from House Property. Under this head, incomes earned from house properties are chargeable to tax. The webinar covers the aspects of basis of charging income to tax under this head, nature of house properties taxed under the Act, manner of computing income chargeable to tax under this head, deductions available under this head and eventually judicial precedents pertaining to this head of income.
- Salaries received from employment are taxable under the head "income from salaries". This includes basic pay, bonuses, commissions, allowances, perks provided by the employer, and retirement benefits like pension and gratuity (subject to exemptions).
- Certain allowances and benefits are fully or partially tax exempt such as leave travel concession, medical reimbursements, rent free accommodation, interest free loans, etc. as per specified limits and conditions.
- The valuation and tax treatment of various types of non-monetary perquisites like cars, household employees, education, etc. is explained based on factors like employee category, location, and actual usage.
- Common deductions available from salary income include standard deduction,
TDS, TCS, and advance payment of tax refer to India's tax collection methods where:
1) TDS requires deductors to withhold a percentage of certain payments like salaries and interest and deposit it with the government. It helps collect taxes in advance and expand the tax net.
2) TCS requires sellers to collect tax from buyers when receiving payment for specified goods.
3) Advance tax must be paid in installments by those with tax liability over Rs. 10,000, before the end of the fiscal year based on estimated income.
This document discusses residential status under Indian income tax law. It defines residential status and explains why it is important for determining tax liability. There are different residential statuses for individuals, HUFs, firms, companies and other persons. For individuals, residential status depends on the number of days spent in India. Ordinary residents meet additional criteria of being resident in at least two of the last ten years and being present in India for at least 730 days in the last seven years. Residential status must be determined separately for each tax year and can vary between years. Control and management determines residential status for firms, companies and other persons. The document provides examples to illustrate how residential status is assessed.
This document discusses income from house property under section 22 of the Indian Income Tax Act. It defines annual value, deemed ownership, gross annual value, deductions allowed from house property income like interest on borrowed capital, and provides examples of practice sums to calculate income from house property.
Deduction under Section 80 (income tax act )Narender777
Under Section 80C, individuals can claim a tax deduction of up to Rs. 1,50,000 for amounts paid towards life insurance premiums, provident funds, eligible investments and more. Section 80CCC provides an additional deduction of up to Rs. 1,50,000 for contributions to certain pension plans. Section 80CCD allows deductions of up to Rs. 1,50,000 for contributions to Central Government pension schemes.
This document provides an overview of income tax in India. It defines tax and outlines the main features of taxation, including that taxes are compulsory payments used to fund government services. It also describes the objectives and classifications of taxes, and distinguishes between direct and indirect taxes. Direct taxes have the same incidence and impact, while indirect taxes impact different entities. The administration of tax laws is hierarchical, with the Ministry of Finance overseeing the Central Board of Direct and Indirect Taxes. The Income Tax Act of 1961 governs income tax determination and assessment in India.
Deduction under chapter VI-A (section 80C- 80U) income tax, 1961Shubham Verma
The document outlines key aspects of India's Income Tax Act of 1961, as amended in 2015, including:
1) It describes the different chapters and sections covering definitions, residential status, exemptions, heads of income, clubbing provisions, setoff provisions, and deductions.
2) It provides details on the residential status criteria for being a non-resident, non-ordinary resident, or ordinary resident.
3) It summarizes various deductions that can be claimed under sections 80C to 80U, including for provident funds, life insurance, tuition fees, health insurance, disability, and donations. The maximum aggregate deduction is Rs. 1,50,000.
The document defines agricultural income and non-agricultural income for tax purposes. Agricultural income includes any income derived from land used for agricultural purposes in India, such as rent, crop sales, or farm building income. Non-agricultural income includes income from activities like stone quarries, dairy farming, poultry, fisheries, and brick making. Some incomes are partially agricultural and partially business. For individuals and HUFs with both agricultural and non-agricultural income, tax is calculated by integrating the incomes and comparing to the tax on agricultural income alone.
This document discusses various types of income that are taxable under the head "Income from Other Sources" according to the Indian Income Tax Act:
1. Any sum of money over Rs. 50,000 received without consideration by an individual or HUF is taxable, except money received from relatives, on marriage, under a will, for death, or from specified institutions.
2. Gifts of immovable property, shares, jewelry, art, etc. valued over Rs. 50,000 without consideration are taxable at fair market value.
3. Closely held companies receiving share consideration over the face value are taxed on the excess amount.
4. Winnings from lotteries,
This document summarizes various tax deductions available under the Indian Income Tax Act. It discusses deductions available under sections 80C, 80CCC, 80CCD, 80D, 80DD, 80DDB, 80E, 80G, 80GG, 80GGA, 80U, and recently introduced sections 80TTA and 80CCG. Key deductions include those for life insurance premiums, PF contributions, home loan repayment, medical expenses, donations, tuition fees, and investments in specified savings instruments to encourage personal savings. The aggregate deduction under sections 80C, 80CCC and 80CCD cannot exceed Rs. 100,000.
Losses can be set off against income of the same year or carried forward to future years to offset income. Set off of losses occurs either intra-head, where losses of one source offset income of another source within the same head, or inter-head, where losses offset income across different heads. Strict rules govern which losses can offset which incomes both currently and when carried forward. House property losses can be carried forward 8 years against house property income, while long term capital losses can only offset long term capital gains.
What is Agricultural Income ?
Section 2 (1A) of the Income tax Act,1961
Agricultural income means :
Revenue generated through rent or lease of a land in India that is used for agricultural purposes ;
Any income derived from commercial sale of produce gained from an agricultural land
Any income from farm building.
Key points to validly classify an income as “agricultural income”
Income should be from an existent piece of land in India ;
Income should be from a piece of land that is used for agricultural operations ;
Income should stem from produce achieved after cultivation of the land. Cultivation of land is a must ;
Income can be from a land that is not under the assessee’s ownership. i.e. ownership of Land is not essential.
Profits and Gains of Business or ProfessionChella Pandian
This document provides information about an income tax course taught by Dr. K. Chellapandian. It includes details about the course code, credit hours, outcomes, units covered, textbooks, and assessment details. The key points are:
- The course is Income Tax Law & Practice - II taught by Dr. K. Chellapandian at Vivekananda College.
- It has 5 units covering topics like computation of profits/capital gains, deductions, assessment of individuals/firms, and tax authorities.
- The course aims to enable students to learn income tax provisions and assessment procedures.
- Assessment includes 40% theory and 60% problems, following amendments up to 6 months
The document summarizes key aspects of the Wealth Tax Act of 1957 in India. It outlines that wealth tax is charged on the net wealth of individuals, HUFs, and companies above a certain threshold. It defines what constitutes an asset and exceptions. Some key assets include residential and commercial properties, motor vehicles, cash in hand, and jewelry. It also discusses deemed assets, asset valuation methods, tax rates, and filing of wealth tax returns.
The document discusses the rules for set off and carry forward of business losses under the Income Tax Act. It can be summarized as follows:
1) Section 70 allows for set off of losses from one source of income against profits from another source within the same head. Section 71 allows set off of losses under one head against income under another.
2) Business losses can be carried forward for 8 years and set off against future profits of any business. Speculation losses can be carried forward for 4 years against future speculation profits only.
3) Capital losses can be carried forward for 8 years against capital gains. House property losses can be carried forward for 8 years against future house property income. Losses from specified businesses
This document provides an overview of the key sections related to computing income from house property under the Indian Income Tax Act. It discusses sections 22-27 which relate to the chargeability and basis of taxing income from house property. It describes how to calculate the annual value of a property whether it is let out for the full year, partially let out and vacant, or self-occupied. It also covers deductions allowed for interest paid on loans for house property and treatment of unrealized rent. The document summarizes rules for co-owned properties and deemed ownership under section 27.
The document provides an overview of income tax treatment of income from house property in India. It defines what constitutes a house property and the conditions for income to be taxable under this head. Income from house property is calculated as gross annual value less municipal taxes and standard deduction of 30% of net annual value. For a let out property, gross annual value is the expected rent as per municipal valuation or fair rent, less vacancy losses. Deductions include interest on borrowed capital for acquisition or construction of the property. Up to two self-occupied properties can be treated as self-occupied, with the rest deemed let out.
This document provides an overview of income from house property under the Indian Income Tax Act. It defines income from house property as the annual value of any buildings or lands owned by the assessee. It discusses the conditions for a property to be taxed under this head, deductions allowed from annual value, ownership and deemed ownership, exempted property incomes, and special provisions for co-owned properties.
1) The document discusses the computation of income from house property under the Indian Income Tax Act, including definitions of key terms, the basis for charging the income, methods for determining annual value and gross annual value, deductions allowed, and tax treatment of self-occupied properties.
2) It provides examples of how to calculate gross annual value and income from a let out property, and outlines the deductions available for interest on loans for self-occupied properties.
3) Losses from self-occupied properties can be set off against other income of the same assessment year.
The document discusses income from house properties under the Indian Income Tax Act. It defines income from house properties as taxable if the property consists of a building or land, the taxpayer owns the property, and it is not used for business purposes. It provides details on computing income by determining gross annual value, deducting expenses like taxes and interest payments, and outlines special provisions for self-occupied properties and rental properties. The document also discusses topics like deemed ownership, treatment of vacant properties, co-owned properties, and the tax treatment of unrealized rent.
The document summarizes various exempt assets and rules for valuation of assets under the Wealth Tax Act in India. It outlines exemptions for property held in trust, business assets used for charitable purposes, coparcenary interest in HUFs, residential buildings of former rulers, their jewelry, and assets of Indian expatriates. It also provides rules for valuation of buildings, including calculation of gross and net maintainable rent and capitalization based on land type.
The document discusses guidelines for various types of home loans including purchase of residential properties, construction of homes, repairs/renovations, and takeover of loans from other institutions. It covers eligibility criteria for applicants and co-applicants, income assessment, loan to value ratios, repayment options, processing fees, and security/guarantee requirements. Key details include loan amounts up to Rs. 30 lakh at 10% interest and above Rs. 30 lakh at 20% interest, maximum LTV of 90% for loans up to Rs. 200 lakh and 80% for loans above Rs. 200 lakh.
The document summarizes key provisions of the Tenant Protection Act of 2019 (AB 1482) in California. It discusses the new rent cap that limits annual rent increases to 5% plus the cost of living (CPI), and the just cause requirements for terminating tenancies of 12 months or more. It provides exemptions for new construction and some single-family homes if notice is provided to tenants. The summary also outlines the different categories for just cause terminations, including the relocation benefits required for no-fault terminations.
The document discusses the taxation of income from house property under the head "Income from House Property" in India. It defines key terms like total income, owner, deemed ownership. For a property to be taxed under this head, it must be owned by the assessee and not used for business purposes. The annual value is taxable, which is the expected reasonable rent. Standard deductions are available and interest on borrowed capital can be deducted. Unrealized rent is not taxed under certain conditions.
This document provides an overview of the computation of income from house property under the Indian Income Tax Act. It defines key terms like annual value and outlines the steps to calculate gross annual value. It describes the deductions available for let out properties as well as the treatment of self-occupied properties. The document also discusses topics like deemed ownership, recovery of unrealized rent, and set-off and carry forward of losses from house property.
This document summarizes key provisions of the Tenant Protection Act of 2019 (AB 1482) in California, including a rent cap and just cause eviction requirements. It discusses:
- A rent cap that limits annual rent increases to 5% plus the cost of living adjustment, with exemptions for newer housing and some single-family homes.
- A just cause requirement for evictions after 12 months of tenancy, including no-fault reasons like owner move-in that require relocation benefits.
- Proper notice and documentation requirements, and consequences for noncompliance like an invalidated eviction notice.
- Frequently asked questions about calculating the rent cap percentage, defining substantial remodeling, and
The document discusses the taxation of income from house property in India. It defines income from house property as notional income based on the annual rental value of a property, rather than actual rental income. It covers topics like classification of properties as self-occupied, let out, or deemed let out; computation of gross annual value; permitted deductions like standard deductions and interest on home loans; set-off of losses; and an example computation.
The document discusses income from house property under the Indian Income Tax Act. It defines key terms like house property, annual value, basis of charge, and ownership.
Some key points covered are:
- House property means any building owned by the assessee, including residential or commercial properties.
- The basis of charge is the annual value of the property, defined as the expected rental income.
- For a property to be counted as house property, it must consist of a building and land, and the assessee must own it and not use it for their own business.
- Deemed ownership provisions attribute ownership to certain relatives or in cases of transfer without adequate consideration.
- The annual value
- Income from house property is taxed on a notional basis and includes any building with characteristic features of a building such as residential buildings or cinemas.
- For a property to be considered under the head house property, it must be owned by the assessee and not used for their own business or profession.
- The annual value of a property is its expected rental income and may be taken as actual rent received in some cases, with exceptions for vacant properties.
1) The document discusses income tax calculations related to house property in India. It covers topics like calculating income from self-occupied, let out, and inherited properties.
2) Homeowners can claim deductions on their income tax return for items like standard deduction, interest paid on home loans up to Rs. 2 lakh, principal repayments up to Rs. 1.5 lakh, and other charges related to home purchases.
3) There are different methods to calculate the rental value of a let out property for tax purposes, such as actual rent received, municipal rental value, fair rental value, and expected rental value.
A property tax or millage rate is an ad valorem tax on the value of a property, usually levied on real estate. The tax is levied by the governing authority of the jurisdiction in which the property is located. This can be a national government, a federated state, a county or geographical region or a municipality.
The document discusses various aspects of calculating income from house property for tax purposes in India. It explains that the annual value of a house, which is the inherent capacity of the property to earn income, is taxed. It provides details on how to compute the gross annual value, net annual value, and annual value by making deductions. Certain property incomes are exempt from tax. The determination of annual value is important for taxation of income from house property.
1) The document discusses the key requirements for valuation reports according to various standards and guidelines including the Companies (Registered Valuers and Valuation) Rules, 2017, ICAI Valuation Standards, IVS, and IBBI guidelines.
2) Valuation reports must include information such as the purpose and appointing authority of the valuation, identity of the valuer, valuation date, methodology, assumptions, conclusions, and disclaimers.
3) The document provides details on various valuation approaches, bases, and premises that may be included in the valuation report depending on the nature and purpose of the valuation.
This document provides an overview of valuation and summarizes key aspects of the ICAI Valuation Standards. It discusses that valuation is the process of estimating the value of a business or ownership interest based on appropriate valuation procedures and professional judgment. The valuation standards cover definitions, bases, approaches, scope of work, reporting, and specific standards for business, intangible assets, and financial instruments. The document reviews premises of value, valuation bases, and the market, income and cost valuation approaches and common methods used under each.
The document discusses various valuation bases and premises of value according to the International Valuation Standards (IVS) and the Indian valuation standards issued by the Institute of Chartered Accountants of India (ICAI). It provides definitions for key valuation bases such as market value, investment value, liquidation value, and others. It also discusses premises of value like highest and best use, orderly liquidation, and forced sale. The IVS and ICAI standards provide similar but not identical definitions for valuation bases and premises of value. The document aims to explain the appropriate use of valuation bases and premises of value according to international and Indian valuation standards.
The document discusses various premises of value that are important considerations in valuation. It outlines five common premises of value according to two standards - IVS 104 and ICAI-VS 102. The premises discussed include highest and best use, current/existing use, orderly liquidation, forced sale, going concern value, and as-is-where-is value. For each premise, the standards' definitions and key considerations in determining valuation are summarized. The highest and best use premise is discussed in the most detail regarding its physical possibility, legal permissibility, and financial feasibility.
Relative valuation models value companies by comparing metrics like enterprise value to revenue and enterprise value to EBITDA ratios to similar publicly traded companies. Two common relative valuation models are comparable company analysis, which derives price to earnings ratios from "comp" companies to value the target company, and precedent transaction analysis, which examines historical acquisition prices of comparable companies. Intrinsic valuation values a company based on the present value of its expected future cash flows, discounted by a rate that incorporates risk. Contingent valuation uses surveys to estimate the value of non-market goods and resources based on hypothetical scenarios.
The document discusses key concepts in business valuation including:
- Valuation is the process of determining the value of a business or assets by applying valuation standards and approaches.
- Financial statements, valuation bases, approaches, and methods are defined according to the Companies Act and valuation standards.
- The valuation process involves defining the valuation task, analyzing the asset, considering approaches and methods, and documenting the conclusion in a valuation report.
The document discusses key concepts related to GST including:
- GST is charged on value addition at each stage of supply from the supplier to the consumer.
- There are different invoice requirements for business to business (B2B), business to consumer small (B2CS), business to consumer large (B2CL) transactions.
- For B2B, details of all invoices must be uploaded. For B2CS, consolidated details are sufficient. For B2CL over Rs.250,000, individual invoices must be uploaded.
- Section 31 of the CGST Act and Rule 46 specify the details that must be included on tax invoices.
The document discusses non-supplies under the GST regime in India. It covers three key categories of non-supplies:
1) Activities/transactions specified under Schedule III of the CGST Act which are considered a "negative list" and are neither treated as supply of goods nor services.
2) Activities/transactions notified by the Government via notifications which are also treated as non-supplies.
3) Certain activities/transactions which have been clarified by CBIC to be non-supplies, including the grant of alcoholic liquor licenses, inter-state movement of various modes of conveyance, and inter-state movement of rigs, tools and spares.
The document discusses the concept of supply under the GST law. It defines supply under Section 7 of the CGST Act to include all forms of supply of goods or services such as sale, transfer, license etc. made for a consideration in the course of business. It also includes import of services for consideration and activities listed in Schedule I without consideration. The key activities that constitute supply are discussed along with relevant definitions.
This document discusses key aspects of the Goods and Services Tax (GST) implemented in India, including:
1. GST is levied on intra-state and inter-state supply of goods and services, except for alcoholic liquor, petroleum products, and real estate.
2. Under GST, tax credits can be utilized across state borders to avoid double taxation, ensuring a seamless flow of credits.
3. The document provides examples to illustrate how tax credits flow between suppliers and purchasers within and across states.
The document discusses the classification of goods and services under the GST regime in India. It states that HSN (Harmonized System of Nomenclature) codes are used to classify goods according to chapters and headings, while services are classified under a Service Accounting Code (SAC) system with various sections, groups and service codes. It provides examples of HSN and SAC codes and explains how goods and services are mapped to the appropriate classification codes for GST purposes.
The document discusses the Quarterly Return Filing and Monthly Payment of Taxes (QRMP) scheme under GST for small taxpayers with turnover up to Rs. 5 crores. It allows them to file GSTR-3B on a quarterly basis and pay tax every month. Taxpayers can opt for the scheme between the 1st-30th day of the first month of the preceding quarter. They must continue quarterly filing unless turnover exceeds Rs. 5 crores or the last return was not filed. Taxpayers can use the Invoice Furnishing Facility to submit monthly invoice details and pay tax monthly using the Fixed Sum Method or Self Assessment Method. The due date to file the quarterly GSTR-3B varies
This document discusses the payment of GST (Goods and Services Tax) in India. It provides examples of the different types of GST (CGST, SGST, UTGST, IGST) that are applicable in various situations like inter-state supplies, intra-state supplies, and supplies between states and union territories. It also discusses the concept of input tax credit, the order in which input tax credit must be utilized (IGST first, then CGST, then SGST), and provides an example to illustrate this. Additionally, it briefly explains the compensation cess that is levied on luxury and demerit goods to compensate states for potential loss of revenue under GST.
This document provides an introduction to Goods and Services Tax (GST) in India. It begins with definitions of direct and indirect taxes, explaining that GST is an indirect tax that is destination-based and replaces existing indirect taxes. It then discusses the genesis of GST in India and the framework of the dual GST model consisting of CGST, SGST, IGST and cess. Key features of GST like tax credit set-off, value-added taxation, and it being a destination-based tax are also highlighted.
The document discusses the convertibility of the Indian rupee. It begins by stating that the Indian rupee is a partially convertible currency, meaning exchange of higher amounts is restricted and requires approval. It then defines currency convertibility and explains that India has moved towards greater convertibility over time. Currently, the rupee has partial convertibility on the capital account. While full convertibility poses some risks, India is slowly working to meet preconditions like fiscal consolidation and resilient markets. The document outlines India's path towards convertibility since the 1990s crisis and liberalization, including the recommendations of committees to further open the capital account.
This document provides an overview of fixed and flexible exchange rate systems. It discusses key concepts like the demand and supply of foreign exchange, historical exchange rate regimes like the gold standard and Bretton Woods system, and current regimes including pegged rates, crawling pegs, and target zones. The advantages of fixed exchange rates are outlined as promoting international trade and investment by providing certainty, removing speculative activities, and being suitable for currency areas and developing countries seeking economic stability.
The document discusses the causes of disequilibrium in a country's balance of payments (BOP). Disequilibrium can occur when payments exceed receipts, creating a deficit, or when receipts exceed payments, creating a surplus. Common causes of deficit include population growth increasing import demand, development programs requiring imports, demonstration effects increasing consumption, natural disasters affecting trade, business cycles impacting exports, and inflation raising import prices. Poor marketing and capital flight can also contribute to BOP deficits.
Walmart Business+ and Spark Good for Nonprofits.pdfTechSoup
"Learn about all the ways Walmart supports nonprofit organizations.
You will hear from Liz Willett, the Head of Nonprofits, and hear about what Walmart is doing to help nonprofits, including Walmart Business and Spark Good. Walmart Business+ is a new offer for nonprofits that offers discounts and also streamlines nonprofits order and expense tracking, saving time and money.
The webinar may also give some examples on how nonprofits can best leverage Walmart Business+.
The event will cover the following::
Walmart Business + (https://business.walmart.com/plus) is a new shopping experience for nonprofits, schools, and local business customers that connects an exclusive online shopping experience to stores. Benefits include free delivery and shipping, a 'Spend Analytics” feature, special discounts, deals and tax-exempt shopping.
Special TechSoup offer for a free 180 days membership, and up to $150 in discounts on eligible orders.
Spark Good (walmart.com/sparkgood) is a charitable platform that enables nonprofits to receive donations directly from customers and associates.
Answers about how you can do more with Walmart!"
Leveraging Generative AI to Drive Nonprofit InnovationTechSoup
In this webinar, participants learned how to utilize Generative AI to streamline operations and elevate member engagement. Amazon Web Service experts provided a customer specific use cases and dived into low/no-code tools that are quick and easy to deploy through Amazon Web Service (AWS.)
Main Java[All of the Base Concepts}.docxadhitya5119
This is part 1 of my Java Learning Journey. This Contains Custom methods, classes, constructors, packages, multithreading , try- catch block, finally block and more.
বাংলাদেশের অর্থনৈতিক সমীক্ষা ২০২৪ [Bangladesh Economic Review 2024 Bangla.pdf] কম্পিউটার , ট্যাব ও স্মার্ট ফোন ভার্সন সহ সম্পূর্ণ বাংলা ই-বুক বা pdf বই " সুচিপত্র ...বুকমার্ক মেনু 🔖 ও হাইপার লিংক মেনু 📝👆 যুক্ত ..
আমাদের সবার জন্য খুব খুব গুরুত্বপূর্ণ একটি বই ..বিসিএস, ব্যাংক, ইউনিভার্সিটি ভর্তি ও যে কোন প্রতিযোগিতা মূলক পরীক্ষার জন্য এর খুব ইম্পরট্যান্ট একটি বিষয় ...তাছাড়া বাংলাদেশের সাম্প্রতিক যে কোন ডাটা বা তথ্য এই বইতে পাবেন ...
তাই একজন নাগরিক হিসাবে এই তথ্য গুলো আপনার জানা প্রয়োজন ...।
বিসিএস ও ব্যাংক এর লিখিত পরীক্ষা ...+এছাড়া মাধ্যমিক ও উচ্চমাধ্যমিকের স্টুডেন্টদের জন্য অনেক কাজে আসবে ...
Temple of Asclepius in Thrace. Excavation resultsKrassimira Luka
The temple and the sanctuary around were dedicated to Asklepios Zmidrenus. This name has been known since 1875 when an inscription dedicated to him was discovered in Rome. The inscription is dated in 227 AD and was left by soldiers originating from the city of Philippopolis (modern Plovdiv).
Chapter wise All Notes of First year Basic Civil Engineering.pptxDenish Jangid
Chapter wise All Notes of First year Basic Civil Engineering
Syllabus
Chapter-1
Introduction to objective, scope and outcome the subject
Chapter 2
Introduction: Scope and Specialization of Civil Engineering, Role of civil Engineer in Society, Impact of infrastructural development on economy of country.
Chapter 3
Surveying: Object Principles & Types of Surveying; Site Plans, Plans & Maps; Scales & Unit of different Measurements.
Linear Measurements: Instruments used. Linear Measurement by Tape, Ranging out Survey Lines and overcoming Obstructions; Measurements on sloping ground; Tape corrections, conventional symbols. Angular Measurements: Instruments used; Introduction to Compass Surveying, Bearings and Longitude & Latitude of a Line, Introduction to total station.
Levelling: Instrument used Object of levelling, Methods of levelling in brief, and Contour maps.
Chapter 4
Buildings: Selection of site for Buildings, Layout of Building Plan, Types of buildings, Plinth area, carpet area, floor space index, Introduction to building byelaws, concept of sun light & ventilation. Components of Buildings & their functions, Basic concept of R.C.C., Introduction to types of foundation
Chapter 5
Transportation: Introduction to Transportation Engineering; Traffic and Road Safety: Types and Characteristics of Various Modes of Transportation; Various Road Traffic Signs, Causes of Accidents and Road Safety Measures.
Chapter 6
Environmental Engineering: Environmental Pollution, Environmental Acts and Regulations, Functional Concepts of Ecology, Basics of Species, Biodiversity, Ecosystem, Hydrological Cycle; Chemical Cycles: Carbon, Nitrogen & Phosphorus; Energy Flow in Ecosystems.
Water Pollution: Water Quality standards, Introduction to Treatment & Disposal of Waste Water. Reuse and Saving of Water, Rain Water Harvesting. Solid Waste Management: Classification of Solid Waste, Collection, Transportation and Disposal of Solid. Recycling of Solid Waste: Energy Recovery, Sanitary Landfill, On-Site Sanitation. Air & Noise Pollution: Primary and Secondary air pollutants, Harmful effects of Air Pollution, Control of Air Pollution. . Noise Pollution Harmful Effects of noise pollution, control of noise pollution, Global warming & Climate Change, Ozone depletion, Greenhouse effect
Text Books:
1. Palancharmy, Basic Civil Engineering, McGraw Hill publishers.
2. Satheesh Gopi, Basic Civil Engineering, Pearson Publishers.
3. Ketki Rangwala Dalal, Essentials of Civil Engineering, Charotar Publishing House.
4. BCP, Surveying volume 1
Communicating effectively and consistently with students can help them feel at ease during their learning experience and provide the instructor with a communication trail to track the course's progress. This workshop will take you through constructing an engaging course container to facilitate effective communication.
Strategies for Effective Upskilling is a presentation by Chinwendu Peace in a Your Skill Boost Masterclass organisation by the Excellence Foundation for South Sudan on 08th and 09th June 2024 from 1 PM to 3 PM on each day.