The document provides information about income from salary including concepts, theories, problems and solutions related to computing taxable income from salary under the Indian Income Tax Act. It discusses various types of salaries and allowances that are taxable or exempt. It also contains examples of computing total income and tax liability for individuals from salary income along with explanations.
A presentation on Income from salary by students of RNB Global Univerity. Including Grading system of salary, Basis of Charge, Allowances, Bonus, Perquisites, Gratuity, Pension, and many more.
A presentation on Income from salary by students of RNB Global Univerity. Including Grading system of salary, Basis of Charge, Allowances, Bonus, Perquisites, Gratuity, Pension, and many more.
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.
Concept & Nature of supply under GST LawArpit Verma
Chapter III of Central Goods and Services Tax Act, 2017 & Integrated Goods and Services Tax Act, 2017 contains the provision of levy and collection of GST.
The expression “Supply” is defined under section 7(1) of Central Goods and Services Tax Act, 2017.
There is no such proposition in the existing laws as the concept of supply is unique to our tax system and considered as a ‘taxable event’ for the first time in indirect tax regime.
Read My Full Article on Concept & Nature of Supply Under GST.
OBJECTIVE
Goods and Services Tax (GST) is an Indirect Tax levied in India introduced in July, 2017 which was one of the most important reforms in the Indian Economy. Timely refund mechanism is essential in tax administration, as it facilitates trade through the release of blocked funds for working capital, expansion and modernisation of existing business. In this webinar, we shall be learning the procedural aspects of refund under GST law.
This Power Point presentation is the latest in the series of GST related slides uploaded by me earlier. This Specifically discusses the Concept of CGST, SGST and IGST. Examples and illustrations have been given to help in understanding.
Ms. Suchitra Kumari has assisted me in editing these slides
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.
Concept & Nature of supply under GST LawArpit Verma
Chapter III of Central Goods and Services Tax Act, 2017 & Integrated Goods and Services Tax Act, 2017 contains the provision of levy and collection of GST.
The expression “Supply” is defined under section 7(1) of Central Goods and Services Tax Act, 2017.
There is no such proposition in the existing laws as the concept of supply is unique to our tax system and considered as a ‘taxable event’ for the first time in indirect tax regime.
Read My Full Article on Concept & Nature of Supply Under GST.
OBJECTIVE
Goods and Services Tax (GST) is an Indirect Tax levied in India introduced in July, 2017 which was one of the most important reforms in the Indian Economy. Timely refund mechanism is essential in tax administration, as it facilitates trade through the release of blocked funds for working capital, expansion and modernisation of existing business. In this webinar, we shall be learning the procedural aspects of refund under GST law.
This Power Point presentation is the latest in the series of GST related slides uploaded by me earlier. This Specifically discusses the Concept of CGST, SGST and IGST. Examples and illustrations have been given to help in understanding.
Ms. Suchitra Kumari has assisted me in editing these slides
Salary Components - The ultimate tax saving hackShalini Laxmish
Ever heard about tax-saving salary components? Here is how your salary structure, which consists of several components can help reduce your tax burden.
A CASE STUDY ON EPF INCENTIVE REFUND SCHEME - CONDUCTED BY NABARUN CHAKRABORT...Nabarun Chakraborty
This research work is based on a study on whether G I Security Pvt Ltd is eligible to get a refund from EPF admin charges as per the Incentive Refund Scheme program of EPFO. It is an individual study conducted by Nabarun Chakraborty (HR Professional) in the year 2018 which is copyright protected as per The Copyright Act, 1957 (as amended by the Copyright Amendment Act 2012).
Model Attribute Check Company Auto PropertyCeline George
In Odoo, the multi-company feature allows you to manage multiple companies within a single Odoo database instance. Each company can have its own configurations while still sharing common resources such as products, customers, and suppliers.
June 3, 2024 Anti-Semitism Letter Sent to MIT President Kornbluth and MIT Cor...Levi Shapiro
Letter from the Congress of the United States regarding Anti-Semitism sent June 3rd to MIT President Sally Kornbluth, MIT Corp Chair, Mark Gorenberg
Dear Dr. Kornbluth and Mr. Gorenberg,
The US House of Representatives is deeply concerned by ongoing and pervasive acts of antisemitic
harassment and intimidation at the Massachusetts Institute of Technology (MIT). Failing to act decisively to ensure a safe learning environment for all students would be a grave dereliction of your responsibilities as President of MIT and Chair of the MIT Corporation.
This Congress will not stand idly by and allow an environment hostile to Jewish students to persist. The House believes that your institution is in violation of Title VI of the Civil Rights Act, and the inability or
unwillingness to rectify this violation through action requires accountability.
Postsecondary education is a unique opportunity for students to learn and have their ideas and beliefs challenged. However, universities receiving hundreds of millions of federal funds annually have denied
students that opportunity and have been hijacked to become venues for the promotion of terrorism, antisemitic harassment and intimidation, unlawful encampments, and in some cases, assaults and riots.
The House of Representatives will not countenance the use of federal funds to indoctrinate students into hateful, antisemitic, anti-American supporters of terrorism. Investigations into campus antisemitism by the Committee on Education and the Workforce and the Committee on Ways and Means have been expanded into a Congress-wide probe across all relevant jurisdictions to address this national crisis. The undersigned Committees will conduct oversight into the use of federal funds at MIT and its learning environment under authorities granted to each Committee.
• The Committee on Education and the Workforce has been investigating your institution since December 7, 2023. The Committee has broad jurisdiction over postsecondary education, including its compliance with Title VI of the Civil Rights Act, campus safety concerns over disruptions to the learning environment, and the awarding of federal student aid under the Higher Education Act.
• The Committee on Oversight and Accountability is investigating the sources of funding and other support flowing to groups espousing pro-Hamas propaganda and engaged in antisemitic harassment and intimidation of students. The Committee on Oversight and Accountability is the principal oversight committee of the US House of Representatives and has broad authority to investigate “any matter” at “any time” under House Rule X.
• The Committee on Ways and Means has been investigating several universities since November 15, 2023, when the Committee held a hearing entitled From Ivory Towers to Dark Corners: Investigating the Nexus Between Antisemitism, Tax-Exempt Universities, and Terror Financing. The Committee followed the hearing with letters to those institutions on January 10, 202
Read| The latest issue of The Challenger is here! We are thrilled to announce that our school paper has qualified for the NATIONAL SCHOOLS PRESS CONFERENCE (NSPC) 2024. Thank you for your unwavering support and trust. Dive into the stories that made us stand out!
2024.06.01 Introducing a competency framework for languag learning materials ...Sandy Millin
http://sandymillin.wordpress.com/iateflwebinar2024
Published classroom materials form the basis of syllabuses, drive teacher professional development, and have a potentially huge influence on learners, teachers and education systems. All teachers also create their own materials, whether a few sentences on a blackboard, a highly-structured fully-realised online course, or anything in between. Despite this, the knowledge and skills needed to create effective language learning materials are rarely part of teacher training, and are mostly learnt by trial and error.
Knowledge and skills frameworks, generally called competency frameworks, for ELT teachers, trainers and managers have existed for a few years now. However, until I created one for my MA dissertation, there wasn’t one drawing together what we need to know and do to be able to effectively produce language learning materials.
This webinar will introduce you to my framework, highlighting the key competencies I identified from my research. It will also show how anybody involved in language teaching (any language, not just English!), teacher training, managing schools or developing language learning materials can benefit from using the framework.
Macroeconomics- Movie Location
This will be used as part of your Personal Professional Portfolio once graded.
Objective:
Prepare a presentation or a paper using research, basic comparative analysis, data organization and application of economic information. You will make an informed assessment of an economic climate outside of the United States to accomplish an entertainment industry objective.
Biological screening of herbal drugs: Introduction and Need for
Phyto-Pharmacological Screening, New Strategies for evaluating
Natural Products, In vitro evaluation techniques for Antioxidants, Antimicrobial and Anticancer drugs. In vivo evaluation techniques
for Anti-inflammatory, Antiulcer, Anticancer, Wound healing, Antidiabetic, Hepatoprotective, Cardio protective, Diuretics and
Antifertility, Toxicity studies as per OECD guidelines
How to Make a Field invisible in Odoo 17Celine George
It is possible to hide or invisible some fields in odoo. Commonly using “invisible” attribute in the field definition to invisible the fields. This slide will show how to make a field invisible in odoo 17.
Synthetic Fiber Construction in lab .pptxPavel ( NSTU)
Synthetic fiber production is a fascinating and complex field that blends chemistry, engineering, and environmental science. By understanding these aspects, students can gain a comprehensive view of synthetic fiber production, its impact on society and the environment, and the potential for future innovations. Synthetic fibers play a crucial role in modern society, impacting various aspects of daily life, industry, and the environment. ynthetic fibers are integral to modern life, offering a range of benefits from cost-effectiveness and versatility to innovative applications and performance characteristics. While they pose environmental challenges, ongoing research and development aim to create more sustainable and eco-friendly alternatives. Understanding the importance of synthetic fibers helps in appreciating their role in the economy, industry, and daily life, while also emphasizing the need for sustainable practices and innovation.
Normal Labour/ Stages of Labour/ Mechanism of LabourWasim Ak
Normal labor is also termed spontaneous labor, defined as the natural physiological process through which the fetus, placenta, and membranes are expelled from the uterus through the birth canal at term (37 to 42 weeks
Income From Salary Problems,Theory And Solutions New 2008 09 Assessment Year
1. NEW :Income from salary-Problems,theory and solutions By Prof.Augustin Amaladas M.Com., AICWA., PGDFM., B.Ed. If you study theory which are explained in the slide show given earlier under the head income tax (www.augustin.co.nr) It becomes easier for you to do problems here. Study other topics Mergers and Acquisitions under The same web. It is absolutely free but you have to study Tell about This web to others B.Com BBM M.Com CA ICWA students All corporate Employees please Make use Of this site
2. Solved problems Income from Salary-2008-09 assessment year By Prof. Mary Amala Shanthi Augustin Jyoti Nivas College, Bangalore M.Com.,M.Phil., MBA.,B.Ed. Jyoti Nivas College, Bangalore and Prof. Augustin Amaladas M.Com., AICWA., PGDFM.,B.Ed. St. Joseph’s College of Commerce, Bangalore aug [email_address] 09845844319 Read the concepts From salary slide Education for all
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4. What do you mean by rest? If you are benefited, inform your friends in other states So that Students community can be benefited. Send SMS www.augustin.co.nr
6. Salary contains many types. Each type of salary should Be studied independently. First understand the Concepts which are explained in the first set Under income tax head of my web. www.augustin.co.nr [email_address] By giving yourself up you will receive
7. Mrs. Sneha (Age 49 yrs) is a part time lecturer in a college Chennai University. The details of her salary and other income for the previous year 2007-2008 are as follows: Basic Salary 80,000 Dearness allowance (forming part of salary) 3,600 Education allowance for 2 children (exp being Rs. 900) 5,100 Hostel expenditure allowance for 1 child (expenditure being 8000) 7,200 HRA 10,400 Remuneration from Bangalore University for Being as examiner 75,650 Allowance for research which is to be completed during Dec-April 2008(actual exp being : up to March 31-08 Rs. 2000, during April 08 Rs. 4500 ) 8000 Exercise-1
8. She contributes 10% of her salary to a statutory provident fund to which the college also makes a matching contribution. She gets reimbursed of Rs. 28000 being exp incurred on medical treatment of her daughter in a private clinic. The bill for which is paid by the employer. During the year she spends Rs. 1000 on purchase of saree for his wife (out of salary)for year 2007-08 he paid Rs. 8000 as insurance premium on his life policy for Rs. 60,000 ( date payment – 3 April 08) Compute the total income and tax liability for the assessment year 2008-09.
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10. 2) HRA received 10,400 3) Rent paid- 10% of salary 13,200 – 8360 4,840 ( 1100 x 12 ) Research Allowances 7000 Less: Exp incurred 6500 1,500 Medical Allowances 28000 Exemption 15000 13,000 Income from salary 1,09,960 Income from other sources 75,650 Total Income 1,85,610 Answer1. continues See explanation after The answer in the following slides
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30. Not directly relate to Official duty (General) They are fixed. Whether spent Or not.Excess Taxable as they Are not given For official Duty Rs. 800 per month. If handicapped person Rs.1600 per month is exempted. Depends on altitude/Place 3. Traveling allowance to commute from home to office 4. Other border area allowances &70% of allowance Or Rs. 6000 per month whichever is lower exempted Rs.100 per month per child max.two children.If in hostel Rs.300 extra per child for two children 1.Allowance for transport employees 2.Children education allowance
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32. Valuation of perquisite in respect of movable asset sold by an employer to its employer [Rule-3 (7)(viii)] If the sale price is less than the written down value (calculated as per method and rate mentioned below) then the differences would be treated as perquisite and the taxable in the hands of all employees. Rates and methods of depreciation for the different types of assets are as follows: Perquisites with respect to movable assets-computation Straight line 10% Any other Reducing balance 20% Motor car Reducing balance 50% # Electronic items/ computer Method of deprecation Rate of depreciation Types of asset
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36. computation of gross salary of Mr. Deepak for the assessment yr 2008-09 Solution-6 1,20,000 Gross Taxable salary Nil Exempted Used for office purpose Laptop facilities A.C machine facility Nil exempted Gift voucher is equal to cash gift (taxable to company employer) Nil exempted Club membership fee (taxable to company employer) Nil exempted Credit card( perquisites becomes fringe benefit if it falls under B category of perquisites-therefore taxable in the hands of company employer. If he is not a company employer, it is taxable I the hands of employee.) 1,20,000 Basic salary Amount employee particulars
37. Exercise-9 Mrs. Sneha (Age 49 yrs) is a part time lecturer in a college Madras University. The details of her salary and other income for the previous year 2007-2008 are as follows: Basic Salary 80,000 Dearness allowance (forming part of salary) 3,600 Education allowance for 2 children (exp being Rs. 900) 5,100 Hostel expenditure allowance for 1 child (exp being 50000) 7,200 HRA 10,400 Remuneration from Bangalore University for Being as examiner 75,650 Allowance for research which is to be completed during Dec-April 2008(actual exp being : up to March 31-08 Rs. 2000, during April 08 Rs. 4500 8000
38. She contributes 10% of her salary to a statutory provident fund to which the college also makes a matching contribution. She gets reimbursed of Rs. 28000 being exp incurred on medical treatment of her daughter in a private clinic. The bill for which is paid by the employer. During the year she spends Rs. 1000 on purchase of saree for wife for year 2007-08 he paid Rs. 8000 as insurance premium on his life policy for Rs. 60,000 ( date payment – 3 April 08) Compute the total income and tax liability for the assessment year 2008-09 .
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40. 2) HRA received 10,400 3) The excess of Rent paid 10% 1100 x 12 = 13,200 – 8360 4,840 Research Allowances 7000 Less: Exp incurred 6500 1,500 Medical Allowances 28000 Exemption 15000 13,000 Income from salary 1,09,960 Income from other sources 75,650 Total Income 1,85,610
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43. Solution-10 computation of gross salary of Mr. Deepak (Not a company employee) for the assessment yr 2008-09 1,71,500 Gross Taxable salary Nil Exempted Used for office or private purpose Laptop facilities A.C machine facility 13500 taxed Gift voucher 30,000 Taxable Club membership fee(taxable to employee) 8000 Taxable Credit card(B category-perquisites)-taxable to employee) 1,20,000 Basic salary Amount Details particulars
44. Value of rent free accommodation : Sri Radheshyam is sales manager of a private company and for previous year 2007-08,he received the following emoluments (amts in Rs) Basic Salary 248000 Bonus 16000 Dearness allowance(50% forming part of salary) 60000 Project allowance 15000 Commission on sales 16000 City compensatory allowance 25000 Medical allowance 12000 Employer contribution to recognized provision fund 20000 Salary pertaining the year 2008-09 has been received in advance 20000 He has been provided with a rent free accommodation in Jaipur owned by the employer. The population of Jaipur may be assumed to be 15lakhs as per 2001 census Determine the taxable value of the perquisite in respect of rent free accommodation. Exercise-11
45. Solution: 11 The valuation of rent free accommodation shall be 10% of the salary i.e. 10% of (248000+ 16000+30000+15000+16000+25000+12000)=Rs 36200 Note: Salary shall be taken on basis for the period for which accommodation has been provided. Hence advance salary for 2008-09 shall not be taken in account.
46. Sri Mohan is purchase manager of a private company and for previous year 2007-08 he received the following emoluments- Basic Salary 120000 Bonus 16000 Dearness allowance(50% forming part of salary) 60000 Project allowance 15000 Commission on purchase 16000 City compensatory allowance 25000 Medical allowance 12000 Employer contribution to recognized provision fund 20000 Salary pertaining the year 2008-09 has been received in advance 20000 He is also in part employment with B ltd and is receiving salary of Rs 80000 P.A. he has been provided with a rent free accommodation in Jaipur owned by the employer. The population of Jaipur may be assumed to be 15 lakh as per 2001 census. Determine taxable salary. Exercise-12( Value of free rent accommodation )
47. Solution-12 Computation of taxable salary of Sri Mohan for assessment Year 2008-09 Basic Salary 120000 Bonus 16000 Dearness allowance(50% forming part of salary) 60000 Project allowance 15000 Commission on purchase 16000 City compensatory allowance 25000 Medical allowance 12000 Employer contribution to RPF in excess of 12% of salary 2000 [20000- 12% of (120000+ 50% of 60000)] Salary from B ltd 80000 Advance of salary 20000 Value of housing facility[10% of (120000+16000+30000+ 15000+16000+25000+12000+80000)] 31400 Taxable Salary 397400
48. Value of concessional accommodation: Mr.Tim is purchase manager of a private company and for the previous 2007-08 he received the following emoluments- Basic Salary 240000 Bonus 32000 Dearness allowance(50% forming part of salary) 120000 Project allowance 30000 Commission on purchase 32000 City compensatory allowance 50000 Medical allowance 24000 Employer contribution to recognized provision fund 40000 2 months salary for year 2008-09 has been received in advance 20000 What would be the value of accommodation if the employer charges rent of Rs 2000 p.m. in the following independent cases: The accommodation is provided in Mumbai where popln as per 2001 census exceeds 25 lakh The accommodation is provided in Alwar where popln as per 2001 census exceeds 18 lakh The accommodation is provided at Chomu (popln less than 10 lakh). Exercise-13
49. Solution: 13 The valuation of accommodation provided at concessional rent shall be as under- 7.5% of salary less rent recovered =Rs 35100-24000=Rs11100 Chomu 10% of salary less rent recovered = Rs 46800-24000=Rs22800 Alwar 15% of salary less rent recovered = Rs 70200-24000=Rs46200 Mumbai Value of perquisite Place of accommodation
50. PRACTICAL QUESTIONS-concept based questions. Some basic questions. 1. In the return for the assessment year 2008-09. B claimed deduction from his income from salary of a sum paid by him to his ex-wife by way of alimony to her and maintenance expenses to their minor son. On 7th January,2004 by agreement with his employers, B had agreed to creation of a first charge on his salary in favour of his ex-wife for the payment of monthly sum. What is the effect of this charge and the alimony payment on the taxable income in the hands of B? ANS: Taxable in the hands of assessee as the income is applied.Personal commitment (as per the law) it is taxable in the hands of B only.
51. How do deal with the following situation ? 2. Basu, M.D of a company is entitled to commission on sales as per the service agreement entered into. A part of the commission is converted into a purchasing a single premium deferred annuity policy from LIC of India. Basu claims that the commission diverted to secure the deferred annuity can’t be taxed in his personal assessment. Answer:- It is an application of income. Any income received by employee from employer is treated as salary. The diversion of salary to meet personal. 3. Sham is a whole time employee as a development officer in LIC of India. He receives incentives bonus based on quantum of business procured in the year. He claims that incentives bonus can’t be wholly included as his income and he should be allowed deduction for expenses incurred in procuring the business . Answer:- Latest change in the meaning of salary is that any amount received (whatever name used ) by employee from employer is taxable as salary. Therefore it comes under salary
52. 3. Dearness allowance @ 60% of basic pay ( 50%of which forms part of salary for retirement benefits ) . Answer:- Full DA f ully taxable. But meaning of salary for HRA, RFA, Pension- 50% of DA is considered. 4. He was allowed (basic pay + DA) for 4 months in march 2008 in advance. Answer:- Four months salary taxable. Even advance salary received is taxable in the year of receipt.Salary is defined as receipt or due whichever is earlier is taxable. Therefore it is taxable in the assessment year 2008-09. 5. Bonus Rs.5,000 p.m. Answer:- Fully taxable because salary includes bonus and received from employer by employee. 6. Research allowance Rs.10,000 p.m. – amount expended for research Rs.7,500 p.m. Answer:- Research allowance given to meet exclusively for official purposes.The amount not spent is taxable.There fore Rs. 2,500 is taxable.
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54. 9) He was allowed free use of 1 laptop ( actual cost Rs. 40,000 ), 1 motorcar ( actual cost Rs.4 lakhs ) and 1 digital video camera ( actual cost Rs.60,000 ). The motorcar was acquired by the company on 01-01-2005 and was sold to Mr. Rahul on 16 - 12 - 2007 at Rs.2,00,000. Answer: Lap top is not taxable perquisites. Car use= Rs.1200(Car)+600(Driver) taxable in the hands of company employer as Frindge benefit. Other than company employer employee is taxed as perquisites. Digital camera is for entertainment. Therefore 10% of the value is perquisites to employees. Motor car sold 20% depreciation for each completed years to be provided on WDV ie 2 years fully completed.WDV value=1,28,000. If sold less than this value it is a perquisites to employees. Note: car, food per meal exceeds Rs.50, club , credit card,company tour, stay in a hotel or resorts- If company employer they are treated as Fringe benefits . Therefore they are taxable to company employer.
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59. 17. Rs.2,50,000 on 01 - 09 - 2007 for medical treatment Of his father for disease specified in Rule 3A. The employer charged interest @ 5% ( interest rate of SBI is 12.75% ). He was reimbursed Rs.2,50,000 on 01 - 12 - 2007 by an Insurance company under a medical insurance scheme and he repaid Rs.1,50,000 out of this to the employer on 28 - 01 - 2008. 18) Rs.20,000 interest - free for purchase of a digital investor on 01 - 05 - 2007 ( SBI rate12.75%). This loan was paid back on 15 – 08 - 2007. Answer :- Loan upto Rs. 20,000 from employer the interest is not taxed in the hands of employee. If loan is taken on specified deceases more than Rs. 20,000 the interest on such loan also exempted. 19. Rs.10,00,000 interest – free loan on 01 - 04 - 2007 for MBA course of his spouse in UK ( SBI rate 9.25% ). The first installment of Rs.1,00,000 in respect of this loan was paid on 01 - 01 - 2008. Answer:- Interest free loan interest as per SBI’s rate is calculated and taxed in the hands of all employees.
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61. Discuss “profits in lieu of salary” Help others in studies. Help those who are in need including Your knowledge.
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71. I request you to send SMS to your friends and relatives in our country or other countries it is a great help that you show to India related to this web site.You can tell all employees to read so that they can compute tax liabilities without any body’s help. www.augustin.co.nr is your free web for commerce and management. My beloved wife Prof. Shanthi Augustin and myself thank you for your support. Work hard and sincere to you whatever you do.
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76. Thank you all By Professors Mrs.Shanthi Augustin& Mr. Augustin www. Augustin.co.nr Share your views, difficulties and sorrows to Our Email. [email_address] Express your happiness to others Sorrows to us.