Other source.bose
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Family pension, gifts, and other income sources are taxed under section 94(7) as income from other sources. Gifts received between 2004-2006 of over Rs. 25,000 without consideration are fully taxable. Between 2006-2009, the threshold was Rs. 50,000. Exceptions include gifts from relatives, on occasions like marriage. Income from winning lotteries or bets is taxed at 30%. Dividend income is exempt if related security is sold within 3 months of record date.
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Income under the head other source
- Income from other sources includes income that does not fall under any other head of income such as salary, house property, business or capital gains.
- The document outlines various types of income chargeable under this head including dividends, winnings from lotteries/games, interest income, rent, director's fees, and receipts without consideration.
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Income from other source.bose
This document summarizes various types of income from other sources according to the Indian tax code. It discusses income such as family pensions, gifts, winnings from gambling, and dividends from securities. For gifts, it outlines the tax treatment for monetary and property gifts received between certain dates, as well as exceptions for gifts from relatives. It also provides definitions for who is considered a relative for gift exceptions. Special tax rates are mentioned for certain winnings from gambling or betting. Section 94(7) discusses reducing losses from the sale of securities by the amount of any exempt dividends received.
Income Tax Other Sources
1. Income from other sources includes income that does not fall under other defined categories such as salary, house property, business/profession, or capital gains.
2. Examples of income taxable under this head include dividends, lottery winnings, family pensions, interest income, and gifts exceeding Rs. 50,000.
3. Certain deductions are allowed against income from other sources, including contributions to provident funds, repairs and insurance of assets used to earn income, and expenses incurred to earn the income.
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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,
Income From Other Sources
This document provides an overview of incomes chargeable to tax under the head "Income from other sources" in India. It discusses various types of incomes taxable under this residuary head, including dividends, lottery winnings, monetary gifts, non-monetary gifts, property received without/with inadequate consideration, rent, interest from securities, and amounts from life insurance policies. It also outlines expenses that are allowed and not allowed as deductions while computing income under this head, and provides a brief summary of a relevant case law on the tax treatment of loans given in the normal course of business.
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Income from Other Sources
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,
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This document discusses various types of income that are taxable under the head "Income from Other Sources" according to the Indian Income Tax Act:
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Tax exemptions for non resident indians
Tax exemptions are provided for non-resident Indians (NRIs) on certain types of income and assets. Income from deposits in NRE and FCNR bank accounts, as well as dividends and long-term capital gains on shares, are fully exempt from tax. Interest on FCNR deposits remains exempt as long as NRI status is maintained. Assets brought to India within one year of becoming a resident are exempt from wealth tax for seven years. Gift tax was repealed in 1998. Gifts from NRIs to relatives in India are considered the donor's income and wealth. Cash gifts over 50,000 rupees are taxed as income of the recipient.
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Tax exemptions are provided for non-resident Indians (NRIs) on certain types of income and assets. Income from deposits in NRE and FCNR bank accounts, as well as dividends and long-term capital gains on shares, are fully exempt from income tax. Interest on FCNR deposits remains tax exempt as long as NRI status is maintained. Moneys and assets brought to India within one year of becoming a resident are exempt from wealth tax for seven years. Gift tax was repealed in 1998. Gifts from NRIs to relatives in India may be subject to income and wealth tax depending on the recipient.
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Fam pen indian airforce
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other souces.ppt
Lottery, Gambling, Batting, Horse Race, Cross Ward, Puzzle
Any other casual income
Interest other than interest on securities
Interest on Securities
Commission (If it is not a part of one’s main Business or Profession)
Family Pension
Royalty
Director’s Fee
Subletting of House
Dividend
Tuition Income
Interest from Capital Investment Bond
Interest on Post Office Savings
Interest on National Relief Bond
Income from UTI
Any Allowance to a M.P. (Member of Parliament)
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This document provides details on preparing profit and loss accounts and balance sheets. It begins by defining key accounting concepts like revenue, expenses, net profit, and the difference between cash basis and accrual basis accounting. It then explains the purpose and preparation of key financial statements like the trading account, profit and loss account, and balance sheet. The trading account is used to calculate gross profit/loss, while the profit and loss account calculates net profit/loss. The balance sheet presents the financial position of a business on a given date by listing assets, liabilities, and capital. Manufacturing accounts are also discussed for businesses that manufacture goods.
Salary income.bose
The document summarizes the tax treatment of income from salary in India. It defines salary and outlines what components are included as salary income. It states that salary income is taxable on a due or receipt basis, whichever is earlier. It provides details on the taxability of various salary allowances and perquisites. Key allowances like house rent allowance and travel allowance are partly exempt from tax up to certain limits. Most other allowances are fully taxable.
House property.bose
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.
Last 25 years income tax rates
This document outlines the income tax rates in India from 1992-1993 to 2013-2014. It provides the tax rates for different income slabs for individuals, HUFs, AOPs and BOIs over these years. The tax rates varied from 0% to 50% depending on the income slab and year. Surcharge and education cess were also introduced in some years applicable above certain income thresholds.
Calculation of tds on salary.bose
1. Salary is remuneration received periodically for services rendered as a result of an employment contract. TDS or tax deducted at source is income tax deducted from salary payments.
2. To calculate TDS, the total gross salary is determined, exemptions are subtracted to get the taxable salary, and annual taxable income is projected. Deductions are then subtracted to get the total taxable income.
3. Based on the tax slabs, the annual tax liability is calculated. The monthly TDS amount is the annual tax divided by 12 months.
Wealth tax act,1957.bose
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.
Wealth tax act,1957.bose
This document summarizes key aspects of the Wealth Tax Act of 1957 in India, including:
- Who is required to file wealth tax returns and by what deadline.
- The types of assets that are included in calculating net wealth and subject to the 1% wealth tax, such as residential/commercial property, jewelry, vehicles, and cash over a certain amount.
- Exceptions and exemptions to assets included in net wealth, such as one residential property or assets held in trust.
- How different types of assets are valued for wealth tax purposes, such as through capitalizing rental income for property or independent appraisals for jewelry.
Time limits
The document outlines various time limits for income tax assessments and related procedures in India. It discusses that intimal notices under section 143(1) must be sent within one year of the end of the financial year in which the return was filed. Regular assessments under section 143 must be completed within two years of the end of the relevant assessment year. If a case is referred to a transfer pricing officer, the time limit is extended by 12 months. Notice for reassessment under section 147 must generally be issued within four years, but can be issued within six years in some cases.
Tds overview final
This document provides an overview of tax deducted at source (TDS) in India. It defines TDS and explains that it is a mechanism for collecting income tax by deducting taxes from payments made to recipients. It outlines who is required to deduct TDS, their responsibilities, applicable tax rates and payments that attract TDS. It also summarizes provisions related to tax collected at source (TCS), due dates for depositing TDS/TCS, filing returns and issuing TDS certificates.
Survey,verification
This document discusses common TDS violations found during surveys conducted by the Income Tax Department. It outlines several types of common violations:
1) Non-deposition of taxes deducted, which is often seen in struggling businesses.
2) Failure to apply the normal deduction rates, as seen in an insurance business.
3) Failure to make any TDS deductions for a TPA (third party administrator) business.
4) Not treating non-refundable rent advances as attracting TDS under section 194I.
5) Misclassifying professional fees paid to guest lecturers as salary.
The document provides guidance on purpose, selection, operation, and procedures for conducting TDS surveys
Service of notice.bose
This document discusses the service of notices under the Income Tax Act of 1961. It outlines how notices may be served either by post or as if they were a summons issued by a court. For post, service is deemed effective if addressed, prepaid and registered. It discusses who a notice can be served to depending on the recipient's status (individual, HUF, firm, company etc). It also interprets common postal remarks and outlines general principles of service, noting that mere knowledge is insufficient and the burden of proof is on the issuing authority. Finally, it discusses how the Code of Civil Procedure of 1908 has influenced certain sections and rules of the Income Tax Act regarding service of notices.
Service of notice
1) The document discusses the service of notices under the Income Tax Act of 1961 and how it draws from the Code of Civil Procedure of 1908.
2) It outlines the key provisions for serving a notice such as serving by post, rules for personal service, substituted service, and who notices should be addressed to depending on the type of recipient like an individual, HUF, firm, or company.
3) The Code of Civil Procedure of 1908 is the basis for rules regarding service of notices under the Income Tax Act of 1961, especially Order V relating to summons.
Penalty & prosecution
This document outlines income tax offences and provisions for penalties and prosecution in India. It lists various offences related to defaulting on tax payments, failing to comply with notices, concealment of income, failure to maintain proper books and records, and failure to deduct taxes. It provides the corresponding section of the Indian Income Tax Act for each offence. The document also discusses provisions related to prosecution for contravention of orders, failure to provide access to books and records during inspections, failure to pay taxes deducted, willful tax evasion, failure to provide accounts and documents, making false statements, falsifying records to evade tax, abetting false returns, and repeat offenses.
Leave.bose
This document summarizes the various types of leave available to government servants (GS) in India. It discusses leaves that are debited to the leave account like earned leave, half-pay leave, and commuted leave as well as leaves not debited like study leave and maternity leave. It provides details on the eligibility and limits for each type of leave. Key points include that earned leave is credited at 15 days every 6 months up to a maximum of 300 days, half-pay leave is credited at 10 days every 6 months, and commuted leave can be taken instead of half-pay leave with a medical certificate. Maternity leave is allowed for up to 180 days and child care leave can be taken for up to two
Leave
The document outlines the various leave rules for government servants under the CCS (Leave) Rules, 1972. It discusses leaves that are debited to the leave account like earned leave, half-pay leave, and commuted leave as well as leaves not debited like study leave, maternity leave, and child care leave. It provides details on the eligibility and extent of various leaves. Key highlights include earned leave accrual of 15 days twice a year, maternity leave of up to 180 days, and extra ordinary leave available up to 18 months for treatment or 24 months for studies.
Interest payable & receivable.cose
The document discusses various sections under which interest is payable by or to the assessee. It summarizes the key details around sections like 234A, 234B, 234C and 234D which deal with interest for defaults in filing return, payment of advance tax, deferment of advance tax and excess refunds respectively. It provides details like applicable rates of interest, period of applicability and amount on which interest is calculated for different cases under these sections. The document also briefly discusses sections like 244A and 132B(4) pertaining to interest on delayed refunds and seized/requisitioned assets.
Interest payable & receivable.bose
This document discusses interest payable by and to taxpayers in various situations under the Indian Income Tax Act. It covers interest charged for late filing of returns, late payment or underpayment of advance tax, excess refunds granted, and interest paid on amounts seized during a search that are eventually refunded. The key points covered include calculation methods for different types of interest, applicable rates, and time periods over which interest applies. Case laws are also referenced related to issues like what date should be used to determine interest and whether interest can be charged without being specified in the assessment order.
Indian evidence act 1872.bose
The document summarizes key aspects of the Indian Evidence Act of 1872 such as its extent, interpretation of terms like "fact", "document", and "evidence". It also covers rules around oral evidence, documentary evidence, public documents, presumptions related to documents, burden of proof, estoppel, examination of witnesses, and production of documents. The Act establishes rules for evidence admissibility in courts of India, except the state of Jammu and Kashmir. It defines important terms and sets guidelines around primary and secondary evidence, oral and documentary evidence, certified copies, burden of proof, and witness examination.
Evidence act1872
The document provides an overview of the Indian Evidence Act of 1872. Some key points:
- It extends to all of India except Jammu and Kashmir. It applies to all judicial proceedings in any court, including court-martial, but not to affidavits or arbitrator proceedings.
- Proceedings before the Income Tax Authority are deemed judicial proceedings. Every income tax authority is deemed a civil court for some purposes.
- It defines terms like court, fact, evidence, and document. A court includes all judges and magistrates legally authorized to take evidence. Evidence includes oral statements and documents.
- Oral evidence must be from an eyewitness or earwitness. Documentary evidence can be primary like
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Other source.bose
- 1. Income from Other Sources ose , IIT ar B r i Shank U, Pu MST
- 2. Income from Other Sources Family Pension Gift Other Incomes Section 94(7)
- 3. 1/3-rd of the gross family pension or Rs. 15,000/- whichever is less, is deductible u/s 57(iia).
- 4. Any money received by individual or HUF between 01-09-04 and 31-03-06 Exceeds Rs. 25,000/- Without any consideration. The whole of such sum will be taxable as income from other sources.
- 5. Exceptions From any relative. On the occasion of marriage of the individual. Under a will by way of inheritance. In contemplation of death of the donor.
- 6. Local Authority (expl. to sec. 10(20). Fund, Foundation, University, Educational Institution, Hospital, Institutionu/s10(23C). Any trust,institution registered u/s 12AA.
- 7. Any money received individual or HUF between 01-04-2006 and 30-09-2009. Aggregate value exceeds Rs. 50,000/- Without any consideration The aggregate amount of all such sums will be taxable as income from Other Sources.
- 8. By F.A. 2009 w.e.f. 01.10.2009. Any immovable property where the stamp duty value exceeds Rs50,000/ then such stamp duty value. or for a consideration less than stamp duty value by Rs 50,000/,then the difference between the stamp duty value and such consideration. Sec 50C(2) applicable for remedy.
- 9. Any other property, if the aggregate FMV exceeds Rs 50,000/ then whole of such aggregate FMV. Or for a consideration less than the aggregate FMV by Rs 50,000/ then difference between aggregate FMV and such consideration.
- 10. Relative has been defined as : 1. Spouse of individual 2. Brother and sister of individual 3. Brother and sister of spouse 4. Brother and sister of any parent
- 11. 5. Linear ascendant/descendant of the individual. 6. Linear ascendant or descendant of the spouse 7.Spouse of the persons referred in (1)&(2).
- 12. Tax on winning from lotteries , crossword puzzles, races including horse races, card games and other games of any sort or gambling or betting of any form is to be taxed @ 30% Sec.115BB.
- 13. If any person buys any security or unit within a period of 3 months prior to the record date. Sells such security within a period of 3 months or such unit within a period of 9 months after the record date, Income from dividend is exempt. Loss would be reduced by the amount of dividend. so received by the person.
- 14. THANK YOU