Income tax A.Y 2014-2015

Income Tax
From
CA Sshailesh L. Prajapati
Sshailesh L. Prajapati CA, MBA ( Finance) 1

Contents of the Course
Framework & Basic Principles
Heads of Income
Exempt Income ( Section 10 )
Taxability of Income from Salaries ( Sec 15 to 17 )
Taxability of Income from House Property(Sec 22 to 27 )
Taxability of Income from Business & Profession(Sec 28 to44 )
Taxability of Income from Capital Gain ( Sec 45 to 55A )
Taxability of Income From Other Sources ( Section 56 )
Set off and Carried forward of Losses ( Section 72 )
Deductions & Exemptions ( Sec 80, Sec 10 )

Section 4 as charging section
T a x o n I n c o m e
- I n c o m e
- S c o p e o f I n c o m e
- S c h e m e o f t h e A c t
o f a p e r s o n
- P e r s o n
- A s s e s s e e
c h a r g e d a n n u a l l y
- A s s e s s m e n t Y e a r
- P r e v i o u s Y e a r
I n c o m e T a x

Person & Assessee
Individual
Hindu Undivided Family
Company
Firm
AOP/BOI
Local Authority
Any artificial juridical Person, not included in above
For Income Tax these all are – An Assessee

Previous Year
Generally
◦ 1st April to 31st March
In case of new business
◦ Start of business to 31st March
Assessment Year vs. Previous Year
◦ A.Y. 2014-2015 PY 01-04-2013 to 31.03.2014
◦ TDS and Advance Tax to pay in Previous Year
◦ Assessment, filing of Return and S.A. Tax in the Assessment Year.

Charged annually
Each year an independent year
Common Financial Year
Assessment Year
◦ period of twelve months starting from the 1st April of every year and
ending on 31st March of the next year
◦ Denoted as 2014-2015, etc
◦ For our Syllabus the A.Y. is 2014-2015

Person – Individual, HUFs, AOP/BOI
For the Assessment year 2014-2015
Slab-wise Tax Rates
◦ First Rs. 2,00,000/- Nil
◦ > Rs. 200,000/- but < Rs. 5,00,000/- 10%
◦ > Rs. 500,000/- but < Rs. 10,00,000/- 20%
◦ > Rs. 10,00,000/- 30%
◦ Surcharge is leviable @ 10% if the total income exceeds Rs. 1 Crore
◦ Education cess- 2% of Income Tax
◦ SHEC – 1% of Income Tax

Person – Individual (Senior Citizen > 60 years)
◦ First Rs. 2,50,000/- Nil
◦ > Rs. 2,50,000/- but < Rs. 5,00,000/- 10%
◦ > Rs. 5,00,000/- but < Rs. 10,00,000/- 20%
◦ > Rs. 10,00,000/- 30%
◦ Surcharge is leviable @ 10% if the total income exceeds Rs. 1 Crore

Person – Individual (Senior Citizen > 80 years)
◦ First Rs. 500,000/- Nil
◦ > Rs. 500,000/- but < Rs. 10,00,000/- 20%
◦ > Rs. 10,00,000/- 30%
◦ Surcharge is leviable @ 10% if the total income exceeds Rs. 1
Crore

Person – Individual (All )
In case of Resident Individuals whose Total Income does not exceed
Rs. 5 Lacs;
a tax rebate of Rs. 2000 or 100% of income tax whichever is less
shall be allowed u/s. 87 A.
First rebate shall be allowed from income tax and only on the
balance amount surcharge and education shall be calculated.

Person – HUF - Concept
Mr. A - Mrs. A
◦ Mr B (son) & Mrs. B
 Mr C (grandson) & Mrs. C
 Mr D (greatgrandson) & Mrs D
 Mr E (greatgreatgrandson) & Mrs E
 Ms. F (unmarried grand-daughter)
Karta – Mr. A (manages the property & business)
Co-parceners – B, C & D

Person – Company
Distinct entity from shareholders/ directors
Directors’ remuneration deductible
Dividend liable for double taxation (DDT)
Flat rate of tax
◦ Domestic companies 30%
◦ Foreign companies 40%
◦ Surcharge: If Taxable Income is > 1 Crore, 5% and if > 10 Crore 10% (Domestic
Companies)
 Surcharge: If Taxable Income is > 1 Crore, 2% and if > 10 Crore 5% ( Foreign
Companies)
 EC =2% on Tax and Surcharge and SHEC will be 1% on Tax and Surcharge.

Company- MAT
 If book Profit does not exceeds Rs. 1 crore
◦ IT- 18.50% of Book Profit + EC- 2% and SEC- 1%, Effectively it is 19.055%
 If book Profit exceeds Rs. 1 crore but less than Rs. 10 crore
◦ IT- 18.50% of Book Profit
◦ Surcharge 5% on MAT Tax
◦ EC- 2% on MAT and Surcharge and SEC- 1% on MAT and Surcharge.
 If book Profit exceeds Rs. 10 crore
◦ IT- 18.50% of Book Profit
◦ Surcharge 10% on MAT Tax
◦ EC- 2% on MAT and Surcharge and SEC- 1% on MAT and Surcharge
◦ MAT is applicable to Foreign companies also at the same rate but difference rate
of surcharge.

Person – Firm/ LLP
Distinct entity for taxation but no separate legal status
“Agreement” & “Business” are necessary conditions
Payments to partners deductible subject to conditions
Flat Firm Tax Rate 30%
Surcharge: 10% If Taxable Income is > 1 Crore
EC and SEC will be 2% as well as 1%.
Share of profits exempt in hands of the partner [Sec. 10(2A)]

Income/Revenue Receipts & Capital Receipts
Revenue Receipts are always considered as Income Chargeable to Tax
unless specified exempted. ( Eg. Salary, Interest, Rent etc)
Capital Receipts are not chargeable to Tax except when specifically
provided in Law. (eg. Compensation etc)
Illustrative list of “Income” under Section 2(24)
◦ Profit and Gains, Dividend, Exports Incentives, Any Capital Gain;
◦ Profits of Insurance Business, Banking Business, Winning from lotteries
◦ Crossword Puzzles, Races, Income from gambling or betting,
◦ Any sum received under a keyman insurance policy
◦ Any sum of money, movable or immovable property received as gifts;

Scope of Income
Particulars R & OR R &
NOR
Non-
Resident
Income Received or deemed to be
received in India
Taxable Taxable Taxable
Income accruing or arising or deemed
to accrue or arise in India
Taxable Taxable Taxable
Income accruing or arising outside
India from :
a)Business controlled in India or
Profession set up in India
b)Any other Source
Taxable
Taxable
Taxable
Not
Taxable
Not
Taxable
Not
Taxable

Residential Status – Individuals- Section 6
Basic Conditions: To satisfy atleast one condition.
1. He is in India in the P.Y for 182 day or more OR
2. He is in India for 60 day or more in the P.Y. and 365 days in 4 years
immediately preceding the P.Y.
Exceptions:- extended period from 60 to 182 days
◦ Indian citizens taking employment abroad or as a crew of an Indian Ship
◦ Indian citizens/PIO visiting India during the P.Y.
Resident but Ordinary Resident
◦ He has been in India for a period of 730 days or more in 7 years AND
◦ He has been resident in India in at least 2 out of 10 years immediately
preceding the relevant previous year.

Residential Status – Individuals- Section 6
Resident but Not ordinary Resident:
◦ An Individual who satisfies at least one of the basic conditions but
does not satisfy the two additional conditions is treated as RNOR.
◦ An Individual who satisfies at least one of the basic conditions but
does satisfy the only one or none of the two additional conditions is
treated as RNOR.
Non- Resident:
◦ An Individual is NR if he satisfy none of the basic conditions.
Additional Conditions are not relevant.

Residential Status – HUF : Section 6(2)
Residential Status depends on ;
The Location of control and Management;
Residential Status of Karta of the HUF
Resident : If control and Management of its affairs is wholly or partly
situated in India
Non- Resident : If control and Management of its affairs is wholly
situated outside India
Resident and Ordinarily Resident: This depends on the Residential
status of Karta.

Residential Status - Others
Companies : Sec 6 (3)
◦ Indian companies
 Always resident in India
◦ Other companies
 Resident in India if control & management wholly in India
Firm, AOP and other Assessees
◦ Resident in India if control & management is wholly or partly in India
Control & Management:
◦ Head and Brain, which directs the policy, finance, disposal of profits,
and vital things concerning the Mgt of a Co.

Scope of Income
Income Accrued in India : It is chargeable to tax in all cases
irrespective of the Residential Status of the Assessee.
Income Received in India
Income Deemed to accrue or arise in India
(Section 9)

Income Deemed to be received: Sec-7
Following income shall be deemed to be received in Previous Year;
Employer’s contribution to recognised Provident Fund in excess of
12% of Salary
Interest credited to the RPF balance in excess of 9.5% p.a.
The transferred balance from URPF to RPF ( Employer’s contribution
and Interest thereon)
The contribution made by any employer in the previous year to the
account of an employee under a pension scheme (sec 80CCD)

Income Deemed to Accrue or Arise in India: Sec- 9
Certain Income are deemed to accrue or arise in India even
though they may actually accrue or arise outside India
◦ Income from Business Connection in India
◦ Property, Asset, Source in India
◦ Salaries earned in India
◦ Salary paid by Government to Indian citizen
◦ Dividend by Indian company
◦ Interest
◦ Royalties
◦ Fees for Technical Services

Income Tax
Income From Salaries

Salaries: The beginners...
Test: Employer – Employee Relation
Basis of Charge: Accrual or Receipt whichever is earlier
Contract of Service and Contract for service
Person Acting as an Agent, no relation of Master and Servant,
Director of a Company, E-E relationship can not be assumed by should
be ascertained based on the AOA.
Salaries to MP and MLAs ? Income from Salary or IFOS
Commission paid to Managing Director? Income from Salary?

Salaries: The beginners...
Year of Chargeability
◦ Either on due basis or on receipt basis whichever is earlier
◦ Salary received in Advance is taxable even if it is not due
◦ Arrears of Salary received during the P.Y is taxable
◦ Advance against Salary is not taxable
◦ Loan taken from employer is not taxable
Place of Accrual
◦ Is where the services are rendered;
◦ Salary paid to NR outside India in respect of Services rendered in India is
Taxable in India by virtue of Section 9
Surrender of Salary and profit in lieu of Salary is Taxable

Deductions : Section 16
Entertainment allowance : Sec 16 (ii)
It is not eligible for exemption but it only qualifies for deduction
It is first included in gross salary and then deduction is allowed.
Exemption only to Government employees and to the extent of
following:
◦ 1/5th of salary (Basic Salary and excludes allowances, benefits or
other perquisites. Even dearness allowance should not be
included though it may be provided in the terms of employment)
◦ Rs. 5,000/-
◦ Actual Receipt
Profession Tax paid by the employee (Section 16 (iii)

Exemptions : Section 10(5) to 10 (14 )
Leave Travel concession : Section 10 (5)
Gratuity : Section 10 (10)
Pension : Section 10 (10A)
Leave Salary : Section 10 (10AA)
Retrenchment compensation : Section 10 (10B)
Voluntary Retirement Scheme : Section 10 (10C)
Recognized Provident Fund : Section 10 (12)
Approved Superannuation Fund : Section 10 (13)

Leave Travel concession : Section 10 (5)
Value of Travel concessions or assistance ( read with Rule
2B)
Fare
◦ Based on the mode of travel
for self or family
◦ Spouse, children*, Parents, brothers, sisters of the individual
wholly or mainly dependant on the individual.
For travel to any place in India
For 2 journeys in a block of 4 calender years
◦ Current Block is January 2014 to December 2017

Leave Travel concession : Section 10 (5)
Exemption shall not be available to > 2 surviving Children ( born
after 01/10/1998). Not applicable for multiple births after one child.
 Quantum of Exemption; Restricted to Actual Amount Spent
◦ Air : Economy fare of the national carrier ( IA or AI) by shortest
route
◦ Rail : Not exceeding the AC FC rail fare by shortest route
◦ Rail service not available and no recognized transport available,
an amt. equivalent to Rail fare ACFC with Shortest Route.
◦ Rail service not available and recognized transport available, an
amount not exceeding the FC or DC on such transport with
Shortest Route to the Place of destination.

Gratuity : Section 10 (10)
Government Employees – Wholly Exempt
Covered by the Payment of Gratuity Act
◦ Exemption is to the extent of least of the following
◦ Rs. 10,00,000/-
◦ 15 days * last drawn salary for each completed year of service
or part of the year in excess of 6 months
◦ Actual Receipt
◦ Salary= Basic +DA

◦ Covered by the Payment of Gratuity Act, cont…
◦ Salary of 15 days is calculated by dividing salary last drawn by 26
i.e maximum number of working days
◦ Length of Service- If period of service is 6 months or less than 6
months, it shall be ignored for this purpose.
◦ Conversely if period is more than 6 months it shall be taken as a
one full year.

Not Covered by the Payment of Gratuity Act
◦ The least of above shall be exempt,
 Rs. 10,00,000/-
 ½ months ‘average salary’ for each completed year of service
 Actual Receipt
◦ Salary= Basic + DA if terms of employment provides, Commission
if fixed % of Turnover
◦ Average monthly salary= Average salary of 10 months
immediately preceding the month in which an employee is
retired.
◦ Only fully completed year of service is to be considered.

Gratuity received during the period of service is always Taxable
Gratuity received from two or more employers:
Gratuity received from two or more employers in the same Year
then, aggregate amount of gratuity exempt from tax cannot exceed
the limits prescribed.
Gratuity received in any earlier years from his former employer and
receives gratuity from another employer in a later year, the Limit of
Rs. 10 Lacs will be reduced by the amount of gratuity exempt from
tax in any earlier year

Pension : Section 10 (10A)
Uncommuted Pensions
◦ Periodic payment received by the employee
◦ Received by the retired employee Taxable as Salaries for both
Govt and Non Govt employees
◦ Received by the legal heir Taxable as Income from other Sources
Commuted Pensions on retirement
◦ Lumpsum amount taken by commuting full or part of Pension
◦ Remaining portion will be periodically received.

Pension : Section 10 (10A)
For Government employees, totally exempt
For Non-Government employees:
◦ If employee is in receipt of gratuity:
 1/3rd of the amount of commuted pension which he would have
received had he commuted whole (100%) of the pension.
◦ If employee is not in receipt of gratuity:
 1/2 of the amount of commuted pension which he would have
received had he commuted whole (100%) of the pension.

Leave Salary : Section 10 (10AA)
◦ Govt Employees : Exempt
◦ Non Govt Employees : Least of following is exempt.
◦ Cash equivalent of Leave ( on the basis of 10 months salary) to the
credit of the employee at the time of retirement ( calculated at 30
days credit for each completed year of service); or
◦ Amount specified by the Government Rs. 300000/-; or
◦ 10 months’ salary ( on the basis of last 10 months salary); or
◦ Leave encashment actually received.

Leave Salary : Section 10 (10AA)
◦ Non Govt Employees :
◦ Leave salary received during the service is always Taxable to both Govt
and Non-Govt Employees;
◦ Leave Salary received from more than 2 employers (Refer treatment
shown in gratuity);
◦ Salary= Basic + DA if terms of employment provides, Commission if
fixed % of Turnover.

Other Retirement Benefits
Retrenchment Compensation Sec 10 ( 10 B)
◦ Rs. 5,00,000
◦ Amount calculated under Industrial Disputes Act
 15/26 X Ave Salary of Last 3 Months X Completed year of Service*
 * Part of the year in excess of 6 Months will be considered as full year.
◦ The amount received
◦ Lower of the above is exempt from tax
Voluntary Retirement Compensation Sec 10 ( 10 C)
◦ Least of following is exempt:
◦ Last drawn salary X 3 X completed years of service or Last drawn salary X remaining
months of service, whichever is higher; or
◦ Rs. 5,00,000; or
◦ Actual compensation received.

Voluntary Retirement compensation..
 Applies to an employee of the company who has completed 10 years
of service or completed 40 years of age ( not applied to Public sector
company);
 Applies to all employees whatever name called except directors;
 Scheme should be drawn to reduce the overall strength of Team;
 Vacancy should not be filled up;
 Retiring employee shall not be employed in any of the concern
belonging to the same management;
 If question does not provide he information of Last drawn salary or
the year of service completed etc, one can take other two factors into
consideration.
 Salary= Basic + DA if terms of employment provides, Commission if
fixed % of Turnover

Recognised Provident Fund : Section 10 (12)
Accumulated balance due and become payable to an employee
shall be exempt in following Cases
◦ Rendered continuous service for a period 5 years or more;
◦ Termination of services due to ill-health, or discontinuation of the
employer’s business or cause beyond control of the employee;
◦ Transfer of RPF account from one company to another company
on account of Transfer of Job
◦ Unrecognised PF is the PF which is not recognised by Income Tax
Department.

Table showing distinction – For Employee
Particulars Recognised Provident
Fund
Unrecognised
Provident Fund
Employer’s Contribution > 12% is Taxable Not Taxable at the time
of contribution
Employee’s Contribution Eligible for deduction
under section 80C
Not eligible for any
deduction
Interest Credited In excess of 9.5% p.a.
Taxable
On own contribution is
Taxable under IFOS
Amount received on
Retirement
Fully exempt u/s 10 (12) Employer’s Contribution
and interest on same is
taxable as Salary.

Approved Superannuation Fund: Section 10 (13)
Any Payment from an ASF is exempt if it is made;
◦ on death of a beneficiary; or
◦ to an employee on retirement or becoming
incapacitated
◦ by way of refund of contribution on death of a
beneficiary;
◦ by way of refund of contribution on his leaving the
service otherwise than by retirement or becoming
incapacitated.

House Rent Allowance : Section 10(13A) (read with Rule 2A)
HRA is exempt to the extent of the least of the following:
◦ Excess of Rent Paid over 10% of Salary for relevant period
◦ 50% of salary for metro cities, 40% for other cities due for relevant
period
◦ Actual allowance received for the relevant period.
Salary means
◦ Basic, DA(if it forms a part of retirement benefits) & Commission as a
% of Turnover achieved by the employee for relevant period.
◦ Relevant period means the period during which the said
accommodation was occupied by the assessee during P.Y.

Special Allowance : Section 10(14)- Rule 2BB
Following are the Allowances prescribed by CBDT as exempt to the
extent or specified as below:
◦ Expenditure to perform duties ( travelling, conveyance, helper etc;)
◦ Allowance granted to an employee working in transport company to
meet his personal expenses –Least of 70% of allowance or Rs.10000/-
◦ Transport Allowance – Rs. 800/- per month
◦ Children Education Allowance- Rs. 100/- per month per child up
maximum of two children.
◦ Any allowance granted to an employee to meet the Hostel
Expenditure of his child is exempt up to Rs. 300 per month per child
upto maximum of two children

Special Allowance : Section 10(14)- Rule 2BB
Hill Area Allowance
Border Area Allowance
Tribal Area Allowance
Allowance for Transport
Employees
Compensatory Field Area
Allowance
Compensatory Modified
Area Allowance
Underground Allowance
High Altitude Allowance
Active Field Allowance
Island Duty Allowance
The above allowance has different
limits on which the exemptions
will be allowed.

Valuation of Perquisites: Section 17 (2 ) & Rule 3
◦ Value of rent-free accommodation provided to the employee by
employer;
◦ Value of any concession, in case of accommodation provided at
confessional rate;
◦ Value of any benefit or amenity granted or provided free of cost
or at concessional rate to a specified employee
◦ Any sum paid by the employer in respect of any obligation of the
employee which otherwise would have been payable by the
employee.

Valuation of Perquisites: Section 17 (2 ) & Rule 3
◦ The Value of any specified security or sweat equity shares
allotted or transferred to employees by an employer free of cost
or any concessional rate. section 17 (2) (vi)
◦ Any contribution to an approved superannuation fund by the
employer in respect of the employee, to the extent it exceeds Rs.
1 Lacs- section 17 (2) (vii)
◦ The value of any other fringe benefit or amenity as may be
prescribed by the CBDT- section 17 (2) (viii).
◦ Sum payable by the employer to effect an assurance on life of the
assessee or to effect a contract for an annuity- section 17 (2) (v)

Specified Employees
Following are the specified Employees for the purpose of Section 17
(2) (iii);
◦ A Director employee of the company; or
◦ An Employee who has substantial interest ( 20% voting rights) in
the company;or
◦ An Employee whose income under the head “Salaries” excluding
the value of all non-monetory benefits, exceeds Rs. 50,000/-

Valuation of Perquisites
Rent Free/ Concessional Accommodation
◦ Central and State Government Employees:
 VOP= License Fees determined by SG minus Rent actually paid by Employee
◦ Private Sector Employees : ( Accommodation owned by Employer )
 7.5% of salary ( Population <= 10 Lakhs )
 10% of Salary ( Population >10 Lakhs upto 25 Lacs )
 15% of Salary ( Population > 25 Laks )
 If employee is paying some rent, deduct from the value
 In respect of the period during which the said accommodation was occupied
by the employee during the previous year.

Rent Free/ Concessional Accommodation
◦ Private Sector Employees : ( Accommodation taken on Lease or
Rent by Employer and provided to Employee)
◦ Value of Perquisites would be the Lower of the following:
◦ Actual Amount of lease rental paid or payable by the employer or
◦ 15% of Salary
◦ This would be reduced by the rent, if any, actually paid by the
employee
◦ SALARY= Basic+ DA which forms part of salary, taxable
allowances, bonus, commission payable monthly or any
monetary benefits by whatever name called.

Rent Free/ Concessional Furnished Accommodation
◦ Value of Unfurnished accommodation as above
◦ Add : Value of Furniture
 If owned by employer : 10% p.a. of Original Cost
 If hired from third party : Actual hire charges borne by the employer
◦ Less: Any charges paid or payable by employees
◦ Note – furniture includes T.V., radio set, refrigerators, other
household appliances, A.C. etc.

Obligation of an employee paid by the employer
Payment for Gas, Electric Energy, Water Supply for
house hold consumption;
Payment to Domestic Servant, Sweeper, Gardner;
Member of Household shall include:-
Spouse
Children and their Spouses:
Parents
Servants and dependants

Service of Sweeper, Gardner, watchman or personal
attendant :
◦ Not taxable if the employee is a non- specified employee
◦ VOP= Actual Cost to the employer as reduced by any amount
recovered /paid by the employees
Supply of Gas, electricity or water for household
purposes
◦ VOP= Actual Cost to the employer as reduced by any amount
recovered /paid by the employees

Education facility to employees family members
◦ Providing free education facility to and training of the employee
is not taxable
◦ Payment of School fees or reimbursement of school fees is
taxable.
◦ There would be no perquisites if the cost of education does not
exceeds Rs. 1000/- p.m.
◦ Fixed Education Allowance and Hostel Expenses is exempt to the
extent of Rs.100/- and Rs. 300/- per child per month ( maximum
upto two children) respectively

The value of any other fringe benefit or amenity as
may be prescribed by the CBDT
Interest Free/ Concessional Loans
◦ Simple Interest (as charged by SBI as on the first day of the
relevant previous year ) on maximum outstanding monthly
balance except in following cases:
◦ Medical Loan for specified diseases Nil
◦ Petty Loans upto Rs. 20000/- Nil

Mode of valuation Perquisites in respect of use of Movable Assets
Computer/
Laptop or
Car Any other Assets
Owned by
Employer
Taken on hire by
Employer
Step :1- Find out cost to
the employer Nil 10% p.a. of AC
Amount of Rent paid or
Payable
Step: 2- Less: Amount
recovered from the
employee Nil
Recovery from
Employee
Recovery from
Employee
Taxable value of the
perquisites ( Step 1-
Step 2 Nil
Balancing positve
amount
Balancing positive
amount

Mode of valuation Perquisites in respect of sale of Movable Assets
Electronic Items/
Computers Motor Car Any other Asset
Step :1- Find out cost of the
Asset to the employer
Actual Cost to the
employer
Actual Cost to the
employer Actual Cost to the employer
Step: 2- Less: Normal Wear
and tear for completed years
50% for each
completed year
by Reducing
balance Method
20% for each
completed year by
Reducing balance
Method
10% for each completed year
by SLM
Step 3 - Less: Amount
recovered from the employee
Consideration
received from the
employee
Consideration
received from the
employee
Consideration received from
the employee
Taxable value of the
perquisites ( Step 1- Step 2-
Step 3 )
Balancing
positive amount
Balancing positive
amount Balancing positive amount

Fixed Medical Allowance is always taxable
Medical Facilities Exempt if
◦ In a hospital maintained by the employer
◦ In a Government hospital
◦ In an approved hospital for prescribed diseases
◦ Mediclaim Premium 80D ,
◦ Other Medical Treatment upto Rs. 15000/-
◦ Overseas Medical Treatment
 Treatment Cost ( to the extent approved by RBI )
 Cost of Travel & Stay for self & family
 Cost of Travel & Stay for one attendant
 Cost of Travel exempt only if gross income < 2 lakhs

Free Meals
◦ Actual Cost
◦ Exempt if
 Meals/ Refreshments during office hours at office premises
 Non Transferable Meal Vouchers
 Cost not exceeding Rs. 50 per meal
Gifts
◦ At Cost
◦ Exempt if in kind and amount is below Rs. 5000/- per annum

Club Membership
◦ Actual Payments
◦ Exemption for initial corporate membership fees
◦ Not a perquisite if for official purposes
Credit Cards
◦ Actual Payments
◦ Not a perquisite if for official purposes

Valuation of perquisites in respect of traveling, touring,
accommodation
◦ Where such facility is available uniformly to all employees
 Expenditure incurred by employer less recovery from
employees
◦ Where such facility is not available uniformly to all employees
 Value at which such facilities are offered by other agencies to
the public Less recovery from the employee

Motor Car used for official purposes is not a perquisite
Motor Car used for personal purposes – actual cost to
employer including driver’s salary and normal wear and
tear @ 10% of the actual cost
Motor Car used for both the purposes
◦ Proportionate based on log book or presumptive amounts
◦ More than one car, only one for mixed use, others for private use

Motor Car Perquisite
Car is owned by the employer
< 1600 c.c. > 1600
c.c.
Expenses by the employer 1800 2400 900
Expenses by the employee 600 900 900
Car is owned by the employee
◦ Actual expenditure (-) amounts specified above
Driver
Sshailesh L. Prajapati CA, MBA ( Finance)
64

Computation Taxable Salary- General Format
Basic Salary (including Advance Salary ) YYYY
Profit in Lieu of Salary YYYY
Fees, Commission etc, YYYY
Taxable Allowances YYYY
Perquisites (as valued) YYYY
Retirement Benefits (to the extent not exempt)
YYYY
◦ Gross Salary YYYY
Less : Profession Tax YY
Less: Entertainment Allowance YY
◦ Taxable Salary
YYYY

Income Tax
Income from House Property

Chargeability
Annual Value of Property
Consisting of any Building or lands appurtenant thereto, of which
The assessee is owner,
Is chargeable to tax under the head
Income from House property
Section 22.

Three Conditions
The property should consist of any building or lands appurtenant
thereto
The assessee should be the owner of the property
The property should not be used by the owner for the purpose of
any business or profession carried on by him, the profits of which
are chargeable to tax.

Deemed owner
Property transferred to spouse ( not being a transfer in connection
with an arrangement to live apart or minor child ( not being a
married daughter ) without adequate consideration.
Holder of impartible estate
Property held by a member of co-op Society/company/AOP
Property acquired under a POA transaction.

Certain typical cases
House Property in a Foreign Country
◦ ROR- Taxable under H.P.
◦ RNOR- Taxable under H.P. but rent must be received in India
◦ NR- Taxable under H.P. but rent must be received in India
Disputed Ownership
◦ The Income shall be taxable in the hands of recipients. But
Department has a power to decide whether the assessee is the
owner and is chargeable to tax under section 22

Certain typical cases
 Property held as stock in trade
◦ It will be charged as House Property Income
 Splitting up of a composite Rent
◦ If it is separable than rent will be covered in H.P. Head and
other Facilities income covers in Other Sources Head.
◦ If it is not separable:-Than all receipt will be cover in other
sources head.

Property Income Exempt from tax
 Income from Farm house Sec.10(1)
 One place of an ex-ruler. Sec.10(19)A
 Property income of a local authority Sec.10(20)
 Property income of an approved Scientific research association Sec.10(21)
 Property income of an Education Institution and Hospital Sec.10(23)C
 Property income of a Trade Union. Sec.10(24)
 Property income of a Political party Sec.13A
 Property held for Charitable purpose Sec.11
 Property Income of a Political Party
 Property used for own business or profession
 One Self Occupied Property

Computation of Income from a let out property
Gross Annual Value …………
Less: Municipal Taxes …………
Net Annual Value …………
Less: Deduction under Sec.24 …………
Standard Deduction …………
Interest on borrowed capital …………
 =======
Income from house property
 =======

Reasonable Expected Rent
Compute Reasonable Expected Rent
Find out Municipal Valuation (a)
◦ Periodical Survey of Municipal Authority
Find out Fair Rent (b)
◦ It can be determined on the basis of a rent fetched by a similar
property in the same locality
Standard Rent under Rent Control Acts (c)
◦ SR is the maximum rent which a person can legally recover from
his tenant under a Rent Control Act.
The higher of (a) and (b), subject to maximum of (c) is
Reasonable expected rent.

Actual Rent Received/Receivable
Find Rent actually Received or receivable
◦ It does not include rent of the period for which the property
remains vacant
◦ Rent of a previous year ( or Part of the year) for which the
property is available for letting out to work out
◦ Less: Unrealised Rent ( if few conditions are satisfied )
◦ Less: Rent of Vacant period
◦ The resultant figure is Rent recd/receivable

Steps for determining Annual Value

Gross Annual Value- Different possible cases
1. Property let out throughout the year
2. Let out Property vacant for part of the year
3. Self Occupied Property
4. House property let –out for part of the year and self occupied for
part of the year
5. Deemed to be Let out Property
6. House Property, a portion let out and a portion self occupied

Unrealised Rent
Conditions:
◦ The tenancy is bonafide
◦ The defaulting tenant has vacated or steps have been taken to
compel him to vacate the property
◦ The defaulting tenant is not occupation of any other property of
the assessee
◦ Taken all reasonable steps to institute legal proceedings for
recovery of the unpaid rent or satisfies A.O. that the same is use
less.

Municipal Taxes
Deduct Municipal Taxes from GAV
Deductible only if
◦ These taxes are borne by the owner
◦ And actually paid by him during the previous year
The remaining amount left after deduction is NET ANNUAL VALUE

Deduction under Section 24
Standard deduction:
◦ 30% of NAV is deductible irrespective of any expenditure incurred
by the tax payer.
Interest on borrowed capital
◦ It is allowed only if capital borrowed for purchase, construction,
repair, renewal or reconstruction of the property.

Interest borrowed on capital
Deductible on accrual basis
Even though it is not actually paid during the year
Interest on unpaid interest is not deductible
No deduction for brokerage on Loan
No ceiling limit ( in case of let out )
Interest of pre-construction period is deductible in 5
equal installment commencing from the previous year
in which the house is constructed.

Income from SOP
Property occupied for own business purpose – no income is
chargeable under IFHP.
When more than one property is occupied for own residential
purposes, one house of his choice shall be considered as deemed to
be let out.
No Standard deduction, No Municipal taxes. Interest on borrowed
capital is allowed.

Interest on Borrowed capital
Capital is borrowed after April 1, 1999
The acquisition or construction should be completed with
in three years
The maximum limit is Rs. 1.50 Lacs
If amount used for repairs, reconstruction, then the limit is
Rs. 30,000/-
Loan taken prior to April 1, 1999, will carry deduction of
Rs. 30000/-
Interest on Unpaid interest is not deductible.

Arrears of Rent
The tax payer is or was the owner of the property
Received amount by way of arrears, not charged to
income tax for any prev. year
Amount received (after deducting 30% shall be deemed
to be the income chargeable under IFHP
Taxable in the year in which it is received
Taxable even if the assessee is not the owner of that
property in the year in which he has received arrears of
rent

Income Tax
Income from Business & Profession

Taxability of Business Income
Tax on Net Income from Business
Net Income = (+) Gross Receipts (-) Expenses
Role of Accounting for both (+) & (-)
Net Income is therefore as determined by the books of
accounts & method of accounting followed
Expenses related to non-taxable businesses cannot be
adjusted against incomes of taxable businesses

Computation of Income under Business & Profession
Net Profit as per Profit & Loss Account
Add:
◦ Items debited but not allowed
◦ Items not credited but taxable
Less:
◦ Items credited but exempt/ taxable elsewhere
◦ Items not debited but allowed
Taxable Income

Depreciation u/s 32
It is mandatory. Hence allowed even if the assessee has not taken.
Assessee must be the owner of the asset
◦ Exception: Tenant can capitalise the Major repairs as Building
Asset must be used for the purpose of carrying on the business.
Asset must be used during the relevant previous year.
Asset must be used under the eligible class of assets viz:
◦ Building, Machinery, Plant & Machinery etc.
◦ Know-how, patent, copyrights, trademark & license etc

Block of Assets
Block of Assets means class of assets falling within a class of assets
comprising of:
Tangible Assets like Building, Machinery, Plant , Vehicle or
furniture of a particular percentage.
Intangible Assets like Know how, patents , copyrights, trademarks
etc of a particular percentage.
Depreciation is to be calculated based on Block of Assets.
Addition and Sale of Assets to be taken as per the Block.
Profit or Loss on Sale of Assets to be calculated based on BOA.

Actual Cost : Section 43 (1)
Cost of Purchase or Construction XXXX
Less: Subsidy /grant XXXX
Add: Interest on Loan payable till the date of
 Acquisition of Assets XXXX
Add: Expenses incurred for Acquiring Assets XXXX
Add: Expenses incurred for installation and
 Commissioning of the Assets XXXX
 Actual Cost XXXX

Written down value (WDV)
Opening value of Block at the beginning of P.Y.
XXXX
Add: Actual Cost assets added during P.Y. XXXX
Less: Moneys payable in respect of any asset is sold/
 destroyed/discarded, demolished XXXX
WDV for the purpose of Calculation of Depreciation XXXX
Depreciation @ % prescribed XXX
Closing Value of Block XXXX

Rates of Depreciation
Residential Building 5%
Building other than above 10%
Temporary structure 100%
Furniture 10%
Motor car 15%
Motor Buses/Lorries/Taxis used in Business 30%
Computers & Softwares 60%
Energy saving devices 100%
Intangible Assets 25%
If Asset purchased after 180 days the above rates will be 50%

Additional Depreciation
It is 20% on additions to Plant and Machinery
Asset purchased after 180 days additional Depreciation will be 10%
Not applicable for
◦ Used Machines ( Domestic or Imported)
◦ Any Equipment installed in office or Guest House
◦ Road Transport vehicles
◦ Any Machinery or Plant where the whole of the amount is
allowed as deduction in any other section.

Expenses specifically allowed :Amortizations
Telecom License Fees (over license period)
Preliminary Expenditure : Section 35D
◦ Ceiling Prescribed
 Non Company assessee: 5% of cost of Project
 Company Assessee : 5% of Cost of Project or 5% of Capital Employed
at the option of the Company.
◦ Qualifying amount deduction over a period of 5 years
Merger Expenditure (over 5 year period)
VRS Payments : Section 35DDA (over 5 year period)

Expenditure on Scientific Research : Section 35
 Expenditure on Scientific Research
◦ In-house research
 Revenue Expenditure
 Capital Expenditure
◦ In case of companies in Specified business- Section 35 (2AB)
 Payment to Outsiders
 An Approved Research Association undertaking of Scientific Research
related or unrelated to business of Assessee
 An Approved University or College or Institution for the use of Scientific
Research related or unrelated to business of Assessee.
 An approved University or College or Institution for the use of research in
Social Science or statistical research related or unrelated to business of
Assessee
 Contribution to an approved national laboratory {35(2AA)}

In-house research ( Allowed 100%)
◦ Revenue Expenditure
 Allowed only if expenses relates to the business
 Pre commencement period expenses incurred but within 3
years immediately before commencement of business, allowed
as an expense in the year in which business commenced
◦ Capital Expenditure
 Whole of expenses incurred is allowed ( Except cost of
acquisition of Land)
 Pre commencement period expenses - as above.

In case companies in Specified business: Sec. 35 (2AB)
◦ Weighted deduction (200% )
 The Tax payer is a company
 It is engaged in the business of bio-technology or in a business of mfg
or production of any drugs, pharmaceuticals, electronic equipments,
computers, telecommunication equipments as notified by board
 Cost can be Revenue or Capital ( Not being on Land and building)
 The above expenses is incurred on R &D facility is allowed upto
31/03/2017.

Payment to Outsiders : Contribution to
 An Approved Research Association undertaking of Scientific
Research related or unrelated to business of Assessee.
 Deduction of 175%
 An approved University or College or Institution for the use of
Scientific research related or unrelated to business of Assessee.
 An approved University or College or Institution for the use of
research in Social Science or statistical research related or
unrelated to business of Assessee.
 Contribution to an approved national laboratory {35(2AA)}

Other Class of Expenses
Donations to associations for :
◦ Promoting economic & social welfare
◦ Carrying out rural development programmes
◦ Conservation of natural resources
Family Planning Expenditure
◦ Allowable as deduction
◦ Capital Expenditure is allowed 1/5th for the previous year, balance in
next four years
Expenditure on Advertisement published by a political party
not allowed.

Expenses specifically allowed
Insurance Premiums
◦ for stocks & employees health
Bonus & Commission to employees
Interest on Borrowed Capital
◦ Used for the purposes of business
Contributions to Recognized Provident Fund,
Superannuation Fund, Gratuity Fund, Staff Welfare
Scheme
Rent, rates, taxes, repairs and insurance of building

Expenses specifically allowed
Bad Debts
◦ There must be a debt
◦ Debt must have been taken into account in computing assessable
income
◦ If income already considered/ loan in ordinary course of money-lending
business
◦ Written off in books of accounts
◦ Subsequent Recovery taxable

Amounts not deductible
Income Tax/ Wealth Tax/FBT/Tax on Perquisites
Payments to members of AOP/BOI
Provisions made for non statutory employee welfare funds
Payments to partners by a partnership firm
◦ Remuneration in excess of limits
◦ Interest on capital in excess of 12% p.a.

Remuneration to Partners - Limits
Professional Firm Maximum Allowable
On First Rs. 3,00,000/- or In
case of Loss
90% or Rs. 1.50 Lacs
whichever is higher
Balance 60%
Minimum Allowable Remuneration
in case of loss or no profits is Rs. 1,50,000/-
103

Book Profit and its Computation
Steps :
Find Out the Net Profit of the firm as per Profit and Loss Account
Add: Remuneration to Partners if debited to Profit and Loss Account.
Add: Interest paid to Partner and debited to P/L account ( Add only
Excess paid more than 12%)
Make an adjustments ( Add/Less) as provided u/s. 28 to 44DB.
Resultant figure is “Book Profit”
Income Chargeable to any other head will not be part of Book Profit
Deduction u/s. 80 C to 80 U to be ignored while calculating Book Profit.

Amounts not deductible
Payments to Relatives : Section 40A
Payments to relatives in excess of fair value
Relatives defined to include:
spouse, brother, sister, lineal ascendant and descendant
Receipts not covered
Overseas Payments : Section 40 (a) (i)
Overseas Payments are deductible only if the applicable taxes are
deducted at source and paid
If the payments are disallowed in the current year because the taxes
are not deducted or paid, they shall be allowed in the year of payment

Cash Expenditure : Section 40 (A) (3)
Expenditure above Rs. 20000/- to be made by account payee
cheque otherwise a disallowance of 100% is attracted
A Payment ( or aggregate of payments made to a person in a day)
exceeds Rs. 20000/-.
In case of payment made for plying, hiring or leasing goods
carriages, the amount specified is Rs. 35,000/-
Exceptions carved out in genuine cases like
◦ Payments to Government Agencies, payments on a bank holiday,
payments in a village not serviced by a bank, etc.

Depreciation: Written Down Value
Opening WDV (a) xx
Add : Actual Cost of Assets Purchased
◦ Used > 180 days (b) xx
◦ Used < 180 days (c) xx
Less : Sale Price of Assets Sold (d) xx
Closing WDV (e) = ( a + b + c - d) xx

Depreciation : WDV (Contd.)
If Closing WDV is negative
◦ Treat the amount as Short Term Capital Gain
 Adjustable against business losses to the extent of depreciation written
off
◦ No Depreciation will be available even if there are other assets in
the block
If Closing WDV is positive but there are no assets in the
block
◦ Treat the amount as Short Term Capital Loss
◦ No Depreciation will be available even though the WDV is
positive

Depreciation : WDV (Contd.)
If Closing WDV is positive and there are assets in the block
◦ Do not calculate profit or loss but provide depreciation on (e)
◦ If e > c
 Depreciation = full * (a+b-d) + half * c
◦ If e < c
 Depreciation = half * e

Depreciation: Power Units
Undertaking engaged in generation and distribution of power
Can claim depreciation in respect of assets acquired after
31.03.1997
Two Methods
◦ SLM
◦ WDV
Once the option is exercised, it shall be final and shall apply to all
the subsequent years

Terminal Depreciation ( Loss on Transfer)
◦ Find out WDV of the depreciable assets on the first day of P.Y. in
which asset is sold, discarded, demolished or destroyed
◦ Find out SC ( Receipts + Scrap Value if any )
◦ If SC<WDV, then deficiency is deductible as TD.
If the asset is sold in the P.Y in which it is put to use,
any loss there from is not to be allowed as TD but as
Capital Loss.
TD is allowed only if it is actually written off in the
books of the assessee.

Balancing Charge
◦ SC>WDV, then
◦ The amount equal to the depreciation already claimed is
taxable as balancing charge u/s 41 (2) as Business Income
◦ The remaining surplus if any is taxable according to the
provision of section 45 as capital gain.
◦ If the asset is sold in the P.Y in which it is put to use, any
profit there from will not be chargeable as balancing
charge but will be treated as capital gain.

General Deductions Sec 37 (1)
It should
Not be in the nature of capital expenditure
Not be personal expenditure of assessee
have been incurred in the previous year
Be in respect of business carried out
Have been expended wholly and exclusive for business
Not have been incurred for any purpose which is
prohibited by Law.

General Deductions Sec 37 (1)
Interest on Delayed Payment to Micro Small and Medium
Enterprises not deductible
Amount spent by Assessee in connection with the inaugural
function of its new project can not be in the nature of capital
expenses
Amount spent for exhibition can be allowed as a deduction in the
year in which it is done irrespective of its benefits.

Disallowance in case of all assessees : Sec 40 (a) (ia)
The amount will be disallowed if
Such Tax has not been deducted; or
Such Tax, after deduction, has not been paid-
◦ On or before the due date specified in section 139 (1), in a case
where the tax was deductible and was so deducted during the
last month (i.e. March) of the previous year;
◦ On or before the last day of the previous year, in any other case

Disallowance in case of all assessees : Sec 40 (a) (ia)
In case the tax is deducted in any subsequent year or has been
deducted
During the last month (i.e march) of the previous year but paid after
the due date specified u/s. 139 (1); or
During any other month ( i.e April to February of the previous year
but paid after the end of the previous year,
Such sum shall be allowed as deduction in computing the income of
the previous year in which such tax has been paid.

Miscelleneous Provisions
Gratuity : Section 40A (7)
◦ No Deduction will be allowed in respect of provision made.
◦ Contribution to any Gratuity fund will be allowed.
Recovery of Bad debts: Section 41(4)
◦ Taxable in the year of Receipt

Amounts not deductible : Unpaid Statutory Dues
Items covered Payment to be made
by
Effect of late
pymt.
Tax, duty or cess
Bonus/Commission to employees
Interest on Loan of financial institutions
Int. on term loan of scheduled bank
Leave Salary to employee
Due date of filing the
return of income
Deduction
allowable in
the year of
payment
Contribution to PF/ESIC/PT Due Date under the
respective Act
Deduction
never allowed

Books of Accounts and Audit of Accounts
Books of Accounts to be maintained by each category of Person
who are into Business or Profession.
The above is not mandatory for those who are following
presumptive Taxation.
Audit of Accounts is compulsory
◦ if total Sales, turnover/Gross Receipts exceeds Rs. 100 Lacs for
those who carrying on business;
◦ If gross receipts exceeds Rs. 25 Lacs for those who carrying on
profession,.

Income Tax
Income from Capital Gain

Meaning of Capital Assets
Property of any kind
Held by an assessee
Whether or not connected with his business or profession.
Certain exclusions

Capital Asset
Wide definition
Cannot however cover
◦ Stock in trade
◦ Personal assets & privileges
◦ Agricultural Rural Land (Population < 10000)
◦ Certain Bonds
Classification as short term & long term
◦ Equity/Preference Shares, Other listed securities & units – 12
months
◦ Other Assets – 36 months

Transfer
Extended Definition of Transfer
◦ Sale, Exchange,
◦ Extinguishment of Rights
◦ Compulsory Acquisition
◦ Conversion into Stock in trade
◦ Giving Possession under Part Performance

Transfer
Exclusions from Definition
◦ Distribution of Assets by HUF
◦ Gift, Will, Irrevocable Trust
◦ Holding/Subsidiary Transactions
◦ Mergers/De-mergers – company/holders
◦ Conversion of debentures / bonds in to shares
◦ Conversion of Firm into company
◦ Conversion of Proprietary concern into a company
◦ Distribution of Assets in kind by a company to its shareholders at
the time of liquidation

Profit/Loss..
Sales Consideration
Less: Expense on Transfer
Deductions
◦ Cost of Acquisition
◦ Cost of Improvement ( Expenses incurred after 1.4.1981 )
◦ Deduct the exemptions ( Section 54 Series )
Balancing amount is CG
Indexation to be done for Long Term Capital gain

Conditions for Capital Gain
There should be a Capital Assets
It is transferred by Assessee
Transfer takes place during the previous year
Profit or Gain arises as a result of transfer
Exemptions are available under sections:
◦ 54,54B,54D,54EC, 54F, 54G, 54GA.

Special Considerations apply:
 Depreciable Assets : Section 50
◦ Gains will always be SHORT TERM
 Immoveable Properties
◦ Reference to Stamp Duty Valuation under Section 50C
 Self Generated Asset
 Goodwill of a Business (excluding Profession, CIT Vs B.C. Shrinivasa setty);
 Right to manufacture, produce, or process any article or thing or right to carry on
any business.
 Treatment
◦ Full Value of Consideration will be taken on Actual basis.
◦ Cost of Acquisition &/ or Improvement will be taken as Nil.
◦ Expenses on transfer will be deductible on Actual basis.

Cost of Acquisition of Bonus shares
 If original shares and bonus shares are acquired before April1, 1981 :
 Cost :
 Original shares : Actual cost or fair market value on April 1, 1981 whichever is
more
 Bonus Shares : Fair Market Value on April 1, 1981
 If Original Shares acquired before April 1, 1981 but bonus shares are allotted
after April 1, 1981 :
 Cost :
 Original shares : Actual cost or fair market value on April 1, 1981 whichever is
more
 Bonus Shares : Nil
 If Original shares and Bonus Shares are acquired after April 1, 1981
 Cost :
 Original shares : Actual cost
 Bonus Shares : Nil

Cost Inflation Index
Financial Year 1981-1982 100
Financial Year 2013-2014 939
It may be computed as under:
Assets acquired before April 1,1981
Assets acquired on or after April 1 1981
Assets acquired on or after April 1, 1981 in one of the
circumstances specified in sec 49(1) and originally acquired by the
previous owner before April 1, 1981
Assets acquired on or after April 1, 1981 in one of the
circumstances specified in sec 49(1) and originally acquired by the
previous owner on or after April 1, 1981

Cost Inflation Index
A. Indexed Cost of Acquisition
Cost of Acquisition or FMV as on
01/04/1981 as the case may be
Index Factor for the base year 1981-82 or
for the first year in which the Asset was
held by assessee, whichever is later
B. Indexed Cost of Improvement
Cost of Improvement ( Incurred only after
01/04/1981 )
Index Factor for the year in which
Improvement was made to the asset
X Index Factor for the year of
Transfer
X Index Factor for the year of
Transfer

Special cases in computation of Period of holding
Sec.49(1) - Previous owner:
If the capital asset is acquired by the assessee through any of
the ways/modes specified U/S.49(1), then the period for
which the previous owner held the asset should also be
included for computing the period of holding of the
assessee/person who sold it.
i.e. the word “held by assessee” means “held by the assessee
and by the previous owner”

Special cases in computation of Period of holding
Property acquired by Gift, Will etc
Property acquired on Partition of HUF
Amalgamation,
Demerger,
Business Re organisation
Right Renouncement ( Period to be taken from Date of offer to
Right Renouncement)

Special cases in computation of cost of acquisition
If the assets acquired in any mode in Section 49 (1) , then cost of
the Acquisition shall be taken as the cost to the Previous owner.
If the assessee or previous owner whose cost has to be adopted, as
the case may be, acquired the assets before 01/04/1981, then FMV
as on 01/04/1981 or the cost paid whichever is higher
Cost of Improvement in any property done before 1.4.1981 is to be
taken as Nil.
Cost of Improvement in any property done after 1.4.1981 is to be
taken with Cost of Indexation.

Certain Special Cases
Capital Gain in the case of conversion of capital Assets
into Stock in Trade (Sec 45 (2))
◦ Event: Conversion of a capital asset into stock in
trade.
◦ Year of Chargeability: The year in which such stock-in-
trade was sold.
◦ Consideration: FMV as on the date of conversion.
◦ Indexation Facility is available only up to the year of
conversion.

In the year in which such SIT is sold both Capital gains and
business profits will result.
◦ Capital Gain = FMV- Indexed Cost of Acquisition
◦ Business Income= Sales Consideration- FMV
Capital Gain in the case of Land and Building (Section 50 (C) )
◦ For Sales Consideration, MV or the Agreement value
whichever is higher is to be taken.

Capital Gain in case of compulsory acquisition of an asset
( Section 45 (5 ))
◦ Event: Transfer of a Capital Asset by way of Compulsory
Acquisition, under any law.
◦ Year of Chargeability: In the previous year in which
compensation is received (Full/Part).
◦ Consideration: Compensation.
◦ Indexation is available only up to the year of transfer.
◦ If the Compensation is received by the legal representative of the
deceased person from whom the Asset was acquired, the
recipient shall be chargeable to tax.

Capital Gain in case of compulsory acquisition of an asset
( Section 45 (5 ))
◦ Enhanced compensation/consideration: Fully Taxable as a
Capital Gain in the year in which it is received.
◦ The cost of acquisition and Improvement thereto will be taken as
“Nil” since it is already has been deducted at the time of
computation of Capital Gain of Initial compensation.
◦ Interest on enhanced compensation is chargeable under Income
from other sources.
◦ Expenses incurred for getting the enhanced compensation is
allowable as expenditure.

Procedure to be followed at the time of conversion of
debentures / bonds into shares.
◦ Nothing is taxable at the time of Conversion.
◦ COA of Bonds/debentures will become the COA of Shares
◦ To find out Gain is Short Term or Long Term, Period of holding
shall be counted from date of allotment of Shares.
◦ The benefit of indexation is available from date of allotment of
shares.
◦ If Shares are LTCA and STT is paid on sales, CG is exempt u/s.10
(38).

Procedure to be followed for sale of Right Shares
The cost of acquisition (C.O.A.) of original shares –
◦ Amount actually paid.
The C.O.A. of the right shares –
◦ Amount actually paid.
Right Renouncements –
◦ While computing capital gains C.O.A. to be taken as N I L.
Cost to the purchaser of right shares:
◦ Amount paid to the company for acquiring the shares + the
amount paid to the owner towards rights renouncement.

Capital Gain Exempt from Tax
CG arising from transfer of residential House [Section 54]
CG arising from transfer of land used for agricultural
purpose. [Section 54B]
CG arising from compulsory acquisition of Land and Buildings
forming part of Industrial undertaking. [Sec 54D]
CG not to be charged on Investment in certain Bonds.
[Section 54EC]
CG on transfer of long term capital asset other than a house
property [Section 54EF]

Rates of Tax for capital Gain
Long Term Capital Gain : 20%
Short Term Capital Gain- Add to the normal Income
Long Term Capital Gain :
◦ Listed equity shares and subject to STT : Nil u/s. 10 (38)
◦ Non Listed Equity Shares 20%
Short Term Capital Gain on sale of :
◦ Equity shares or Units of Mutual Fund,
◦ Transaction of Sales is on or after 01.04.2004
◦ Such Transaction is subject to STT
◦ It will be taxable @ 15%

Income Tax
Income from Other Sources

Income From Other Sources
Last and residual head of Income
Dividend under section 2 (22) (e)
Winning from Lotteries
Interest on securities
Rental Income of Machinery, Plant or furniture
Rental Income of Machinery, Plant or furniture and
building and the same is not separable
Sum received under Key Man Insurance Policy
Gift

Winning from Lotteries, crossword puzzles, horse
race, card game etc
Taxable
Receipt is chargeable @ 30% ( +SC +EC +SHEC)
Taxable in the year of receipt
Gross up if net winning is given after TDS
TDS is applicable if winning is more than Rs. 10000 except in the
case of horse race where it is Rs. 5000/-

Interest on Securities
Security of Central Government or State Government
Taxable on receipt basis if the books are maintained on cash basis
otherwise on accrual basis
Interest exempt from tax u/s. 10 (15) to exclude
Grossing up of Interest if TDS is deducted.

Income from Machines, Plant or Furniture let on hire
Taxable if the same is not chargeable under business income
Composite Letting is taxable under this head
This rule is applicable even if the sum receivable for the two lettings
is fixed separately.
If the Letting out of Building and Machinery and two lettings are
separable then, letting out of Machinery will be taxed here.
If the Letting out of Building and other amenities like AC etc , then
generally Letting out of Building is taxable under IFHP and
amenities under IFOS.
If building is let out but other assets like machine, furniture are not
given on rent, then it is not chargeable under this section.

Receipts without consideration (Sec 56 (2))
The recipient is an individual or HUF
A sum of money/ Property is received without consideration
on or after 01/10/2009;
◦ A Sum of Money / Property is received without
consideration or with inadequate consideration.
◦ Chargeable to Tax in the hands of Recipients under the
Head Income From Other Sources. Entire amount is
chargeable to tax in the hands of recipient.

Receipts without consideration (Sec 56 (2))
“Property” means;
a) Land or Building or both;
b) Shares and Securities;
c) Jewellery;
d) archaeological collection;
e) drawings;
f) Paintings;
g)sculptures;
h) any work of art;
i) Bullion w.e.f 01/06/2010.

Five categories chargeable to Tax
A receipt of sum of money or property without consideration or
with inadequate consideration is chargeable to tax if it satisfies the
following conditions:
◦ It is received by an Individual or HUF.
◦ It is received on or after 01/10/2009.
◦ Sum of money or Property falls any of the Five Categories ( given
in next slide)
◦ It does not fall in the exempted category.

Categories Tax Treatment Ceiling Rs.50K
Any sum of Money ( Gift in
cash or by DD or by
cheque)
If aggregate amount of sum of Money
received by Individual or HUF
without any consideration from one
or more persons exceeds Rs.
50000/-. Whole of such amount
Chargeable to Tax.
All Transactions
Immovable Property
without Consideration
If any IP (without consideration) is
received and the stamp duty value of
Property Transferred is more than
Rs. 50000, Stamp duty value will be
chargeable to tax.
Single Transaction

Immovable Property for a
consideration which is <
the Stamp duty value (from
A.Y. 2014-2015)
If IP received for a consideration
which is < the stamp duty value of
the property by an amount exceeding
Rs. 50000., then difference between
stamp duty value and consideration is
chargeable to tax
Single Transaction
Movable Property without
consideration
If aggregate value of MP received
without consideration exceeds Rs.
50000, the whole of aggregate FMV
of MP will chargeable to Tax
All Transactions

Movable Property for a
consideration which is less
than Fair Market Value.
If MP is received for a consideration
which is < the aggregate MV of the
Property/ies by an amount exceeding
Rs. 50000, then the difference
between aggregate FMV and
consideration is chargeable to Tax.
All Transactions

Exempted Categories
While Calculating the monetary limit of Rs. 50000, any sum of
money or property received from the following shall not be
considered:
◦ Received from a relative
◦ Received on the occasion of the marriage of individual
◦ Received by way of will/inheritance
◦ Received in contemplation of death of the payer
◦ Received from local authority
◦ From university or education institution as mentioned in section
10 ( 23C)
◦ From charitable institute registered under section 12AA.

Other relevant Points
The Value of Movable Property shall be the FMV as on the date of
receipt in accordance with the method prescribed.
In case of Immovable Property, the value of the property shall be
the stamp duty value of the property.
Relative means ( as defined in the next slide )
The Provision covers only a receipt by an individual or HUF
Gift on occasion of marriage is not chargeable to tax
Gifts on other occasion ( Birthday etc.) will be chargeable to tax.
Marriage gift may be received from relatives, friends or any other
person.

Other relevant Points
The provisions is applicable whether recipient is a resident or non-resident.
Gift received by Non-resident in India is chargeable to tax.
The provisions is applicable whether the donor is resident or non-resident.
If Individual/HUF gets a gift of agricultural land situated in a rural
area in India, it is not chargeable to tax in the hands of recipient, as
rural agricultural land is not treated as “capital asset” under section
2 (14).

Relative means:-
Relatives If Tax Payers is X,
1. Spouse of the Individual Mrs. X
2. Brother or sister of the Individual Brothers/sisters of X
3. Brother or sister of spouse the Individual Brothers/sisters of Mrs. X
4. Brother or sister of either of the parents
of the Individual
Brothers/sisters of father or mother of Mr.
X
5. Any lineal ascendants or descendants of
the Individual.
Lineal ascendants or descendant of X
6. Any lineal ascendants or descendants of
spouse of the Individual.
Lineal ascendants or descendant of X
7. Spouse of the person referred to in ( 2)
to ( 6 )
Spouse of aforesaid persons

Valuation Rules
Different Properties Valuation of Properties
Immovable Property Stamp duty value of the property
Jewellery, archaeological collections,
drawings, paintings, sculptures or any work
of art
If purchased from Registered Dealer:
Invoice value = Market Value
In any other case : The price which would
fetch if sold in the open market. ( FMV or
certified value from registered dealer.)
Quoted Shares and securities (received by
any recognized Stock exchange in India)
The transaction value as recorded in such
stock exchange
Quoted Shares and securities (not being
received by any recognized Stock exchange
in India)
Lowest price of such shares quoted on any
recognised stock exchange in India on
Valuation date or immediately preceding
date in case not traded on valuation date.

Valuation Rules
Different Properties Valuation of Properties
Unquoted Equity Shares (Option 1 ) Net worth/Number of Shares= Per Share
value
Unquoted Equity Shares (Option 1 )
Under section 56 (2 ) (vii)
FMV shall be determined by a Merchant
banker or by accountant as per DCF
method.
Other Unquoted Shares and securities FMV shall be estimated to be the price it
would fetch if sold in Open market on
valuation date

Valuation Rules…. Contd…
Where the date of agreement fixing the value of consideration for
the transfer of Immovable property and date of registration are not
same, Stamp duty value may be taken as on the date of agreement
for transfer and not as on the date of registration for such transfer.
Exception in case of Money received before the date of agreement
other than cash.

Deductions in case of IFOS
Any other expenses for earning income
◦ Spent wholly and exclusively for earning income
◦ Must not be in a capital nature
◦ Must not be in a personal nature
◦ Spent in related previous year and not in any prior year
Commission for realizing dividend or interest on security
Repairs, depreciation, insurance premium in the case of letting out
of plant, machines, furniture, building
Standard deduction in the case of family pension - Rs. 15000/- or
33-1/3 of such income whichever is less ( paid to a person by the
employer in event of death.)

Income Tax
Set off and carried forward of Losses

Set off and Carried forward of Losses
Step :1 :Inter – Source adjustment under the same head of Income
Step :2: Inter head adjustment in the same assessment year. This is
applied only if a loss can not be set off under step 1.
Step : 3: Carry forward of loss. This is applied only if a loss cannot be
setoff under step 1 and step 2

Inter – Source Adjustment
Loss of any Source can be adjusted against the income of any other
source for the same A.Y.
Exceptions:
◦ Loss from speculation business- Same Income
◦ Loss from the activity of owning and maintaining race horses-
Same Income
◦ Loss can not be set off against winning from lotteries, crossword
puzzles, horse races etc
◦ Loss from an exempt income cannot be set off against Profit from
Taxable source of Income.

Inter – Source Adjustment Sec 70
Other points
◦ Loss from a H.P. can be set off against the income from any other
house property
◦ Loss from Non- speculation business can be set off against income
from speculation or non-speculation business
◦ STCL can be set off against any capital gain ( whether
short term or long term)
◦ LFOS except exceptions, can be setoff against any income other
than winning from lotteries etc..
◦ Loss of any source can not be adjusted against exempt income.
◦ LTCL against LTCG
◦ STCL against LTCG/STCG

Inter – Head Adjustment Sec 71
◦ Net result of computation in respect of any head of income
(excluding CG) is a loss, the same can be set off against the
income from other heads ( including CG)
Exceptions
◦ Loss in speculation business
◦ Loss from activity of owning and maintaining race horses
◦ Loss can not be set off against winnings from lotteries etc.
◦ Loss under capital Gain can not be set off against any other head
◦ Business loss ( including unabsorbed depreciation )can not be set
off against Salary.

Inter – Head Adjustment Sec 71
Other Points
Section 71 to follow only after Section 70
Except exceptions mentioned, any loss can be setoff against
income under other heads for the same year. Eg. Hp Loss
against specu. Profits
No order of priority is given. One should set off those loss for
which there is no carried fwd.
No option is available to not to set off the loss.
Loss of any head can not be adjusted against exempt income

Carried forward of Loss
Loss under Head “IFHP”
Loss under Head “ Profit and gains of business or profession
whether speculative or non Speculative
Loss under Head Capital Gain (ST and LT)
Loss from the activity of owning and maintaining race horses.
Return of Loss should be filed before due date

Carried forward of Loss
Same
Head
House Property Yes Yes - Yes 8 years same head
Long Term Capital Losses Yes No LTCG Yes 8 years LTCG
Short Term Capital Losses Yes No STCG/LTCG Yes 8 years STCG/LTCG
Owning / Maintaining race
horses
Yes No same item Yes 4 years same item
Income from Other Sources
(except if exempt)
Yes Yes NA No NA NA
CARRY FORWARD & SET -
OFF OF LOSSES:
Set-off
During the year
Carry Forward & Set - off Next year(s)
Speculation Business Yes No From Speculation Profits Yes 4 years
8 years
Another
head
Against C/F Years Agst Profits From
Any Inocme Any income ( Other Than
Salary )
Any Business Profits
Same/ another
Speculation Business
same head
Unabsorbed Depreciation Yes Yes Yes No limit
Non-speculative Business or
Profession
Yes Yes
(except
salary)
Yes

Order of set off
 Order of Set off If profit is insufficient
◦ Current Scientific research expenditure
◦ Current Depreciation
◦ Brought forward Business Losses
◦ Unabsorbed Family Planning promo expenses
◦ Unabsorbed depreciation
◦ Unabsorbed Scientific Research Capital Expenditure
◦ Unabsorbed development allowance
◦ Unabsorbed Investment allowance
Loss from exempt Income can not be carried forward

Income Tax
Deductions from Gross Total Income

Deductions
Generally available only to residents
Subject to the existence of income
Broad Categories
◦ For certain payments
◦ For certain incomes
◦ In certain situations

Deductions from GTI
Deduction in respect of insurance premia, contribution
to PF, PPF etc.. ( Section 80 C)
◦ Available from GTI
◦ Only to an Individual or HUF
◦ Only on qualified Investments
◦ Maximum amount should not exceed > Rs. 100000/- together
with 80C, 80CCC, 80CCD
 Deduction in respect of Pension Fund(80CCC)
 Contribution to Pension scheme of Central Government or notified by
Central Govt. (80CCD)

Medical Insurance Premia (Sec 80D)
Individual or HUF
Paid by any other mode other than cash
Paid out of the income chargeable to tax
On the health of Taxpayer, spouse, dependant parents
and dependant children or member of HUF.
Deduction : Rs. 15000/- for self and family ( Rs. 5000/-
for senior citizen ), Additional Rs. 15000/- for parents
and Rs. 5000/- if paid for senior citizen parent.

Medical Treatment of dependant being a person
with disability
Section 80DD
Tax Payer is resident in India
Spent amount for medical treatment or deposited
under any scheme framed
Dependant means the spouse, children, brothers,
sisters, of the individual
Such person has not claimed any deduction u/s 80U
Form 10IA is required from the Medical Practitioner
Rs. 50000/-. If having severe disability, Rs. 100000/-

Medical Treatment ( 80DDB)
Tax payer is resident in India
Individual or HUF
Actually paid any amount of a specified disease
Dependant means the spouse, children, brothers,
sisters, of the individual
Certificate in form 10I from such specialist working in a
Govt. Hospital
Deduction : Rs. 40000/- or actual expenses whichever is
lower. For Senior Citizen Rs. 60000 or actual expenses
which ever is lower

Repayment of Loan taken for higher studies Section
80E
The assessee is an Individual
Taken loan from any Financial Institutions
Taken for pursuing higher education for own or for his
relatives i.e spouse or child. Any courses after Class XII
(from A.Y. 2010-11) or its equivalent, including
vocational Studies
Amt. is paid out of Income chargeable to tax
Interest is deductible from the year in which assessee
starts paying the Interest and seven assessment years
or till the Interest paid in full whichever is earlier.

Donations Section 80G
Available to any tax payer
Find out Gross Qualifying Amount
◦ Aggregate of donations made to any of the institutions
◦ Donation in Kind is not be included
Find out Net Qualifying Amount
◦ Limited to 10% of adjusted GTI
◦ Adjusted GTI= GTI –[80C to 80U-Exempt Income-LTCG-STCG)
◦ This ceiling is not applicable for certain donations.
Proper proof of Payment must be submitted

Donations – the matrix
No Limit 10% Limit
100% National Defence Fund
PM National Relief Fund
CM Relief Fund
National Foundation for Communal Harmony
Prescribed Universities
National Sports fund
Disaster Relief Funds – earthquakes, cyclones, etc.
Sports Associations
Family Planning Associations
Planning & Devpt of Town
Interest of minority communit
50% Jawaharlal Nehru Relief Fund
PM Drought Relief Fund
National Children’s Fund
Indira Gandhi Memorial Fund
Rajiv Gandhi Foundation
Approved Charitable Organizations
Any Notified Tample
.
178

Deduction in respect of rent paid Section 80 GG
The Taxpayer is an individual
Self employed person. Alternatively,
Employee who does not get HRA at any time during previous
year
He or his relatives, i.e spouse, minor child or HUF of which
he is a member does not own any residential
accommodation where he resides or perform duties.
If the tax payer owns a residential house at any other place
other than the place noted above, then the exemption of
SOP is not claimed by him.
Declaration in form 10BA is submitted for rent paid.

Deduction in respect of rent paid Section 80
GG
Amount of Deduction- Least of following
◦ Rs. 2000/- per month
◦ 25% of total income* (* as given below)
◦ Excess of rent paid over 10% of total income
◦ *Gross Total Income XXX
◦ Less: LTCG XXX
◦ Less: STCG u/s111A @15% XX
◦ Less: Income u/s115A XX
◦ Less: Deduction u/s80C-80U XX
◦ Total Income for the purpose of 80GG XXX

Deduction in respect of donation for scientific
research 80GGA
An Assessee other than whose GTI includes income
from profits and gains of business or profession
Following payment are allowed
◦ Scientific research association
◦ University, college to be used for research
◦ Approved association or Institutions, public sector company for
carrying out the eligible projects
◦ Sum paid to national fund as notified by CG
◦ Paid to National Urban Poverty Eradication Fund

Deduction in respect Interest on Deposites in Saving
Account- Section 80TTA
Eligible Assessee : Individual or a HUF
Eligible Income : Interest on Deposits ( other than time deposits )
in a savings accounts with a bank; a co-operative society or a post
office
Quantum of deduction : Upto Rs. 10,000/-
In case a Deposits, held by a Firm/AOP/BOI, No deduction shall be
allowed to partners or members of AOP/BOI.
Time deposits means deposits repayable on expiry of fixed periods.

Other Deductions
Contribution given by companies to Political Parties ( Sec. 80GGB)
Contribution given by any person to Political Parties ( Sec. 80GGC)
Deduction in respect of Profits and gains from Industrial
Undertakings engaged in Infrastructure development ( Sec 80- IA )
Deduction in respect of Profits and gains from Industrial
Undertakings engaged in SEZ development ( Sec 80- IAB )

Other Deductions
In respect of Profits and gains from Industrial Undertakings
other than Infrastructural development undertakings ( Sec
80- IB )
In respect of profits and gains of certain undertakings in
certain special category of states ( Sec 80IC)
Hotels & convention centre in NCR(Sec80 ID)
Undertaking in North Eastern States(Sec80 IE)
Person with a disability Sec 80 U- Fixed deduction of Rs.
50000/-. Severe disability- Rs. 100000/-.

Income Tax
Clubbing of Income

Income of other persons included in assessee's total Income
Transfer of Income without transfer of Assets ( Section 60 )
Revocable Transfer of Assets ( Section 61 )
Remuneration to Spouse [ Section 64 (1 ) (ii) ]
Assets transferred to Spouse [ Section 64 (1 ) (iv) ]
Assets transferred to Son’s Wife [ Section 64 ( 1 ) (vi) ]
Assets transferred to a person for the benefit of Spouse [64(1)(vii)]
Assets trfd. to a person for the benefit of son’s wife [64(1)(viii)]
Income of a Minor Child [Section 64 (1A) ]
Conversion of Self acquired Property into JFP and subsequent
partition.

Transfer of Income without transfer of Assets
Conditions:
◦ The Tax Payer owns an asset. Ownership is not transferred.
◦ The income from the asset is transferred to any person under a
settlement, trust, covenant, agreement or arrangement.
◦ The above transfer may be revocable or many not be revocable
◦ The above transfer may be effected at any time.
The income from the asset would be taxable in the hands of
transferor.
There are no exception to this section.

Revocable Transfer of Assets
 If an asset is transferred under “ Revocable Transfer”, income from such asset is
taxable in the hands of the transferor.
 Revocable : Meaning:-
◦ Assets transferred under a trust and it is revocable during the lifetime of
the beneficiary.
◦ Assets transferred under a trust and it is revocable during the lifetime of
the transferee.
◦ Assets transferred before April 1, 1961 and it is revocable within 6 years.
◦ If the transfer contains any provision of re-transfer the asset (or income
there from) to the transferor directly or indirectly, wholly or partly
◦ If the transferor has any right to reassume power over the asset (or
income there from) directly or indirectly wholly or partly.

Remuneration to Spouse
Conditions:
◦ The Tax Payer is an Individual
◦ He/ she has substantial interest in a concern (>20% Shares)
◦ Spouse of tax payer ( i.e husband or wife of the taxpayer ) is
employed in the abovementioned concern.
◦ Spouse is employed in the concern without any technical or
professional knowledge or experience.
If the above conditions are satisfied, then salary income of the
spouse will be taxable in the hands of the taxpayer.
If both H/W have substantial interest and both does not have
technical knowledge and getting remuneration ?

Assets transferred to Spouse
Conditions:
◦ The Tax Payer is an Individual
◦ He/she has transferred an asset ( other than House Property)
◦ The asset is transferred to his/her spouse
◦ Transfer may be direct or indirect
◦ The asset is transferred otherwise than (a) for adequate
consideration or (b) in connection with an agreement to live
apart.
◦ The asset may be held by the transferee-spouse in the same form
or in a different form.

Assets transferred to Spouse … Contd.
If the above conditions are satisfied:
◦ Any income from such asset shall be deemed to be the income of
the tax payer who has transferred the asset.
Asset other than house property should be transferred: If a house
property is transferred and the above noted conditions are
satisfied, then the transferor is “ deemed” as owner of the Property
under section 27.
Natural love and affection may be good consideration but that
would not be adequate consideration for the purpose of this
section.

Assets transferred to Son’s Wife
Conditions :
◦ The taxpayer is an individual.
◦ He/she has transferred an asset after May 31, 1973.
◦ The asset is transferred to his/her son’s wife.
◦ Transfer may be direct or indirect.
◦ The asset is transferred otherwise than for adequate
consideration.
◦ The asset may be held by the transferee in the same form or in
different form.
The Income from the asset is included in the income of the taxpayer
who has transferred the asset.

Assets transferred to a person for the benefit of
Spouse
Conditions :
◦ He/she has transferred an asset.
◦ The asset is transferred to a person or an associate of persons.
◦ It is transferred for the immediate or deferred benefit of his /her
spouse.
◦ The transfer is without adequate consideration.

Assets transferred to a person for the benefit of
son’s wife.
Conditions :
◦ He/she has transferred an asset after May 31, 1973.
◦ The asset is transferred to a person or an associate of persons.
◦ It is transferred for the immediate or deferred benefit of his /her
son’s wife.
◦ The transfer is without adequate consideration.

Income of a Minor Child
All income which arises or accrues to the minor shall be clubbed in the
income of his parent.
Clubbing in the hands of Father or mother whose total income
( excluding the income of Minor is greater.
Where the marriage of parent does not subsists, it will be includible in
the hands of that parent who maintains child in that P.Y.
In case of parents are not alive, the minors income is not assessed.
( R.P. Sarathy v CIT (2006) 5 SOT 732 Chennai.
Once clubbing of minor’s income is done with that of one parent, it will
continue to be clubbed with that parent only in subsequent years.
However, if it is to be clubbed with other parent, an opportunity will be
given to the other parent.

Income of a Minor Child … Contd…
When Clubbing is not attracted:
◦ Income of Minor child suffering from any disability of nature
specified in section 80U.
◦ Income of Minor child on account of any manual work
◦ Income of Minor child on account of any activity involving
application of his skills, talent or specialized knowledge or
experience.
Exemption:
◦ Exemption is Rs. 1500/- per child per year will be given to a
parent in whose income, the income of Minor is clubbed.

THANKS

Income tax A.Y 2014-2015

Recommended

Recommended

More Related Content

What's hot

What's hot (20)

Viewers also liked

Viewers also liked (7)

Similar to Income tax A.Y 2014-2015

Similar to Income tax A.Y 2014-2015 (20)

More from Sshailesh L. Prajapati

More from Sshailesh L. Prajapati (7)

Recently uploaded

Recently uploaded (20)

Income tax A.Y 2014-2015

Editor's Notes