NDIM Taxation 2 (1)

7/29/2019 NDIM Taxation 2 (1)

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Contd.

Agriculture does not merely imply raising of

foods and grains. It includes all the products from the

performance of the basic and subsequentoperations on land.

Example: fruits, vegetables, tea , coffee,sugar-cane, tobacco, spices, cotton , jute,timber, tendu leaves etc.

All products of the land which has got someutility either for the consumption or for trade &commerce


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Contd.

Mere connection with land not sufficient torefer the income as agricultural. Example:poultry farming , breeding and rearing of livestock.

With effect from A.Y. 2009-10, nurseryoperations income from saplings or seedlings grown in a nursery shall be

deemed to be agricultural income.


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Income attributable to a farm houseSection 2(1A)(c)

To qualify for the above, certain conditionsneeds to be satisfied- The building should be occupied by the

cultivator (as a landlord or as a tenant) or receiver of rent-in-kind as a landlord.

The cultivator or receiver of the rent-in-kindshould by reason of his connection with theagricultural land requires the building as adwelling house or as a store house.

It should be on or in the immediate vicinity of land situated in India and used for agriculturalpurposes.


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Contd.

The land is assessed to land revenue or localrate or alternatively the land is situatedoutside urban areas

(Urban area = an area which is comprised withinthe jurisdiction of any municipality / cantonmentboard having population of not less than 10000persons or within 8 kilometers from the limits of themunicipality or contentment board.)

The land or building should be used for agricultural purposes. For example giving thebuilding on rent is not agricultural purposeand such case income will not be exempt.


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Capital and revenue expenditure Not defined under the act, but one has to

follow the natural meaning & decidedcases.

Acquisition of fixed asset against routineexpenditure Capital expenditure means expenses incurred

while purchasing a fixed assets, as against

revenue expenditure is recurring or incurredduring the normal course of business


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Contd. Benefit over several years against one

year Capital expenditure benefits us for several

years (life of the asset) as against revenue

expenditure is consumed within a year. Improvement as against maintenance

Capital expenditure leads to increasing the

efficiency or earning capacity of the fixedasset. Whereas revenue expenditure helps inrunning the business smoothly.


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Contd. Lump sum payment as against periodic

payments To decide whether Capital expenditure or

revenue expenditure, whether payment was

made in lump sum or periodic cannot bedeciding factor.


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Company Section 2(17) defines Company to mean

An Indian company or A body Corporate incorporated under the laws

of a foreign country

Any institution, association or a body, whether incorporated or not and whether Indian or nonIndian, which is declared by general or specialorder of the CBDT to be a Company


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Indian Company

Indian Company Section 2(26) A company formed and registered under the

Indian Companies act of 1956 A company formed and registered under any

law in force in the state of Jammu andKashmir

Any institution , association or body which isdeclared by the board to be a Company under section 2(17)


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Dividend Section 2(22) Under Section 2(22) following payments

or distribution by a company to itsshareholders are deemed as dividend tothe extent of accumulated profits of the

company Any distribution entailing the release of

companys assets.

Any distribution of debentures, debenturestock, deposit certificates and bonus topreference share holders

Distribution on liquidation of company


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Contd.

Distribution on reduction of Capital Any payment by way of loan or advance by a

closely held company to a shareholder,holding substantial interest; provided the loanshould not have been made in the ordinarycourse of business and money lending shouldnot be substantial part of the companysbusiness


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Total Income & its computation It is-

Gross total Income ***** Less: Permissible deduction u/s.80 *****( section 80 C to 80 U)

Net taxable income ***** Tax is calculated on the Net taxableincome as per the applicable rates.

The net taxable income is rounded off asper the provisions of section 288A and thetax payable is rounded off to as per provisions of section 288B


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RESIDENTIAL STATUSPERSON

ALL ASSESSEE

RESIDENT NON RESIDENT

ONLY

INDIVIDUAL & H.U.F

RESIDENT &

ORDINARY RESIDENT

RESIDENT BUT NOT

NOT

ORDINARY RESIDENT


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BASIC CONDITIONS

STAY IN INDIA IN PREVIOUS YEAR

182 DAYS OR MORE

OR

60 DAYS IN PREVIOUS YEAR & PRECEDINGPREVIOUS 4 YEARS 365 DAYS


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EXCEPTIONS An Individual

Indian citizen, leaves India in previous year,as a crew member of an Indian Ship

OR

For employment An Individual

Who is person of an Indian Origin or Who is

an Indian Citizen Stayed outside India Comes on a visit to India


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CONDITIONS FOR R & OR

Preceding previous 10 years, Resident at-least for two years

AND

Stay in India in preceding previous sevenyears 730 days.


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HUF & RESIDENTIAL STATUS

Resident Control &

Management of

affairs is exercised Either completely

or partially fromIndia

R & OR Status of Karta of

HUF?

R & OR OR

NR or R but NOR


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Control & Management

Refers to Head and Brain which directthe affairs of the business i.e. the policies,finance, disposal of profits, vital thingsconcerning the management of thebusiness


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COMPANY/AOP/BOI/FIRM AND

RESIDENTIAL STATUS AOP/BOI/FIRM/Local

authority/Artificialperson

R & OR Control &

Management of affairs is exercised

Either completelyor partially fromIndia

COMPANY Indian always R & OR Any other company

R & OR Control &

Management of affairs is exercised

Completely in India


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Relationship between residentialstatus & incidence of tax

Incidence of tax on a tax payer depends on his residential status and also on the place & time of accrual or

receipt of income.


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Indian Income & Foreign Income

Indian Income If income is received in

India & also accrues inIndia (deemed toreceived & accrues inIndia)

If Income is receivedin India but accruesoutside India

If Income is receivedoutside India butaccrues in India

Foreign Income Income is not received

in India ( not deemedto receive in India)

Income does notaccrue or arise inIndia.


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INCOME DEEMED TO RECEIVE AND ACCRUE IN INDIA

Examples of Income deemed to receive Contribution by the employer to the EPFaccount in excess of 12% of employeessalary

Annual interest credited to the employees PFaccount in excess of 9.5%

Examples of Income deemed to Accrue All income accruing or arising whether directly

or indirectly through / from Any business connection in India or Property in

India or Asset or source of income in India or Transfer of Capital asset in India


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Contd. Salary payable for services rendered in India

Salary received by Indian national fromGovernment in respect of services renderedoutside India is deemed to accrue or arise inIndia

Any dividend paid by an Indian Companyoutside India

Etc.


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SCOPE OF INCOMEParticulars R & OR R but NOR NRI

Incomereceived inIndia

TAXABLE TAXABLE TAXABLE

Accrues inIndia


Deemed toreceive or accrue in India



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Contd.

Businessincomecontrolledwholly or partly fromIndia

Taxable Taxable NotTaxable

Business /

Professioncontrolledfrom outsideof India

Taxable Not

Taxable

Not

Taxable


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HEADS OF INCOME

Income from Salary Income from House Property

Profits & gains from Business &Profession Capital Gain

Income from other sources


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EXAMPLE FORPOST-CONSTRUCTION INTEREST

FLOP/PLOP/VLOP/DLOP Loan taken for

construction/purchase of theproperty

No Limit

SOP/ UOP Loan taken for

construction/purchase of the property

Rs.1,50,000 (Loantaken after 1-4.99)

Rs.30000 (For prior

period) Limit incl. repair loan repayment


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CAPITAL GAINS

Basic Conditions There must be a Capital Asset.

There must be Transfer of the asset.

Transfer During the previous year.

Due to transfer Gain/ Profit arises.


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CAPITAL ASSET

Meaning Section 2 (14) Property of any kind

Tangible or Intangible

Whether connected to business or not Held by Assessee

Subject to certain exceptions


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Exceptions Stock in trade, consumables or raw

material held for business.

Agricultural Land in rural area

Special bearer bonds 1991

6.5 % Gold Bonds 1977, 7% Gold Bonds1980, National Defence gold bonds


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Contd.

Personal effects of the assessee i.e. Movable property including furniture, wearing

apparel , held for personal use of assessee or

his dependents Excluding Gold, Silver, Semi Precious Stone,

Real Stone, Metal Jewellery, Ornaments


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TRANSFER 2(47)

Sale or Exchange or Relinquishment Extinguishment (like due to fire, theft etc.) Compulsory Acquisition

Conversion into stock Transfer of capital asset by a person to a

firm in which he is a partner

Distribution of capital assets on dissolutionof firm


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Income from Salary

Basic Conditions Master And servant or employer and

employee relationship

Contract of employment is important


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BASIS OF CHARGE

Either accrual or receipt (which ever isearlier)

Salary due from an existing and/or former employer

Salary paid or allowed by the employer though not due

Arrears of salary paid or allowed


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SALARY COMPONENTS

Basic salary Advance salary Arrears of salary Bonus Allowances

Leave encashment on retirement


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COMPONENTS

Retrenchment compensation Pension Gratuity Voluntary retirement payments Perquisites

Provident fund payments


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CONCEPT

Gross salary Deductions such as G.P.F., P.T. Net salary


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COMPUTATION

Gross salary Less:- exemption us. 10 Less:-deduction us. 16

Net salary Deduction under chapter VI-A Net taxable salary


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EXEMPTION UNDER SECTION 10FOR SALARY

LEAVE ENCASHMENT 10(10AA) GRATUITY 10(10) PENSION 10(10A) HOUSE RENT PAID 10(13A) TRANSPORT ALLOWANCE 10(14)

RULE 2BB LEAVE TRAVEL CONCESSION 10(5)


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Leave Encashment Sec.10(10AA) Meaning Leave Salary

Salary standing / accumulated to the credit of an employee at the time of retirement isLeave Salary

Encashment of the same at the time of retirement is referred to as leave encashment

Tax treatment for the same next slide


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Leave encashment tax treatment

Nature of Leaveencashment

Status of theemployee

Tax treatment

Leave encashmentduring continuity of

employment

Government/Non-

government

Taxable

Leave encashment atthe time of retirementor leaving of job

Government Fully Exempt

Leave encashment atthe time of retirementor leaving of job

Non-government

Fully or partlyexempt

N E l i


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Non government Employee exemption- detail

In case of non-government employee (including anemployee of local authority or public sector undertaking exemption is least of the followings.

1 Period of earned leave to the credit of theemployee * average monthly salary2 10 * average monthly salary

3 Rs.300000 (specified amount by government)4 Leave encashment actually received


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Gratuity Section 10 (10) It is a retirement benefit. Payable at the time of cessation of

employment & on the duration of service.

Government employees i.e. CentralGovernment employees, Stategovernment employees, employees of local authority but not of statutorycorporations

Tax treatment - next slide


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Tax treatmentStatus of the employee Whether Gratuity is taxable

Government employee Fully exempt U/s. 10(10)(i)

Non Government employeecovered by Payment of Gratuity Act , 1972

Fully or partly exempt fromtax U/s. 10(10)(ii)

Non Government employeenot covered by Payment of Gratuity Act , 1972

Fully or partly exempt fromtax U/s. 10(10)(iii)


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Employees covered by Payment of Gratuity Act, 1972

Any gratuity received is exempt to the least of the following:

1. 15 days salary (7 days in case of seasonalestablishment) based on salary last drawn

for each year of service.(15 days salary *length of service) (6 months & above =full year) (Salary= last drawn salary=Basic + D.A.) (days in month=26)

2. Rs.350000

3. Gratuity actually received

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Employees not covered by Payment of Gratuity Act, 1972

In case of other employee gratuity received isexempt to the least of the following:

1. Rs.350000

2. Half months Salary for each completed year of service ( only complete year, part of theyear to be ignored; salary based on average

salary for last 10 months immediatelypreceding; Salary=Basic + D.A.)

3. Gratuity actually received

P i


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Pension

Pension received from UNO by anemployee or his family members is notchargeable to tax.

Family pension received by the familymembers of armed forces is exempt under section 10(19).

Family pension received by others (notcovered in 2 above) after the death of theemployee is taxable in their hands under section 56 income from other sources.

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Contd. Un-commuted Pension It is periodical payment of pension- i.e.

monthly pension Commuted Pension It is the lump sum payment in lieu of

periodical payment.

Pension Status of theemployee

Is it chargeable to tax?

Un-commuted Government /nongovernment

It is chargeable to tax

Commuted Government It is fully exempt from taxunder 10(10A)(i)

Commuted Nongovernment

It is fully or partly exemptfrom tax under 10(10A)(ii)

C t d i &


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Commuted pension & nongovernment employee

Nongovernment

employee

Gratuity isreceived

1/3 rd of thepension

received isexempt

Non

governmentemployee

Gratuity is not

received

of the

pensionreceived isexempt.


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HRA Section 10(13A) & Rule 2A Least of the following is exempt Salary = Basic + D.A.( if terms of employment so

provide)1 An amount equal to 50% of Salary (For

Metro cities) and 40% of Salary ( For non-Metro cities)

2 The HRA received by the employee inrespect of the period during which rentalaccommodation is occupied by theemployee during the previous year

3 The excess of rent paid over 10% of Salary

Transport Allo ance 10(14) R le


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Transport Allowance 10(14) Rule2BB

Allowance is granted to an employee tomeet his expenditure for the purposes of commuting between the place of his

residence and the place of his duty It is exempt up to Rs.800 per month In case of blind or orthopaedically

handicapped it is Rs.1600 per month.


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Contd


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Contd.Where journey is performed byair

Amount of economy class air fare of thenational carrier by the shortest route or the amount spent whichever is less

Where journey is performed byrail

Amount of air conditioned first class railfare by the shortest route or amountspent whichever is less

Where the places of origin &destination of journey areconnected by rail and the

journey is performed by anyother mode of transport

Amount of air conditioned first class railfare by the shortest route or amountspent whichever is less

Where the places are notconnected by rail & recognizedpublic transport system exist

First class or deluxe class fare by theshortest route or amount spent whichever is less

Perquisites Taxable


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Perquisites - Taxable Any residential accommodation given to

the employee without charging any rent or at a concessional rate

Free supply of gas , electricity or water for

household consumption Wages paid by the employer for the

domestic servants employed by the

employee Value of free boarding & lodging

expenses.

Free educational facilities to the children

Contd


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Contd. Subscription & Bills paid to the club

houses by the employer Vacation at the holiday homes or holiday

trips at the cost of the employer

Income tax due on salary but paid byemployer

Use of motor car with or without a driver at

the cost of the employer for personal use.


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DEDUCTIONS FROM SALARY

ENTERTAINMENT ALLOWANCE [16(2)] If granted by the employer it is included in the

Salary income From A.Y. 2002-03 the allowance deduction is

allowed only to Government employees. The least of the following is exempt

Actual amount received

Rs.5000 per year 1/5 th of the basic salary


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DEDUCTIONS FROM SALARY

PROFESSIONAL TAX [16(3)] Tax deducted from the Salary under

Maharashtra State Tax on professions, trade,

callings and Employment Act 1975.

Income from Business &


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Income from Business &Profession

Basic conditions Any activity carried out with the intention of

profit Not necessary to carry on business

continuously Activity may be in the nature of business i.e

Trade or Commerce or profession or Vocation

An adventure in the nature of Trade ,commerce or manufacture

B i f Ch (S i 28)


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Basis of Charge (Section 28) Deals with the classes of Income to be

included in the profits and gains of business.

For e.g.

Profits and gains of any business or profession Any compensation or other payment received

or due for loss of agency

Any profit on sale of a licence granted under Imports (Control) Order, 1955 etc.

Any interest, salary, bonus, commission or remuneration due to or received by a partner of a firm

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Contd. Any sum received under Key-man Insurance

Policy including the sum allocated by way of bonus on such policy.

The value of any benefit or perquisite whether convertible into money or not, arising frombusiness or the exercise of profession likepresent received by a doctor.

Business income computation


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Business income computation(Section 29)

1. Determine the profit or loss frombusiness & profession

2. Do adjustments related to expenses allowable or not allowable (as per section30 to 43D)

3. Do the adjustments related to income -to be considered separately etc.

Deductions expressly allowable


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Deductions expressly allowable(Section 30 to 43D)

Rent , rates, taxes, repairs & insurance of Building (Section 30) Building or Premises should be used for the

business purposes Only revenue expenditure related to the

premises allowed ( even in case of rentedpremises)

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Contd. Repairs and Insurance of Machinery ,

Plant & Furniture (Section 31) Said Machinery , Plant must be used for the

business

Only revenue expenditure i.e current repairsor Insurance premium paid against risk of damage

No capital expenditure allowed.


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Contd


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Contd. Unabsorbed Depreciation {Section 32(2)}

Profit earned by business or profession is notsufficient to absorb the amount of depreciation allowance then such amount of depreciation is called unabsorbed

depreciation. Can be set off against any other income of theassessee chargeable to tax for the sameassessment year.

Can be carried forward and set off againstfuture taxable income of the assessee. Notime limit for carry forward

Even if the business discontinue the

unabsorbed depreciation belonging to it can

Contd.


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Contd. Expenditure on Scientific Research

(Section 35) Revenue Expenditure incurred on scientific

research related to the business of assessee Any Capital expenditure incurred except on

Land incurred on scientific research related tothe business of the assessee

A weighted deduction of One & one forth

times of the sum paid to any university or college or association or institution approvedby Central government or to a companyregistered in India for scientific researchpurposes.

Contd


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Contd. Amortization of Preliminary Expenses

(Section 35D) An Indian Company & any resident assessee

are allowed to write off the preliminaryexpenses incurred by them in setting up of a

new industrial unit or extension of an existingindustrial unit. For e.g. Expenses incurred for preparation of

feasibility report, Project report, Conducting

Market survey, legal charges for draftingagreements or MOA & AOA etc. Qualifying amount is allowed over a period of

five years from commencement of business

Contd


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Contd.

Insurance (Section 36(1)(i)) Deduction allowed provided paid by cheque

or electronic mode or credit card etc.

Insurance premium paid to cover the risk of damage or destruction of stocks, stores or cattle and on the health of the employeeunder an approved scheme

Contd


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Contd. Bonus or Commission Paid to Employee

(Section 36(1)(ii)) Any amount of bonus or commission paid to

employee for services rendered is allowed


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Contd.

Interest on Borrowed Capital(Section36(1)(iii)) Interest on Borrowed capital for the business

purposes qualifies for deduction Interest paid by Firm to its Partners will be

deductible within the limits of section 40(b)


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Contd.

Contribution to Recognized ProvidentFund or approved Super annuation fund(Section 36 (1)(iv))

Contribution within the limits as specified bythe act is permitted as deduction.

Contribution to an approved Gratuity fund

is also allowed as deduction under section36(1)(v)


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Contd.

Bad Debts are allowed as deduction asper Section 36(1)(vii) and 36(2) Expenditure on Family Planning is also

allowed as deduction under Section36(1)(ix). In case of capital expenditure1/5 th of such expenditure over five years isallowed.

Any amount of Banking Transaction taxpaid on taxable banking transactions isallowed.

Section 37 General Expenditure


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Section 37 General Expenditure Any expenditure other than mentioned in

Section 30 36 = General expenditure Allowed as deduction so long as Revenue

in nature Incurred for the business of the assessee Should not be personal in nature Should not be prohibited by law

E.g. Purchase of raw Material, Wages,Salaries etc.

Expenses expressly disallowed


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pe ses e p ess y d sa owed Donations , Charity , Presents

Income Tax , advance Tax, Wealth Tax,Estate Duty

Legal expenses incurred to defend

criminal liability Fines , penalty resulting from

contravention of law

Drawings by the proprietor Expenses of capital nature Any kind of provision or reserves not

allowed

Contd


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Contd. Any expenditure incurred by an assessee

on the advertisement in any souvenir,brochure, tract, pamphlet etc published byapolitical party will not be allowed as

deduction -Section 37(2B) Payments made to the relatives of the

assessee who is an individual or Director ,

Partner or a person having substantialinterest in the business, which isunreasonable or in excess in the opinionof the I.T.O , will be disallowed.- Section

Contd


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Contd. Payment made in excess of Rs.20000

otherwise than by a crossed cheque or Draft Section 40A(3) & 40A (4) Payment made to a person in a day in excess

of Rs.20000 otherwise than by a crossedcheque or draft than such expenditure is fullydisallowed.

Any provision made for the future liabilitytowards Gratuity is disallowed , however any gratuity that becomes payable duringthe previous year is allowed

Deductions allowed only on


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payment Section 43B Any sum payable by way of Tax, Cess,

Duty or fee under any law for the timebeing in force.

Any sum payable by way of contribution toany provident fund or superannuation fundfor the welfare of the employee.

Any sum payable as bonus or commission

to employee for services rendered. Any sum payable as interest on loans &advances taken from a schedule Bank,Public financial institution, State financialcor oration

Contd.


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Contd. Any sum payable by an employer in lieu of

leave at the credit of his employee.

INCOME FROM OTHER


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SOURCES (SECTION 56 TO 59)

Basis of charges Income of any kind which is not to be

excluded from total income & notchargeable under any of the specifiedheads = income from other sources Section 56(1)

Section 56 (2)


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Section 56 (2) Income chargeable to tax example:

Dividend (except exempt u/s.10(34) & 10(35) Winnings from lotteries, crossword puzzles,

races including horse races, card games &

other games of any sort Income by way of interest on securities Any sum of money exceeding Rs.50000

received without consideration i.e. Gift by anindividual or HUF from any person on or after 1.4.2006 but before 1.10.2009 the whole of the amount = income from other sources

Contd.


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A sum of money/ property is received byan individual or HUF without considerationon after 1.10.2009 (i.e. Gift) then Any sum of money in cash/ cheque/ draft from

one or more persons exceeding Rs.50000

then the entire total value will be chargeableto tax Immovable Property without consideration

and the stamp duty value of which exceed

Rs.50000, then Stamp duty value will bechargeable to tax. Movable property received without

consideration Fair Market value of which is

exceeding Rs.50000 whole FMV of the

Contd.


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Interest on Bank deposit, NSC, Loans,

deposits with companies Income from Royalty Directors fees

Income from sub letting of property Examination remuneration received by a

teacher or lecturer from an university

Rent of Plot of Land Income from undisclosed sources.

CHAPTER VI-A


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CHAPTER VI A SECTION 80 C , 80CCC & 80CCD (Limit

of Rs.1,00,000) Life insurance Premium Payment , Pension

Funds Contribution to statutory PF, PPF, Recognized

PF Post office Term Deposit 10 to 15 years

account

NSS, NSC- VIII Issue , ULIP of UTI or LIC Annuity Plan Jeevan Dhara & Jeevan

Akshay

Equity linked saving scheme of any mutual

80-D Mediclaim


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80 D Mediclaim Medical Insurance Premium paid by

cheque or any mode other than Cash isallowed as deduction The premium is for the policy covering

spouse, dependent childern . Even thepremium of the policy of parents is alsocovered.

In case of HUF policy taken for the

members of the HUF is allowedMaximum allowed is Rs.15000 for Assesseeother than Senior citizen

For senior citizen it is Rs.20000

80 DD Deduction in respect of


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maintenance including medicaltreatment

Deduction available to Resident Individual& HUF

Deduction for expenditure incurred for medical treatment of a dependent personof disability

A fixed amount of Rs.50000 / Rs.100000 (

Severe disability = 80% & above) isallowed

A copy of certificate issued by medical

authority along with return of income a

80 E -Deduction for interest on


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loan taken for higher education Deduction available to an individual Loan is taken for the purpose of his

education or his relatives Amount of deduction = interest paid out of

income chargeable to tax Period of deduction = from the start of the

previous year + 7 assessment year or tillinterest is paid in full whichever is earlier.

80 G Donations


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80 G Donations Donations made to notified bodies or institute or

funds qualifies for deductions. Four categories A, B, C, D For A categories 100 % of amount as

deduction without any limit For B categories 50 % of amount as

deduction without any limit

For C categories 100 % of amount asdeduction subject to qualifying limit

For D categories 50 % of amount as

deduction subject to qualifying limit

80 U Disable Assessee


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80 U Disable Assessee Deduction for individual resident in India Individual suffering from disability action,

cerebral palsy, multiple disability blindnessetc

Deduction = Rs. 50000 / Rs. 100000 (for severe disability = 80% and abovedisability) to the assessee

Computation of Total Income


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Computation of Total Income

Income

1st source - salary2nd source - HP

3rd source - B&P

4th source - CG

5th source - OS


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THANK

YOU

NDIM Taxation 2 (1)

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