Personal Taxation Tax Management (1)

8/7/2019 Personal Taxation Tax Management (1)

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Syllabus:

Basic terms & concepts

How to calculate income tax liability for anindividual?

Income exempted from tax(Sec:10) Income from salary & Income from house property

(Detail Discussion)

Deductions from gross total income

Assessment, Return, Advance Payment ,Tax

deducted at source Introduction to new concepts in Income Tax like

FBT,STT .


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Basic concepts under income tax Act:

Sec:2 Previous Year: The year in which income is

earned is called as previous year.

Assessment year: the income of the previousyear is charged in the next year called asassessment year.

Example: X joins an Indian company on January

23,2007.Prior to January 23,2007,he is not inemployment, What is the previous year for theassessment year 2007-08 &2008-09?


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Assessee:

Assessee means a person by whom any Tax

or any other sum of money(i.e Penalty or

interest) is payable under the act:sec:2(7)


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Who is liable to pay Tax?

A person is liable to pay Tax.

Sec:2(31) of the act defines the person.

The person includes:

An IndividualA Hindu undivided family

A company

A Firm

An association of persons or body of individuals whether

incorporated or notA local Authority

Every artificial juridical person


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Example:

Determine the status of the following:

Pune university

DCM Ltd

Mumbai municipal corporation

Taxman publications Ltd

Laxmi commercial bank

XY&CO.,Firm of X&Y

Joint family of X,Mrs. X & their sons A &B


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Heads of Income:

There are 5 heads of Income

Income from Salary

Income from house propertyIncome from profits & gains of business

Income from other sources

Capital gains: short term & long term capitalgain.


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What constitutes salary

There are 3 groups that constitute your salary:

Group 1: Basic salary, advance salary, arrears ofsalary, all types of bonus, service award ,pension

Group 2:Allowances group: It includes dearnessallowance, conveyance allowance, childreneducation allowance, overtime allowance, leavetravel allowance, city compensatory allowance

Group 3: Perquisites: It means facilities given by

Employer to Employee: Rent freeaccomodation,domestic servant facility,reimbursement of medical facility,Motar car facility,benefits derived by stock option scheme.


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Exemption limit for certain items of

salary & allowances: Leave salary or Leave encashment:(sec:10(10AA)

Leave salary is the salary i.e received at the time ofretirement or termination of service is exempt to the extentof following: For central or state government employees theentire amount is tax free, for other employees the least offollowing is exempted from tax:

Leave salary actually received

Ten months average salary

Amount specified by government i.e Rs.3,00,000

Cash equivalent to earned leave not exceeding 30 days foreach year of completed service. In all cases salary meanssalary + dearness allowance


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Example of leave encashment

Mr.X is an employee of Y ltd.receives 80,000as leave salary at the time of his retirement onFeb,2006. average salary drawn during last 10

months Rs.3,000. Duration of service is 24years, leave taken in service is 9 months.Leave entitlement as per employers rule isone month for each completed year of service.

Calculate Taxable leave salary for Mr.X?


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Calculation for leave salary

Cash equivalent of leave at the time ofretirement=3000*15 months(24-9)=45,000

10 months average salary=10*3000=30000

Amount notified by government=3,00,000

The least of above 3 i.e. Rs.30,000 will bededucted from actual leave salary received. It

means taxable salary would beRs.50,000(80,000-30,000)


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Gratuity:

Gratuity received by the employee of central or stategovernment & local authority is exempt without anylimit.

Gratuity received under payment of gratuity act isexempt to the extent it does not exceed 15 dayswages for every year of completed service to amaximum of Rs.3,50,000

When the employee is not covered by payment ofgratuity act, It is average salary for each year ofcompleted service subject to a maximum ofRs.3,50,000


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Employee covered by payment of

gratuity act Example: An employee receives gratuity Rs.1,80,000 as

gratuity on his retirement. Period of service is 36 years 4months. The last drawn salary were Rs.7,800.The amountof gratuity exempt shall be minimum of (a), (b)& (c)

(a) Gratuity actually received Rs.1,80,000

(b) Amount calculated on the basis of 15 days salary forcompleted year of service=(7800*15/26*36)=1,62,000

(c) Maximum amount of gratuity Rs.3,50,000

Thus, Rs.1,62,000 shall be exempt & Rs.18,000 will be taxable.


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Employee not covered under payment

of gratuity act: An employee receives Rs.3,20,000 as gratuity on his

retirement; Period of salary is 40 years. Averagesalary in the immediately preceding 10 months isRs.12,600 per month. The amount of gratuity exemptwill be as follows:

Actual amount received Rs.320,000

month average salary for 40 completedyears(12,600/2*40)=Rs.2,52,000

Maximum monetary limit Rs.3,50,000Thus Rs.

2,52,000 is exempt & Rs.68,000 is taxable.


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Compensation received under VRS

Under the approved VRS, the maximum exemption

is Rs.5,00,000.


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Deduction from salary Conveyance allowance is Rs.800 per month is

exempted from tax.

Pension can be commuted pension or it can be un-

commuted pension. Un-commuted pension refers topension received periodically to the employee.Commuted pension means lump sum amountreceived, it is tax free for government employees, fornon government employees 1/3rd amount is tax free

if the employee is in receipt of gratuity otherwise of the amount is exempted from tax.


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Allowances

Allowances referred to the fixed quantity of

money given regularly in addition to salary for

meeting a particular requirement connected toservices rendered by the employee. It is fixed,

predetermined & given irrespective of actual

expenditure. It is based on due or receipt

basis whichever is earlier.


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Allowances which are fully taxable

Dearness allowance

City compensatory allowance

Medical allowance Lunch/Tiffin allowance

Overtime allowance

Servant allowance

Warden allowance

Family allowance


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Allowances exempted in case of

certain persons Allowances to a citizen of India who is

government employee rendering services

outside India

Allowances to HC & SC judges

Allowances received by employee of UNO

from his employer


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House Rent Allowance

House Rent allowance: This

allowance is taxable if an

Assessee lives in his house

or in the house for which hedoes not pay any rent

otherwise the exemption

limits are as follows: Least

of 3 is exempted from Tax.

House is in(D,K,M,C)

House is anyother city

Allowance

actually got

Allowance

actually got

Rent pd in

excess of 10%

of salary

Rent pd in

excess of 10%

of salary

50% of salary 40% of salary


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Example for calculating HRA

Mr. Z staying in Chennai receives Rs.12500 as basic

salary, Rs.1,500 as D.A.& commission Rs.60,000

P.A.Total salary Rs.2,28,000. House rent paid by

him Rs.2,500 p.m. H.R.A. per month is Rs.1800 permonth. Calculate taxable H.R.A. Excess of rent paid

over 10% of salary=7200(30000-22800)

50% of salary i.e Rs.1,14,000,Actual HRA recd.

Rs.21,600. Therefore exempted HRA will be least of3 i.e Rs.7200 .


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Perquisites which are taxable in the

hands of all employees: Rent free accommodation at concessional rate:

If the accommodation is provided by the employer which isowned by the Employer,20%of salary during whichaccommodation was occupied by the employee is the value of

taxable perquisite If accommodation is taken on lease or rental the actual

amount of rent paid by the employer or 20% of salarywhichever is less is the value of perquisite.

For example:Mr. X is a regular employee in A ltd. With effectfrom December 1 ,2006 ,Mr. X provided unfurnished flat for

which Employer is paying rent of Rs.7500 per month. Salaryearned during this period by Mr. is Rs.55,520. Calculatetaxable value of this perquisite? (Ans:11,104)


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Valuation for furnished

accommodation: If the accommodation is furnished perquisite

value of such accommodation is to beincreased by the value which is equal to

10%per annum of the cost of furniture.Example: In the same example if the furniture is

also provided by the employer the cost ofwhich is equal to Rs.36000. calculate the

value of furnishedaccommodation.(ans:12,304)


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Perquisites:

If accommodation is provided in a Hotel, it is 24% of salary oractual hotel charges whichever is less.

For example: Mr. X is a managing director of ABC(P) Ltd. Salaryfor the purpose of calculating taxable perquisite Rs.1,79,000.

Rent paid for hotel accommodation is Rs.1,20,000. CalculateTaxable value of this perquisite

The value is nil if the accommodation is provided only for 15days on transfer of employees from one place to another.

Accommodation provided at specified remote area or mining

site or oil exploration, project execution site, dam site ,powergeneration site.


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Perquisites:

Monetary obligation of employee dischargedby the employer is taxable to the extent ofactual amount spent by the employer.

e.g.: Gas, Electricity bill, children education exp.

Life insurance paid by the Employer isTaxable to the extent of actual amount spentby the Employer.


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Perquisites:

Interest free or concessional loans:

If the loan is given to the Employee only to the extent

of rs.20,000 there is no tax liability.

If loan is applied to specified diseases, the perquisite

value is nil.

In any other case for valuation purpose, interest rate

applicable by SBI for that previous year on the

maximum outstanding monthly balance interest

recovered from customers.


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Perquisites (illustrations)

Determine the taxable value of perquisites in the followingcases:

1. X is employed by A ltd. On June06,the company gives aninterest free loan of Rs.14,00,000 repayable in 5 yrs. The

lending rate of SBI for similar loans8.5% perannum(ans:99167)

2. C ltd. gives the following interest free loans to Z anemployee of the company-Rs.15,000 for a child's education& Rs.5,000 for the purchase of refrigerator. No other loan isgiven to C ltd.

3. Y is employed by B Ltd. On April 1,2006,he takes apersonal loan of Rs.25,000 from B Ltd. B Ltd. recoversinterest @ 7%p.a. Lending rate of SBI for similar loans is12.5%.(ans:Rs.1438)


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Perquisites:

Use of movable Assets:

Use of Laptop & computer value is Nil

In case of any other Asset 10%per annum ofthe value or the actual rent paid by the

Employer.


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Taxable Perquisites for movable

Property:Calculate the value of taxable perquisites in the

following cases:

Mr. X is given laptop by the employercompany for office & private purpose. cost ofthe laptop to the Employer is Rs.96,000.

On Oct 15,2006 the company give its MusicSystem to Y for domestic use. (Ownership isnot transferred) Cost of the music system tothe Employer is Rs.15,000.


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Transfer of movable assets:

Movable assets belonging to Employer transferred toEmployee valuation is as under:

Computer & Electronic items: Actual cost to the Employer-50% cost for each year of completed service on W.D.V. basis

less any amount recovered from employee. Motor car: Actual cost to the Employer-20% for each year of

completed service on W.D.V basis less any amountrecovered from employee.

Any other Asset: Actual cost to the Employer-10%of cost for

each year of completed service based on SLM less anyamount recovered from Employer.


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Perquisites which are Taxable in the

hands of specified Employees: Who is specified Employee?

Employee comes under the following category:

He is Director of the company

He is having substantial interest in the workingof the company. i.e 20% or more voting power

His income from Salary from one or more

Employer excluding all the benefits providedby way of monetary payment exceedsRs.50,000


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Taxable Perquisites :Specified

Employees Provisions by Employer of services of a

sweeper,gardner,watchman or personal

attendant. Value = Actual cost to employer

Supply of gas, electricity or water for

household consumption Value is equal to

(a) From own source value=Mfg.cost per unit

(b) In any other case value paid by employer


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Taxable Perquisites:

Free or concessional education facility to any

member of Employee

Educational Institute owned & maintained byEmployer

Value=Cost of education in similar institute in

nearby locality

Value= Nil up to 1000 p.m. per child of

employee (not others)


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Tax Free Perquisites( For all

employees) Medical treatment to employee or his family member

in a hospital maintained by the Employer.

Reimbursement of Medical treatment of Employee or

his family members up to Rs.15,000

Health Insurance paid by employee under a scheme

approved by GIC

Any Food or beverages provided by Employer in

office or factory or through paid vouchers which are

not transferable.


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Tax free perquisites for all employees

Perquisites which are payable by govt to itsemployees for rendering services outside India.

Rent free house /conveyance facility to H.C. &S.C.Judges.

Residence provided to officer of parliament, unionMinister or Leader of opposition in Parliament

Employers contribution to Pension policy, deferredannuity, staff group insurance plan

Accident insurance policy premium paid by theEmployer

Recreation facility to all Employees.


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Following perquisites are tax free but

subject to FBT: Conference cost includes tour travel hotel exp.

Relating to conference(30% 0f 20% 0f the

value)

Use of Health/sports club provided by

Employer(30% 0f 50% 0f the value)

Expenses on Telephones (incl. mobiles) by

Employer(30% of 20% of the value)


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ANY OTHER INDIVIDUAL BELOW 65 YEARS AGE

RATES OF INCOME-TAX

A. Normal Rates of tax:1. Where the total income does not exceed Rs.1,00,000/-.

Nil

2. Where the total income exceeds Rs.1,00,000 but does not exceedRs.1,50,000/-.

10 per cent, of the amount by which the totalincome exceeds is.1,00,000/-

3. Where the total income exceeds Rs.1,50,000/- but does not exceedRs.2,50,000/-.

Rs.5,000/- plus 20 per cent of the amount bywhich the total income exceeds Rs.1,50,000/-.

4. Where the total income exceeds Rs.2,50,000/-.Rs.25,000/- plus 30 per cent of the amount by

which the total income exceeds Rs.2,50,000/-.


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Resident Women below 65 years age

B. Rates of tax for a woman, resident in India and below sixty-five years

of age:1. Where the total income does not exceed Rs.1,35,000/-.

Nil

2. Where the total income exceeds Rs.1,35,000 but does not exceed totalincome exceeds Rs.1,50,000/-.

10 per cent, of the amount by which theRs.1,35,000/-

3. Where the total income exceeds Rs.1,50,000/- but does not exceedRs.2,50,000/-.


4. Where the total income exceeds Rs.2,50,000/-.Rs.21,500/- plus 30 per cent of the amount by

which the total income exceeds Rs.2,50,000/-.


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C. Rates of tax for an individual, resident in India and of the age of sixty-five years or more at any time (Senior citizen)

during the financial year:

1. Where the total income does not exceed Rs.1,85,000/-.Nil

2. Where the total income exceeds Rs.1,85,000 but does not exceedRs.2,50,000/-.

20 per cent, of the amount by which the totalincome exceeds Rs.1,85,000/-

3. Where the total income exceeds Rs.2,50,000/-.


Surcharge on income tax:

The amount of income-tax computed in accordance with the preceding

provisions of this paragraph shall be increased by a surcharge at the rate of ten percent of such income tax where thetotal income exceeds ten lakh rupees.

additional surcharge ( Education Cess on Income Tax) at the rate of twopercent of the income-tax and surcharge.


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Deduction under CH.VI-A

Deduction under CH.VI-A are not allowed for the

following incomes:

Long Term Capital Gain

Short term capital gain on securities for which

STT is paid

Winning from Lotteries

Deduction is not allowed if GTI is nil.


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Deduction under Sec:80C Allowed to Individuals & HUF

Maximum deduction allowed is rs.1,00,000

Tuition fees paid for children

Subscription to any units of Mutual fund mentioned

u/s10(23D) Repayment of housing loan (principal Amount)

Subscription to Equity & Debentures forinfrastructure company.

Notified deposit scheme of public sector companyproviding long term finance for housing

Contribution to NSC,NSS,PPF


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Deduction under Sec:80C

Payment to notified annuity plan of anyinsurance company

Term deposit equal to 5 years or more in

accordance with a scheme framed by theGovernment.

Life insurance premium maximum 20% ofpolicy which is for self /spouse/any child.

For participation in unit linked insurance plan Employees contribution to statutory fund


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Example:X (age 42 years ) is a salaried employee (salary being Rs 40,000 per Month)

during the previous year 2006-07, he makes the following investmentdeposits or payments

a) Life insurance premium on life of his married daughter : Rs 6,000 Sumassured Rs 20,000)

b) Life insurance premium on his own life Rs 2,700 (sum assured 60,000)

c) Life insurance premium on the life of his dependent sister Rs 10,000

d) Contribution towards recognized PF Rs 9,000

e) Contribution towards PPF Rs 30,000

f) Repayment of lone taken from LIC for purchase of residential houseproperty Rs 30,000

g) Contribution towards notified equity Linked saving scheme of UTI (i.e.MEP 2007 :- Rs 14,000

Find out the tax liability of X for the assessment year 2007-08 assuming thatincome from house property is 18,000/-


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X Y Z A

Age 42 31 25 55

Gross Total Income 260000 196000 310000 426000

Investment Contribution for

deduction under 80C

Public Provident Fund - 70000 50000 40000

Recognized Provident Fund - 40000 16000 6000

Notified Equity Linked Saving schemeMEP 07 - - 15000 15000

Notified bonds of Infrastructure

company 100000 - 26000 2000

Find out the Tax Liability in the cases given below for assessment

year 2007-08


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Sec:80CCC & Sec:80CCD

Sec:80CCC & 80 CCD are meant for pension policy.

Section 80CCC for the contribution towards pensionfund set up by the private organization.

Section 80CCD is pension scheme to new Entrantsto Government Service. As per the scheme it ismandatory for every person entering the service ofCentral Government on or after Jan.1,2004 tocontribute 10% of salary every month towards theirpension account

The aggregate amount of deduction under section80C,80CCC&80CCD cannot exceed Rs.1,00,000.


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Sec: 80D Medical Insurance: in

Insurance premium paid by the Taxpayer inaccordance with the scheme framed in this behalf bycentral government. The scheme is known by the

name of Mediclaim insurance policy. Amountdeposited under a similar scheme of any otherinsurer who is approved by IRDA shall be eligible fordeduction.

This premium is paid by cheque.

If all the conditions are satisfied ,deduction is equalto insurance premium actually paid or Rs.10,000whichever is less.


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Deduction under Sec:80DD

Deduction is available for the amount incurred oramount deposited under any scheme framed by LICor any other insurer for the purpose of medical

treatment of dependent. If it is minor disability deduction is available for thefixed amount which is equal to Rs.50,000 & for thesevere disability the deduction available is equal toRs.75,000.

Sec:80DDB is for medical treatment of specifieddisease maximum to the extent of rs.40,000.


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Deduction under sec:80E

Deduction is available for an individual who

has taken loan for the purpose of higher

education for any full time graduation or post

graduation course.

Deduction is available for the interest amount

paid on Loan.


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Illustration for deduction under Sec:80E

Particulars

Loan

1

Loan

2

Loan

3

For whom education loan is taken X X

Daug

of X

Purpose of Loan

Amount of Loan 6L 3L 5L

Annual repayment of Loan during the period 1L 0.5L 1L

Annual payment of interest during the previous year 0.6 0.3 0.55

Find out the amount of deduction under sec:80E for

assessment year 2007-08


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Donations: U/S 80G: It is for different types of Donation. This

deduction is available when proof of Donationis attached with the return.

The amount of donation should not exceed10% of adjusted total income of the businessexcept the donation which is eligible for 100%donation under this section.

Adjusted income is after considering thedeductions u/s 80C to 80U


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Deduction under Sec:80GG

The tax payer is an individual not getting any

HRA from the company or he is a self

employed person.

The deduction will be least of the following:

Rs.2,000 per month

25% of total income

The excess of 10% of total income.


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Deduction U/S 80U

Person with physical disability

For severe disability deduction is available for

a fixed amount of Rs.75,000 or Rs.50,000. The assessee has to give a certificate by the

Medical authority.

If assessee is claiming deduction u/s 80U , the

person on whom he is dependant should notclaim any deduction under sec:80DD


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Income from House Property:

If the property is self occupied annual value of this

property is NIL.

If the property is purchases after 1.4.99, & if the loan

is taken for the purchase & construction of houseproperty , deduction is available for the interest

amount to the extent of Rs.150,000 . For the

principal amount individual will get deduction u/s80C

In case of repairs of self occupied property deductionis available to the extent of Rs.30,000


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If the house property is let out..

Gross annual value of the property is the actual

amount of rent received or the standard rent given

under rent control act or fair rent whichever is high.

From this gross value municipal taxes paid arededucted.

From net annual value Repairs deduction is equal to

the 30% of the value & Interest on borrowed capital

is allowed maximum to the extent of Rs.30,000 for letout property.


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Short term & Long term capital gain

Short term capital gain on transfer of equity shares

or units of an equity oriented mutual fund on or after

1.10.2004 i.e., the date on which security transaction

tax has come into force shall be subject to a flat rateof 10% u/s 111A.

Long term capital gain on transfer of equity shares of

a company or units of equity oriented fund arising on

or after 1.10.2004 & subject to security transactiontax is fully exempted u/s 10(38)


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Example:

Mr. X is Assistant Manager in a leasing co. atDelhi has the following incomes, expenses &investments during 2006-07. Calculate his

taxable income & tax payable(a) Gross Salary Rs.2,30,000 (b) Rent for

commercial house property Rs.51,000,housetax paid during the period is Rs.4,000 (c) The

assessee has self occupied property, Intereston this loan is Rs.31,000 availed in March,98.


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Example.

(e) Sale consideration for shares sold during theperiod is Rs.2,00,000(cost of acquisition in June2003Rs.84,740)(f) short term capital gain Rs.5000on which security transaction tax paid is 0.125%(g)Interest on debenturesRs.3,000

(h) Bank Interest/post office monthly incomeRs.12,000(i)Dividends from UTIRs.4,000(j)int onrelief bond tax free)Rs.5,400(k)dividend on shares in

companies rs.5,000 (l) Premium on life insurancepolicy, contribution to PF, Repayment of housingloan total Rs.1,00,000.


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Compulsory filing of return under one

by six scheme: Person residing in a specified area & fulfilling one of thefollowing six criteria's shall liable to pay income tax return

Occupying an immovable property exceeding specified floorarea.

Owner or Lessee of a 4 wheeler motor vehicle Subscriber to a cellular phone

Incurred expenditure for foreign tour for himself or any otherperson.

Holding a credit card

Holding membership of a club for membership fee isRs.25,000

Incurred expenditure Rs.50,000 or more towards electricity.


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Time for filing of return(due dates)1 Companies 31st October

2 Assessee other than company whose

accounts are required to be audited uner i

income tax act or any other law 31st October

3 A working partner of a firm whose accounts

are required to be audited 31st October 4 Assessee other than company covered under

one by six scheme 31st October

5 all other assessee 31 st July


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Annual Information Return: form 65

Srno

Nature & value oftransactions

Persons responsible forfurnishing A.I.R.

1 Cash Deposit of Rs.10,00,000

or more in a year in a saving

account

Bank

2 Payment of credit card holder

of Rs.2,00,000 or more

during in a year

Bank, company, institution

issuing such credit card

3 Receipt from any person of

Rs.2,00,000 for acquiringunits of a mutual fund

Trustee, authorisedperson of mutual fund


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Annual Information Return.

4. Receipt from any person

Rs.5,00,000 for or more for

acquiring shares

Company, Institution issuing bonds

acquiring bonds or debentures

5. Receipt from any person of

100000 or more for acquiringshares

Company issuing shares throughPublic/ right issue

6. Purchase or sale of immovable

property of Rs.30,00,000 or

more

Registrar / Sub Registrar

7. Receipts from any person of Rs

500000 or more in a year for

acquiring RBI Bonds

Authorized Person of RBI bonds


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Advance Tax:

All assessee including salaried Employees if

tax payable by the person (after deducting

rebates,TDS,Deduction) exceeds Rs.5,000.


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Advance Tax Installments & due

dates:

Due date for payment of

Advance Tax For non company

For company

assessee

By 15 th June Nil 15% of advance tax

By 15 th Sept 30% of advance tax 30% of advance tax

By 15th December 30% of advance tax 30% of advance tax

By 15 th March 40% of advance tax 25% of advance tax


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Tax Deducted at Source

Tax deducted at source means before gettingany source of income tax is deducted on suchpayments.

Following persons are liable to deduct tax atsource:

Individuals (incl.sole proprietary concern) &HUF carrying the business or profession

whose turnover exceeds Rs.40 lacs or 10 lacsif it is income from Profession.


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Payment on which tax is to be

deducted at Source:Name of the payment How tax is deducted at source

Salary Sec:192

Interest on securities If it exceeds Rs.2,500 TDS is

10.2%

Interest on time

deposits

If it exceeds Rs.5,000 TDS is

10.2%Winning from lotteries 30.6% if it exceeds Rs.5000

Insurance Commi. 10.2%


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Tax deducted at sourcePayment to advertising ag. 1.02%

Payment to Contractor 2.04%

Payment to sub contractor 1.02%

Payment of repurchase of

units under ELSS

20..4%

Payment on withdrawal

from NSS

20..4%

Payment of rent to any

person other than ind,huf

20..4%

Personal Taxation Tax Management (1)

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