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The document provides an overview of various sections of the Indian Income Tax Act pertaining to taxation, including sections related to salary, capital gains, deductions from gross total income, taxation of firms, and more. Key details covered include income tax limits and exemptions for items like gratuity, pension, leave encashment, house rent allowance, donations, medical expenses, and interest deductions. Remuneration limits for working partners in business and professional firms are also summarized.
The document provides an overview of various sections of the Indian Income Tax Act pertaining to taxation, including sections related to salary, capital gains, deductions from gross total income, taxation of firms, and more. Key details covered include income tax limits and exemptions for items like gratuity, pension, leave encashment, house rent allowance, donations, medical expenses, and interest deductions. Remuneration limits for working partners in business and professional firms are also summarized.
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The document provides an overview of various sections of the Indian Income Tax Act pertaining to taxation, including sections related to salary, capital gains, deductions from gross total income, taxation of firms, and more. Key details covered include income tax limits and exemptions for items like gratuity, pension, leave encashment, house rent allowance, donations, medical expenses, and interest deductions. Remuneration limits for working partners in business and professional firms are also summarized.
Авторское право:
Attribution Non-Commercial (BY-NC)
Доступные форматы
Скачайте в формате PDF, TXT или читайте онлайн в Scribd
CAclubindia News : Income Tax sections at a glance Page 1 of 1
Income Tax sections at a glance
Section Head Limit Remarks
Salary: 1. 3,50,000 Basic + DA (forming part of 2. Actual retirement benefits) + 10(10) Gratuity 3. Yr*15/30*Ang salary of 10 Months Comm based on % of turn (Basic+DA+Comm) over If gratuity is also available: Accumulated Pension*1/3 10(10A) Pension Otherwise: Accumulated pension*1/2 1. Actual Basic + DA (forming part of 2. 3,00,000 retirement benefits) + 10(10AA) Leave Encashment 3. 10 months avg salary(last drawn) Comm based on % of turn 4. leave encashment max 30 days for every over completed yr of service 1. Actual Retrenchment 2. 5,00,000 10(10B) Compensation 3. Amount calculated in accordance with Industrial Dispute Act 1. Actual 2. 5,00,000 3. Last drawn salary*3*Months of 10(10C) voluntary Retirement completed yr of service 4. Last drawn salary* Balance no of months in yr of service left Basic + DA (forming part of 1. Actual retirement benefits) + 10(13A) House Rent Allowance 2. Rent paid - 10% of salary Comm based on % of turn 3. 40% or 50% of salary over 10(19) Family Pension 15000 or 1/3rd of Family Pension 11(1A) Capital Gains
11(2) Accumulations of Income
Income from Voluntary
12 Contributions Tax Exemption to Political 13A Parties 1. 5,000 16(ii) Entertainment Allowance 2. Actual Basic 3. 20% of Basic House Property: GAV Less: Municiple Taxes (a). Sum reasonably expected from letting Unrealisable rent (b). Actual rent recd or receivable Annual Value NAV (c). If owing to such vacancy actual rent Less: 30% of NAV recd or receivable < (a), Actual rent Int(Max 150,000) paid/payable 25AA Arrears of rent received Deduction 30% allowed Deductions from GTI: 80C LIC, PF Etc 1,00,000* Maximum of 1,00,000 80CCC Pension Funds 1,00,000* 80CCD Pension scheme of CG 1,00,000* Spouse, Parents and 80D Medical Insurance Premia 20000 for SS/ 15000 for other children Spouse, Parents and 80DD Handicapped Dependant 75000 for severe/50000 for normal children, Bro & Sis (Dependent) 60000 for SS/40000 for other or 80DDB Medical treatment Actual (Whichever is less) 80E Higher education Entire amount for 7 yr from Initial Ass Yr. No ceiling of 10% of Adj GTI 50% for Gandhi, nehru/100% other 80G Donation to funds etc Ceiling of 10% of Adj GTI 100% for family planning, sport etc 50% for mandir, charitable etc 1. 2000 PM 80GG Rent paid 2. 25% of TI (After all deductions) 3. Exp.-10% of TI (After all deductions) donation to scientific 80GGA 100% research Political parties by 80GGB 100% company Political Parties by 80GGC 100% Individual 80JJA Bio Degradable waste 100% for 5 consecutive assessment Employement of new 30% of additional wages paid to new 80JJAA workmen regular workmen for 3 Ass yr. 80LA offshore bankng units 100% for 5 yr/50% for next 5 yr 1. For Banking, Cottage, Fishing, Milk Etc=100% 2. Other- 80P Co Operative societies a. Consumer Co-Op Socity=100% b. Other=50% 3. Other=100% 1. Lumpsum- 100% Royalty>15% shall be 80QQB Royalty from Books 2. Not Lumpsum- Actual or 3,00,000 ignored, if not paid (lower) Lumpsum 80RRB Royalty from Patents Actual or 3,00,000 (lower) Not available to NR 80U Person with Disability 75000 for severe/50000 for normal 80-IA a. Infrastructure 100% for 10 yr out of 20 yr's b. Telecommunication 100% for 5 yr and 30% for next 5 yr c. SEZ/IT park developmt 100% for 10 yr out of 15 yrs d. Power business 100% for 10 yr out of 15 yrs 80-IAB SEZ developmt 100% for 10 yr out of 15 yrs Taxation of Firms: Surcharge 10% applicable even if firms Net Income is below Rs. 1 Cr Maximum Interest on Capital Account 12% Remuneration to working partner only and only with authorisation in partnership deed Maximum 50,000 or 90% of Book Business Firm First 75,000 limit: Profit( Higher) Next 75,000 60% balance profit*(before adjusting 40% remuneration to partners) 50,000 or 90% of Book Professional Firm First 1,00,000 Profit( Higher) Next 1,00,000 60% balance profit 40% Remuneration and Interest is allowed from presumptive income U/s 44AD,44AE & 44AF. If there is a change in constitution of firm than share of retired partner shall not be carry forward Presumptive Taxation: 44AD Civil Construction 8% of Gross receipt 44AE Goods carriage 3500/3150 PM for Heavy/Light Vehicle 44AF Retail Business 5% of Turnover Capital Gain: Repurchase 54 House to house 1 Yr prior or 2 yr after pur/3yr construct 54B land to land (Agri) 2 Yr from date of transfer 54D L&B to L&B 3yr from date of transfer (Compulsary Acquisition) Any capital assets to 54EC 6 Month from date of transfer Shares etc. Not own >1 house other 54F Other to House 1 Yr prior or 2 yr after pur/3yr construct than new asset 54G L&B/P&M to L&B/P&M 1 yr prior or 3 yr after fron dt of trnsfer (Urben to Non Urben) 54GA L&B/P&M to L&B/P&M 1 yr prior or 3 yr after fron dt of trnsfer (Urben to SEZ) 139(3) Return of loss Before 31st Oct of relevant AY Before 1 Yr from end of Relevent AY or Before completn of 139(4) Belated return Assessment Return filed originaly U/s 139(1)/142(1) 139(5) Revised Return Before 1 Yr from end of AY or compln of Assessment. Defective/Incomplete 139(9) return 139A PAN 139B Tax return prepares 234A Default in furnishing ROI 1% P.M. or part of Month 1% P.M. or part of Month From April 1 to date of 234B Default in payt of Adv. Tax If Adv tax paid is <90% of Tax due. determination of Income 234C Deferment of Adv tax 1% P.M. or part of Month 234D Int on Excess Refund 0.50% PM or part of month
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