Municipal taxes of House Property Income 7. Income to be computed either on the basis of cash or mercantile system of accounting [Section 1 ] 2. Central Government empowered to notify income computation and disclosure standards [Section 2 ] 3. Assessing Officer empowered to make assessment in the manner provided under section in certain cases [Section 3 ] 4. Method of accounting in Certain Cases [Sec. Repairs and insurance of machinery, plant and furniture [Section 31] 3.
Depreciation [Section 32] 4. Expenditure on Scientific Research [Section 35] 8. Amortisation of Preliminary Expenses [Section 35D] Amortisation of Expenditure on Prospecting etc. Section 35E Insurance Premium [Section 36 1 i ] Bonus or Commission to Employees [Section 36 1 ii ] Interest on Borrowed Capital [Section 36 1 iii ] Discount on issue of Zero Coupon Bonds [Section 36 1 iiia ] Contribution towards Approved Gratuity Fund [Section 36 1 v ] Allowance in respect of Dead or Permanently useless Animals [Section 36 1 vi ] Bad debts [Section 36 1 vii ] Transfer to Special Reserve [Section 36 1 viii ] Family Planning Expenditure [Section 36 1 ix ] Securities Transaction Tax [Section 36 1 xv ] Commodities Transaction Tax [Section 36 1 xvi ] Business Losses which are Deductible from Business Income 2.
Disallowance of royalty, licence fees, etc. Amounts Not Deductible in respect of Expenditure exceeding Rs. Recovery against any Allowance or Deduction Allowed earlier [Section 41 1 ] 2. Adjustment of Loss [Section 41 5 ] - 7. Cash Credit [Section 68] - 2. Unexplained investments [Section 69] - 3. Unexplained Money, etc. Amount of Investments, etc. Unexplained Expenditure, etc. Expenditure incurred prior to commencement of operation to be allowed in the year of commencement of operation Under SectionAD: 4.
When maintenance of Books of Account Not Necessary. Basis of Charge in case of Capital Gain [Section 45 1 ] 2. Types of Capital Assets: 4. Type of Capital Gains: 5. Transfer of Capital Assets to arise Capital Gain 6. Capital Gain should arise in the previous year in which Transfer took place. What is Transfer of Capital Assets [Section 2 47 ]: 2.
Transfer in case of Immovable and Movable Property 4. Cost of acquisition of goodwill of a business or a trade mark or brand name associated with business or right to manufacture, produce or process any article or things or right to carry on any business or profession, tenancy rights, stage carriage permits or loom hours [Section 55 2 a ]: 3.
Cost of Acquisition of Right Shares [Section 55 2 aa ]: 4. Cost of Acquisition of Depreciable Assets [Section 50]: 6. Capital Gain from Zero Coupon Bonds 2. Capital Gain on Transfer of Bonus Shares - Capital Gain on Transfer of Right Entitlement - Types of Capital Gain 1. Type of Capital Gains: 2. Types of Capital Sssets: 3. Conditions to be satisfied for applicability of Section A [Section A 1 ] 2.
Consequences where the amount deposited in the Capital Gains Accounts Scheme is not utilised, wholly or partially, for the purchase or the construction of a residential house within the specified period: 4. Consequences where the new house is transferred within a period of 3 years of its purchase or construction : 5. How much is Exempt Quantum of Deduction : 3. Consequence if equity shares or new asset is transferred within a period of 5 years from the date of its acquisition: 3.
Consequences if the amount deposited in deposit scheme is not utilized for purchase of new asset: Section 54H : Extension of time limit for acquiring new Asset or Depositing or Investing amount of Capital Gain, in case of Compulsory Acquisition : The cumulative impact of Sections 45 5 and 54H is given here On the basis of the judicial pronouncements, the following broad conclusions can be drawn: Share Premium in excess of the Fair Market Value to be treated as Income [Section 56 2 viib ] Section 56 2 viib is applicable as follows — Interest on Compensation or Enhanced Compensation [Section 56 2 viii ] As per section A b , any interest received by an assessee on compensation or enhanced compensation, as the case may be, shall be deemed to be the income of the year in which it is received.
Forfeiture of Advance Received for Transfer of a Capital Asset to be Taxed under the head "Income from Other Sources" [Section 56 2 ix ] According to section 56 2 ix , any sum of money, received as an advance or otherwise in the course of negotiations for transfer of a capital asset shall now be taxable under the head income from other sources if: Income of any person to include not only gift of money from any person s but also the gift of property whether movable or immovable or property acquired for inadequate consideration [Section 56 2 x , w.
Section 72A 1. Deduction in respect of investment made under an equity savings scheme [Section 80CCG] 5. Deduction in respect of Medical Treatment , etc. Deduction in respect of interest on loan taken for residential house property [Section 80EE] [W.
Deduction in respect of Donations to certain Funds, Charitable Institutions , etc. Deduction should be claimed in the Return of Income. Deduction In respect of Royalty Income, Etc. Filing Return of Loss [Sect ion 3 read with Section 80] 4. Section 1 2. Whether any incriminating material found during the course of an Income Tax Search on any other person can be considered in the assessment under Section A of the assessee - A study read more.
Tax Connect: th Issue read more. Circular No. Detailed Analysis of Sec. Faceless Assessment and Appeal read more. Applicability Of Section Q read more.
G7 minimum tax proposal read more. CBDT has extended the time limits of certain compliances to provide relief to taxpayers in view of the severe pandemic read more. New TDS Provisions read more. Baby Shark reaches 10 billion YouTube views.
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