Computation of Income(educationpoint.co.cc)

8/14/2019 Computation of Income(educationpoint.co.cc)

1/26

t'I

I

=-'*-, fr}RS ##*K#

f llrlllllrllEllEillllrllrllrllnlIlliltIlllilr,taua,,a,,a,,r,,aut,,

Incemefrom Businesscomputation of,,, Taxabre Income fram Busines.s of Mr. zub

; ' for the Assessment7ear (2005 - ZOOb)

InCdme -from . Busin"" "et Pro-fit as per profit/Loss Account.

Add : ts allowed fDis- admissiRepairs (House property)Reserve for RepairsRepairs & Renewal ReserveI:rt-& Taxes [House property)Municipal Taxes (House proplrffJIncome TaxTaxation Reserve

1."2.

5.

6.7.

PPPPPPtrPPPPPPPP

PPPPPP


2/26

/nv *rllrlllllllllllrllrllrllrllrlltllrlltll]llil]tlilril]t]t]llilrAIAM INSII]UIE ixAIAMINSIITUIFX] n

-

- _?7. Loss qn- Revaluation of Investment38. Loss on-Sale of Fixed Assets39. Loss on Revaluation of Fixed Assets40. Advance to Suppliers4L. Liability Foregone42. Rent of premises belonging to the proprieto43. Household Expenses44. Cost of new Sign Board45. Cost of pucca Well46. Proprietor,s Sala4r47. Life Insurance premium48. Legal Charges for personal Work19. Legal Expenses for Smuggling of Goods50. Purchase of Capital nxpJiaiture51. Addition to Business *emises

PPPPPPPPPPPPPPPPPPPPPPPPPPPPPPPPPPPPPPPPPPPPP


3/26

nr X/

lllrllrllrllrllEllEllrlllllrllrllrllnlnlilllililt!ilrlt$ttilrl

computation of Taxabre Income from profession of Mr. ZubafortheAssessmentgear QOAS - ZOOOI

Particulars

Income from Profession :Gross Pro fessional Incomes

Professionai FeesLegal FeesFees ReceivedIncome from Acting as Special CommissionS i l C i i

PPPPPP

PPPPPP


4/26


5/26

Incalne from Efo,use Proogfu :H*use PrcPerag (qwq vqfu)

lnder the head olncome from House prapeftg" trw ba"sis of chnrge k

;alue oi ProPertY.-* o'l;noa'o,nrrrtsof anig Builctu.t.Q ,or ,ands lpryrt",?ant trrcre

EfppgrtA-Ueans bttildinct and a\aclwd land)

tiit Of 114ich the sssc{:cnP is the otuner, andi..tssessee ls- iir( ,.,-:J-llg-ProPSrtA)

(iii)Wfuchisnotusedforpurposesofassessee,sbusinessOr'Profession


6/26

Income .from Xfouse Pro?ertv

.L.$,{ INSTITIJ

(l\


7/26

I

a

Income .from ffIouse ho?ertu

Computation of Taxablt: Income fno* House ^Propetluof ML z

for the AssessmerutYear (2008 - 2OO9)

Paftiailars Atnount

Income frorn House Prollerty : (I'eti - ()ttt / House Let)|House wlticlt is couerr:cl unrler Rettt Control Act I

I

Gross Annual Value1

iil MuniciPal value )ol\x Iiii) Fair Rental r'alui xx)Lx

Which errer is tnore iils..---,-- eis L'-'ipe! te


8/26

ffi,'

Computation ofInc,trye from lfouse PropertA

Taxable Income from House Propertg of Mr. Zforthe Assessment.gear (2OO8 - 2009)

Income from House Propertg : (I,et - Out / I{ouse Let)House tuhiclt is rrof couered under Ren.t Cottrol AQross Anryual Value(i) Municipal value{ii)Fair Rental r'alueWhich evel is more Rs.. ---_- as nxpectaa ncnt

(i) Expected RenL(ii) Actual Rent

Pnfticulars


9/26

&mputation of raxabte Income fro* House hopertg of Mr. zfor the: Assessme ntt year IOAS _ ZOO7I -

Pctrliculars

Incomefrom House_ Prat:ertU: lSci/. Occupied. House)

(S el.t O q c'u p i e d H ou s e ,1 _Se{ Aeqglr34llglHou Se./Annugl ualue u,/F 23 (.1)!lLLess .' Deductlons(i) Intgfest ory Lp_W_tti;. e!rtry)

.. ,i1l 1o .r!(i.llirili-)r, illj tii L!ir ,,,


10/26

co,meuntion of

v"n';::::Itr"#;;:;:;s"rr"{ Mr Z

1. }1l fees Or, Co**i.*io., .."iGa by an^ from'a person other than this Empi.jr.r.2. Any fees Or, Commission not chaig".Ut.Business Or, profession,.

Employee

under the head

A+.

5.6.17

Any annuit5r received under a wilr. It does not inciudean annuit5r received by an employee from tris-emptoye.Interest received by an employee on his own contributionto an unrecognised provident fundInterest on Deposits

Interest on Bank DepositsInterest on Deposit received from a Bank


11/26

Particwlars Am

2I. Dividend received22. Dividend on Shares received from an Indian Company23. Dividend on Shares received from a Foreign Company24. Dividend on Preference Shares received from an Indian Compe25. Dividend on Equity Shares received from an Indian Company26. Dividend on Shares received from a Co-operative socief'

27. Final Dividend on Preference Shares received from an Indian (

28. Final Dividend on Equity Shares received from an Indian Co.29. Interim Dividend on Shares received from an indian Company30. Income froin sub- letting House31. Income received from (tenant) sub- letting the world whole Or,

part of the House Property32. Ground Rent33. Ground Rent for Land34. Income from Land (Months)35. Income from Plot of Land36 f d ld l h & F i

n

o

y

.


12/26

AT-AN4I IMSSTTNTTUYTreF$ear Nffissfl@m Cornnrrcxoumd RamcT&lr-rrntlS la-aarli-trElt-la:lr-ll-rt-arrrrf rr-ta-at4trsttrrrntarrf

Particulars Am

63. Director's Commission for Underwriting share of a ne\ r compa64. Income from Agricultural land situated in India65. Income from Agricultural land situated outside India66. Income from non Agricultural land situated in India67. income from non Agricultural land situated outside India68. ' Income from Units of Mutual Fund69. Management Consultant's Remuneration7A. income from undisclosed sources:

(a) Cash credits which are unexplained (Sec. 68)tb) Undisclosed Income(c) Unexplained Income(d) Unexplained Investments (Sec. 69)(e) Unexplained Money (Sec. 69,{)tq Unexplained Expenditure (Sec. 69C)(g) Amount borrowed or repaid on Hundi othenvise than

through an Account payee cheque drawn on a bank71. Casual Income72

y

.


13/26

Salaru - (M

-:'i : 'l*.. il

slJ.i:it .i

1., .

tsection n 5...tc'... 1 7)lx)eULtl)IL t J...LL'... rSalaries

lny regrunration pai l by an employer to his employee in consiI his ecrvices is callctl r,alary' It includcs monetary "'illue"clrcfits gnrl far:ililir:s pro,. irlerl b.y thc t:tttJrlo-yr:t' wltit:lr al't: trtxitblt

Tfuq)gTr{rfiq m EE * frilfr i"$ps rrur srq;\ .rilf.rrfrdi Efr s-{d gmr o1ffi"frq gfr rn6 qr r$rrr-H,q qq cil qrRa{kr ftqr qroT t q-6 ten o

I qrft@tr d q-6q nffi ii etRftm sq EAqrcnT ol *Fr $q q ":m * , dt, fd'.ft qilfut a'r *iq-i furffir t sr,n g{ t sil{ dr *-qpaSalarA

hofitsin lieu *f Salar


14/26

rcerucomputation of Taxuble Income from salary of Mr. zubair

fctr the l.ssessm en,t gectr pOAS I ZOOg)

liasic S;,rlil.ri, ('lr, Wrr;r,r-sh


15/26

Pculiculars Atttott

2lj. Anr-iuttl rr:r't:ivcrl in rr:spcc:t of t'rtcashrrrrnt of car nccl lcavtcltrring tlre sr:rvicc 1tr:riorl {'fer-xablc prLrf )

,L4.If' rctre nr:htnent ; T:rx:rirle part(:)f

retlt-nchllleltt col1ll)ensat)"5, I'r:nsirrn :(it) 'l'ttxtrl.rlt' 1l:u t ol r onrrnutit1rort o1'ltrtrtsionitr) I'r:nsiorr frorn the rlatr.o1'retirenrrr-it till tiic enrl of ltrev

lf). Miscrllanr:ottsGross Salaru '/

Lr:ss:- I)crJuclions.u/s lfi iirt. ti/s 16 (irii1 .l;,nltrtajnmr:nt Allor,r'ance ..... ..fDeiltrctron)u/s lir (ii)

.,i,i. \

tl

\-e ttl','- -t-t',

-\:x\ti

):ti-\)


16/26

n.+t!!': tt:,;li;l

' .:.,:-,.,

, )t:f-.I .

;,itlt i:, . 1. I...i,i ! l"ul I rt'kt.rttltlc' /\llort'rt r tt't':

1 !; 1 1 | ! t 1 |r t ;tr t I tl r: ttll rr,t,r t rt r t' :, I

I)u u t ! (.:',','\ll r., t t.'r t t' r r.':,/', d r h I t rt t r t I i ) (' ( t t1 1 (.: :''' ; 1\ i I r t t t' ( r t, c r.'

l)r'atrrr". ' 1trtt11,1.;1'71 /elrtlrr rtl .,111(ttt'rtrtr tI lr' r t,r t t,.l .i', ll r t t t'r.t r, r t'l't f i rt,/t I ! r tt t rt t t r'r'.^,t r t r I l'r( tt 7l o:l t 1 q

"\II ( )t t /(It t ('(:

[, r r.;c1 of i\I I q t.tctt i-r:r':,r/rtrrl rn ,/tllrtt t rtrLct'/\ti a rclr: n :.; ] t i!.t L llrtr ur t n c r'

IIill A,llrtr"rntct'D t'pt tt.crl.t r,t t. Al I ot t t ct r, t'r'( )r x t1. i rn e ./t, ll q ) ) Cr nC((h

Allotuances (

tUlttl !:t' 9,:\JJ2k: AlJ e-!r'(lr !I.1-t:st)r':' r r 11 t t t I I L t l'-.r t' t t t t tl e t l .{ 11o i t't t I I r't' :

Or'Al I or t tru tce s E.r.c: t t t ltt t r I t r r.t

l) t.t,t'ciIi t ll I i r r Lt r

L'! r.n i .';r' i:l er r.! /.,.!r,tt t. t rt t,.'t'

i,,t t it' ft r tt tt r rt t-r, | .'"'li rtt i't t' i t i.' )1 tt t't tt i .i', I l1 11 1'1 ;1 7 t r'r'trottlttr'/ L,.t'; I.l /.))Ij l)i:l{rtJ 'tt'rrLrr iltrtr' -J.!ltttt r;t:i ttltl I )tttlt1.'1//rrrr/'(1,:r l(('l C'ottt,elJrtr t,,ce AIlort'rit Ltt'

J'or lterfont:tence o.f o-'!'ftaril clu41lcl ) Helper ,4liiott'rtttceI? J /.c eclernic .AllotL''ctticett Ltrtijr.nn A.llou'cntce,


17/26

Allousaruce ( 'mr )=House Rerut Allowancq

Salaru rrLeurLs :'

1.). Basic

Sala-r1'Dearness Allowance * (Par') . ". ": " " "Or,(Retirement benefits).. -'. "'Or,{Uncler the terms of ernplol'ment}Commission(Fixed percentage at sales Or, turnover)Salan, .. ...., .,,> I xllxx

x-L\-\-\)ax_>;

X)LXX.).

,


18/26

Actual amouut of lease renrrtal paicl anclActual rent pard by t"he eruprloYer .... "()r,

fi('h of Salarv' u'irich ever is Less

Unfurnisheci Housg{Rent frec FIor-tst')Acld : 1Ooft p.ir. (lost ttllitnri1111'1'()t" I Iirt'r'hitrgfrtrnishcd Housc(Rent tree House)Less : Arnount paid b-v emplol'ee Or, assesseeConqgssional Rent House .'-.-:t'."""""' """"'>

XXXX

X,\XXXXXX

XXXX

i, '1LAM tNS;rtfU:fE:- A,tetW tvSnrAff ALArV tNSftfUTE ALAM

a. Taxaltle perauisitls for specified emploueesJor' ErarnStle

f ger emplo]'ee/A -secretan' empio

ll 'Ei- ,t*t"l""tt"t

I votitrq Power


19/26

Deduction u's - 161. Stardard. Deducttort u/ s - 16 (i)

with effect from assessment veat {2006 -

eduction has

2007)

ished.eduction of standNote :

2. Entertainrr;g lnt allowetu:c deduction u/ s - 16 1!)@)A"r"tW : .......... Deductiort

(a) {gy 209i, Or, 1/5 th of Elasic Salarv(b) Actual r:ntertainment ailon'ance receivecl(c) M i t Pti limit


20/26

(a)

{ln excess of Qq l2"h af salary vill be taxable)

L.tr:arnr:ss Allorvance" (F'ii1'j ........(lr[Rc'ttrt'nit:rrt Lrt'nrfitSll ..... { )I(tJrtrlt-:t 1 lrt' ltl't:ts rlf ,t'ttt1:rlulntt'ttl)Cornmission{Fixed percentag,e at sales Or'. turnover}

_\IS\

"\\-\\

Salzrn'

Rmle


21/26

Classif cation of PerrTursires

(i) 'l'a.ral;le l'et'tlttisites for ail Emplovees

(ij)'l'axallle l'errrttisites lbr Stteciliecl Enrp]ovee

(iii1 l'ax {'rgc F'errluisines for all Emplovees

L 'l'ctxctble perqlistites for all emploVees

Valuation ofResideurtial Accom modation

Rule 3 (1)


22/26

Comp;utatiog-o:f - ualue o-f residertial accommodatianlLv-qsJ

Rwle

Licclrct' fi't'


23/26

- UTNSSTTNTru TTIDNear N4flssflom comnpouriLd RamelhIncome _from Capital Gain

tCapital Gain)Basic of charqe :The basis of charge is the profits or, gains arising from thecapital assets in the previous year. It is taxable under theGains.

traheaSec

Thus, the essential elements of capital gains are :(A) Capital Assets(B) Transfer of Capital Assets(C) Computation of Capital gain.

Kinds of Capital Assefs :Capital Assets are divided in to two categorie s, viz.,

tI) Short term Capital Asset(II) Long term Capitai Asset

[ AN4I IM\SST]]TUJT


24/26

Nearr Ndnssfi.om ComnPoumd Ramc[-AN4I IM\SST]]TUJTre fl1.

2./)J.

4.

5.

6.

Exemptions u/ s 54

Exemptions u/s 548trxemptions u/s 54D

Bxemptions u/s 54EC

Exemptions u/ s 54ED

Exemptions u/s 54FExemptions u/s 54G

Exemptions uf s 54H

- Capital Gains on transfer of residentia

- Capital Gains on transfer of agricultur- Capital Gains on compulsory acquisitiand building of industrial undertaking

- Capital Gains arising from the transfercapital asset invested in long-term spe

- Long-term capital Gains on transfersecurities and units.

- Capital Gains on transfer of certain asset ifis invested in a residential house.- Capital Gains in case of shifting of in

undertaking from urban area'- Extention of time for acquiring new a

investing the Capital Gains.

7.

8.

The Government have notified the following 'cost inflation in

S i l No Fi n nci l Year Cost inflation

SSSTITIUT f


25/26

",/,i) ry SSSTITIUT-f-jfnVear=n4nssnarnn Comnglcoumcfl RamcIh::,;;;;; :, ; ,;,, "-:,;;;;,,*u *i,,. ", *,-),

forttrcAssessmentyear (2008 - 2009)

Particulars Amou

PP

PP

Computation of Short Term Capital Gainssale proceed.s or, selling Price or, sale consideration................or,Compensahon receiued from Gouernment ' " " "Or,Amount recorded. in ttte firm's book on transfer by Mr.... deemed asualue of SaIe Consideration.Less : Brokerage / Transfer Expenses / selling Expenses

Less : (i) Cost of acquisition PPP(ii) Cost of imProuement PPPGross Short Term CaPital Gainsless : ExemPtions '

PP

_ PPPP

. PP

Partianlars Ama


26/26

Camputation of Long Tenn Qapitat Gainszfion, JSale Proceeds Or, Selling Price Or, SaIe Cansideration ...-'

Compensationreceiued from Gouernment "-.-....--- ""'Or,Amount recorded in the firm's book on transfer by Mr.... deemed as

ualue of Sale Consideration-Less : Brolcerage / Transfer Expenses / Selling ExpensesNot ?nnci/lorntiott

r) P

P

P

- Pless : (i) Indexed Cost of acquisition PPP

(ii) Indexed Cost of improuement PPPGross Long Term Capital Gains

less : Exemptbns :(t) Bxemptions u/ s 54(it) Exemptions u/ s 548(iii) Exemptions u/ s 54F

Incom.e from Capital Gains

P

PPPPP

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