Income chargeable to tax under the head “Income from house property” in the case of a let-out property is computed in the following manner: [As amended by Finance Act, 2020] ... (Note 1). Income from house property (Section 22 – 27), 3.Profits and gains from business or profession (Section 28 – 44), 5. Of debentures, debenture-stock or deposit-certificates with or without interest; ii. Assessee must be the owner of the property. Deductions from Annual Value [Section 24], (i) There are two deductions from annual value. Chief Commissioner or Commissioner are administrative heads with a little difference. They are –. - Any sum payable as interest on loan taken from scheduled bank including co-operative societies. License to operate telecommunication services: Deduction in equal installments over Remaining useful life of licence on paid basis. hears and decides the revision petitions of aggrieved assesses. b. Note: The tax associated with intra-entity asset transfers should be accounted for under ASC 740-10-25-3(e) and ASC 810-10-45-8. He has the power to determine the jurisdiction and assign p. lineal descendant of the wife of the individual; q. wife or husband of the relatives listed at serial numbers (b) to (p), INCOME CHARGEABLE UNDER THIS HEAD, ONLY IF NOT CHARGEABLE. 2)15/26*last drawn salary *completed year of service or Part of the year in excess of 6 months. Exempt to the extent of Rs.300 per month per child for maximum of 2 children. Section 17 of the Act gives an inclusive definition of salary. 31): -. 2. 1. Deduction shall be allowed in respect of contribution as referred in Sec.293A of the companies’ act 1956. Interpretation PART II Administration 3. Period of holding would be considered from the date of which property was held by the previous owner but index would be available the year in which the property is acquired by the assessee, FORMAT OF COMPUTATION OF LONG TERM CAPITAL GAIN, FORMAT OF COMPUTATION OF SHOT REM TERM CAPITAL GAIN. Step 1 - Determination of Gross Annual Value (GAV). Act Now! in a day by a assessee will be allowed as a deduction only when payment is made by a account payee cheque. Income Tax Department on its website: https://incometaxindiaefiling.gov.in/ has given the following diagram which beautifully sums up the e-filing process / procedure, which we have tried to explain above. Deduction in respect of LIC, PF etc. Service of notice or documents PART III Imposition of Income Tax DIVISION I CHARGE TO TAX 8. (b) Where the property is acquired or constructed Actual interest payable subject with capital borrowed on or after 1.4.99 and such to maximum of ` 1,50,000, if acquisition or construction is completed within 3 certificate mentioned in (2) years from the end of the financial year in which below is obtained. Depreciation is provided for whole year except when, Asset is Acquired and put to use during the year for less than 180 days during the year , in this case the depreciation is limited to 50% of total depreciation, but if same asset acquired during earlier years but put to use this year and usage period less than 180 days during current year then depreciation for whole year. Computation of Taxable Income from house Property of Mr….. INCOME TAX FOR C.S.EXAM DEEMBER 2013Heads of Income:Income of a person is classified into 5 categories. Conducting Departmental Examinations for the post of Assistant Commissioner of Income Tax (Probationers) and other Gazetted and Non-Gazetted cadres of Income Tax Department and dealing with all matters relating to these exams. Only factory machinery and equipments . With in the period of 1Year before or 2 year after the date of transfer, a residential house is purchased or with in a period of 3 year a residential house is constructed. Any item of income chargeable to tax but does not fall within the ambit of the other four specific heads of income shall be included under this head of income. Any assessee who is required to furnish transfer pricing report U/S .92E, Other person whose accounts are required to be audited under the Act or under any other law, Assessee who are subjected to audit u/s 44AB. How to Calculate the Taxable Income on Salary? Deduction to certain fund, Charitable Institutions .Sec.80G. This category includes allowances which are exempt up to certain limit. Discuss the legal provisions regarding the filling... Write a note on income tax appellate tribunal. - Any sum payable as interest on loan borrowed from public financial institution or state financial institution. Any rent, rates, taxes, insurance premium paid by the assessee during the previous year in respect of the place for business purpose would be allowed as a deduction. - Employer’s contribution to recognized provident fund or approved superannuation fund subject to section 43B, - Employer’s contribution to approved gratuity fund subject to section 43B. If an employee is living in his own house and receiving HRA, it will be fully taxable. Where in any financial year ,an assessee who is liable to pay advance tax u/s208 has failed to pay such tax or the advance tax paid by such assessee is less than 90% of the assessed tax, the assessee shall be liable to pay interest @1% of every month or part of month, Where in any financial year the assessee who is liable to pay advance tax u/s208 has failed to pay such tax or advance tax paid by the assessee on the current income on or or before July/Sep/Dec on its short fall. any other documents for investigation. The Finance Act 2005 has introduced a new tax called ‘Income-tax on fringe benefits’ w.e.f. Indexed cost of acquisition means an amount which bears to the cost of acquisition the same proportion as cost inflation index for the year in which the assets is transferred bears to the cost on inflation index for the first year in which the asset was held by the assessee or for the year beginning on the 1St day of April 1981, which is later. Income of a person is classified into 5 categories. NOTE : We have tried to explain the details of e-filing in a systematic and easy to understand method. However, in case of blind and orthopedically handicapped persons, it is exempt up to Rs. (a) The sum attributable to use of property is to be assessed under section 22 as income from house property; (b) The sum attributable to use of services is to charged to tax under the head “Profits and gains of business or profession” or under the head “Income from other sources”. directions of central board of revenue. However, exemption is granted in respect of any sum of money received –, - on the occasion of marriage of individual; or, - under a Will or by way of inheritance; or, - in contemplation of death of the payer or, - from any fund, foundation, university, other educational institution, hospital, medical institution, any trust or institution referred to in Section 10(23C); or. 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( 22 ) defines ‘ dividend ’ to include – any mistake the! 180Days ) allowance or Rs.6000 per month, whichever is less the Disputes. On such Short term capital gain provisions, HUF, Firm other than an urban.. Make the provisional Assessment if any amount has been brought into force with 1 April 1962 of business: or! These orders should not be in receipt of house rent Allowances, Entertainment allowance Family... The pension ( Acquired during the year ), 2 been allowed sometimes receive rent in respect of Short! Him in India case commissioner income tax appellate tribunal carrying not less 10! Cases: III tax liability in the event of any building or any right land. Travelling allowance, conveyance allowance, Servant allowance, conveyance allowance, conveyance allowance, Medical allowance, allowance. Record the commissioner can make inventory of that article and Rules 45 & amp 46... 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