Easy Guide to Income Tax MICRO Ready Reckoner, 2018 Ed

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Contents


Chapter 1 -   Introduction …………………………………….…         1

1.1         Meaning of Income under Income Tax Act.                                                        1         

1.2         Person liable to pay Income Tax:                                                                             1

1.3         Some Common Terms                                                                                                 2

1.4         Common Penalties under Income Tax                                                                  6

1.4.1     Tax payable on underreporting of income:

1.4.2     Normal Penalties         

1.5         Late Filling of Return                                                                                                   11

 

Chapter 2 -   Important changes in Finance Act, 2018 and                     Income tax Rate ……………………………….……..                                          12

2.1 Important changes in Finance Act, 2018                                                                     12

2.2         Income Tax Rates as Per Finance Act, 2018 for the Financial year 2018-19          17

 

Chapter 3 -   Income from Salary…………………………………..            21

3.1         Meaning of “Salary”:                                                                                                  19

3.2         Different Parts of Salary                                                                                            19

3.3         Salary received by person but not included under the heads “Salary” 20

3.4         Deductions from SALARY                                                                                          21

3.5         Relief U/S 89                                                                                                                  21

3.6         Rebate U/S 87A                                                                                                            21

3.7         COMPUTATION OF SALARY   (a simple chart)                                                   22

3.8         Documents require for preparation of Salary file                                           23

3.9         ITR Form for Salary file                                                                                               23

 

Chapter 4 -   Income from House property………………………             27

4.1         Meaning of House Property                                                                                    24

4.2         Chargeability U/S 22                                                                                                    24

4.3         Basis of charging Tax                                                                                                   25

4.4         Income from vacant plot of land is not income from House property    26

4.5         Rental income received by a tenant from sub-letting a property is not income from House property                                                                                                                                            26

4.6         Concept of the Owner of the property                                                               26

4.7         Deemed Owner                                                                                                            27

4.8         Co-owner                                                                                                                        28

4.9         Where Income from house property is exempt from Income Tax          28

4.10       Factors to be consider before computation of Income under the heads” Income from House Property                                                                                                                          29

4.11       Meaning of composite rent and tax treatment                                               31

4.12       Treatment of vacancy in case of Let out Property:                                         32

4.13       Treatment of unrealized Rent in case of Let out Property                          32

4.14       Annual Value U/S 23                                                                                                   32

4.14.1        Annual Value of House property.

4.14.2        Calculation of Gross Annual Value (GAV)

4.14.3        Calculation of Net Annual Value (NAV)

4.14.4        Determination of GAV & NAV in different situations-

4.15       Deductions from Annual Value U/S 24                                                                39

4.16       Some important points regarding deduction of interest on Loan            39

4.17       Loss from House Property in case of self occupied property                     40

4.17.1        Deduction for interest on House Building Loan in pre- construction period

4.17.2        Maximum amount of allowable deduction U/S 24(b) for interest on loan of self occupied property.

4.18 Maximum amount of deduction u/s 80EE for interest on loan                       42

4.19       Set off and carry forward of loss in cases of house properties Set Off of Losses arising from house property                                                                                                                          43

 

Chapter 5 -   Income from Business or Profession……………              48

5.1         Definition of Business and Profession                                                                 45

5.2         Incomes which are chargeable under Income from Business or profession      45

5.3         Expenses which are allowed as expenses in P&L A/c of Business            46

5.4         Expenses not Deductable                                                                                         47

5.5         Disallowance of business expenditure on account of non-deduction of tax on payment to resident payee                                                                                                                                47

5.6         Payment of salary, bonus, commission or remuneration to any working partner of a Partnership Firm                                                                                                                                            48

5.7         Calculation of Book Profit.                                                                                        49

5.8         Compulsory maintenance of Books of Accounts(Sec 44 AA)                      49

5.9         Audit of Accounts (U/S 44AB)                                                                                 50

5.10       Presumptive taxation                                                                                                 50

 

Chapter 6 -   Income from Capital Gain…………………….…….             56

  1. Definition of Capital Gain                                                                                          53

6.2         Capital Asset                                                                                                                  53

6.3         Types of Capital Gain                                                                                                  54

6.4         Some important transaction which are not regarded as transfer for computation of Income from Capital Gain                                                                                                                    55

6.5         Computation of Capital Gain                                                                                   55

6.6         Long Term Capital Gain (LTCG)                                                                               56

6.7         Meaning of Indexed Cost                                                                                         57

6.8         Tax on short-term capital gain                                                                                57

6.9         Capital Gain on Sale of Depreciable Assets                                                        58

6.10       Capital Gain Tax rate                                                                                                   61

6.11       Deduction from Capital Gain                                                                                   62

6.12       Relief from long-term capital gains tax on transfer of residential property if invested in a manufacturing small or medium enterprise (SME)                                        66

6.13       Capital Gain Accounts Scheme (CGAS)                                                                67

6.14       Tax planning for relief from Long term Capital Gain Tax                               69

 

Chapter 7 -   Income from Other Sources…………………….……          80

7.1         Income from Other Sources                                                                                    73

7.2         Income which are treated as Income from other sources.                         73

7.3         Deduction u/s  57                                                                                                         76

7.4         Expenditure which are not allowed as deduction from other sources of income.               76

 

Chapter 8 -   Exemptions and deductions under Income tax….            85

8.1         Exemption allowed to salaried person U/S 10                                                 77

8.2         DEDUCTION FROM GROSS TOTAL INCOME                                                      87

Chapter 9 -   Payment of tax ……………………………………….           109

9.1         Payment of Income Tax                                                                                            94

9.2         Self Assessment Tax                                                                                                   94

9.3         Advance Tax               &nbs

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