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Taxation - Book Reference

sl no.Unit 1: Definitions under Income Tax Act,1961pg no.
2definitions under act2
3assessment year and previous year2
6total income4
7rates of taxes5
8for firms6
9for companies6
10residential statues6
12resident and ordinarily resident ROR6
13basic conditions7
14additional conditions resident but not-ordinarily resident RNOR7
15nonresident NR7
16partnership firms7
18incidence of tax and residential status- section 58
19resident and ordinarily resident section 5(1)8
20resident but not ordinarily resident section 5(1)8
22types of income status9
23accrual of income10
24income received in India-section 710
25income deemed to be receives in India-section 710
26income which are deemed to accrue or arise in India section 911
Unit 2:- Income exempt from tax
1incomes exempt under section 10 of the act20
2agriculture income -section 10(1)20
3share of profit of a partner form a firm- section 10(2A)20
4interest on securities or bonds held by a non-resident or interest or nonresident external ) account-section 10(4)20
5foreign allowance -section 10(7)20
6amount received under a life insurance policy-section 10(101)21
7interest, premium or bonus on specified investments-section 10(15)21
8educational scholarship-section 10(16)21
9payment to MPs,MLAs etcsection 10(17)21
10pension to gallantry award winners section 10(18)22
11family pension under certain circumstances section 10(19)22
12property in possession of a former ruler section 10(19A)22
13income of a local authority section 10(20)22
14income of a specified news agency-section 10(22B)22
15income of a professional institutions section 10(23A)23
16income of a mutual fund-section 23123
17income of a venture capital fund-section 10(23FB)23
18income of trade union-section 10(24)24
19educational scholarship-section 10(16)24
20income of employees state insurance fund section 10(25A)24
21capital gain arising from the transfer of units of UTI-section 10(33)24
22dividend received from a domestic company-section 10(34)25
23some other exemptions25
24income from mutual fund section 10(35)25
25capital gains due to compulsory acquisition of agricultural lamnd-sectionm10(37)25
26long term capital gains from the transfer of securities section 10(38)25
27occasional income of gifts-section 10(39)26
28newly established undertakings in free trade zones, software technology park etc-section 10A27
29free trade zones27
30kandla free trade zone27
31madras export processing zone27
32santacruz electronics export processing zone27
33cochin export processing zone27
34noida export processing zone27
35electronic hardware technology park27
36software technology park28
38income of 100% export oriented unitssection 10B29
37specific income exempt from tax30
39income of political party-section 13A30
40specific income exempt from tax30
41agriculture income30
42tax treatment of agriculture income30
Unit 3:-Income from salaries
3profits in lieu of salary38
4section 17(3)38
5terminal compensation39
6amount fro m unrecognized provident fund or unrecognized superannuation39
7amount received under keyman insurance policy39
8basis charge section-1539
10surrender of salary40
11foregoing salary41
12place of accrual section 9(1)41
13arrears of salary41
14basis of accounting41
15exempt income41
17exemptions section 10(5) to 10(14)42
18section 10(5):leave travel concession 42
20section 10(10) gratuity43
21government employee43
22employees covered by the payment of gratuity Act 197243
23any other employee44
24pension section 10(10A)44
25uncommitted pension44
26commuted pension44
27leave salary section 10(10AA)45
28retrenchment compensation section 10(10B)46
29voluntary retrenchment/separation scheme section 10(10C)47
30exemption 47
31guideline provided in rule 2BA48
32provident fund48
33types of provident fund49
34statutory provident fund49
35recognized provident fund49
36unrecognized provident fund49
37tax treatment49
38statutory provident fund49
39recognized provident fund49
40unrecognized provident fund49
41superannuation fund section 10(13)50
42house rent allowance HRA50
43special allowances-section 10(14)51
44allowances that are full taxable52
45prerequisites-section 17(2) and rule 353
46employees stock option plan-ESOP54
47rent free unfurnished accomodation:section 17(2)(1)rule 3(1)54
48hotel accommodation55
49furnished accommodation57
50accommodation at concession rate-section 17(2)B57
51domestic servant58
52gas, electric energy water supply for household consumption58
53prerequisites in respect of educational facilities59
54other fringe benefits or amenities section 17(2)59
55interest free or confessional loan made available for employees or any member of his household59
56use of movable assets60
57transfer of employers movable asset section 17(2)60
58medical facility proviso to section 17(2)60
59medical facility outside India61
60prerequisites exempt from tax61
61deductions section 1662
62entertainment allowance 16(ii)62
63professional tax62
Unit 4:-Income from house property and other sources
1scope section 2276
2related case law76
3Chelmsford club V CIT 2002 SC76
4essential conditions for taxing income under this head77
5deemed ownership under section 2778
6transfer to a spouse and child section 27(i)78
7holder of an impartial estate section 27(ii)78
8members of a cooperative society etc section 27(iii)78
9person in possession of property section 27(iia)78
10person having right in property for a period not less than 12 ears section (iiib)78
11determination of annual value78
12actual rent received or receivable78
13municipal value79
14fair rent of the property79
15standard rent79
16classification of the house property81
17house property which is let out throughout the year81
18municipal value81
19fair rental value81
20property which is let out but remains vacant for whole or part of the year82
21self-occupied property83
22property which is let out for part of the year and self-occupied for part of the year83
23more than one self occupied properties84
24deductions from income from house proper under section 2486
25computation of income of a property86
26deduction under section 2486
27inadmissible expenses section 2587
28unrealized rent if realized subsequently87
29unrealized rent if realized subsequently87
31income from other sources section 5688
32deductions from income from other sources89
33inadmissible expenses section 5889
Unit 5:-Profit and gains from business and profession
1expenses allowed as deductions-section 30 to section 37106
2rent,rates,repairs, taxes and insurance on building-section 30106
3repairs and maintenance of machine ,plant and furniture section 31106
4depreciation section 32107
5other sections107
6other deductions section 36107
7general deductions-section 37(1)108
8capital expenditure vs. revenue expenditure190
9business expenditure111
10allowable expenditure111
11disallowable expenditure112
12expenditure not allowed as deductions112
13section 40a112
14section 40b113
15section 40A2113
16if the assessee is an individual113
17if the assessee is a company114
18if the assessee is a firm114
19meaning of substantial interest114
20section 40A(3) 115
21section 40A(7)115
22section 43B115
23allowability of certain expenditure117
24computation of profits from business and profession 118
25profits as per profit and loss account118
Unit 6:-Capital gains
1charging section-section 45160
2capital asset160
3short term/ long term capital asset161
4period of holding-the period of holding in respect of capital assets is determined as follows161
5period of holding in case of shares or securities161
6transaction not regarded as transfer163
7from the assessment year 2008-09 165
8previous ear in which capital gains are chargeable to tax168
9transfer of capital asset section 2(47)169
10calculation of capital gains-section 48170
11cost of acquisition171
12normal cost of acquisition -section 49(1)173
13cost of inflation index or indexed cost of acquisition173
14cost of improvement or indexed cost of improvement176
15deduction from capital gains178
16capital gain from the transfer of residential house property-section 54178
17capital gain account scheme 1988178
18capital gains from transfer of agricultural land section 54b179
19capital gains if invested in certain bonds-section 54EC181
20capital gains arising from transfer of certain securities/ units section 54 ED182
21capital gains on the transfer of a long term capital asset other than a house property183
22capital gain184
Unit 7:-Deductions from total income
1basic rules for claiming the deduction 198
2deduction s general198
3deduction in respect of life insurance premium, deferred annuity etc.section 80c198
4contribution to certain pension funds-section 80ccc202
5contribution to certain pension scheme of central government-section 80CCD202
6payment of medical insurance premium-section 80D203
7maintenance including medical treatment of dependents section 80DD203
8qualifying sum204
9medical treatment etc.section 80DDB204
10repayment of loan taken for higher education section 80E205
11donations paid section 80G205
12rent paid section 80GG209
13donations for scientific research or rural development section 80GGA211
14profits and gains from bio-degradable waste section80JJA212
15deduction in respect of employment of new workmen section 80JJAA213
16income of offshore banking units section 80LA213
17income of a person with disability section 80U214
18profits from infrastructural activity section 80JA215
19profits and gains from certain industrial undertakings other than infrastructure section 801B218
20industrial undertaking219
21operation of ship220
22hotel industry220
23company engaged in industrial and scientific research development221
24mineral oils and refining of mineral oil221
25developing and building housing projects221
26multiplex theatres222
27convention centre222
28integrated handling, storage and transportation of food grains or processing, preservation and packing of fruits or vegetables on or after1.04.2001223
29operating and maintaining a hospital in rural areas223
Unit 8:-Tax deducted at source, interest, rebates and relief
1tax deductions at source-TDS230
2payment of salary sec.192231
3computation of salary for the purpose of tax deduction231
4house rent allowance231
6rounding off232
7tax deduction at source from interest on securities-section 193234
8securities not subject to tax deduction234
9payment of salary sec.192234
10payment without tax deduction or with lower tax deduction 235
11regimental fund236
12tax deduction at source from interest other than interest on securities section 194A236
13interest not subject to tax deduction 237
14tax deduction at source from winnings from lotteries or crossword puzzles section 194B238
15tax deduction at source from winnings from horse races section 194BB239
16tax deduction at source from payment to contractors or sub0contractors-section 194C239
17specified person240
18payment without tax deducted under section 194C241
19tax deduction at source241
20from insurance commission section 194D241
21tax deduction at source from payment to nonresident sportsmen or sports association -section 194E242
22tax deduction at source from payment in respect of national savings scheme section 194EE243
23tax deduction at source from payment in respect of repurchase of units of mutual funds or UTI-section 194$E244
24tax deduction at source from commission or brokerage section 194H244
25when commission is retained by agent244
26tax deduction at source from rent-section 194-I244
28tax deduction at source from payment of fees for professional or technical services246
29meaning of professional technical services246
30failure to deduct the tax at source247
31online tax accounting system247
32nature of default penalty247
33tax deduction account number (TAN)-section 203 A248
34advance tax248
35when the tax is payable248
36failure to pay the advance tax249
37self-assessment tax249
39interest payable for default in furnishing return of income.sec 234 A249
40when interest is paid on the income determined under section 143(3) or 144 and interest for delayed filling of return is already paid under section 104 A250
41interest for default in payment of advance tax. Section 234 B250
42if tax is paid on or after April 1 of the assessment year251
43interest for deferment of advance tax253
44in case of non-company assessee254
45short payment of advance tax in case of capital gains or casual income255
46interest on excess refund. section 234 D,applicable from June 1,2003255
47interest for making late payment of income tax. section 220256
48reduction or waiver of interest by CCIT/CIT256
49cancellation of assessment order256
50assessment original made varied or set aside but restored on the further appeal256
51interest for failure to deduct and pay tax at source. section 201(1A)257
52rebate in respect of securities transaction tax257
53rebates to a member of an association of persons. section 86257
54relief for arrears of salary. section 89(1)258
55relief for arrears of salary or in advance salary.rule 21 A(2)258
56computation of relief in respect of gratuity. rule 21A(3)258
57computation of relief in respect of compensation on termination of employment rule 21 A (4)259
58computation of relief in respect of payments in commutation of pension rule21A(S)259
59computation of relief in respect of other payments 21A(6)259
60steps to determine tax liability260
Unit 9:- Assessment and procedures
1tax authorities. section 116266
2powers of income tax officers-section 131 to 138267
3power of income -tax authorities regarding discovery, production of evidence etc.section 131267
4search and seizure -section 132268
5power to requisition books of account etc.section 132 A269
6provisions relating to retention of books etc ,seized during the course of search269
7retention 269
8power to call for information section 133269
9survey -section 133A270
10power of income-tax authority to collect certain information (door to door survey) section 133B271
11power to make enquiry-section 135272
12proceedings to be judicial proceedings. section 136272
13power to disclose information regarding assesses. section 138272
14due dates'273
15filing of blank return of income b salaried employees section 139(1A)273
16filing of return in electronic form .section 139(1B)273
17loss return section 139(3)274
18tax authorities. section 116274
19return by trusts. section 139(4A)274
20returns by political parties. section 139(4B)274
21returns by certain authorities/institutions. section 139(4C)275
22revised return.section 139(5)275
23defective return. section 139(9)276
24return by whom to be signed. section 140277
25enquiry before assessement. section 142278
27special audit279
29estimation b valuation officer in certain cases. section 142A279
30assessment. section 143279
31best judgment assessment. section 144280
32assessment, reassessment and recompilation .section 147281
34circumstances when income can be paid to escape assessment281
35circumstances when income can be paid to escape assessment281
36issue of notice where income has escaped assessment .section 148282
37time limit for completion of assessment and reassessment. section 153282
38assessment of income of an other person .section 153 ©282
39appeals to high court. section 260A283
40revision by commissioner of income tax section 263 & 264284
41revision of other orders. section 264285
Unit 10:- Taxation by partnership firms
1rate of tax in case of a firm .section 167 A290
2assessment as a firm .section 184290
3assessment when section 184 is not complied with section 185291
4change in constitution .section 187291
5succession of firms. section 188291
6joint and several liabilities of firms. section 188A22
7dissolution of firms. section 189292
8computation of tax liability of partnership firm293
9losses incurred by the firm294
Unit 11: Taxation of companies
1types of companies306
2section2(17) "company" means36
3section 2(18) company in which the public are substantial interested307
4section 2(22A) domestic company means308
5section 2(23A) foreign company308
6section 2(26) Indian company308
7concept of amalgamation 309
8concept of demerger310
9losses in case of closely held company .section 79]312
11taxation of companies313
12minimum alternate tax313
13the book profit computation314
14applicability of section 115JB to foreign companies315
15credit for tax paid under MAT section 115JAA316
16report of a chartered accountants 115JB317
17levy of interest u/s 234B and 234C with reference to tax on book profit317
18amount of loss and depreciation to be carried forward317
19capital gains part of book profit318
Unit 12:- Set off and carry forward of losses
1set -off losses326
2inter source adjustment. section 70326
3inter head adjustment- section 71326
4deemed income329
5cash credit-section 68329
6unexplained investment-section 69329
7unexplained money jewellery etc-section 69 A329
8unexplained expenditure-section 69 C329
9investment not fully disclosed. section 69B330
10an amount borrowed repaid on hundi-section 69D330
11carry forward of losses332
12loss under the head "income from house properties333
13loss from speculation business333
14loss from non speculative business333
Unit 13:- Tax audit
1form 3CD344
2general information- clause no.1 to clause no.8345
3maintenance of accounts section 44AA-clause no.9345
4presumptive profits. Clause no.10347
5section 44AD business of civil construction 347
6section 44AE business of piling, hiring or leasing goods carriages348
7section 44AE- retail business348
8method of accounting-section 145-clause no.11349
9valuation of closing stock-section 145 A. clause no.12350
10amounts non credited to profit and loss account-clause no,13350
11depreciation - clause no.14350
12amounts admissible under various section-clause no.15351
13section 33AB tea or coffee or rubber development account351
14section 33ABA352
15section 35353
16section 35AC354
17section 35CCA354
18section 35D354
19section 35E355
20amounts debited to profit and loss account clause no.17356
21payments made to specified persons. clause no.18357
22deemed profits. clause no.19357
23profits chargeable to tax under section 41 clause no 20357
24deduction on actual basis section 43 B -clause no.21358
25details of any loans or deposits borrowed or repaid section 269SS/ 269T- clause no.24359
26brought forward losses or depreciation- clause no 25360
27deductions under chapter VI-A-clause no.26360
28tax deducted at source. clause no.27360
29quantitative details- clause no 28360
30cost audit report- clause no.30360
31accounting ratios- clause no.32361

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