Best Study Notes » Income Tax
ICAI guidance note on transfer pricing - KPMG commentary
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CA IPCC - Income Tax - Residential Status, Business Heads
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CA IPCC Income Tax by CA Sunil Jain of Arihant Institute
Can Annual Value of a house property be negative? explain.
Best Coaching Class Notes by shruti (#2) 221 days ago (Article)
Annual value of a house property can be negative in following cases:
1) In case of Self-occupied property: can be negative but only to the extent of INR 1,50,000 , which is the interest allowed as deduction.
2) In case of let-out property: can be negative because of deduction on account of municipal
taxes and interest.
1) In case of Self-occupied property: can be negative but only to the extent of INR 1,50,000 , which is the interest allowed as deduction.
2) In case of let-out property: can be negative because of deduction on account of municipal
taxes and interest.
As per the Indian income tax act, what are the deductions available from Income from House Property
Best Coaching Class Notes by shruti (#2) 221 days ago (Article)
2 kinds of deductions ar allowed - 1 - standard deduction 2 - deduction on account of interest.
(1) A Standard Deduction of 30% of Net Annual Value Would be allowed as a deduction from net Annual Value, irrespective of expenditure incurred. No other deduction on account
of any expenditure is allowed.
However such deduction would not be allowed when annual value is negative.
(2) Deduction
(1) A Standard Deduction of 30% of Net Annual Value Would be allowed as a deduction from net Annual Value, irrespective of expenditure incurred. No other deduction on account
of any expenditure is allowed.
However such deduction would not be allowed when annual value is negative.
(2) Deduction
What is the treatment of House property let out during part of year and part of year self-occupied?
Best Coaching Class Notes by shruti (#2) 221 days ago (Article)
The income from such property is calculated as if let out for whole of the year. In this case, expected rent would be taken for whole year but actual rent would be taken for let out period only and no special allowance for this purpose is allowed.
However in case property is acquired during the PY itself, expected rent would be taken for only that portion for which property has been owned by a
However in case property is acquired during the PY itself, expected rent would be taken for only that portion for which property has been owned by a
Explain provisions of IT act for House Rent Allowance and other allowances.
Best Coaching Class Notes by shruti (#2) 221 days ago (Article)
S 10[13(A)] states that HRA is taxable subject to the minimum of :
(1) Actual HRA received
(2) Rent paid less 10% Salary
(3) 50% of salary – If accommodation is in Mumbai, Kolkata, Delhi, Chennai [Metro City] or 40% of salary for any other place
Certain allowances / expenses like
(i) Travelling (ii) Daily Allowance (iii) Conveyance (iv) Helper (v) Academic and(vi) Uniform Allowance are
(1) Actual HRA received
(2) Rent paid less 10% Salary
(3) 50% of salary – If accommodation is in Mumbai, Kolkata, Delhi, Chennai [Metro City] or 40% of salary for any other place
Certain allowances / expenses like
(i) Travelling (ii) Daily Allowance (iii) Conveyance (iv) Helper (v) Academic and(vi) Uniform Allowance are
How is taxability of advance salary, salary arrears and advance against salary determined as per Indian income tax act.
Best Coaching Class Notes by shruti (#2) 221 days ago (Article)
Any advance salary received would be taxable in the previous year in which it is received on receipt basis and any arrears of salary received which is not taxed earlier would be taxable in the year in which they are allowed , however recipient would be entitled to claim relief under Sec. 89 in respect of such arrears.
Advance salary is different from advance against salary and such advance agai
Advance salary is different from advance against salary and such advance agai
How is salary defined as per the Indian income tax Act? Describe in detail.
Best Coaching Class Notes by shruti (#2) 221 days ago (Article)
Any amount received by an individual shall be treated as salary only if the relationship between payer and payee is that of an employer and employee. Whether he is a part time employee or full time employee does not matter. S 17(1) defines it further as any kind of:
• Wages
• Annuity
• Gratuity, fees, bonus, commission, perk or profit in lieu of salary or wages.
• Any advance of salary
• Any
• Wages
• Annuity
• Gratuity, fees, bonus, commission, perk or profit in lieu of salary or wages.
• Any advance of salary
• Any
How is Residential Status of an Indian Company determined as per the Indian Income Tax Act?
Best Coaching Class Notes by shruti (#2) 223 days ago (Article)
An Indian company is always regarded as a Domestic Company with a Resident Status.
A company incorporated outside India may also be treated as a domestic company if certain conditions are fulfilled.
• An Indian company is always a resident. A Company incorporated outside India is treated as “resident” only if control and management is wholly in India. Control and Management is ascertained
A company incorporated outside India may also be treated as a domestic company if certain conditions are fulfilled.
• An Indian company is always a resident. A Company incorporated outside India is treated as “resident” only if control and management is wholly in India. Control and Management is ascertained
How is Residential Status of an Individual determined as per the Indian Income Tax Act?
Best Coaching Class Notes by shruti (#2) 223 days ago (Article)
An Individual can be resident or a non-resident in India.
To be a resident he has to satisfy one of the following conditions:
(a) Stay in India ≥ 182 days in a PY OR
(b) Stay in India ≥ 60 days in a PY and Stay in India ≥ 365 days in preceding 4 PYs.
For the condition (b) above, we have 3 exceptional cases. In all these 3 cases second condition does not apply:
(a) A citizen of India w
To be a resident he has to satisfy one of the following conditions:
(a) Stay in India ≥ 182 days in a PY OR
(b) Stay in India ≥ 60 days in a PY and Stay in India ≥ 365 days in preceding 4 PYs.
For the condition (b) above, we have 3 exceptional cases. In all these 3 cases second condition does not apply:
(a) A citizen of India w
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