Guide to .. Tax Management ,Tax Planning and Tax Saving

Graphical Table Presentation of Income Tax AY 2019-20

Basic Concepts of Income Tax ( Section 1 to 4 )
[Graphical Table Presentation]

Concept of Income under Income Tax
Definitions of Basic Terms in Income Tax ( Section - 2 to 3)

Residential Status ( Section 5 to 9 )
[Graphical Table Presentation]

Section 6 : Determination of Residential Status

Section - 6(1) & 6(6) : Determination of Residential Status of Individual.

Residential Status of other person

Section - 5 : Incidence of tax

Section - 9(1) : Income deemed to accrue or arise in India

Income from Salaries ( Section 15 to 17 )
[Graphical Table Presentation]

'Charge' under head Salary (Section-15)
Allowance under the head Salary
Deduction U/s 16(ii) : Entertainment Allowance Vs. Deduction U/s 16(iii) : Professional Tax
Specified Employee Vs. Non Specified Employee
Section 17(2) : Perquisites - Category A
Section 17(2) : Perquisites - Category B
Section 17(2) : Fully Exemped Perquisites - Category C
Taxability of Perquisites & Allowance - under the head Salary
Provident Fund ( SPF, PPF, URPF, RPF )
Section 10(10) - Gratuity ( Tax Treatment )
Section 10(10A) - Pension ( Tax Treatment )
Section 10(10AA) - Leave Salary ( Tax Treatment)

Income from House Property ( Section 22 to 27 )
[Graphical Table Presentation]

Section 22 : Charges under the head ' Income from House Property'

Section - 27 : Deemed Owner ( under Income from House Property )

Section - 23 : Annual Value

Section - 24a : Standard Deduction

Section - 24b : Interest on Borrowed Capital
Section - 25 : Restriction on Deduction of Interest
Section - 25A : Recovery of Unrealised Rent Vs. Receipt of Arrear of Rent
Section - 26 : Co-Owner

Depreciation ( Section 2(11), 32, 38, 43, 50 )
[Graphical Table Presentation]

Section 2(11) : Block of Asset
Eligible Assets and its Rate of Depreciation
Section 43(6) : Computation of Depreciation
Section 43(1) : Actual Cost of Assets
Sale of Assets / Destruction of Asset
Section 50 : Computation of Capital Gain in case of Depreciable Asset

Profits and Gains of Business or Profession ( Section 28 to 44D )
[Graphical Table Presentation]

Section 28 : 'Charges' under the head ' Profits and Gains of Business or Profession'

Section - 30 : Rent, Rates, and Taxes of Premises Vs. Section - 31 : Insurance, Repairs of Plant, Machinery & Furniture (PMF)

Section - 36(1) : Amount Expressly Allowed as Deduction

Section - 35 : Expenditure on Scientific Research
Section - 35D : Amortisation of Preliminary Expenses
Section - 37 : General Deduction

Section 40A(2) : Unreasonable payment to Relatives/ Substantial interest

Section 40A(3) : Cash Expenditure

Section 43B : Certain Expenses Deduction Allowed on actual payment basis

Section - 44AD, 44ADA & 44AE. : Presumptive Basis of Taxation

Section 44AB : Compulsory Tax Audit

Capital Gain ( Section 45 to 55A)
[Graphical Table Presentation]

Section 45(1) : Charges under the head " Capital Gain"
Section 2(14) : Capital Asset
Section 2(47) : Transfer of Assets
Section 47 : What is not Transfer
Section 48 : Computation of Short Term Capital Gain (STCG) & Logn Term Capital Gain (LTCG)

Formula for indexation

Section 48 : Full Value of Consideration (FVC)
Section 55(2) : Cost of Acquisition (COA)

Special cases of computation (Deemed Transfer)

Income from Other Sources ( Section 56 to 59 )
[Graphical Table Presentation]

Section 56 to 59 : Charges & Provisions under the head ' Income from Other Sources'

Section - 56(2) : GIFTs under the head ' Income from Other Sources'

"Other Incomes" charged under the head Other Sources

"Interest on Securites" under the head Other Sources

"Dividend" under the head Other Sources

Clubbing of Income ( Section 60 to 65)
[Graphical Table Presentation]

Section 64(1)(ii), (iv) & (vii). Clubbing provisions relating to Spouse

Section 64(1)(vi) & (viii). Clubbing provisions relating to Son’s Wife

Section 64(1A). Clubbing provisions relating to minor child

Set Off & Carry Forward of Losses ( Section 70 to 80 )
[Graphical Table Presentation]

Section - 70, 71, 71B to 74A, Rules to Carry Forward & Set Off Past Year Losses

Deduction from GTI [Gross Total Income] ( Section-80C to 80U)
[Graphical Table Presentation]

Section 80C (Specified Saving & Expenditure)

Section 80CCC (Annuity Scheme or any other Pension Plan)

Section 80CCD (New Pension Scheme-NPS)
Section 80D (Health Insurance Premium & Health Check Up)
Section 80DD (Disabled Dependent)
Section 80DDB (Medical Treatment of Specified Disease)
Section 80U (Assessee himself is Disabled)
Section 80E (Interest on Higher Education Loan after +2)
Section 80EE (Interest on Housing Load)
Section 80G (Donations)
Section 80GG (Rent Paid)
Section 80GGA (Donation for Scientific Research / Rural Development)
Section 80GGB & GGC
Section 80JJA (Profit from Bio Degradable Wastes)
Section 80QQB / 80RRB (Royalty from Books / Patents)
Section 80TTA (Interest on Saving A/c)

TAX RATES ( AY 2019-20)
[Graphical Table Presentation]

Tax Rates on Total Income for AY 2019-20
Slab Tax Rates for AY 2019-20 ( Individual / HUF / Resident / Non-Resident)
Tax Concession

Agricultural Income ( Section 2(1A) & 10(1)
[Graphical Table Presentation]

Section 10(1). Agricultural Income is exempt from tax

Section 2(1A). Meaning of Agricultural Income

Computation of income which is partly agricultural & partly non agricultural

Computation of tax if assessee is earning both AI & NAI (Partial Integration)

Assessment of Firm (Section 184, 28, 37, 40b)
[Graphical Table Presentation]

Section 184. Assessment of Firm
Section 40b. Maximum Deduction of Interest & Remuneration Allowed in the hands of Frim

Charitable Trust [Section 2(15), 11 to 12AA]
[Graphical Table Presentation]

Section-2(15). Meaning of charitable purpose

Section-11 & 12. Income of charitable purpose

Section-12AA. Registration of Trusts

Tax Treatment of Anonymous donation

Tax Deducted at Source (TDS) [Section 192 to 206C)
[Graphical Table Presentation]

Section 192 to 206C : Application and Procedure of TDS

Advance Tax [Section 207 to 211]
[Graphical Table Presentation]

Section 207. Liability to pay advance tax

Section 208. When does liability to pay advance tax arise.

Section 209. Computation of advance tax

Section 211. Due date of payment of advance tax

Section 234C. Deferment in payment of advance tax

Interest Payable by Assessee [Section 234A, B & C)
[Graphical Table Presentation]

Interest Payable by Assessee with reference to (i) Nature of Default (ii) Default Period (iii) Tax Due

Return of Income ( Section 139, 140, 140A)
[Graphical Table Presentation]

Section 139(1). Who should file the Return of Income

Person [Explanation to Section 139(1)]

Section 142(1). Compulsory filing of Return of Income.

Section 139(3). Loss Return?

Section 139(4). Belated Return

Section 139(5). Revised Return

Section 140. Signing of Return.

Section 140A. Self-Assessment Tax

Section 139A. Permanent Account Number (PAN)

Mixed Topics
[Graphical Table Presentation]

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Tax Computation with Assessment of Salaried Person, HUF, Individuals
Tax Computation with Assessment of Salaried Person, HUF, Individuals.

Computation of Income with Assessment Under the Head 'Salary', 'HUF', 'Individuals'.

Salaried Person
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TDS, TCS, Advance Tax & Refunds
TDS, TCS, Advance Tax & Refunds

Guide & Taxation with Amendments made by the Finance Act. 2018 and the Rules as amended till Date.

Advance Tax & Refund
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