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IncomeTAXManagement Book
CONTENTS

UNIT-I        TAXATION SYSTEM IN INDIA

    1.0. Basic Concepts on Tax System in India.

    1.1. Unit Objectives

    1.2. Basic Concepts

    1.2.1. Importance and History of the Taxation Structure in India

    1.2.2. Meaning of the Tax Management

    1.2.3. Sec. 2(31) : Meaning of ‘Person’

    1.2.4. Sec. 2(7) : “Meaning of ‘Assessee’

    1.2.5. Sec. 2(24) : Meaning of ‘Income’

    1.2.6. Gross Total Income (GTI) and Total Income

    1.2.7. Sec. 2(9) : Meaning of ‘ Assessment Year’

    1.2.8. Sec. 3 : Meaning of ‘Previous Year’

    1.2.9. When Income of Previous Year is not Taxable in the Immediately Following Assessment Year

    1.2.10. Different Heads of Income

    1.2.11. Income Tax Payer

    1.2.12. Methods of Charging Income Tax

    1.2.13. Agricultural Income

    1.3. Capital & Revenue

    1.3.1. Capital Receipt vs Revenue Receipts

    1.3.2. Capital Expenses vs Revenue Expenses

    1.3.3. Capital Losses vs Revenue Losses

    1.4. Basis of Charge ( Residential Status)

    1.4.1. Residential Status of an ‘Individual’

    1.4.2. Residential Status of ‘HUF’ , ‘Firm’ , ‘AOP’

    1.4.3. Sec. 6(3) : Residential Status of a ‘Company’

    1.4.4. Sec. 6(4) : Residential Status of ‘Every other Person’

    1.5. Exempted Income

    1.6. Tax Holiday

    1.6.1. Sec. 10A : Free Trade Zone

    1.6.2. Sec. 10AA : Special Economic Zone

    1.6.3. 100% Export Oriented Undertakings

    1.6.4. Sec. 10BA : Income from Export of Artistic Handmade Wooden Articles

    1.7. Tax Holiday Deductions

    1.7.1. Sec. 80-IA : Deductions in Respect of Profits and Gains from Industrial Undertakings or Enterprises engaged in Infrastructure Development

    1.7.2. Sec. 80-IAB : Deductions in Respect of Profits and Gains by an Undertaking or Enterprise Engaged in Development of Special Economic Zone

    1.7.3. Sec. 80-IB : Deduction in Respect of Profits and Gains from Certain Industrial Undertakings other than Infrastructure Development Undertaking.

    1.7.4. Sec. 80-IC : Special Provisions in Respect of Certain Undertakings or Enterprises in Certain Special Category States

    1.8. Tax Rates

    1.8.1. Calculation of Tax Liability

    1.8.2. Income Tax Rates for A.Y. 2016-2017 & F.Y. 2015-2016

    1.9. Summery

    1.10. Key Terms

    1.11. Answers to ‘Check Your Progress’

    1.12. Questions and Exercises

UNIT-2       THE PROCESS OF TAXATION

    2.0. Introduction

    2.1. Unit Objectives

    2.2. Income from Salary

    2.2.1. Computation of ‘Gross Salary’

    2.2.2. Computation of ‘Net Salary Income’

    2.2.3. Allowances U/s 17(3)

    2.2.4. ‘Perquisites’ and Income Tax ( Taxable and Exempted)

    2.2.5. Profit in lieu of Salary

    2.2.6. Exemption of Amounts Specified in the Income Tax Rules

    2.2.7. Deductions Under Section 80C

    2.2.8. Computation of ‘Salary ‘ Income

    2.3. Income from House Property

    2.3.1. Sec. 22 : Definition of ‘Income from House Property’

    2.3.2. Income Excluded from Tax Under ‘Income from House Property’

    2.3.3. Computation of Income From ‘Let-Out Property’

    2.3.4. Sec. 23(1) : Gross Annual  Value

    2.3.5. Deduction of Municipal Tax

    2.3.6. Deduction Under Section 24

    2.3.7. Computation of Income From ‘Self-Occupied Property’

    2.3.8. Computation of House Property Income

    2.4. Income from Business / Profession

    2.4.1. Meaning of ‘Business’ and ‘Profession’

    2.4.2. Expenses that can be claimed as Deductible Expenses

    2.4.3. Expenses that can be considered ‘Expenses not Deductible’

    2.4.4. Charging Deemed Profits to Tax

    2.4.5. Meaning of ‘Set-Off’ and ‘Carry Forward’  of Business Losses

    2.4.6. Professionals / Businessmen who have to Maintain Books of Accounts

    2.4.7. Computation of Profits and Gains of ‘Business or Profession’

    2.5. Income from Capital Gains

    2.6. Income from Other Sources

    2.7. Income of other Persons Included in Assessee’s Total Income

    2.8. Ser-Off and Carry Forward of Losses

    2.9. Deductions to be Made in Computing Income Tax

    2.10. Summary

    2.11. Key Terms

    2.12. Answers to ‘Check your Progress’

    2.13. Questions and Exercises

 

UNIT-3       TAXATION IN COMPANY

    3.0. Introduction

    3.1. Unit Objectives

    3.2. Sec. 2(17) : Definition of a Company

    3.3. Sec. 2(26) : Definition of an Indian Company

    3.4. Sec. 2(23A) : Definition of a Foreign Company       

    3.5. Definition of a Domestic Company

    3.6. Sec. 2(18) : Companies of Substantial Interest to the Public

    3.7. Residential Status of a Company

    3.8. Minimum Alternate Tax (MAT)

    3.9. Sec. 115JB : Special Provision for Payment of Tax by  Certain Companies

    3.10. Computation of Book Profit

    3.11. Analysis of Total Income and Book Profit

    3.12. Amounts Expressly Allowed as Deductions

    3.12.1. Sec.30: Rent, Rates, Taxes, Repairs and Insurance of Building used for Business.

    3.12.2. Sec. 31 : Repairs and Insurance of Plant, Machinery and Furniture

    3.12.3. Sec. 32 : Depreciation

    3.12.4. Sec. 36(1)(i) : Stock Insurance

    3.12.5. Sec. 36(1)(ib) : Employee Health Insurance Premium

    3.12.6. Sec. 36(1) (ii) : Bonus or Commission to Employees

    3.12.7. Sec. 36(1) (iii) : Interest paid on Borrowed Capital for Business or Profession.

    3.12.8. Sec. 36(1)(iv) : Employer’s Contribution to Recognized Provident Fund or Approved Superannuation Fund

    3.12.9. Sec. 36(1)(v) : Employer’s Contribution to Approved Gratuity Fund

    3.12.10. Sec. 36(1)(va) :  Employer’s Contribution to Staff Welfare Fund

    3.12.11. Sec. 36(1)(vii) : Bad Debts

    3.12.12. Sec. 36(1)(ix) : Family Planning Expenditure incurred by Company

    3.12.13. Sec. 36(1)(xii) : Banking Cash Transaction Tax (BCTT)

    3.12.14. Sec. 37 : General Deductions

    3.12.15. Loss arising due to Business

    3.12.16. Penalty for Breach of Law

    3.13. Sec. 40A : Amounts Expressly Disallowed as Deductions

    3.14. Sec.35 : Expenditure on Scientific Research

    3.15. Sec. 35D : Amortization of Certain Preliminary Expeness

    3.16. Restrictions of Deductions

    3.16.1. Sec. 40A : Non-deductible Expenses or Payments

    3.16.2. Sec. 40A(2)(a) : Payment made to Relatives

    3.16.3. Sec. 40A(3) : Cash Expenditure

    3.16.4. Sec. 43B : Expenses allowed as Deductions only on Payment.

    3.17. Summery

    3.18. Key Terms

    3.19. Answers to ‘Check Your Progress’

    3.20. Questions and Exercises

 

UNIT- 4    TAX MANAGEMENT-MANAGERIAL AND FINANCIAL DECISIONS

    4.0. Introduction

    4.1. Unit Objectives

    4.2. Tax Management with reference to -Location & Nature of Business.

      4.2.1.   Location Of New Business

      4.2.2.   Nature Of  New Business

    4.3. Tax Management with reference to -Deemed Dividend

      4.3.1.   Sec. 2(22)(a) : Introduction

      4.3.2.   Sec. 2(22)(b) : Distribution By Way Of Debenture

      4.3.3.   Sec. 2(22)(c) :Distribution To Shareholders On Liquidation

      4.3.4.   Sec. 2(22)(d) :Distribution On Reduction Of Capital  

      4.3.5.   Sec. 2(22)(e) :Payment By Way Of Advance Or Loan To Shareholders

      4.3.6.   Tax Planning Through Issue Of Bonus Shares

      4.3.7.   Tax Planning Through Purchase Of Own Shares Or Distribution Of Dividend

    4.4. Tax Management with reference to –Lease or Buy Decisions

    4.5. Tax Management with Reference to - Repair, Replace and Make or Buy Decisions

      4.5.1.   Repair, Replace, Renewal Or Renovation

      4.5.2.   ‘Make Or Buy’  Decisions

    4.6. Sec. 46 : Capital Gains on Distribution of Assets by Companies in Liquidation

    4.7. Sale of Scientific Research Asset

    4.8. Tax Management With Reference To Capital Structure

    4.8.1. Capital Structure Decisions

    4.8.2. Tax Considerations

    4.8.3. Tax Planning

    4.9. Conversion of Firm / Sole Proprietorship to Company

    4.9.1. Sec. 47(xiii) : Conversion Of From Into Company

    4.9.2. Sec. 47(Xiv) : Conversion Of Sole Proprietary Business Into Company

    4.9.3. Sec. 72A(6) : Provisions Relating To Carry Forward And Set Off Of Accumulated Loss And Unabsorbed Depreciation Allowance In Case Of Succession

    4.9.4. Sec. 47A(3) : Withdrawal Of Exemption

    4.10. Summary

    4.11. Key Terms

    4.12. Answers to ‘Check Your Progress’

    4.13. Questions and Exercises

UNIT- 5              BUSINESS TAX PROCEDURE & MANAGEMENT

    5.0. Introductions

    5.1. Unit Objectives

    5.2. Income Tax Authorities

    5.2.1. Sec. 132 : Power of Income Tax Authorities to Search and Seize

    5.2.2. Sec/ 132(B) : Application of Seized or Requisitioned Assets

    5.2.3. Sec. 133a : Power of Survey

    5.2.4. Sec. 133b : Power to Collect Certain Information

    5.2.5. Sec. 138 : Disclosure of Information Regarding Assessees to Certain Authorities

    5.3 Recovery of Tax and Refunds

    5.3.1. Payment of Tax

    5.3.2. Modes of Tax Authorities

    5.3.3. Refunds

    5.4. Tax Deducted at Source (TDS)

    5.4.1. Deduction of Tax at Source (TDS)

    5.4.2. Sec. 192 : Deduction of Tax from ‘Salary’

    5.4.3. Sec. 193 : Deduction of Tax from Interest on Securities

    5.4.4. Sec. 194 : Deduction of Tax from Deemed Dividend

    5.4.5. Sec. 194A : Deduction of Tax from Interest other than Interest on Securities

    5.4.6. Sec. 194B : Winning from Lottery or Games of any Sort

    5.4.7. Sec. 194BB :  Winning from Horse Races

    5.4.8. Sec. 194C : Payment to Contractor and Sub-Contractor

    5.4.9. Sec. 194D : Tax Deducted at Source from Insurance Companies

    5.4.10. Sec. 194E : Payment to Non-Resident Sportsmen or Sports Association

    5.4.11. Sec. 194G : Commissions,  etc. pm the sale of Lottery Tickets

    5.4.12. Sec. 194H : Commission or Brokerage

    5.4.13. Sec. 194i : Payment of Rent

    5.4.14. Sec. 194J : Fees for Professional or Technical Service

    5.5. Filing of Returns

    5.5.1. Sec. 139(1) : Time Limit for Filing Income Returns

    5.5.2. Sec. 139(3) : Filing Returns of Loss

    5.5.3. Sec. 139(4) : Filing Return after due date

    5.5.4. Sec. 139(5) : : Filing Revised Returns

    5.5.5. Sec. 139(9) :Defective or Incomplete Returns

    5.5.6. Sec. 140 : Singing the Income Return

    5.5.7. Permanent Account Number (PAN)

    5.6. Tax Planning, Tax Avoidance and Tax Evasion.

    5.6.1. Tax Planning

    5.6.2. Tax Avoidance

    5.6.3. Tax Evasion

    5.6.4. Difference between ‘Tax Planning’ and ‘Tax Management’

    5.6.5. Difference between ‘Tax Avoidance’ and ‘Tax Evasion’

    5.7. Penalties and Prosecutions

    5.7.1. Sec. 274 : Procedure for Imposing Penalties

    5.7.2. Types of Penalties in the Event of Default

    5.7.3. Prosecutions

    5.8. Fringe Benefit Tax (FBT)

    5.8.1. Salient Features of FBT

    5.8.2. Characteristics of FBT

    5.8.3. Classification of ‘Employer’ for FBT

    5.8.4. Classification of ‘Non-Employer’ for FBT

    5.8.5. Direct Fringe Benefit

    5.8.6. Deemed Fringe Benefit

    5.8.7. Payment of FBT to the Government

    5.8.9. Filing of FBT Returns

    5.9. Service Tax

    5.9.1. Applicability of Service Tax

    5.9.2. Service Tax Rates

    5.9.3. Registration Formalities

    5.9.4. Payment and Refund of Tax

    5.9.5. Filing of Returns

    5.9.6. Assessment

    5.9.7. Central Value Added Tax (CENVAT) Credit

    5.9.8. Penalties and Prosecutions Relating to Service Tax

    5.10. Central Sales Tax (CST)

    5.10.1. Inter-State Sale

    5.10.2. Objectives of the CST Act

    5.10.3. Conditions for the CST Act to become Applicable

    5.10.4. Rates of CST

    5.10.5. Definitions of Sale Price

    5.10.6. CST Transaction Forms

    5.11. Tax Collected at Source (TCS)

    5.11.1. Classification of Sellers for TCS

    5.11.2. Classification of Buyers for TCS

    5.11.3. Goods and Transactions Classified Under CST

    5.11.4. Certificate of CST

    5.11.5. TCS Exemptions

    5.11.6. Payment of TCS to the Government

    5.11.7. Electronic TCS ( E-TCS)

    5.11.8. Filing of TCS Returns

    5.11.9. Recent Amendments of TCS Rates

    5.12. Key Terms

    5.13. Answers to ‘Check Your Progress’

    5.14. Questions and Exercises

 
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