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

Tax Ready Reckoner @ A.Y. 2019-20

 

(1) Basic Knowledge/Concepts about Income Tax

Tax Ready Reckoner @ A.Y. 2019-20

(2) Capital Vs. Revenue

(3) Residential Status

(4) List of Exempted Incomes (Tax-Free) Under Section-10

Exempted Incomes ( Tax Free) [ Sec. 10(1) to Sec. 10(50)]

Section 10 gives list of incomes which are exempt from tax. In this part you can gain knowledge about various incomes which are exempt from tax under Section 10.

Tax Holiday : SPECIAL ECONOMIC ZONE (SEZ) [Section 10AA]

Special Economic Zone (SEZ)- Special Provisions in respect of newly established units in special economic zone.

Computation of Total Income

(5) Income Under the Head 'Salary' [Section 15 to 17]

(A). Salary -Definition & Meaning

 

(B). Provident Fund

 

(C). Allowance

 

(D). Perquisites

 

(E). Profit in lieu of Salary

 

(F). Retirement Benefits

(G). Deductions

 

(H). Table Presentation of Salary Income (Section 15 to 17)

 

(6) Income Under the Head 'House Property' [ Sec. 22 to 25]

(7) 'Profits and Gains of Business or Professions' [Section 28 to 44]

Define … ‘Profits and Gains of Business or Profession’ and its Computation (Section 28)

 

Method of Accounting for Computing Business Income (Section 145)

 

Principles for Allowing Business Deductions / Allowances from Profits and Gains of Business or Profession

 

Expenses Allowed as Deductions against Profits and Gains of Business or Profession [Section-30-37]

[Section 37(1)] : General Or Allowable Deductions under Business or Professions

 
 

Business Losses Deductible under the head  'Profits and Gains of Business or Profession'

 
 

Expenses Not Deductible under the head 'Profits and Gains of Business or Profession (Section 40, 40A, 43B)

 
 

DEEMED PROFITS Chargeable to Tax as Business Income Under Profits and Gains of Business or Professions [Section 41]

 

Taxation of Undisclosed Business Income/Investments from Undisclosed Sources [Section 68 to 69D]

 

Deduction in respect of Expenditure incurred on setting up of a Specified Business [Section-35AD] :

 
 

When Maintenance of Books of Accounts becomes Compulsory (Section 44AA)

 
 

Compulsory Audit of Books of Accounts by Chartered Accountant (Section 44AB)

 

Computation of Income On Estimated Basis Under Sections 44AD, 44ADA and 44AE

 

(8) Income Under the Head ' CAPITAL GAIN'

Capital Assets, Capital Gain & Transfer of Capital Assets for Taxation of 'Capital Gain'

 

Types of Capital Assets for Computing ‘Capital Gain'

 

Computation Of ‘Period Of Holding of an Asset' for Computing Gapital Gain [Explanation 1(i) to Section 2(42A)]

 

Transfer Of A Capital Asset [Section 2(47)] for Computing Capital Gain

 

Transactions Not regarded as ‘Transfer’ for Computing Capital Gain [Section 46 and 47]

 
 

Method of Computing Capital Gain [Section 48]

A format to compute the Capital Gain under Section 48 is given here ...
 

Deemed Cost of Acquisition of Asset for Computing Capital Gain

Deemed Cost of Acquisition of Assets for Computing Capital Gain and all the provisions under sub-clause of Section 49 has been described ...
 

[Section 55(2)] : Cost of Acquisiton of Assets for Computation of Capital Gain

 
 

Capital Gain in various Special Cases - How to Find Out or Calculate

 

Capital Gains Accounts Scheme, 1988.

Salient Features of Capital Gains Accounts Scheme, 1988 are given ...
 

Types of Capital Gain

 
 

Tax on Long-Term Capital Gain in certain Cases (Section 112A)

 
 

Exemption of Capital Gains under Section 10 and 115JG

 

Exemption of Capital Gains under Sections 54, 54B, 54D, 54EC, 54EE, 54F, 54G, 54GA and 54GB

(Section 54) : Exemption of Capital Gains from the Transfer of Residential House Property

 

(Section 54B) : Exemption of Capital Gain on Transfer of Land used for Agricultural Purposes

For the purpose of Section 45, the following transactions are not regarded as transfers (in other words, in the following cases, there is no Capital Gain)—

(Section 54D) : Exemption of Capital Gains on Compulsory Acquisition Of Land And Buildings forming part of Industrial Undertaking

The Provisions of Section 54D towards Exemption of Capital Gains on Compulsory Acquisition Of Land And Buildings forming part of Industrial Undertaking are given :

(Section-54EC) : Exemption of Capital Gain on Transfer of any Long Term Capital Asset on the basis of Investment in certain Bonds

The Provisions of Section 54EC towards Exemption of Capital Gains on Transfer of any Long Term Capital Asset on the basis of Investment in certain Bonds are given –
 

(Section 54EE) : Capital Gain not to be charged on Investment in Units of a Specified Fund

The Provisions of Section 54EE towards Exemption of Capital Gain not to be charged on Investment in Units of a Specified Fund are given –
 

[Section 54F] : Exemption of Capital Gain on Transfer Of Long-Term Capital Assets other than a House Property

 

[Section 54G] : Capital Gain on Shifting of Industrial Undertaking from Urban Areas to Non-Urban Areas :

 

[Section 54GA] : Exemption of Capital Gain on transfer of assets in case of shifting of Industrial Undertaking from an urban area to any Special Economic Zone (SEZ)

The Provisions of Section 54GA towards Exemption of Capital Gain are given below –
 

(Section 54GB) : Exemption of Long term Capital Gain Tax on Transfer of Residential Property if Net Consideration is Invested in the Equity Shares of a new Start-up SME Company :

 

(Section 54H) : Extension of time limit for acquiring new Asset or Depositing or Investing amount of Capital Gain, in case of Compulsory Acquisition :

The cumulative impact of Sections 45(5) and 54H is given here ...
 

(9) 'Income from Other Sources' and Its Computation


Scope of Income Chargeable under the head 'Income from Other Sources' (Section 56)


Taxability of Dividend Income [Section 56(2)(i)]

  1. What is Dividend
  2. Accumulated Profits for Distribution of Dividend
  3. Disbursements by the Company to the Shareholders, to the extent of Accumulated Profits.
  4. Deductions for Expenses from Dividend Income [Section 57(i) and 57(iii)]
  5. Tax on certain Dividends received from Domestic Companies [Section 115BBDA]
  6. Tax Treatment of Dividend in the hands of Shareholders

Winnings from Lotteries, Crossword Puzzles, Horse Races and Card Games [Section 56(2)(ib)]

  1. Special rate of Income-tax in case of winnings from lotteries, crossword puzzles, races, etc. [Section 115BB]
  2. Grossing up of Lottery Income, etc.

Interest on Securities under the head 'Income from Other Sources' [Section 56(2)(id)]

  1. Meaning of Interest on Securities
  2. Chargiability of Interest on Securities :
  3. Accrual of Interest on Securities :
  4. Grossing up of Interest on Securities :
  5. Deductions for Expenses from Interest on Securities [Section 57(i) and (iii)]:
  6. Avaoidance of Tax in respect of Interest on Securities (Section 94)

Income from Letting Out of Machinery , Plant or Furniture [Section 56(2)(ii)]

  1. Income from Composite Letting of Machinery, Plant or Furniture and Buildings [Section 56(2)(iii)]:
  2. Deductions permissible from Letting out of Machinery, Plant or Furniture and Buildings [Section 57(ii) and (iii)]:

Income from Composite Letting of Machinery, Plant or Furniture and Buildings [Section 56(2)(iii)]

If an assessee lets on hire machinery, plant or furniture and also building and letting of building is inseparable from letting of machinery, plant or furniture, income from such letting is taxable as income from other sources, if the same is not chargeable to tax under the head “Profits and gains of business or profession”.

On the basis of the judicial pronouncements, the following broad conclusions can be drawn:

Share Premium in excess of the Fair Market Value to be treated as Income [Section 56(2)(viib)]

Section 56(2)(viib) is applicable as follows –

Interest on Compensation or Enhanced Compensation [Section 56(2)(viii)]

As per section 145A(b), any interest received by an assessee on compensation or enhanced compensation, as the case may be, shall be deemed to be the income of the year in which it is received.

Further, as per section 56(2)(viii), income by way of interest received on compensation or on enhanced compensation referred to in section 145A(b) above shall be taxable under the head income from other sources in the previous year in which such interest is received.

Forfeiture of Advance Received for Transfer of a Capital Asset to be Taxed under the head "Income from Other Sources" [Section 56(2)(ix)]

According to section 56(2)(ix), any sum of money, received as an advance or otherwise in the course of negotiations for transfer of a capital asset shall now be taxable under the head income from other sources if:

Income of any person to include not only gift of money from any person(s) but also the gift of property (whether movable or immovable) or property acquired for inadequate consideration [Section 56(2)(x), w.e.f. A.Y. 2018-19]

The following income, it shall be chargeable to income tax under the head "income from other sources" as per section 56(2)(x):

Amount Expressly Disallowed in computing the 'Income from Other Sources' (Section 58)

The following expenses are not deductible by virtue of section 58 in computing the income chargeable under the head 'Income from Other Sources' :

Deductions Allowed in computing the 'Income from Other Sources'(Section 57)

  1. Deduction in respect of Employee’s Contribution towards Staff Welfare Schemes [Section 57(ia)]
  2. Deductions permissible from Letting out of Machinery, Plant or Furniture and Buildings [Section 57(ii) and (iii)]
  3. Standard Deduction in the case of Family Pension [Section 57(iia)]
  4. Any other Expenses for Earning Income [Section 57(iii)]
  5. Deductions for Expenses from Dividend Income [Section 57(i) and 57(iii)]
  6. Deductions for Expenses from Interest on Securities [Section 57(i) and (iii)]

Taxable Incomes under the head 'Income from Other Sources' [Section 56(2)]

Sub-section (2) of Section 56 specifies 9 (nine) incomes which are always taxable under the head “Income from other sources”.

(10) 'Clubbing of Income'
( Income of Other Persons Included in Assessee's Total Income)

Income of an Individual to Include Income of Spouse (Husband/Wife of the Taxpayer) - Clubbing of Income [Section 64]

  1. Remuneration of Spouse from a concern in which the other Spouse has Substantial Interest [Section 64(1)(ii)]:

  2. When an Individual is Assessable in respect of Income from Assets Transferred to Spouse [Section 64(1)(iv)]:

  3. An Individual is Assessable in respect of Income from Assets Transferred to Son's Wife [Section 64(1)(vi)]:

  4. An Individual Is Assessable In Respect Of Income From Assets Transferred To A Person For The Benefit Of Spouse [Section 64(1)(vii)]

  5. An Individual Is Assessable In Respect of Income from Assets Transferred to a Person tor the Benefit of Son's Wife [Section 64(1)(viii)]

'Revocable Transfer of Assets' for Clubbing of Income (Section 61)

  1. Examples of Revocable Transfer with different situations :

  2. When a transfer is Revocable [Section 63]:

  3. Section 61 not applicable, if the transfer is Irrevocable for a specified period [Section 62]:

Clubbing of Remuneration of Spouse from a Concern in which the other Spouse has Substantial Interest [Section 64(1)(ii)]:

  1. No Clubbing if Remuneration is due to Technical or Professional Qualifications:

  2. Where both Husband and Wife have Substantial Interest and both are getting Remuneration from the concern:

  3. 'Substantial Interest' by an Individual - Meaning

  4. When both Husband and Wife have Substantial Interest :

Clubbing of Income in respect of Income from Assets Transferred to Spouse [Section 64(1)(iv)]:


Clubbing of Income in respect of Income from Assets Transferred to Son's Wife [Section 64(1)(vi)]:


An Individual Is Assessable In Respect Of Income From Assets Transferred To A Person For The Benefit Of Spouse [Section 64(1)(vii)]


An Individual Is Assessable In Respect of Income from Assets Transferred to a Person tor the Benefit of Son's Wife [Section 64(1)(viii)]


Clubbing of Income of a Minor Child [Section 64(1A)]

  1. Clubbing of Income of a Minor Child in the hands of Father or Mother -

  2. Certain incomes of Minor Child Taxable in the hands of Minor Child only:

  3. When Clubbing of Income of Minor Child is not Attracted -

  4. Exemption under Section 10(32) in case of Clubbing of Income of a Minor Child -

Income from Self-acquired Property Converted to Joint Family Property and subsequent Partition [Section-64(2)]

  1. Transactions are covered by Section 64(2) by an Individual , who is a member of HUF

  2. Clubbing of Income in the case of subsequent Partition of HUF :

  3. Income is to be Clubbed but Income On Income is Not to be Clubbed:

  4. 'Income includes Loss' for the purpose of Section 64.

 

(11) "Set off or Carry Forward and Set off of Losses" [Sections 70 to 80]


1. Set off or Carry Forward and Set off of Losses [Sections 70 to 80]


2. Carry Forward and Set Off of Loss from House Property [Section 71B]


3. Carry Forward and Set off of Business Losses other than Speculation Loss (Section 72)

  1. Loss can be Set Off only against Business Income :

  2. Losses can be Set Off only by the Assessee who has incurred Loss [Section 78(2)]

  3. Business Loss can be Carried Forward for 8 Years

  4. Return of Loss should be Submitted in Time (Section 80) for Carry Forward and Set Off of Business Loss

  5. Continuity of Business Not Necessary for Carry Forward and Set Off of Business Loss

  6. Carry Foward of Unabsorbed Depreciation , Capital Expenditure on Scientific Research and Family Planning Expenditure

 

4. Carry Forward and Set-Off of the Accumulated Business Losses and Unabsorbed Depreciation Allowance in Amalgamation or Demerger, etc. (Section 72A)

1. Carry Forward of Business Loss and Unabsorbed Depreciation as per Section 72A

2. Provisions relating to Carry Forward and Set Off of Accumulated Losses and Unabsorbed Depreciation Allowance in Business Reorganization of Co-Operative Banks [Section 72AB]

5. Carry Forward and Set off of Speculation Loss (Section 73)

  1. (Explanation to Section 73) : Companies carrying on Business of Buying and Selling Shares.

  2. Speculatative Loss can be Set Off only against Speculative Income (Section 73)

  3. Speculative Loss can be carried forward for 4 years.

  4. Continuity of Business Not necessary for Carry forward and Set Off of Speculation Loss

  5. Return of Loss should be Submitted in Time (Section 80) for Carry Forward and Set Off of Speculation Loss

  6. Other Points towards Carry Forward and Set Off of Speculation Loss

6. Carry Forward and Set-Off of Loss from activity of Owning and Maintaining Race Horses (Section 74A)


7. Carry Forward and Set-Off of Capital Loss under the head 'Capital Gains' (Section 74)


8. Carry Forward and Set off of Loss of a 'Specified Business' referree in Section 45AD (Section 73A)

(12) "DEDUCTIONS" to be made in Computing Total Income [Sections 80A to 80U (Chapter VIA)]

  1. DEDUCTIONS UNDER 'CHAPTER VI-A' IN RESPECT OF "PAYMENT & INVESTMENT" ARE ALLOWED FROM SECTION 80C TO 80GGC

  2. DEDUCTIONS UNDER 'CHAPTER VI-A' IN RESPECT OF "INCOMES" ARE ALLOWED FROM SECTION 80-IA TO 80U

DEDUCTIONS UNDER 'CHAPTER VI-A' IN RESPECT OF 'PAYMENTS & INVESTMENTS' ARE ALLOWED FROM SECTION 80C TO 80GGC

1. Deduction in respect of Life Insurance Premium, Deferred Annuity, Contribution to PF, Subscription fo certain Equity Shares or Debentures etc. [Section 80C]

  1. Assessees which are Allowed Deduction under Section 80C for computing Total Income

  2. Qualifying Investment/Savings to avail Deduction under Section 80C from Gross Total Income

  3. Salient Features of Section 80C

2. Deduction in respect of Contribution to certain Pension Funds [Section 80CCC]


3. Deduction in respect of Contribution to National Pension Scheme (NPS) of Central Government by Central Government or any other Employer [ Section 80CCD]


4. Deduction in respect of investment made under an equity savings scheme [Section 80CCG]


5. Deduction in respect of Health or Medical Insurance Premia [Section 80D]

  1. Essential Conditions for Claiming Deduction in respect of Health or Medical Insurance Premium under this Section:

  2. Quantum of Deduction under Section 80D

  3. Maximum Deduction Amount under Section 80D

6. Deduction in respect of Maintenance Including Medical Treatment of a Dependent who is a person with Disability [Section 80DD]


7. Deduction in respect of Medical Treatment , etc. [Section 80DDB]


8. Deduction in respect of Interest of Loan taken for Higher Education [Section 80E]


9. Deduction in respect of interest on loan taken for residential house property [Section 80EE] [W.e.f. A.Y. 2017-18]


10. Deduction in respect of Donations to certain Funds, Charitable Institutions , etc. [Section 80G]

  1. Essential Conditions for claiming Deduction under this Section 80G :

  2. Amount Deductible Under Section 80G

  3. Net Qualifying Amount

  4. Quantum of Deduction U/s 80G

  5. Mode of Payment in respect of Donation U/s 80G

11. Deduction in respect of Rents Paid [Section 80GG]

  1. Essential Conditions for claiming deduction under Section 80GG :

  2. Quantum of Deduction under Section 80GG :

12. Deduction in respect of certain Donations for Scientfic Research or Rural Development [Section 80GGA]

 

DEDUCTIONS UNDER 'CHAPTER VI-A' IN RESPECT OF 'INCOMES' ARE ALLOWED FROM SECTION 80-IA TO 80U

1. Deduction in respect of Profit and Gains from Industrial Undertaking or Enterprises engaged in infrastructure Development [Section 80-IA]

  1. Essential Conditions for Enterprises Carrying on the Business of Infrastructure Facility [Section 80-IA(4)(i)]

  2. Essential Conditions of undertaking which is engaged in Generation, Transmission, Distribution of Power, etc. [Section 80-IA(4)(iv)]

  3. An undertaking which is enganged in 'Telecommunication Services'.

  4. An undertaking which is enganged in 'Industrial Park or Sepcial Economic Zone'

  5. An undertaking which is enganged in 'Reconstruction of Power Unit'

  6. Conditions applicable to all Undertakings / Enterprises mentioned above.

2 Deduction in respect of Profit and Gains from Industrial Undertakings or enterprises engaged in development of Special Economic Zone (SEZ). [Section 80-IAB ]

  1. Conditions - The following conditions should be satisfied—

  2. Amount and Period of Deducation Under Section 80-IAB

  3. Conditions prescribed under section 80-IA(7) to (12) to be applicable to undertaking for claiming deduction under section 80-IAB [Section 80-IAB(3)]:

3. Deduction in respect of Eligible Business of Eligible Start Up [Section 80-IAC] [W.e.f. A.Y. 2017-18]

  1. Conditions to be satisfied to claim exemption under section 80-IAC(1) [Section 80- IAC(3)]:

  2. 100% Deduction of Profit from Eligible Business [Section 80-IAC(1)]:

  3. Deduction to be allowed for any 3 Consecutive Assessment years out of 5 Years [Section 80-IAC(2)]:

  4. Further conditions applicable for an assessee claiming deduction under section 80-IAC [Section 80-IAC(4)]:

4. Deduction in respect of Profit & Gain from certain Industrial Undertaking other than Infrastructure Development Undertaking [Section 80-IB]

  1. Industrial undertaking Producing or Refining Mineral Oil in the North Eastern Region or in any part of India [Section 80-IB(9)]

  2. Undertaking engaged in the business of processing, preservation and packaging of fruits or vegetables or meat and meat products or poultry or marine or dairy products or integrated business of handling, storage and transportation of food grains [Section 80-IB(11A)]

  3. Undertaking Operating and Maintaining a Hospital located anywhere in India other than Excluded Area [Section 80-IB(11C)]

  4. Further Conditions applicable for all Assessees Claiming Deduction under Section 80-IB [Section 80-IB(13)]:

5. Deduction in respect of Profits and Gains from Housing Projects [Section 80-IBA]

  1. 100% Deduction of Profit from Housing Projects [Section 80-IBA(1)]:

  2. Conditions to be Fulfilled [Section 80-IBA(2)]:

  3. Consequences if the Project is Not Completed within a period of 5 years from the date of Approval [Section 80-IBA(4)]:

  4. Deduction under any other Provisions of the Act not allowed if the same is claimed under this section [Section 80-IBA(5)]:

6. Deduction in respect of Profits and Gains of Certain Undertaking or Enterprises in certain Special Category States. [Section 80-IC]

  1. Conditions - The following conditions should be satisfied –

  2. Amount of Deduction under Section 80-IC -

7. Deduction in respect of Profits and Gains from Business of Hotels and Convention center in NCR [Section 80-ID]

  1. Conditions - The following Conditions should be satisfied –

  2. Amount of Deduction under Section 80-ID -

8. Deduction in respect of certain undertaking in North-Eastern States [Section 80-IE].

  1. It has during the period beginning on 1.4.2007 and ending before 1.4.2017 begun or begins in any of the North-Eastern States:

  2. It is not formed by splitting up, or the reconstruction, of a business already in existence:

  3. It is not formed by the transfer to a new business of machinery or plant previously used for any purpose.

  4. Deduction under this section is not available in respect of manufacture or production of tobacco, pan masala, plastic carry bags or less than 20 microns or goods produced by petroleum oil and gas refineries.

  5. Deduction should be claimed in the Return of Income.

  6. Quantum and Period of Deduction under Section 80-IE :

  7. Other Condition of Section 80-IA also applicable [Section 80-IE(6)]:

9. Deduction In Respect Of Profit And Gains From Business Of Collecting And Processing Of Bio-Degradable Waste. [Section 80-JJA]


10. Deduction In Respect Of Employment Of New Employees [Section 80-JJAA]

  1. 30% of Additional Employee Cost to be allowed as Deduction for 3 assessment years [Section 80-JJAA(1)]:

  2. Essential Conditions [Section 80-JJAA(2)]:

  3. Additional Points with reference to Section 80-JJAA

11. Deduction In Respect Of Certain Income Of Offshore Banking Units And International Financial Services Center. [Section 80-LA]

  1. To whom the Deduction will be Allowed under Section 80-LA:

  2. Income in respect of which Deduction under Section 80-LA will be allowed:

  3. Quantum and Period of of Deduction under Section 80-LA:

  4. Additional Conditions to be satisfied to claim Deduction Under Section 80-LA :

12. Deduction In Respect Of Income Of Co-Operative Societies. [Section 80-P]

  1. Where 100% Deduction is Allowed in respect of income of Co-operative Societies under Section 80P

  2. Where Deduction is Allowed to a Limited Eextent in respect of income of the Co-operative Societies under Section 80P :

  3. Consequences in the case of Multiple Deduction under Section 80P -

13. Deduction in respect of Income of Farm Producer Companies [Section 80-PA] w.e.f. A.Y. 2019-20

  1. Deduction under Section 80PA is available if the following Conditions are satisfied –

  2. Amount of Deduction under Section 80PA -

14. Deduction In respect of Royalty Income, Etc., of Authors of Certain Books other than Text-Books [Section 80-QQB]

  1. Essential Conditions for Claiming Deduction under this Section 80QQB :

  2. Amount of Deductin under Section 80QQB

  3. No Double Deduction be Allowed :

  4. Remittance from Abroad -

  5. Rate of Royalty not to exceed 15% -

15. Deduction In Respect Of Royalty On Patents [Section 80-RRB]

  1. Conditions - The following Conditions should be satisfied in order to Claim Deduction under Section 80RRB —

  2. Amount of Deduction under Section 80RRB -

16. Deduction in respect of interest on deposits in Savings Accounts [Section 80-TTA]


17. Senior Citizen to be allowed a Deduction of Rs. 50,000 on account of Interest on Deposits with Banks / Co-operative Bank / Post Office [Section 80-TTB]

  1. Senior Citizen to be allowed a Deduction of Rs. 50,000 on account of Interest on Deposits [Section 80TTB(1)]:

  2. Amount of Deduction under Section 80TTB -

  3. No Deduction to be Allowed if Deposit held in the name of Partner / Member by the Firm / AOP [Section 80TTB(2)]:

18. Deduction In Case Of A Person With Disability [Section 80U]

 
 

(13) Return of Income (Filing of Return) and Procedure of Assessment (Section 139 to 154)

1. Submission of Compulsory Filing of 'Return of Income' as a Statutory Obligation (Section 139)

  1. Table Showing Compulsory Filing of 'Return of Income' by various Persons with Sectionwise (Section 139)

  2. Various "Return Forms" for filing Return of Income

  3. Mode of "Submission of Income-Tax Return" for the Assessment year 2019-20 is as follows–

  4. Due Date or Time for Filing Return of Income [Section 139(1)]

2. Return Form and Manner of Furnishing Return of Income (Rule 12)

  1. ITR-1 (SAHAJ) Return Form

  2. ITR-2 Return Form

  3. ITR- 4 (SUGAM) Return Form

  4. ITR- 5 Return Form

  5. ITR- 6 Return Form

  6. Manner of Furnishing Return of Income by a Person with Specified Conditions [Rule 12(3)]

  7. Preparation of IT Return by Authorised Representative [Rule 12A]:

3. Filing Return of Loss [Section 139(3) read with Section 80]


4. Belated IT Return which is Filed beyond Time [Section 139(4)]


5. Revised IT Return [Section 139(5)]

  1. Conditions to Furnish a Revised Return of Income under Section 139(5)

  2. 'Completion of Assessment' in reference to Section 139(5):

  3. Can a Return Filed under section 139(3) or 139(4A) or 139(4B) or 139(4C) or 139(4D) be Revised:

  4. Can a Return Filed within the time extended by CBDT be Revised:

  5. Can a Return Furnished in response to Notice under Section 142(1) be Revised:

  6. Can Revised Return be further Revised:

  7. Revised Return substitutes the Original Return:

  8. Can a Return be Revised after receipt of Notice under Section 143(2) / Show cause notice under section 144:

6. Defective or Incomplete IT Return [Section 139(9)]

  1. What is a Defective or Incomplete Return

  2. When a Return of Income is Defective ?

  3. Defective or Incomplete Return of Income due to Annextures , Statements , Accounts etc.

7. Submission of IT Returns through Tax Return Preparers (Section 139B)

  1. Tax Return Prepare Scheme 2006

  2. Incentive to the Tax Return Preparer under Tax Return Prepare Scheme 2006

8. Income Tax Return by Whom to be Verified (Section-140)

  1. Varification of Return U/s 139 in the case of an 'Individual' —

  2. Varification of Return U/s 139 in the case of a 'Hindu Undivided Family (HUF)'—

  3. Varification of Return U/s 139 in the case of a 'Company' —

  4. Varification of Return U/s 139 in the case of a 'Firm' —

  5. Varification of Return U/s 139 in the case of a 'Limited Liability Partnership (LLP)'—

  6. Varification of Return U/s 139 in the case of a 'Local Authority (LA)'—

  7. Varification of Return U/s 139 in the case of a 'Political Party (PP)'—

  8. Varification of Return U/s 139 in the case of 'Any Other Association (AOA)'—

  9. Varification of Return U/s 139 in the case of 'Any Other Person (AOP)'—

9. Self-Assessment of Income (Section-140A)

  1. Provisions of Section 140A of Self-Assessment
  2. Procedure for Self-Assessment and Determination of Tax Liability of Self-Assessment :
    1. Tax Liability of Self-Assessment
    2. Procedure of Self-Assessment Tax of Return

10. Inquiry before Assessment of Tax (Section-142 or 142A)

Section 142 and 142A deals with the following :

1. Giving notice to the assessee to submit return (if not submitted earlier), produce accounts, documents, etc.

Section 142(1)

2. Making inquiry and giving opportunity to assessee

Section 142(2), (3)

3. Giving direction to get books of account audited

Section 142(2A) to (2D)

4. Estimates by Valuation Officer in certain cases for Assessment of Tax

Section 142A
5. Consequences of Non-compliance of Section 142(1) and Section 142(2A)

11. Processing of Income Tax Return [Section 143(1)]

  1. Adjustement of Income or Loss submitted by Assessee by Assessing Officer Under Section 143(1)
  2. Opportunity to the Assessee by the Assessing Officer under Section 143(1)
  3. Intimation to the Assessee by the Assessing Officer under Section 143(1)
  4. Scheme for Centralized Processing of Return [Section 143(1B)]:
  5. Processing of Return within the prescribed Time and enable withholding of Refund in certain cases [Section 143(1D)] [W.r.e.f. 2017-18]

12.Regular / Scrutiny Assessment - of Return of Income [Section 143(3)]

  1. Compulsory Service of Notice to the Assessee for Scrutiny Assessment [Section 143(2)]

  2. Selection of Cases for Scrutiny Assessment :

  3. Purpose of Scrutiny Assessment

  4. Procedure for Scrutiny Assessment

  5. Prescribed Authority for Scrutiny Assessment under Section 143(2) [Rule 12E].—

  6. Notice deemed to be valid in certain circumstances for Scrutiny Assessment [Section 292BB]:

  7. Consequences of Failure to comply with Notice for Scrutiny Assessment under section 143(2):

  8. Assessment after Evidence [Section 143(3)]

13. Income Escaping Assessment (Section 147)

  1. When can Reassessment Process be started for any Income Escaping Assessment [Proviso 3 to Section 147]-

  2. Deemed Cases of Income Escaped Assessment (Explanation 2 of Section 147)

  3. Issue of Notice for Income Escaping Assessment under Section 148

14. Time Limit for Completion of all Assessment and Re-Assessment of Return of Income (Section 153)


15. Rectification of Mistakes in any Order passed by the Accessing Officer (Section 154)

  1. Rectification only when mistake apparent from the record and by the authority who passed the order [Section 154(1)]:

  2. When can Rectification be made [Section 154(2)]:

  3. Rectification can be done for any matter other than the matter considered and decided in Appeal / Revision [Section 154(1A)]:

  4. Opportunity of being heard is necessary if Rectification results into Enhancement, etc. [Section 154(3)]:

  5. Order of Rectification [Section 154(4)]:

  6. Refund to be given in case Rectification results into Reduction of Assessment [Section 154(5)]:

  7. Notice of Demand to be issued in case Rectification results in to Enhancing the Assessment, etc. [Section 154(6)]:

  8. Time limit for Rectification [Section 154(7)]:

  9. Time Limit for Passing an Order of Rectification if Application for Amendment made by the Assessee under Section 154 [Section 154(8)]:

  10. Rectification of Order which is subject to Appeal or Revision

  11. Initiation of Rectification by whom

  12. The Procedure to be followed for making an Application of Rectification

  13. MCQ on Rectification of Mistake under Section 154

(14) 'PENALTIES' Under Income Tax Act. 1961.

 

(15) Assessment of 'Agricultural Income'

Assessment of 'Companies'

Assessment of 'Co-operative Cocieties'

 

Assessment of 'AOP / BOI' (Association of Persons / Body of Individual)

 

Assessment of 'Firm'

Assessment of 'Hindu Undivided Familty' (HUF)

Assessment of 'Individual'

Assessment of 'TRUST'

Assessment of 'Search and Seizure'

 
 

(16) Permanent Account Number (PAN) [Section 139A] and Aadhaar Number (Section 139AA)

 

(17) Deduction of Tax at Source (TDS) [Section 190 to 206CA i.e. Chapter XVIIA & B]

 

(18) Tax Collected at Source (TCS) [Section 206C]

(19) Payment of Advance Tax and Refund of Tax

 
 
 

Income Tax Authorities

  1. Various Authorities
  2. Power Of Income Tax Authorities Relating To Search And Seizure [ Section 132 ]
  3. Application Of Seized Or Requisitioned Assets [Section132(B)]
  4. Power Of Survey [ Section 133a ]
  5. Provision Relating To Power To Collect Certain Information [Section 133b]
  6. Disclosure Of Information Regarding Assessees To Certain Authorities [ Section 138 ]

Income Tax "Settlement Commisstions"

    1. Meaning of Settlement Commisions
    2. Setting Up Of Settlement Commission
    3. Constitution Of Settlement Commission [Section 245B]
    4. Jurisdiction And Powers Of Settlement Commission [Section 245BA]
    5. Vice-Chairman To Act As Chairman [Section 245 BB]
    6. Transfer Of Cases [Section 245 BC]
    7. Decision To Be Majority [Section 245 BD]
    8. Application For Settlement Of Cases [Section 245 C]
    9. Calculation Of Additional Income-Tax [Section 245C (IA)]
    10. Bar On Making Application [Section 245C (1E)]
    11. Procedure On Receipt Of Application [Section 245D]
    12. Payment Of Additional Income-Tax [Section 245D (2A)]
    13. Power Of Settlement Commission To Order Provisional Attachment To Protect Revenue [Section 245DD (1)]
 

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