logging in or signing up income from other sources gyanagnihotri Download Post to : URL : Related Presentations : Share Add to Flag Embed Email Send to Blogs and Networks Add to Channel Uploaded from authorPOINT lite Insert YouTube videos in PowerPont slides with aS Desktop Copy embed code: (To copy code, click on the text box) Embed: URL: Thumbnail: WordPress Embed Customize Embed The presentation is successfully added In Your Favorites. Views: 1339 Category: Education License: All Rights Reserved Like it (0) Dislike it (0) Added: July 28, 2010 This Presentation is Public Favorites: 0 Presentation Description taxation ay 10-11 Comments Posting comment... By: hitashah (13 month(s) ago) nice ppt Saving..... Post Reply Close Saving..... Edit Comment Close By: sunny_sachin2012 (14 month(s) ago) good one Saving..... Post Reply Close Saving..... Edit Comment Close Premium member Presentation Transcript INCOME FROM OTHER SOURCES : INCOME FROM OTHER SOURCES BY GYAN AGNIHOTRI BASIS OF CHARGE(SEC 56) : BASIS OF CHARGE(SEC 56) Any income which does not cover any other head of income. Eight other income which are always taxable on the head of other sources. SPECIAL PROVISION : SPECIAL PROVISION Dividend Lottery Employees contribution to words staff welfare scheme. Interest on securities. Rental income of machinery ,plant and furniture. Rental income of letting out of plant ,machinery or furniture along with letting out of building and the two meetings are continued : continued Are not seprable. Sum received under keyman insurance policy Gift. Interest on compensation or enhanced compensation. BROAD CONCLUSION : BROAD CONCLUSION Income can be invoked only if all the following conditions are satisfied. There is a income Income shall not be exempted. not covered by other head. DIVIDEND : DIVIDEND Under section 2(22) it is inclusive definition. Distribution of accumulated profit entailing release of company asset sec 2(22)a. Distribution of accumulated profit in the form of debuntre,debuntre stock sec 2(22)b. Distribution at the time of liquidation.2(22)c continued : continued Distribution of profit on the reduction of capital 2(22)d Distribution of accumulated profit by way of loan or advance.sec 2(22)e Interest on securities sec.56(2)id : Interest on securities sec.56(2)id Means- Interest on any securities of the CG or SG. Interest on debenture or other securities for money issued by or on behalf of a local authority or a company or a corporation established by a central ,state or provincial act. Interest exempted from tax sec.10(15) : Interest exempted from tax sec.10(15) Interest on notified securities bond or certificate. Interest on notified relief fund. Interest on deposit for Bhopal gas victim. Interest on gold deposit bond issued under the scheme of gold deposit 1999. Interest on notified issued by local authority or by state pooled finance entity applicable from the AY 08-09. Receipt without consideration is treated income sec.56 (2)vi(vii) : Receipt without consideration is treated income sec.56 (2)vi(vii) A receipt of money without consideration is chargeable to tax if he satisfy these conditions. Received by any individual or HUF. Received on or after 1-10-2009. It does not fall on the exempted category. Fall on the following category……. Five category : Five category Aggregate amt exceed 50k but on or after october 1 2009 . Any immovable property is received on or after 1-10-2009 and stamp duty exceproed 50k. Immovable property for a consideration which is less than the stamp duty. Movable property without consideration. Movable property for a consideration less than fair market. Deduction are permissible : Deduction are permissible Commission or remuneration for realizing dividend or interest on securities. Deduction in respect of employees contribution toward staff welfare scheme 57(ia). Repair ,depreciation in the case of letting of plant ,machinery ,furniture building. Standard deduction in the case of family pension. Any other expense for earning income. Specific disallowance : Specific disallowance Following amounts are not deductible while computing income- Amount deductible under sec.58 Personal expense. Interest. salary. Wealth tax. Amount specified by sec 40A Expenditure in respect of royalty and tech continued : continued Technical fees received by a foreign company. Expenditure in respect of winning lotteries. THANKS : THANKS You do not have the permission to view this presentation. In order to view it, please contact the author of the presentation.
income from other sources gyanagnihotri Download Post to : URL : Related Presentations : Share Add to Flag Embed Email Send to Blogs and Networks Add to Channel Uploaded from authorPOINT lite Insert YouTube videos in PowerPont slides with aS Desktop Copy embed code: (To copy code, click on the text box) Embed: URL: Thumbnail: WordPress Embed Customize Embed The presentation is successfully added In Your Favorites. Views: 1339 Category: Education License: All Rights Reserved Like it (0) Dislike it (0) Added: July 28, 2010 This Presentation is Public Favorites: 0 Presentation Description taxation ay 10-11 Comments Posting comment... By: hitashah (13 month(s) ago) nice ppt Saving..... Post Reply Close Saving..... Edit Comment Close By: sunny_sachin2012 (14 month(s) ago) good one Saving..... Post Reply Close Saving..... Edit Comment Close Premium member Presentation Transcript INCOME FROM OTHER SOURCES : INCOME FROM OTHER SOURCES BY GYAN AGNIHOTRI BASIS OF CHARGE(SEC 56) : BASIS OF CHARGE(SEC 56) Any income which does not cover any other head of income. Eight other income which are always taxable on the head of other sources. SPECIAL PROVISION : SPECIAL PROVISION Dividend Lottery Employees contribution to words staff welfare scheme. Interest on securities. Rental income of machinery ,plant and furniture. Rental income of letting out of plant ,machinery or furniture along with letting out of building and the two meetings are continued : continued Are not seprable. Sum received under keyman insurance policy Gift. Interest on compensation or enhanced compensation. BROAD CONCLUSION : BROAD CONCLUSION Income can be invoked only if all the following conditions are satisfied. There is a income Income shall not be exempted. not covered by other head. DIVIDEND : DIVIDEND Under section 2(22) it is inclusive definition. Distribution of accumulated profit entailing release of company asset sec 2(22)a. Distribution of accumulated profit in the form of debuntre,debuntre stock sec 2(22)b. Distribution at the time of liquidation.2(22)c continued : continued Distribution of profit on the reduction of capital 2(22)d Distribution of accumulated profit by way of loan or advance.sec 2(22)e Interest on securities sec.56(2)id : Interest on securities sec.56(2)id Means- Interest on any securities of the CG or SG. Interest on debenture or other securities for money issued by or on behalf of a local authority or a company or a corporation established by a central ,state or provincial act. Interest exempted from tax sec.10(15) : Interest exempted from tax sec.10(15) Interest on notified securities bond or certificate. Interest on notified relief fund. Interest on deposit for Bhopal gas victim. Interest on gold deposit bond issued under the scheme of gold deposit 1999. Interest on notified issued by local authority or by state pooled finance entity applicable from the AY 08-09. Receipt without consideration is treated income sec.56 (2)vi(vii) : Receipt without consideration is treated income sec.56 (2)vi(vii) A receipt of money without consideration is chargeable to tax if he satisfy these conditions. Received by any individual or HUF. Received on or after 1-10-2009. It does not fall on the exempted category. Fall on the following category……. Five category : Five category Aggregate amt exceed 50k but on or after october 1 2009 . Any immovable property is received on or after 1-10-2009 and stamp duty exceproed 50k. Immovable property for a consideration which is less than the stamp duty. Movable property without consideration. Movable property for a consideration less than fair market. Deduction are permissible : Deduction are permissible Commission or remuneration for realizing dividend or interest on securities. Deduction in respect of employees contribution toward staff welfare scheme 57(ia). Repair ,depreciation in the case of letting of plant ,machinery ,furniture building. Standard deduction in the case of family pension. Any other expense for earning income. Specific disallowance : Specific disallowance Following amounts are not deductible while computing income- Amount deductible under sec.58 Personal expense. Interest. salary. Wealth tax. Amount specified by sec 40A Expenditure in respect of royalty and tech continued : continued Technical fees received by a foreign company. Expenditure in respect of winning lotteries. THANKS : THANKS