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Knowledge About All Kind Of Tax Procedure In India.

Approval route 19

Who can invest in India? 19

Some Sector Specific Guidelines has been described below 20

FDI in Multi-Brand Retail Sector 23

Foreign Investment Promotion Board (FIPB) 24

ECB 27

Repatriation of Funds 28

Repatriation of Dividends 28

Repatriation of Capital 28

Repatriation of Royalties and Technical Knowhow 28

Repatriation of Consultancy Services 28

A Quick Glance on Amendments made

Income from Salary 55

Section: 15 Charging Section of Salary 55

Taxable value of all allowances 55

Perquisites 58

Retirement benefits 59

Income from House Property 61

Section 22: Charging Section 61

Section 27: Deemed Owner 61

Method of Computation 62

Calculation of Gross Annual Value (GAV) 63

Income from Capital Gains 64

Section: 45 Charging Section 64

Section 2(14): Definition of Capital asset 64

Types of Capital Assets 65

Cost of acquisition of an asset is the sum total of

amount spent for acquiring the asset 65

Cost of improvement 66

Section 2(47): Transfer 66

Section 47: Transactions not regarded as transfer 66

Section: 48 Computation of Capital Gain 68

Section 51: Advance Money Forfeited 69

Section 10(38) Exemption of LTCG from listed equity shares 69

Section 111A Tax on STCG from listed equity shares 69

Section 50B: Computation of capital gain in slump sale 69

Section 45(1A): Insurance Claim on Destruction 69

Section 45(2): Conversion of Capital Asset 70

Section 45(3): Transfer of a Capital Asset by a partner to firm 70

Section 45(4): Dissolution of firm 70

Section 45(5): Compulsory Acquisition 70

Section 10(37): Exemption of compulsory Acquisition of Agricultural land 70

Section 50C: Special provision for full value of consideration in certain cases 71

Section 50D: Fair Market Value deemed to be the full value of consideration 71

Exemption Chart For The Head Capital Gains 71

Income from Profits and Gains from Business and Profession (PGBP) 73

Income from Business and Profession (PGBP) 74

How we compute Income under head PGBP 74

Charging Section: Section 28 74

Section 145: Method of accounting 75

Section 145A: Method of accounting in certain cases 75

Section 30: Rent, Rates, Taxes, Repair and Insurance for Building 75

Section 31: Repairs and Insurance of Machinery, Plant and Furniture 75

Section 32: Depreciation 75

Block of Assets 76

Rates of Depreciation 76

Unabsorbed Depreciation 78

Section 43(6): Written down Value 78

Section 43(1): Actual Cost 78

Section 35: Expenditure on scientific research 80

Section 35ABB: Telecom license Fees 82

Section 35CCA: Deduction for payment for carrying out

Rural Development Program 83

Section 35D: Amortization of certain Preliminary Expenses 83

Section 35DD: Amortization of Amalgamation or Demerger Expenses 84

Section 35DDA: Expenditure on Voluntary Retirement Scheme (VRS)

Compensation to employees 84

Section 35CCC: Expenditure on Agricultural Extension Projects 85

Section 35CCD: Expenditure on Skill Development Projects 85

Section 35AD: Specified Business 86

Section 35E: Amortization of Expenditure on prospecting

Minerals or Development of Mine of Minerals 88

Section 36: Expenses allowed 89

Section 37: General Deduction 90

Section 37(2B): Payment made to Political Party 90

Section 38(2): Assets not exclusively used for Business/Profession 91

Section 40(a): Disallowance of expenses 91

Section 40A: Expenses not deductible under certain circumstances 91

Section 43B: Deduction on actual payment basis 92

Other miscellaneous provisions relating to Business and Profession 92

Section 33AB: Tea / Coffee / Rubber Development Account 94

Section 33ABA: Site Restoration Fund 94

Some Important Sections 95

Income under Head of Other Sources 95

Section 56 (1): Charging Section 95

Section 56(2): Specific incomes taxable under the head other sources 95

Profits chargeable to tax Section 59 97

Taxability of Interest income Section 56 97

Interest income exempt from tax Section 10(15) 97

Method of Accounting Section 145 97

Interest or dividend income from UTI or Mutual Funds Section 10(35) 98

Casual Income Section 56 98

Section 14A: No deduction on Exempted Income 98

Income from Owning and Maintaining of Race Horses Section 56 98

Charitable Trust 102

What is charitable trust? 102

Registration of Trust under Income Tax Act 1961 102

How to compute Income of trust? 102

When Income from property held under trust will be exempt? 103

Restrictions applicable on trust 103

Agricultural Income 104

What is Agricultural Income? 104

How we compute Agricultural Income? 104

Exempt Income under Section 10 105

Clubbing of Income


Transfer of income without transferring the asset (Section 60) 107

Transfer of asset through revocable transfer (Section 61) 107

Transfer of an asset through irrevocable transfer (Section 62 and 63) 107

Meaning of Revocable Transfer 108

Salary income from a concern in which the spouse has

substantial interest [Section 64(1)(ii)] 108

Asset held by Minor Child [Section 64(1A)] 109

Transfer of the asset by the member of Hindu Undivided Family

to the Hindu undivided family [Section 64(2)] 110

Chapter VI-A (Deductions from Total Income) 113

Deduction from Income 113

Area based deduction 114

Common provisions under all the sections 115

Tax Deducted at Source

TDS Rate Chart for the Financial Year 2013-14 116

and assessment year 2014-15 118

TCS Rate Chart 119

Minimum Alternate Tax 121

What is the objective behind the introduction of MAT? 121

What is the origin of MAT? 121

Income Tax Act provisions and tax computed under Sec 115JB. 121

How we calculate Book Profits on which Mat is to be calculated? 121

What is MAT Credit? 122

Working for claiming MAT credit and carry forward

of balance unutilized MAT credit 123

International Taxation 125

Who is Non Resident / Foreign Company? 125

What Type of Income is taxable for Non Resident / Foreign Company? 125

What is Permanent Establishment? 126

Special Provisions applicable for Non Residents 127

What is Specified Assets? 127

What is Foreign Exchange Assets? 127

How we compute Income of NRI’s? 128

Tax Rate Applicable on Non-Resident Sports Men or Sports

Associations or other person 128

Section 115JG: Conversion of an Indian branch of

Foreign Company into subsidiary Indian company. 129

Double Tax Avoidance Agreement 130

What is Double Taxation? 130

Powers given under DTAA 130

Why there is need of DTAA? 130

What are the key benefits that derived after coming DTAA? 131

What is the relief given under section 91 to the assessee? 131

With Holding Tax Rates 132

Section 92CC: Advance pricing agreement 143

Section 92CD: Effect to advance pricing agreement 144

Section 163: Agent of Non Resident 145

Transfer Pricing 147

What is Transfer price? 147

What is Transfer Pricing? 147

When Indian Transfer pricing provisions come into effect? 147

What is the Scope and Application of transfer pricing provisions? 147

Section 92A: Definition of Associated Enterprises 149

Section 92B: Definition of International Transaction 150

Section 92BA: Meaning of Specified Domestic Transactions 150

Section 92C: Computation of Arm’s Length Price 151

Report of Chartered Accountants (Form 3CEB) 152

Selection of Most Appropriate Method 152

Maintenance and keeping of information and document by

persons entering into international transaction (Section 92D) 153

Filing Return of Income 154

Section 139A: Permanent Account Number (PAN) 154

PAN – Legal Framework 154

What is PAN? 155

Why is it necessary to have PAN? 155

Types of Income Tax Return 156

Return of Charitable or Religious Trust or Institution 156

Return of Political Party 156

Assessment 166

What is Assessment? 167

Procedure of Assessment 167

Types of Assessment 167

Intimation U/S 143(1) 168

Rectification of Mistake U/S 154 169


Introduction of Wealth Tax 178

Constitution of Wealth Tax 179

Administration of Wealth Tax 180

Constituents of Wealth Tax 180

To whom Wealth Tax is applicable? [Section 3 Charging Section] 181

Entities exempt from Wealth Tax [Section 45] 181

Scope of Taxation 182

Computation of Net Wealth 182

Note 1 – Meaning of Assets [Section 2 (ea)] 182

Note 2 – Meaning of Deemed Assets [Section 4] 184

Note 3 - Exemption in respect of certain assets [Section 5] 185

Note 4 - Debts [Section 2(m)] 185

Valuation of Assets 186

How to determine value of immovable property? 186

What are Business Assets? 189

How to determine value of Business Assets? [Rule 14] 189


Introduction to Customs Law 194

Objective of Custom Law 194

Constitution of Customs Law 195

Need of Custom Law 195

Administration of Customs Law 195

Constituents of Custom Law 196

Scope and coverage of Customs Law 196

Types of Custom Duties 197

Basic Concepts and Definitions 200

Refund under Customs Act, 1962 209

Foreign Trade Policy (FTP) 210

Duty Entitlement Pass Book (DEPB) 211

Duty Free Replenishment Certificate (DFRC) 211


Introduction to Central Excise 224

Constitution of Central Excise 225

Category: Bank

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