Income Tax

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Fast Track Revision AY 2010-2011
Written by: Bhavin Pathak (Student, CA-IPCC, BN-14, Arihant Inst. Pvt. Ltd.) Special thanks to: CA Sunil Sanghvi, CA Sunil Jain

Features:  Based on the Study Material issued by ICAI  With Estimated Time Allotment  Written according to suggestions and guidance of above faculties  Full coverage of Taxation with IMP aspects  Useful for revision 

Kindly send your suggestions on: bkp1992@gmail.com You can visit me at: http://bhavinpathak.caclubindia.com You can contact me also: 8000054359

Fast Track Revision of Taxation (AY 2010-2011)

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CONTENTS AND WEIGHTAGE IN PREVIOUS EXAMS
Chap. No 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 * 21 * 22 Topics Introduction And Basic Concepts Of Tax Residential Status And Tax Incidence Concept And Calculation Of Tax Income Under The Head Salary FBT* And New Perquisites Income Under The Head House Property Income Under The Head Business And Profession Income Under The Head Capital Gains Income Under The Head Of Other Sources Clubbing Of Incomes Set Off And Carry Forward Of Losses Agriculture Income And Its Taxability Deduction From Gross Total Income Exempted Incomes Assessment Procedure Advance Payment Of Income Tax Tax Deducted At Source Charitable And Religious Trust Service Tax Value Added Tax Assessment Of Individuals Assessment Of HUFs Page No. 2 3 4 4 7 9 10 11 15 16 16 17 17 18 19 20 21 22 22 24 May 2007 4 16 9 0 0 0 10 0 0 4 10 0 2 0 8 0 4 2 26 4 20 0 Nov 2007 0 0 0 3 0 0 27 10 0 3 3 0 10 2 3 3 3 0 17 13 20 0 May 2008 0 0 0 16 0 8 0 10 0 13 9 0 2 0 6 8 2 2 20 10 0 20 Nov 2008 0 2 4 6 0 9 8 6 0 0 6 0 4 2 6 0 0 0 22 8 20 8

(* Not in IPCC course) Rules of My Life: ―Don't use anyone, but being useful for everyone.‖ ―There is no tax on helping each other.‖ ―Live for other is more joyful rather than live for yourself.‖ ―If you light a lamp for somebody, it will also brighten your path.‖ ―Happiness is a by-product of an effort to make someone else happy.‖


– Me

DEDICATED TO MY FRIENDS

- Written by Bhavin Pathak

Written by Bhavin Pathak

Fast Track Revision of Taxation (AY 2010-2011)

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1. BASIC CONCEPTS AND DEFINATIONS
1) The Income-tax Act, 1961 came into force with effect from 1/4/1962. It has XXIII chapters and 298 sections in all. 2) India: Section 2(25A) India means the territory of India as referred to in Article 1 of the Constitution, its territorial waters, seabed and subsoil underlying such waters, continental shelf, exclusive economic zone or any other maritime zone as referred to in the Territorial Waters, Continental Shelf, Exclusive Economic Zone and other maritime Zones Act, 1976 and the air space above its territory and territorial waters. 3) Person: Section 2(31) includes seven types of persons namely an individual, a Hindu undivided family (HUF), A company, A firm, An association of persons (AOP) or a body of individuals (BOI), A local authority, Every artificial juridical person not falling within any of the preceding sub clauses. 4) The 2 basic differences between AOP and BOI are: a) In BOI there are only individuals but in AOP there can be any type of persons. b) BOI is creation of law whereas AOP can be created by different persons coming together for doing some income producing activity on the voluntary basis. 5) Assessee: Section 2(7) means any person by whom tax, interest or penalty is payable under any provision of this act and includes: a) deemed assessee b) assessee in default c) Person against whom any income tax proceedings have been started for the assessment of his income or loss or the income of some other person or the loss for whom he is liable. 6) Assessment year: Section 2(9) means the period of 12 months starting from 1 st April every year and ending on 31st march of the succeeding year. 7) Previous year: Section 2(34) means the year immediately preceeding to assessment year. Income for the previous year is always taxed in the assessment year. The following are the...
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