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INCOME TAX NOTES PART - 08 PARTNERSHIP FIRMS INCOME TAX NOTES PART - 08 PARTNERSHIP FIRMS Scheme of taxation of partnership firms 1. Any salary, bonus, commission or remuneration (by whatever name called), paid/ payable to partners is allowed as deduction to the firm subject to some restrictions in the hands of firm. The amount which is allowed as deduction to the firm is taxable in the hands of partners. 2. The firm can claim deduction in respect of interest paid to the partners subject to a maximum of 12% p.a. This amount of interest, allowed as deduction in the hands of the firm, is taxable in the hands of partners. 3. The income of the firm is taxed at a flat rate of 30% plus surcharge @ 12% (if taxable income is more than Rs. 1 crore) plus cess @ 4%. When remuneration/ interest is deductible Payment of remuneration and interest is deductible if the following conditions are satisfied – 1. Conditions of section 184; and 2. Conditions of section 40(b) In other wo

Income Tax Notes Part - 07 SET OFF AND CARRY FORWARD OF LOSSES INCOME TAX NOTES PART - 07 SET OFF AND CARRY FORWARD OF LOSSES Steps to be applied for set-off and carry forward The process of setting off of losses and their carry forward is covered in the following three steps: Step 1: Inter-source (Intra-head) adjustment under the same head of income. Step 2: Inter-head adjustment in the same assessment year (Step 2 is applied only if a loss cannot be set off under step 1). Step 3: Carry forward of a loss (Step 3 is applied only if a loss cannot be set off under step 1 and 2). Inter-source (Intra head) adjustment If the net result for any assessment year, in respect of any source under any head of income, is a loss, the assessee can set-off this loss against his income from any other source under the same head of income for the same assessment year subject to the following provisions – House property Loss from a house property can be set-off against profits of other house

Income Tax Notes Part - 06 Income from other Sources Income Tax Notes Part - 06 Income from other Sources The following ten incomes are always taxable under the head “Income from other sources”: 1. Dividend income; 2. Income from winnings from lotteries, crossword puzzles, races including horse races, etc.; 3. Any sum received by the assessee from his employees as contributions to any staff welfare schemes, if the same is not taxed as business income; 4. Income by way of interest on securities, if the same is not taxed as business income; 5. Income from letting out machinery, plant or furniture, if the same is not taxed as business income”; 6. Income from letting out of machinery, plant or furniture along with letting out of building and the two lettings are not separable (if the income is not taxed as business income); 7. Any sum received under a Keyman insurance policy (including bonus), if such income is not taxable as salary income or business income; 8. If any sum of mone

Capital Gains INCOME TAX NOTES PART - 05 CAPITAL GAINS Basis of Charge [Sec. 45] Income is taxable under the head “Capital Gains” if the following conditions are satisfied: 1. There should be a capital asset. 2. The capital asset is transferred by the assessee during the previous year. 3. Any profit or gains arises as a result of such transfer. 4. Such profit or gains is not exempt from tax under section 54, 54B, 54D, 54EC, 54EE, 54F, 54G, 54GA and 54GB. If the aforesaid conditions are satisfied, then capital gain is taxable in the assessment year relevant to the previous year in which the capital asset is transferred. Capital Asset [Sec. 2(14)] “Capital asset” means – 1. Property of any kind held by an assessee (whether or not connected with his business or profession). 2. Any securities held by a Foreign Institutional Investor which has invested in such securities in accordance with the regulations made under the SEBI Act. However, “capital asset” does

FIFA WORLD CUP THE FIFA WORLDCUP QATAR 2022 Match Group AND Schedule. It is the time to watch FIFA WORLDCUP 2022, which will more exciting & amazing than previous one.This will increase your LOVE, AFFECTION, MADNESS, towards the FOOTBALL. Now the matches from Nov-20 TO DEC-18. GROUP NUMBER 1. 2. 3. 4. A QATAR ECUADOR SENEGAK NETHERLANDS B ENGLAND IR IRAN USA WALES C ARGENTINA SAUDI ARABIA MEXICO POLAND D FRANCE AUSTRALIA DENMARK TUNISIA E SPAIN COSTA RICA GERMANY JAPAN F BLGIUM CANADA MOROCCO CROATIA G BRAZIL SERBIA SWITZERLAND CAMEROON H PORTUGAL GHANA URUGUAY KOREA REPUBLIC MATCH DATE FIXTURES TIME VENUE 1 Nov-20 Q

  Besides Halloween , do you know what else is celebrated Nationwide with much more pride? It’s the Rashtriya Ekta Diwas , in simpler terms known as National Unity Day. This day and its celebration isn’t a mystery as to what it means and what'd it’s celebrated for. However, National Unity Day was indeed declared to be celebrated on 31st October , first in 2014 , to honour Sardar Vallabhbhai Patel on his birth date. Nation to unite as one on this day as well as every other day, this diwas started being observed to honour the role that the ‘ Iron Man of India ’ played in uniting India at the time of Independence. Sardar Vallabhbhai Patel is known as the Iron Man of India . He played the main role in convincing all of the divided India into uniting and staying as one nation. Vallabhbhai Patel was given the title of Sardar , which means chief, for his outstanding leadership skills. Through them only, did the county survive the partition yet still manage to stay as one

  A. P. J. ABDUL KALAM Avul Pakir Jainulabdeen "A. P. J." Abdul Kalam (15 October 1931-27 July 2015) was the 11th President of India from 2002 to 2007. A career scientist turned reluctant politician . Kalam was born and raised in Rameswaram Tamil Nadu, and studied physics and aerospace engineering . He spent the next four decades as a scientist and science administrator. mainly at the Defence Research and Development Organisation (DRDO) and Indian Space Research Organisation (ISRO) and was intimately involved in India's civilian space program and military missile development efforts. He thus came to be known as the Missile Man of India for his work on the development of ballistic missile and launch vehicle technology Kalam was elected as the 11th President of India in 2002 with the support of both the ruling Bharatiya Janata Party and the then-opposition Indian National Congress. Widely referred to as the " People's President ," he returned to his civilia