Extra Cultivation

INCOME TAX NOTES PART - 03 HOUSE PROPERTY When income is not taxable under the head “House Property” In the following cases, income is not taxable under the head “Income from house property”: 1. If letting is only incidental and subservient to the main business of the assessee, rental income is not taxable under the head “Income from house property” but is chargeable under the head “Profits and gains of business and profession”. 2. Composite Rent: If apart from recovering rent of the building, in some cases, the owner gets rent of other assets (like furniture, plant and machinery etc.) or he charges for different services provided in the building (for instance, security, charges for lift, air conditioning, electricity, water etc.), the amount so recovered is known as “composite rent”. Following is the tax treatment of “composite rent”: a. Where composite rent includes rent of building and charges for different services: In such situations, composite rent is to be split up and

INCOME TAX NOTES PART-01 INCOME TAX NOTES PART-01 BASIC CONCEPTS Computation of Total Income Taxable income of any assessee is computed as per the format given below - Computation of net taxable income/ total income of an assessee for the assessment year 20XX-20XX: Particulars Amount (in Rs.) Income under the head “Salaries” XX Income under the head “House Property” XX Income under the head “Profits and gains of business or profession” XX Income under the head “Capital Gains” XX Income under the head “Income from other sources” XX Gross total income (GTI) XX Less: Deductions under chapter VIA [Sec. 80] XX Net taxable income or Total income (NTI) XXX Computation of tax Tax to be paid by any assessee is computed as per the format given below – Computation of tax liability of an assessee for the assessment year 20XX-20XX: Particulars Amount (in Rs.) Income-tax on net taxable income XX Less: Rebate under section 87A XX XX Add: Surcharge (% of income

  Title: “Rich Dad, Poor Dad: A Life-Changing Lesson in Financial Intelligence” Introduction: In the world of personal finance, few books have had as profound an impact as “Rich Dad, Poor Dad” by Robert Kiyosaki. Published in 1997, this international bestseller has empowered countless individuals to rethink their approach to money and wealth. With its simple yet powerful teachings, the book challenges conventional wisdom and provides valuable insights into the mindset and strategies of the rich. In this blog, we will explore the summary of “Rich Dad, Poor Dad” and highlight some of the key takeaways that can transform your financial future. 1. The Tale of Two Dads: The book revolves around two influential figures in the author’s life—his own father, referred to as “poor dad,” and his best friend’s father, known as “rich dad.” While both dads were successful in their respective careers, their attitudes towards money and financial education differed greatly. Poor dad believed in the trad

  Colin Huang founded a company in 2015. Three years later it IPO’ed, his shares in that company, worth $14 billion. Then the value of those shares doubled. Colin Huang began selling his shares in 2020. He stepped down from being CEO and took up the chairman position. Then in March 2021, he stepped down from that too, retiring completely. As of this writing, Bloomberg says he is worth $45 billion, the world’s 30 th richest person. In this blog, I want to talk about a guy who got very rich, very fast. And then he got out just as fast. I have never seen anything like it. Colin Huang was born in 1980. Like fellow tech titan Jack Ma. Colin Huang came from a humble background. He did very well at school and earned a spot to the prestigious Hangzhou Foreign Languages School. The HFLS is one of China’s best schools, and 20% of its students are exempted from taking the big college exam that haunt most  Chinese high school students. They just go straight to a top university. Fellow alumni incl