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 – 02 SALARY MEANING Meaning of salary [Section 17(1)] – Salary includes – a. wages; b. any annuity or pension; c. any gratuity; d. any fees, commissions, perquisites or profits in lieu of or in addition to any salary or wages; e. any advance of salary; f. any payment received by an employee in respect of any period of leave not availed by him; g. employer’s contribution towards Recognized Provident Fund (RPF) in excess of 12% of employee’s salary and interest credited to RPF in excess of 9.5% p.a.; h. transferred balance in a recognized provident fund to the extent it is taxable; and i. the contribution made by the Central Government (or any other employer) in the previous year, to the account of an employee under a notified pension scheme referred to in section 80CCD. Profits in lieu of salary [Section 17(3)] – It includes the following – a. the amount of any compensation due to or received by an assessee from his employer (or former employer) at o

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

  Gautam Buddha, also known as Siddhartha Gautama, was a spiritual teacher who lived in ancient India. His teachings have had a profound impact on millions of people around the world, and his life serves as an example of wisdom and compassion. Here are 10 life lessons we can learn from his life: 1. Embrace the middle path: Buddha taught that the path to enlightenment lies in avoiding extremes and finding a balanced, middle way. This means not giving in to excessive pleasure or indulgence, but also not denying oneself basic needs or pleasures. 2. Happiness comes from within: Buddha taught that true happiness is not dependent on external circumstances but rather on one’s own thoughts and actions. Therefore, one can find happiness even in difficult situations. 3. Cultivate compassion: Buddha emphasized the importance of cultivating compassion for all living beings, and this remains a key teaching In Buddhism. By developing empathy and understanding for others, we can create a more peac

Why do we celebrate Republic Day on January 26th ? As the national festival is about to come everyone will be eager to know the stories & facts related to it. So let's understand why do we celebrate it ? Everyone knows that India has got its Independence on August 15th 1947 exactly on this day India was set free from British rule after achieving the freedom, after 3 years that is on January 26th 1950 the Indian Constitution was bought into practice & that's the reason why January 26th celebrated as Republic Day. Now let's see why do we actually celebrate this Republic Day & what exactly is meant by Indian Constitution, after achieving the freedom from the British rule our National leaders are felt need to design a rule book in order to run the nation smoothly as we all know that India is blessed with the diversity, the diversity in territorial the diversity in the religions aspect but despite of all these diversities we have been successful in maintaining our