CA.

SACHIN GUPTA Best of luck for NOV - 2010

SUMMARY OF SECTIONS UNDER INCOME TAX
RESIDENTIAL STATUS
Sec 6(1) Residential status of an Individual
Sec 6(2) Residential status of an HUF, Firm, AOP & BOI
Sec 6(3) Residential status of Company
Sec 6(4) Residential status of other assessee
Sec 6(5) Resident for one source resident for all source
Sec 6(6) ot ordinarily Resident
Sec 7 Income deemed to !e received
Sec 9 Income deemed to accrue or arise in India
SALARY
Sec 15 "alary char#ea!le on due or receipt !asis, earlier
Sec 16(ii) $eduction of %ntertainment Allo&ance
Sec 16(iii) $eduction of %mployment 'a(
Sec 17(1) $efinition of "alary
Sec 17(2) $efinition of Per)uisite
Sec 17(3) Profits in lieu of "alary
Sec 10(5) %(emption of *'C
Sec 10(6) Remuneration to Forei#n citi+ens
Sec 10(10) %(emption from ,ratuity
Sec 10(10A) %(emption from Pension
Sec 10(10AA) %(emption from *eave salary
Sec 10(10) %(emption from Retrenchment Compensation
Sec 10(10C) %(emption from -oluntary retirement compensation
Sec 10(10CC) %(emption from ta( on non monetary per)uisites
Sec 10(11) %(emption from ".P.F & P.P.F
Sec 10(12) %(emption from R.P.F
Sec 10(13) %(emption from A.".F
Sec 10(13A) %(emption from House rent allo&ance
Sec 10(14) %(emption from various allo&ances
!OUSE "RO"ERTY
Sec 22 Char#in# "ection of HP
Sec 23(1)
(#)$(%)$(c)
Annual value defined
Sec 23(2) "elf residential property
Sec 23(3) Conditions to !e satisfied for self residential property
Sec 23(4) /ore than one "elf residential property
Sec 24(#) "tatutory deduction
Sec 24(%) Interest on !orro&ed capital
Sec 25 Interest paid outside India
Sec 25A Recovery of Unrealised rent upto A01 23425
Sec 25AA Recovery of Unrealised rent from A01 25426
Sec 25 Recovery of arrears of rent
Sec 26 Property o&ned !y co4o&ners
Sec 27 $eemed O&ners
"&'&&"
Sec 2( Basis of Char#e of P,BP
Sec 29 Computation of Business Income
Sec 30 Buildin# used for !usiness
Sec 31 P&/, F&F used for !usiness
Sec 32 $epreciation
Sec 33A 'ea0coffee0ru!!er devp. account
Sec 33AA "ite Restoration fund
Sec 35 "cientific research
Sec 35(2AA) 7ei#hted deduction for cont. to national la!oratory etc
Sec 35(2A) Company assessee , In house scientific research
Sec 35A 'elecommunication licence
Sec 35AC %(penditure on eli#i!le pro8ects or schemes
Sec 35CCA %(penditure on Rural devp. pro#rammes
Sec 35D Amorti+ation of preliminary e(penses
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CA.SACHIN GUPTA Best of luck for NOV - 2010
Sec 35DD Amorti+ation in case of Amal#amation0$emer#er
Sec 35DDA Amorti+ation of e(penditure in case of -R"
Sec 35E %(penditure on prospectin# for minerals
Sec 36 Allo&a!le deductions
Sec 37(1) ,eneral deductions
Sec 37(2) Advertisement %(penditure to political party
Sec 3( Buildin#, P&/,F&F not e(clusively for !usiness
Sec 40(#) $eductions not allo&a!le
Sec 40A(2) %(penditure to specified persons
Sec 40A(3) Payment other than !y account payee che)ue
Sec 40A(7) $isallo&ance for provision for #ratuity
Sec 41 $eemed profits char#ea!le to ta(
Sec 43(1) Actual cost
Sec 43(2) /eanin# of Paid
Sec 43(3) /eanin# of Plant
Sec 43(4) /eanin# of "cientific research
Sec 43(6) /eanin# of 7ritten $o&n -alue
Sec 43 Certain deductions on Actual Payment Basis
Sec 44AA Boo9s of account
Sec 44A Audit of accounts
44AD&AE&AF $eemed !usiness incomes
Sec 44 on resident shippin# !usiness
Sec 44 on resident !usiness of e(ploration of mineral oil
Sec 44A on resident aircraft !usiness
Sec 44 Forei#n company in civil construction !usiness
CA"ITAL 'AINS
Sec 45(1) Basis of char#e
Sec 45(IA) $estruction of Capital Asset
Sec 45(2) Conversion of Capital Asset into "I'
Sec 45(2A) 'ransfer of $emat "ecurities
Sec 45(3) 'ransfer of capital asset !y Partner to Firm
Sec 45(4) 'ransfer of capital asset !y Firm to Partner
Sec 45(5) Compulsory ac)uisition of Capital Asset
Sec 46(1)(2) *i)uidation of Company
Sec 46A Buy !ac9 of o&n shares
Sec 47 'ransfers not re#arded as transfers
Sec 50 "lump sale
Sec 50C Real %state transaction
Sec 54 %(emptions from capital #ains
Sec 55 Cost of ac)uisition and cost of improvement
Sec 55A Reference to valuation officer
Sec 2(14) Capital asset
Sec 2(47) 'ransfer
Sec 10(33) Capital #ain e(empt on transfer of U"4:;
Sec 10(37) Capital #ain e(empt on Compulsory ac)uisition of Ur!an a#rl. land
Sec 10(3() *'C, e(empt on transfer of shares,units
Sec 111A "'C, < 3=> on shares,units
OT!ER SOURCES
Sec 56(1) ,eneral Char#in# "ection
Sec 56(2) "pecific Char#in# "ection
Sec 115O Corporate $ividend 'a( !y $omestic company
Sec 10(34) $ividend referred under 33=O %(empt
Sec 145 /ethod of accountin#
Sec 2(22) $eemed dividend
Sec 115R $ividend 'a( !y /utual funds
Sec 10(35) $ividend referred under 33=R %(empt
Sec 115 Rate of 'a( on lottery Incomes
Sec 194 '$" on *ottery ,etc
Sec 194 '$" on horse races
Sec 2(22) Interest on security
Sec 193 '$" on interest on "ecurity
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CA.SACHIN GUPTA Best of luck for NOV - 2010
Sec 194A '$" on interest other than interest on "ecurity
Sec 10(15) Interest e(empt from 'a(
Sec 57 $educti!le e(penses from I0O0"
Sec 5( on $educti!le e(penses from I0O0"
Sec 59 %(pense allo&ed as deduction from I0O0", recovery is ta(a!le as I0O0"
CLUIN' OF INCOME
Sec 60 'ransfer of Income &ithout transfer of asset
Sec 61 Revoca!le transfer of asset
Sec 62 Irrevoca!le transfer of asset
Sec 63 Revoca!le transfer defined
Sec 64(1)(ii) Clu!!in# of spouse remuneration
Sec 64(1)(i4) Asset transferred to spouse
Sec 64(1)(i4) Asset transferred to sons &ife
Sec 64(1)(4ii) Asset transferred to AOP0Other person for !enefit of spouse
Sec 64(1)(4iii) Asset transferred to AOP0Other person for !enefit of sons &ife
Sec 64(1A) Clu!!in# of /inor Income
Sec 10(32) %(emption from clu!!ed minor income
Sec 64(2) "elf ac)uired property converted into HUF property
Sec 65 otice to 'ransferee
SET OFF5 C&F OF LOSSES
Sec 70 Intra head ad8ustments
Sec 71 Inter head ad8ustments
Sec 71 Carry for&ard of House property loss
Sec 72 Carry for&ard of Business *oss
Sec 73 Carry for&ard of "peculation *oss
Sec 74 Carry for&ard of Capital *oss
Sec 74A Carry for&ard of loss from o&nin# & maintainin# race horses
Sec 7((1) Carry for&ard and set off of losses in case of chan#e in constitution of firm
Sec 79 Carry for&ard and set off of losses in the case of Closely held companies
Sec 94(7) $ividend strippin#
Sec 94(() Bonus strippin#
DEDUCTIONS
Sec (0C $eduction of *IC premium
Sec (0CCC Contri!ution to pension fund
Sec(0CCD Contri!ution to notified pension scheme
Sec (0CCE *imit of I lac
Sec (0D /edical insurance premium
Sec (0DD /edical treatment of disa!led relative
Sec (0DD /edical treatment for specified disease
Sec (0E Interest on loan for hi#her education
Sec (0' $onations
Sec (0'' $eduction of Rent paid
Sec (0''A Contri!ution for scientific research, rural devp. etc
Sec (0'' Contri!ution to political party !y Indian company
Sec (0''C Contri!ution to political party !y non indian company
Sec (06IA Industrial underta9in# en#a#ed in infrastructure
Sec (06IA Assessee en#a#ed in devp. of "%?
Sec (06IC /anufacturin# in specified areas
Sec (06ID Operation of Hotels and Convention Centres
Sec (06IE /anufacturin# of specified article in specified area
Sec (0 77A Business of collectin#0processin# !io de#rada!le &aste
Sec (077AA %mployment of ne& &or9men
Sec (0 LA Income of offshore Ban9in# unit0International financial service center
Sec (0 " Income of Coop. society
Sec (088 $eduction of Royalty from Boo9s
Sec (0RR $eduction of Royalty from patents
Sec (0U $eduction for person &ith disa!ility
RETURN OF INCOME
Sec139(1) Furnishin# of ROI
Sec 139(1A) Bul9 filin# of Returns
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CA.SACHIN GUPTA Best of luck for NOV - 2010
Sec 139(1) Filin# of Return on Computer reada!le media
Sec 139(3) Return of loss
Sec 139(4) Belated return
Sec 139(5) Revised return
Sec 139(4A) Return of charita!le or#anisation
Sec 139(4) ROI of Political Party
Sec 139(4C) ROI !y Assessees Claimin# %(emption u0s 32
Sec 139(4D) ROI !y "cientific research institutions
Sec 139(9) $efective return
Sec 140 "i#nin# of ROI
Sec 139A PA
Sec 139 Return throu#h 'RP
Sec 139C $ocuments not to !e attached &ith return
Sec 139D /andatory e filin# of ROI for certain persons
AD9ANCE TAX
Sec 207 *ia!ility for payment of advance ta(
Sec 20( Advance ta( if 32,222 or more
Sec 209 Computation of advance ta(
Sec 210 Computation of advance ta( !y AO
Sec 211 $ue date of advance ta(
Sec234A Interest if ta( paid after due date of ROI
Sec 234 Interest for non payment of ta( upto end of P01
Sec 234C Interest for deferment of advance ta(
":,4i+, 1,
234C
Advance ta( in case of capital #ain0casual income
TDS
Sec 191 $irect payment
Sec 192 '$" on salary
Sec 193 '$" on interest on security
Sec 194 '$" on dividend
Sec 194A '$" on other interest
Sec 194 '$" on lottery, cross&ord pu++les etc
Sec 194 '$" on Horse races
Sec 194C '$" on Contractor
Sec 194D '$" on Insurance commission
Sec 194E '$" on payment to R sportsman or sports Association
Sec 194' '$" on commission on sale of lottery tic9ets
Sec 194! '$" on commission & Bro9era#e
Sec 194I '$" on rent
Sec 1947 '$" on fees for professional0technical services
Sec 194LA '$" on compulsory ac)uisition of immova!le @property
Sec 195 '$" on on resident
Sec 195A 'a( free payments
Sec 196 o '$" if payments to specified payees
Sec 197 Certificate for no '$"0lo&er rates
Sec 197A "elf declaration
Sec 19( '$" is deemed Income
Sec 199 Credit of '$"
Sec 200 $uty of person deductin# ta(
Sec 201 Conse)uences of failure to $educt0Pay '$"
Sec 203 '$" certificates
Sec 203A 'A
Sec 203AA Annual 'a( deduction0$eposit statement
Sec 205 Bar a#ainst direct demand on Assesse
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CA.SACHIN GUPTA Best of luck for NOV - 2010
O1;e: +ec1i,-+
Sec 1 "hort title, e(tent &
commencement
Sec 172 on4resident shippin# !usiness
Sec 174 Assessment of persons leavin# India
Sec 2
Sec 2(7)
Sec 2(9)
Sec 2(17)
Sec 2(23)
Sec 2(26)
Sec 2(31)
Sec 2(34)
Sec 2(45)
Sec 14
De<i-i1i,-+
Assessee
Assessment 1ear
Company
Partnership firm
Indian Company
Person
Previous 1ear
'otal Income
Heads of Income
Sec*174A Associations0 !odies formed for short duration
Sec 175 Assessment of person tryin# to alienate his
assets &ith a vie& to avoid ta(
Sec 176 $iscontinued !usiness
Sec 6( Cash credit
Sec 69 Une(plained investment
Sec 69 Amount of investment not fully disclosed
Sec 3 Previous 1ear Sec 69C Une(plained e(penditure
Sec 4 Char#e of Income 'a( Sec*69D Amount !orro&ed or repaid on Hundi
O1;e: EXEM"TION
10(1) A/:ic.21.:#2 i-c,=e (>e<i-e> .&+ 2(1A)
10(2) "um received !y =e=%e: ,< !UF out of family Income
10(10C) Amount from C,ovt0",ovt 0local authority as compensation for Di+#+1e:
10(16) Sc;,2#:+;i0 to meet cost of e>.c#1i,-
10(17A) "#?=e-1 i- C#+; ,: @i-> For A)#:> Re)#:> in pu!lic interest !y Central ,ovt.,
or "tate ,ovt, or !y !ody approved !y Central ,ovt.
10(19A) A--.#2 4#2.e of one palace in occupation of an e( ruler
10(20) incomes of *ocal authority
10(22) Income of S0eci<ie> -e)+ #/e-c?
10(23A) Income of 0:,<e++i,-#2 #++,ci#1i,-+&i-+1i1.1i,-+
10(23C)
Income of certain institutions ,N,1i<ie> <.->+,E>.c#1i,-#2 i-+1i1.1i,-+
,!,+0i1#2 etc
10(24) income arisin# to a :e/i+1e:e> 1:#>e .-i,-
10(39) Income arisin# from I-1e:-#1i,-#2 +0,:1i-/ e4e-1 held in India
10(43) Amount received in a transaction of :e4e:+e =,:1#/e
10 A e&ly esta!lished industrial underta9in# in free trade +one etc
10 e&ly esta!lished 322> e(port oriented underta9in#
10 AA e&ly %sta!lished units in "pecial %conomic ?ones
11 1, 13 income arisin# to a Charita!le trusts
2(15) $efinition of charita!le & reli#ious purpose
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CA.SACHIN GUPTA Best of luck for NOV - 2010
SER9ICE TAX SUMMARY
Sec 64 %(tent, Commencement & application %(port of "ervice rules , 522=
Sec 65(105) 'a(a!le service
Sec 65A Classification of 'a(a!le services
Sec 66 Char#e of "ervice 'a(
Sec 66A Import of services Import of Service Rules,2006
Sec 67 -aluation of 'a(a!le services Service tax valuation Rules, 2006
Sec 6( Payment of "ervice 'a( Rule 6 of Service tax rules,1994
Sec 69 Re#istration under "ervice 'a( Rule 4 of Service tax rules,1994
Sec 70 Furnishin# of "ervice 'a( Return Rule 7 / 7B / 7C of Service tax rules,1994
Sec 71 Return By "'RP SR! sc"eme,2009
Sec 72 Best Aud#ment Assessment
Other rules of Servce t!" rules#1$$%
R.2e 4A A Invoice under "ervice ta(
R.2e 5 A BOA under "ervice 'a(
R.2e 5A A Access to Re#istered premises
R.2e 10 A Concept of *'U
Sec 73 Recovery of service ta( not paid etc
Sec 73A %(cess service ta( to !e deposited to #ovt
Sec 73 Interest on %(cess "ervice 'a(
Sec 73D Attachment of property
Sec 73D Pu!lication of name of defaulters
Sec 75 Interest on delayed payment of "ervice 'a(
Sec 76 Penalty for failure to pay service 'a(
Sec 77 Penalty for failure to re#ister0other penalty
Sec 7( Penalty for suppressin# "ervice ta(
Sec (0 Penalty not levied if reasona!le cause
Sec (2 Po&er to search premises
Sec (5 Appeal to Commissioner BAppealsC
Sec (6 Appeal to Appellate tri!unal
Sec 93 Po&er of C ,ovt to #rant e(emptions
Sec 94 Po&er of C ,ovt to ma9e rules
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