Module-1 Corporate Tax 2015 Consolidated20082015

8/15/2019 Module-1 Corporate Tax 2015 Consolidated20082015

1/104

Dr R Soundararajan

.

ORPORATE TA

PLANNING

AND

MANAGEMENT

Module-1Assessment of

Corporate Corporate Taxation and Management


2/104

Objectives and Outcomes

• OUTCOME• The meaning of taxes, typ

and the dierences betweetaxonomy of taxation in nd

• Computation of income taxa corporate entity and the

for !ega!!y reducing tax bur• The various indirect taxes

"nion #overnment on corpentities, the extent of !iabi!procedura! forma!ities in reeach of the taxes..

OBJECTIES• To impart students with

$now!edge on tax, types oftax and their moda!ities.

• To give insight on the taxesin%uencing a corporateentity & both direct andindirect.

• To orient the students onthe procedures andforma!ities to be adhered,with regard to tax matters.

Corporate Taxation and Management


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'y!!abus

MODULE 2:

Tax Planning

and

Management

MODULE 5:

Seri!e Tax

M"d#le $:

#%t"m% D#t&

MODULE ':

Ex!i%e D#t&

MODULE (:

entral

Sale% Tax

M

A%"*

A%%

Part-)

Dire!t

Taxati"n

Part-2

Indire!t

Taxati"n



4/104

MO(")* + -ssessment oCorporate -ssesses

. Types of Companies, esidentia! 'and ncidence of Tax for compaComputation of taxab!e income and!iabi!ity according to ncome Tax /rovis

0oo$ /ro1ts, Minimum -!ternate Tax usection ++230, Tax Credit under (ividend (istribution Tax u4s ++2&5.



5/104

C!ass& +


C!ass& +C!ass& +De!n"t"ons

.


6/104

.E A /ilter 0 N"t a %+"ng

•A /ilter %!reen% 0

re1e!t%0 tae% in

34at it 3ant% and

34at i% #%e*#l

5 " 3

d " &

t 4


7/104

ax, u y, ess

• De!ne Ta#$ %&'"s a compu!sory contribution , from the person, to thegovernment, to defray the expenses incurred in the cominterest of a!! without reference to specia! bene1ts confe

• De!ne Dut($%&' "s t)e *ompulsor( payment, but no proportionate retu

re!ated to revenue. *xamp!e excise duty, customs duty

• De!ne Cess$%&' "s the compu!sory payment, but no proportionate returnon!y for the purpose for which it is co!!ected. *xamp!e *cess


* x a m i n a t i o

n


8/104

Compare Tax, (uty and Cess6

+art"*ulars

Ta# Dut( Cess

,ature

of

pa(ment

*ompulsor( *ompulsor( *ompulsor

(

Ut"l"at"on of

amount

eneralpurpose of

/o0ernment

eneralpurpose of

/o0ernment

Spe*"alpurpose

Based

on

Re0enue +rodu*t"on Re0enue

E#ample IT 2ealt) E#*"se dut( Edu*at"onCorporate Taxation and Management

* x a m i n a t i o

n

* s s a y

T y p e


9/104

9hat are a!! the sources of T or the pi!!ars oof T -ct 678:

+. ncome Tax -ct +;


10/104

9hat are the objective(irect Tax:678

+. aising revenue=. *conomic deve!opment

>. eduction of unemp!oyment

@. eduction of regiona! imba!ance

2. Capita! accumu!ation


11/104

9hat are the cannons Of ( Tax678:

• Cannons& refer to the princip!es or ru!es !aid down by *conomist

statement for guiding taxing authority

+. /roportiona! to the abi!ity to abi!ity to pay.. E3u"t(

=. Cost of co!!ecting taxes minimum E*onom(

>. /ay tax convenient!y.. Con0en"en*e

@. Certain about taxes.. Certa"nt(2. Must not aect productivity and distribution +rodu


12/104

2)at are t)e po5ers of CB

+. The powers to ma$e ru!es=. ssue nstructions , orders , directions, to a

oDcers and persons emp!oyed to execute

>. /ower to re!ax mandatory provisions

@. /ower to admit be!ated refund app!ications2. /ower to decide jurisdiction


13/104

Ass"/nment 7uest"ons$

1. De!ne Ta# %&'

&. 2)at are t)e o8je*t"0es of ta#at"on6 % 9'

:. 2)at are t)e *annons of ta#at"on%9'

;. Br"e. Br"e


14/104

7uest"ons as?ed "n Inter0"e5-ssignment

1. 2)at are t)e sour*es of In*ome Ta#6

&. @"nt$ ncome Tax -ct +;. ncome Tax is /rogressive whereas ndirect Taxregressive *xp!ain.


- s s i g


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C!ass& =


C!ass& =C!ass& =Some more Con*ept

.


16/104

O91e!tie%


17/104

)earning Objectives

• Understand certain basic concepts anddefinitions such as

• Assesse,

• Assessment,

• Person,

• Previous year, Assessment Year,

• Tax Planning, Avoidance and EvasionCorporate Taxation and Management

9ho is assesse as per T act +;


18/104

9ho is assesse as per T act +;


19/104

(ierentiate /erson and

• +erson S&:1 de!ned as

• -n individua! or• - Eindu "ndivided ?ami!y or

• Company or

• ?irmF inc!uding ))/G or

• -ssociation of /erson F-O/G or

• )oca! authority or

• *very arti1cia! juridica! person not fa!!ing in the above categories

• +erson of Ind"an or"/"n - person is said to be of ndian origin if he4 she or his4 her parents or granwere born in un& divided ndia


* x a m i n a t i o

n


20/104

(e1ne E"? -O/ and ndivid

• @"ndu Un-d"0"ded fam"l( it consists of a!! pers!inea!!y descended from a common ancestor and intheir wives and unmarried daughters.

• AO+ and Bod( of Ind"0"duals -ssociation of pimp!ies a vo!untary getting together for a de1nite pu

whereas a body of individua!s wou!d be just a body wan intention to get&together.

The members of body of individua!s can be individuawhereas the members of an association of persons cindividua! or non&individua!s Fi.e. arti1cia! personsG.


* x a m i n a t i o

n


21/104

Eow the company is de1neact +;


22/104

Companies c!assi1ed into 2 Ty

+. ndian Company '=6=-8

@. 9ide!y he!d Company '=6+78

2. C!ose!y Ee!d Company


Ind"an Compan(S&%&>'-

+. ncorporated under Companies -ct or *acompanies -ct

=. Or *stab!ished by ce'tate -ct

>. Company registered any !aw in force in 3K

Domest"* CompanS&%&&A'-

+. ndian Company

=. -ny other compan6Aon ndian Compa

the income !iab!e ttaxed in ndia

ore"/nCompan(% &&:A

+. Aot (omestic or ncompany

2"del( @eld Compan(S&%

+. Company in which pub!ic

substantia!!y interested

=. Owned by #overnment or

which at !east @5 shares

>. ' =2 Company

@. Company dec!ared by C0so

2. Aidhi company or mutua!

society "4'


23/104

Can you exp!ain the Meaning of 0usiness , /rofesNocation: s hobby same as vocation: 6


24/104

a are e ra5Ba*?s of Closel(

)eld *ompan"es6Deemed D"0"dend S &%&&'e

US&%&&'e an( loan or ad0an*e /"0en8( *losel( )eld *ompan( to a lar/es)are)older %more t)an 1FG 0ot"n/r"/)ts' or to a *on*ern "n 5)"*) su*)

s)are)older )as su8stant"al"nterest%ent"tled to &FG "n*ome of

su*) *on*ern ' s)all 8e *ons"dered as

deemed d"0"dend


Carr( for5ard HoUS

Un a8sor8ed losses o*losel( )eld *ompan( **arr( for5ard onl( "f =10ot"n/ po5er are sam

t)e last da( of pre0"ous

Carr( for5ard Hoss

Do not appl( "n *a1. Deat) of s)are)older

&. "ft to relat"0es 8( s)ar:. Amal/amat"on Demer/

fore"/n *ompan( su8je*of s)are)olders *ont"nut)e s)are)older of ama*ompan(

A T * . N *

9 K

* x a m


25/104

(etermine the income status ofo!!owing 678

-. (r Muniraju a !ecturer in 0"

0.0haratidasan "niversity

C. #anesh director in 0E*)

(. 0E*)

*. Mr Lasim 'o!e proprietor

?. 0anga!ore Municipa! Corporation

#. )C of ndia

E. Ma!!eswaran )adies -ssociation

. Co&Operative 'ociety 3. )axman K 'ons 6partner ship 1rm8

L. - 3oint fami!y of am, his wife, chi!dren andparents

). am and )axman , who are the !ega! heirsof satyanarayana

M. "nion 0an$ of ndia


-.-n ndividua!

0.-rti1cia! 3uridica! personC.ndividua!(.Company

*.ndividua!

?.)oca! -uthority

#.CompanyE.-ssociation of /erson.-ssociation of /erson

3.?irm

L.E"?

).E"?M.Company

P " Q


26/104

*xp!ain -ssessment Jear a/revious Jear 6=8

•

Assessment (ear S&- t is the period of +months& +st -pri! to >+st March in which the incomprevious year is assessed

• +re0"ous Kear &:; read 5"t) S :. mmediapreceding the assessment year. -!! assesse has

uniform previous year +st -pri! to >+st March. Eenca!!ed uniform previous year


* x a m i n a t i o

n


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C!ass& >


C!ass& >C!ass& >TK+ES O TALES


28/104


29/104

Tax '!abs for ndividua!



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Capita! #ains Tax&

• Capita! #ain tax as name suggests it is tax on gain in casa!e property, shares, bonds K /*CO"' M-T*-) etpro1t on it within prede1ned time frame you are suppocapita! gain tax. The capita! gain is the dierence bmoney received from se!!ing the asset and the price paid

• Capita! gain tax is categoriRed into short&term gains an

gains. The )ong&term Capita! #ains Tax is charged if assets are $ept for more than certain period + year in caand > years in case of property. 'hort&term Capita! #app!icab!e if these assets are he!d for !ess than the aboveperiod.



31/104

/eruisite Tax

• /eruisite Tax&

• *ar!ier to /eruisite Tax we had tax ca!!ed ?0T F?ring TaxG which was abo!ished in =55;, this tax is on beneby emp!oyer to emp!oyee. *.g f your company provinon&monetary bene1ts !i$e car with driver, c!ub mem*'O/ etc. -!! this bene1t is taxab!e under peruisite

• n case of *'O/ The emp!oyee wi!! have to pay tax odierence between the ?air M-L*TNa!ue F?MNG of tshares on the date of exercise and the price paid by



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Corporate Tax

• Corporate Taxeannua! taxes pon the income corporate operndia. ?or the pof taxation com

in ndia are broc!assi1ed into dcompanies andcompanies.



33/104

'a!es Tax &• 'a!es tax charged on the sa!es of movab!e goods. 'a!e tax o

'tate sa!e is charged by "nion #overnment, whi!e sa!es tax o'tate sa!e Fsa!e within 'tateG Fnow termed as N-TG is charged#overnment.

• 'a!es can be broad!y c!assi1ed in three categories. FaG nter&FbG 'a!e during import4export FcG ntra&'tate Fi.e. within the ''tate #overnment can impose sa!es tax on!y on sa!e within t

• C'T is payab!e on inter&'tate sa!es is S =, if C form is obtaif C'T is charged by "nion #overnment, the revenue goes to#overnment. 'tate from which movement of goods commenrevenue. C'T -ct is administered by 'tate #overnment



34/104

'ervice Tax&

• Most of the paid services you ta$e you have to pay seon those services. This tax is ca!!ed service tax. Overfew years, service tax been expanded to cover new se

• ?ew of the major service which comes under vicinity otax are te!ephone, tour operator, architect, interior de

advertising, beauty par!or, hea!th center, ban$ing and?A-AC-) service, event management, maintenanceconsu!tancy service

• Current rate of interest on service tax is +@. This taxpassed on to us by service provider.


l Add d T


35/104

alue Added Ta#$-

• The 'a!es Tax is the most important source of revenue state governments every state has their respective 'a-ct. The tax rates are a!so dierent for respective state

• Tax imposed by Centra! government on sa!e of goods isas 'a!es tax same is ca!!ed as Na!ue added tax by stategovernment. N-T is additiona! to the price of goods and

on to us as buyer Fend userG. -round ==5U tems are cwith N-T.N-T rates vary based on nature of item and st

• #overnment is p!anning to merge service tasa!es tax in form of #oods service tax F#'TG



36/104

Customs and *xcise (uty

• Custom dut( O*tro" On oods$-

• Custom (uty is a type of indirect tax charged onimported into ndia. One has to pay this duty , othat are imported from a foreign country into ndduty is often payab!e at the port of entry F!i$e th

airportG. This duty rate varies based on nature of• Octroi is tax app!icab!e on goods entering in to

municipa!ity or any other jurisdiction for use,consumption or sa!e. n simp!e terms one can ca*ntry Tax.


• E#*"se Dut($-

• An e#*"se or e#*"se dut( "s a t(pe of ta# *)on /oods produ*ed 5"t)"n t)e *ountr(. T)"soppos"te to *ustom dut( 5)"*) "s *)ar/ed o8r"n/"n/ /oods from outs"de of *ountr(. Anname of t)"s ta# "s CE,AT Central alue A

Ta#.• If (ou are produ*er manufa*turer of /ood(ou )"re la8or to manufa*ture /oods (ou al"a8le to pa( e#*"se dut(.

-nti (umping (ut


37/104

-nti (umping (uty&

•

(umping is said to occur when the goods exported by a country to another country price !ower than its norma! va!ue. This is aunfair T-(* practice which can have adistortive eect on internationa! trade. n

to rectify this situation Centra! #ovt. impoanti dumping duty not exceeding the margdumping in re!ation to such goods.


Ot)er Ta#es


38/104

Ot)er Ta#es•+rofess"onal Ta#

• If (ou are earn"n/ profess"onal (ou need to pa

profess"onal ta#. +rofess"onal ta# "s "mposed 8respe*t"0e Mun"*"pal Corporat"ons. Most of t)Ind"a *)ar/e t)"s ta#.

• T)"s ta# "s pa"d 8( e0er( emplo(ee 5or?"n/ "nor/an"at"ons. T)e ta# "s dedu*ted 8( t)e Emp

e0er( mont) and rem"tted to t)e Mun"*"pal Coand "t "s mandator( l"?e "n*ome ta#.

• T)e rate on 5)"*) t)"s ta# "s appl"*a8le "s not states.


• D"0"dend d"str"8ut"on Ta#• (ividend distribution tax is the tax imposed by the

#overnment on companies according to the dividen

companyIs investors. (ividend amount to investor ipresent dividend distribution tax is +2.

•Mun"*"pal Ta#$-• Municipa! Corporation in every city itax in terms of property tax. Owner

property has to pay this tax. This taxvaries in every city

•Enterta"nment Ta#• Ta# "s also appl"*a8le on Enterta"nment

"s "mposed 8( state /o0ernment on I,A,CIAH transa*t"on t)at "s relat

enterta"nment su*) as mo0"e t"*?ets*ommer*"al s)o5s e#)"8"t"on 8road*ser0"*e DT@ ser0"*e and *a8le ser0

•Stamp Dut( Re/"strat"on

Transfer Ta#$-• f you decide to purchase property than in addition to cost pa Jou must consider additiona! cost to transfer that property o

• That cost inc!ude registration fees, stamp duty and transfer reuired for preparing !ega! document of property.

• n simp!e sense this tax is imposed on the handing over of thproperty ownership by one person to another. t incorporatestransaction fee K stamp duty. This amount varies from prope

property based on cost.

• Edu*at"on Cess Sur*)ar/• *ducation cess is deducted and used for *ducation opeop!e in A(-. -!! taxes in ndia are subject to an ecess, which is > of the tota! tax payab!e. The educmain!y app!icab!e on ncome tax, excise duty and se

• 'urcharge is an extra tax or fees that added to yourca!cu!ation. This tax is app!ied on tax amount.

• "ft Ta#$-• f you receive gift from someone it is c!ubbed with yoand you need to pay tax on it. This tax is ca!!ed as g

• This tax is app!icab!e if gift amount or va!ue is more s4& in a year.

•

Toll Ta#$-• -t some of p!aces you need to pay tax in order to usinfrastructure Froad, bridge etc.G bui!d from your mogovernment as Tax. This tax is ca!!ed as to!! tax. Thisamount is very sma!! amount but, to be paid for mai

wor$ and good up $eeping.• 'o in tota! you pay =5 dierent taxes in direct or ind


39/104

Capita! #ain

• *xamp!e&

• f you purchase share at say +555 s4& Fper sharafter two months this price increased to +=55 sshareG you decide to sa!e this 'TOCL and earn p=55 s4& per share. f you do so you have to pay

term C#T Fcapita! gain taxG S +5 U*ducation cpro1t as it is short term capita! gain. f you ho!d share for + year or above it is considered as !ongcapita! gain and you need not to pay capita! gainis considered as tax free.


• *xamp!e&

• 'imi!ar!y if you purchase property after two year1nd that property price in which you AN*'T*( hincreased and you decide to sa!e it you need to short term capita! gain tax.

•

?or property it is considered as !ong term capitayou ho!d property for > years or above..

• 'ecurities Transaction Tax&

• - !ot of peop!e do not dec!are their pro1t and avoid payicapita! gain tax, as government can on!y tax those pro1have been dec!ared by peop!e. To 1ght with this situatio#overnment has introduced 'TT F'ecurities Transaction Twhich is app!icab!e on every transaction done at 'TOCLexchange. That means if you buy or se!! euity shares, d

instruments, euity oriented Mutua! ?unds this tax is ap• This tax is added to the price of security during the tran

itse!f, hence you cannot avoid FsaveG it. -s this tax amouvery !ow peop!e do not notice it much.

•


40/104

C!ass& @


C!ass& @C!ass& @/art =

MO(")* +ssessment of Corporate -s


41/104


42/104

Computation of taxaincome and tax !iabaccording to ncome /rovisions, 0oo$ /ro1ts,


9hat is the meaning of contro!


43/104

9hat is the meaning of contro!management:



44/104

Ta# In*"den*e for *ompan" The incidence under income tax depends upon

residentia! status of the company. - companyMay be


Res"dent or ,on res"dI.e. "n*ome l"a8le to t

Control andmana/ement of t)eaa"rs of t)e

*ompan(

Ind"an Compan( A *ompan( ot)eInd"an Compan(

9ho!!y n ndia esident esident

9ho!!y Outside ndia esident Aon& esident

/art!y in ndia and /art!youtside ndia

esident Aon& esident

esidentia! 'tatus '6G8

* x a m i n a t i o

n


45/104

Ta# In*"den*e for*ompan"esIn*"den*e of Ta#


Res"dent "n Ind"a ,on-Res"dent "n

ndian ncome Taxab!e in ndia. Taxab!e in ndia

?oreign ncome Taxab!e in ndia Aon&taxab!e in nd

In*"den*e of Ta# S=

* x a m i n a t i o

n

Ind"an In*ome

min a t i o


46/104

Ind"an In*omeDur"n/ t)e +K In*ome re*e"0ed or

deemed to 8ere*e"0ed

In*ome a**rue ordeemed to a**ruedur"n/ +K

- n ndia n ndia

0 n ndia Outside ndia

C Outside ndia n ndia A n ( o f t ) e

f o l l o 5

" n / : " s

I n d " a n

I n * o m e

ore"/n In*omeDur"n/ t)e +K In*ome re*e"0ed or

deemed to 8ere*e"0ed

In*ome a**rue ordeemed to a**ruedur"n/ +K

- Outside ndia Outside ndia

A**rue means Pto ar"seQ ospr"n/ as a natural /ro5t

Ar"s"n/ means P*om"n/ "ntoe#"sten*eQ

x a m i n

n

ncome deemed to accrue or ar


47/104

ncome deemed to accrue or arndia ';


All "n*ome a**rue or ar"s"n/d"re*tl( or "nd"re*tl( t)rou/) or

from1.An( 8us"ness *onne*t"on "n

Ind"a&.An( propert( or assets "n

Ind"a:.An( sour*e of "n*ome "n Ind"a;.Transfer of *ap"tal assets

s"tuated "n Ind"a

A. D"0"dend pa"d 8( an I*ompan( outs"de Ind"

B. Interest +a(a8le 8(o0ernment or Res"dres"dent for mone( 8o

for 8us"ness *arr"ed "C. Ro(alt( pa(a8le ee

te*)n"*al ser0"*es 8(o0ernment or res"dean( 8us"ness

ncome ca!cu!ations on aC- ) *

x a m


48/104

Samsun/ a Sout) orean *ompan( a non res"d"n*ome ta# a*t 1>1 )ad t)e follo5"n/ re*e"pts of

(ear &FF>. Ind"*ate 5)et)er t)e( 5"ll 8e ta#a8le reasons.

1.Rs. =FFFF from o0ernment of Ind"a under an appro0ed 8( o0ernments of Sout) orea and In

&.Rs$ 1 FFFFF from Cal*utta Co. Htd. a res"dent

*ompan( for of te*)n"*al ?no5- )o5 for use "n a 8Ind"a.

:.Rs. =FFF from Bom8a( Co. a res"dent Ind"an Ofor "mport of dra5"n/s for use "n "ts 8us"ness "and Mala(s"a.

;.Rs. =FFFF from es)oram a non-res"dent unde

/ . - C T C

-

s it ndian or ?oreign ncome


49/104

s it ndian or ?oreign ncome

s. 25,555 from #overnment of Vndiaunder an Wagreement approved by

#overnments of 'outh Lorea and ndia.

s +, 55,555 fromV Ca!cutta Co. )td., aresident ndian company, for of technica! $now&how for use in a business in ndia.

s. B2,555 from 0ombay Co., a residentndian OrganiRation, for import of drawings for

use in its business in 'ingapore andMa!ay

?s. 25,555 from Leshoram, a non&residentunder ndian tax !aw for a formu!a for abusiness in ndia

s. @5,555 from X, an ndian Aon&resident,for use of drawings and for a business in the

"L.

?

fRs


50/104

525=+; -M tax comp!iance and management

,ature of In*ome Amount Reason ta#a8le

Ro(alt( from o0ernment =FFFFRo(alt( deemed to a**r

Ind"aTe*)n"*al no5-)o5 fees

pa"d 1FFFFF

Te*)n"*al no5 )o5 pa

res"dent

"s deemed to a**rue or a

Ind"aees pa"d 8( Bom8a( Co.

pa"d,ot

ta#a8le Te*)n"*al no5 )o5for use "n "ts 8us"ness "n pa"d outs"de Ind"a

S"n/aporeTe*)n"*al no5-)o5 fees

pa"d =FFFF

?no5 )o5 fees pa"d 8( a

Res"dent

from Mr. es)a0ramfor us"n/ t)e same "n 8us

"n Ind"a deemed to a**rue "n In

Amount pa"d 8( L nonres"dent for use of

dra5"n/,ot

ta#a8le

+a"d 8( non res"dent for dra5"n/s out s"de Ind"a

a**rue "n Ind"a


51/104

C!ass& 2


C!ass& 2C!ass& 2/art =

MO(")* +-ssessment of ?irms

no5"n/ @o5 to stud(


52/104

no5"n/ @o5 to stud(

)8

Small St#d& Gr"#+% did

9etter t4an %t#d& %ingle

28 Pr"gre%% tra!ed 9&

#i;;e% and te%t

'8 Pa& attenti"n t" 34at

in%tr#!t"r %tre%% in !la%%

$8

Sa&ing it al"#d "r 3riting

"#tline 4el+ t" gra%%

9etter

58

Gr"#+ and remem9er

St#d& S)8 Pa& attenti"n in !la%28 Tae g""d n"te%

'8 8 D"n?t !ram *"r 4"#r%

te%t

@8 St#d& reg#larl& a lit

An(t)"n/ t)at*ompetes 5"t) (our st

or (our attent"on su*?"n/

A5a( (our po5er to le

?i / t d / t hi


53/104

?irm /artner and /artnershi

•

?irm ' =6=>8?irm sha!! havethe meaningassigned to it inthe ndian/artnership -ct

+;>= and sha!!inc!ude a ))/ asde1ned in the))/ act =557


• /artner Meaning -s assignedin ndian /artner 'hip-ct +;>= and sha!!inc!ude

• Minor admittedto the bene1ts of thepartnership

• /artne• Meaning as

as per act inc!ude ))/

• /artnership • -n association of two or more persons• There shou!d be an agreement

• -greement to carry on some business or profess

•

The business to be carried on by a!! or by any onthem acting on beha!f of a!! and for the bene1t o

• -greement to share pro1t and !oss of business oprofession

•

)imited )iabi!ity /artnership

• ))/ is a body Corporate under ))/ -ct =557

• ))/ has a separate !ega! entity

• /erpetua! succession

• Aot covered by ndian /artnership -ct +;>=• ncorporated by registration of H ncorporation (ocumen

registrar of the state in which the registered oDce of thesituated

• )iabi!ity of partner is !imited

?i 4))/ f !1!! diti f '


54/104

?irm 4))/ fu!1!!s conditions of '


• Treatment if ' +7@ is not f

• 'ha!! be assessed in the s*xcept

+. Aot a!!owed to deduct rea!!owed u4s @5 b

=. ?u!! amount of interest oto partners is disa!!owed

>. The amount of remunerinterest sha!! not be addindividua! income of par

@. /ay Tax same manner a

• 'ubmitted /artnership deed

• (u!y signed by partners

• 'ubmitted a!ong with 1rstreturn

• -ny change in pro1t sharingratio then revised return

• ?irm shou!d not have beenassessed to tax "4' +@@ best

judgement assessment

t is the joint and as we!! as thesevera! !iabi!ity of a!! partners

during the /J or in case of death ofa partner then by !ega!

epresentative to pay the amountof tax and any interest4 pena!tyunder a!! provisions of the act

0oo$ /ro1t

*


55/104


The pro1t ca!cu!ated after ta$ing intoaccount a!! provisions provided in sections=7 to @@(

+. ?ind out the pro1t as per /4) -ccount

=. 6&8(educt a!! other incomes credited to /4)-4c but to be treated under other heads ofaccounts

>. -dd a!! payments or remuneration !i$esa!ary, commission etc. given to partners ifa!ready debited to /4) account

@. -dd interest on capita! given to a!! partners

in excess of +=

)imits on payment of remunera


56/104

p yto 9or$ing /artners

• 0oo$ /ro1t s >5,555

• emuneration to /artner s +,75,555


• 0oo$ /ro1t s >5,555

• (isa!!owed s +,25,555

•

Boo? Hoss Rs %-1.&F• (is a!!owed

• emuneration to /artner s +,75,555 or

• ;5 of >5555 or statutory )imit s +,25,555 whichever

• 0oo$ /ro1t s &>5,555

• emuneration to /artner s +,75,555

• 0oo$ /ro1t s &>5,555

• (isa!!owed s &+,25,555

•

Boo? Hoss Rs %-1.9F• (is a!!owed • emuneration to /artner s +,75,555 or

• ;5 of >5555 or statutory )imit s +,25,555 whichever is

* x

0oo$ pro1t means


57/104

p


-. The net pro1t as shown in -ccount for /J

0. Computed as per ' =7& @@

C. -fter adding bac$ the fu!! a

of remuneration given topartners as referred in the

Computation of Tota! ncome of ?irm 4))/


58/104

• ncome computed head wise. Ao

'a!ary ncome• Can not have se!f occupied house.ncome from !et out house computedunder head Hhouse propertyI

• /ro1t and gain

• Capita! #ain but with no exemptionu4s 2@,2@0 and 2@?

• ncome from other sources

• Carry forward and set o !osses donein the same manner


Se* Des*r"pt"on

9F Donat"ons

9FA

Contr"8ut"ons to *e

9FC

Donat"on to +ol"t"*

9FIA Infra proje*ts

9FIAB Sett"n/ up Spe*"al

9FIB ,e5 Industr"al Und

9FIC Ba*?5ard area

9FID Sett"n/ up )otel o*enter

9FIE Underta?"n/ "n ,o

9FJJA B"o 2aste


59/104


lat Ta# rate of:FG 5"t) no

e#empt"on l"m"t

Hon/ Term

*ap"tal /a"n&FG

S)ort Term*ap"tal /a"n on

se*ur"t"es*o0ered under

STT 1=G

Hotter"es/am8l"n/Cross5ord

pules V:FG

Sur*)ar/eV1FG "f e#*eed

Rs 1 *rore

Edu*a


60/104

C!ass& <


C!ass&


61/104

EO9 To Ta$e Aotes

C"

Re

Re

RRe

Re

N"te d"3n e&+"int%

em+4a%i;ed 9&

in%tr#!t"r

9rie* and

%4"#ld 9e t4e

"#t!"me "*

#nder%tanding

Re3rite t4e

!la%% n"te% a%

%""n a%

+"%%i9le a*ter

!la%%

N"te% taen

*r"m ari"#%

9""% %4"#ld

!"ntain %"#r!e

"t

d"3n

t4ee&

+"int%

a ne3 +age in

!entral %e!ti"n

Meaning*#l *a!t%Signi*i!ant detail%

Rea%"n% *"r

+"%iti"n

T)"n?a8out t)e

matter.2)at are

(our

rea*t"ons6An(

e#amples6An(

dou8ts

+=>

2

0usiness ncome and expendit


62/104

0usiness ncome and expendit

+. !!ega! income Y for the purpose of income tax is no dierence between i!!ega! Ns !ega! incomboth taxab!e.

=. !!ega! *xpenditure Y disa!!owed

>. *xpenditure incurred in respect of exempted iY'+@- Y no deduction sha!! be a!!owed in respe

any expenditure incurred in re!ation to incomedoes not form part of tota! income.

@. ncome from u!tra virus activity Y beyond objec!ause sha!! be taxab!e.


0usiness ncome and expenditu

/roprieto


63/104

0usiness ncome and expenditu

2. Aotiona! expenditure not a!!owed.&


64/104

/rofes

*xpenses deductionprovided #enera! r

incurred foris a!!ow


E#penses allo5edB. Contribution to /?


65/104

+. ent rate, Taxes, !and epairs,nsurance

=. epairs nsurance of /!ant,machinery and furniture

>. (epreciation

@. 'cienti1c esearch

2. 0ad debts08

B. Contribution to /?

7. Contribution to app#ratuity ?und

;. -nima!s used for bthan stoc$ in trade

+5.-ny bona1de eveexpenditure for bua!!owed in the yearCapita! *xpenditur

years6 +42 in each

++.'ecurity transactioincome from taxabcomputed under thncome


(isa!!owances of unpaidstatutory and other

!i bi!iti 6@>08

• -ny sum payab!eby way of tax,duty , cess under

Ai


66/104

!iabi!ities 6@>08

• (eductions area!!owed on!y on

payment basis forthe fo!!owingeven though the0oo$s ofaccountsmaintained on

Mercanti!esystem

any !aw

• 0onus ,

commissionto emp!oyees

• -ny sum payab!e

by way )eaveencashment

• -ny sum payab!enterest on !oan

or advances to0an$s or ?

• -ny sum payab!e byway of contribution

to /? or 9e!fare ofemp!oyees

The expenditure shou!d not be capita! in Aature, Aot persona!, incurredin the /J, ncurred for the business, and expended who!!y for thebusiness and speci1ca!!y not disa!!owed

irir

f'opprwn


Interest and remunerat"on to+artners of +AS% +artners)"p !rm

d )'

0oo$ pro1-!! provisio

nterest path t d


67/104

assessed as su*)'

On t)e !rst Rs :FFFFF of8oo?ed pro!t

Rs 1=FFFF or FG of8oo? pro!t 5)"*)e0er "smore

On the ba!ance


68/104

C!ass& B,7,;


C!ass& B,7,;C!ass& B,7,;+art &

MODUHE 1$Computat"on of ta#a8le "n*ome a

l"a8"l"t( a**ord"n/ to In*ome +ro0"s"ons

Re/"strat"on


69/104

ememberefLevin'marter

3aico /ub!

S)ort TermMemor(

,e5fa*ts

or/ett"n/

Re)ears

,o-Re)earsal Ref$e0"n +aul NWStud( Smarter not )ard

pp= "/ 1 S)ort term Memor( Transfer

eca!! etention

Computationa! ?ormat +art"*ulars -mount


70/104


Aet pro1t as per accounting /4)

-dd *xpenditure dis a!!owed but debited to accounting /4)

Capita! *xpenditure x

/ersona! *xpenditure x

-dvertisement with po!itica! /arty x

-ny /rovision 4 eserve x

-dd income taxab!e under the head but not credited to accounting /4)

'a!es proceeds of assets for deduction has been c!aimed u4s >2 -( x

!ess income taxab!e but credited to /4) x

(ividend "4' +56>@8 x

ncome from units of "T "4' +56>28 x

!ess income taxab!e but credited to /4)

ent from house property x

nterest on income tax refund x)ess expenditure a!!owed but not debited to /4)

-sset purchased for speci1ed business>2 -( x

-djustment to stoc$

-dd c!osing under va!ued 4 opening over va!ued x

)ess c!osing over va!ued 4 opening under va!ued x

+ro!t and /a"n from 8us"ness

Computation of taxab!e ncometax !iabi!ity is higher of

-A' Nijay Tharun aj and (ivya Mitta! [ On!y this much [ Modu!e > L9 /ub!is


71/104

-A' Nijay,Tharun aj and (ivya Mitta! On!y this much Modu!e&> L9 /ub!is(e!hi


Tax )iabi!ity under norma! provisions

'tep+ Compute the taxab!e income

under Aorma! provisions'tep= Compute Tax payab!e

Ta# :FG "n *ase of Domest"**ompan( and ;FG "n *ase offore"/n Compan(

LLL

Add Sur*)ar/e "f net "n*omee#*eeds Rs 1 *rore V =G and

&G "n*ase of fore"/n*ompan(

LLL

Add Edu*at"on Cess %&X1' G LLL

Hess Ta# Re8ate or ta# *red"tS 9>FFA and 1

LLL

,et Ta# pa(a8le LLL

Tax )iabi!ity Ca!cu!ated S rate of +2

Compute 0oo$ /ro1t as per ' ++2 30

Ca!cu!ate Minimum a!ternate Tax as

MAT V 19.= G on 8oo? pro!t

Add Sur*)ar/e "f net "n*ome e#Rs 1 *rore V =G and &G "n*ase

fore"/n *ompan(Add Edu*at"on Cess %&X1' G

M"n"mum Alternate Ta# pa(a8le

• Ca!cu!ate the 1rmIs income under thepro1t and gain for the assessment year=5+@&+2 from information given be!ow

,et +H after de8"t"n/+ H after t)efollo5"n/


72/104

,et +H after de8"t"n/+ H after t)efollo5"n/

Rs Y&FFFF

'a!ary - +,


73/104

+,+B,>


74/104

In adm"ss"8le E#penses

Salar( C

Comm"ss"on to B

E#penses on Repa"rs

Donat"on

Hess "n*ome not ta#a8le under t)"s )ead

o0ernment Se*ur"t(

ross Total In*ome

Hess Dedu*t"on under 9F Donat"on Rs =FG of=FFF

Total In*ome of t)e !rm

Ta# V :FG of 1&19>F :>

Edu*at"on Cess V:G of :>==9 1

Ta# +a(a8le rounded to nearest PF rupees

ndividua! ncome of /artne


75/104

. 'hare of ncome from this 1rm wi!! not be inc!uded in th

individua! income of partners as it is exempted u4s +56=. 'a!ary and commission received by - K 0 wi!! be taxab

under /ro1t K #ain .

. emuneration taxab!e in the hands of partners under tH/ro1t and #ainI

+artner A Rs'a!ary +,5 555 +=4+2

=@,555

+artner A

'a!ary

nterestS+=6>5,555x+=4+2

/ro1t and )oss -ccount of a partnership 1for the year *nded march =5+> is as fo!!o


76/104

y

+art"*ulars Amount +art"*ulars AmountCost of /oods

Sold

+5,55,55

5

'a!es +2,55,555

Remunerat"on to

partners

+,@2,555 ent to house

property

5,55

5

+B,>5,555

Other information

a. Out of other

expenses s +7

is not deductib!e

under ' >B6+

and @> 0

b.On +2th 3anuary

=5+>, the 1rm p

an outstanding

tax !iabi!ity of

2@,B55 for the

previous year =

5; and not debi

on

Amoun

+ro!t and a"ns of 8us"ness orprofess"on+ro!tAdd E#pend"ture d"sallo5ed 8ut


77/104

' o ! u t i o

n Add E#pend"ture d"sallo5ed 8utde8"ted "n +HRemunerat"on to +artner +,@2,Interest to partner e#*ess of 1&G

%;FFFFZ9&F'

+


78/104

Company(r 'oundararajan


Mention any four exemptedincome6=8


79/104

income6=8• -gricu!tura! ncome

• 'hare of income from E"?• 'hare of income of a partner from the 1rm

• efund from /?

525=== -M tax comp!iance and management

9hat is '+5 of T -ct6=8• )ong !ist of ncome exempt tota!!y

from tax and not inc!uded in #T

9hat is agricu!tura! income: 6=89hat are the basic operations to be carried ouca!! as -gricu!tura! ncome6


80/104

Now income earned from carrying nursery operations

is also considered as agricultural income and hence exempt from incom

C"nditi"n% "n

agri!#lt#re in!"me


81/104

Certain In!"me a%Agri!#lt#ral In!"me


82/104

Agri!#lt#ral In!"me

Certa"n"n*ome

a In!"me *r"m +"#ltr& *arming89 In!"me *r"m 9ee 4iing8

! In!"me *r"m %ale "* %+"ntane"


83/104

5)"*) "s

nottreatedas

A/r"*ulturalIn*omeN

gr"3n tree%8

d In!"me *r"m dair& *arming8

e P#r!4a%e "* %tanding !r"+8* Diidend +aid 9& a !"m+an& "#t

it% agri!#lt#re in!"me8

g In!"me "* %alt +r"d#!ed 9& *l""d

t4e land 3it4 %ea 3ater8

4 R"&alt& in!"me *r"m mine%8i In!"me *r"m 9#tter and !4ee%e

maing8

1 Re!ei+t% *r"m T %erial %4""ting

*arm 4"#%e i% n"t agri!#lt#re in!

Mr Amal +#r!4a%ed a land "n 34i!4 tree%

gre3 3ild d#ring t4e PB and %"ld tim9er *"

R% )FFFF G2H


84/104

T" treat it agri!#lt#ral in!"

it i% ne!e%%ar& t4at %"me

"+erati"n 4ae 9een a++lie

en!e %4all n"t 9e !"n%ide

a% agri!#lt#ral in!"me8

Taxa9le #nder in!"me *r"m

"t4er %"#r!e%J

Pra!ti!al% G>H• Mr Tony has rubber, tea +art"*ulars A/r"*ultural Bu


85/104

Mr Tony has rubber, teaand coee. Ee derivesincome from them. Eehas a!so nursery where hegrows p!ants and se!!. Eefurnishes the fo!!owingparticu!ars.

• Manufacture ubber

s 25555

• Manufacture coee grownand cured s >,25,555

• Manufacture Tea sB,55,555

• 'a!e of p!ants fromAursery s +,55,555

ubber as peru!e B-

,=2,555

>2 0usiness +

Coee as /erru!e B0

B2 agricu!ture =,


86/104


'a!aries 755555ncome from

Eouse property 75555

ent K ates andtaxes +=5555

ndian company(ividend ;555

)ega! Charges @5555Misc *xpenses =5555

provision for baddebts >5555

/rovision for gratuity =5555provision for tax @5555

sa!ary to Mrs onie >555

+


87/104

+. Current repairs are a!!owed. Capita!repairs not a!!owed

=. 0ui!ding shou!d be used for business byassesse

>. Aotiona! rent Y any rent paid to proprietor

is not a!!owed but rent paid to partnera!!owed

@. Taxes and insurance& a!!owed in respectof !and revenue, municipa! tax andinsurance of premises

2. epairs and insurance of p!ant andmachinery and furniture s>+& a!!owed&Must be used for business and used in /J


88/104


/urchases

, ,55 C!osing stoc$ @75555

'a!aries

2,55,555

ncome from Eouseproperty 75555

Te!ephone

+,55,55

5 ndian company (ividend ;555 *!ectricity 5,555

(ep on car @5,555

'ecurities transaction Tax +5,555

-gricu!tura! expenditure 25,555

Aet pro1t

+=@,B5,555

+


89/104

• Conditions for Claiming eprec

• 1. Asset must be owned by the as

• 2. Used for business or profession

• 3. Used during the relevant previo

• 4. Such asset should be elig

depreciation


Computation of epreciation

!Bloc" of #ssets $ethod%


90/104

• #dditional epreciation

• t is allowed in addition to normal depreciation. t is give

manufacturers on !lant and "achinery# e$cluding the following

• a. 'oad vehicles b. Aircraft(ships

• c. )ffice appliances d. Second hand machines

• e. Assets on which 1**+ depreciation is eligible

• ,he rate of additional depreciation

2*+ of the cost

f put to use for less than 1-* days# then 1*+ of the cost


?rom the fo!!owing 1gures you are reuired to ascertain the depradmissib!e


91/104

+art"*ulars Ma*)"ner(

Open"n/ 2D

Add Add"t"ons

Hess Mone( re*e"0a8le on sale

Clos"n/ 2D

+art"*ulars Bu"ld"n/ Amount

Open"n/ 2D Rs

&FFFFFFAdd Add"t"ons ------------

Hess Mone( re*e"0a8le on sale -Rs;FFFFF

Clos"n/ 2D Rs1>FFFFF

Depre*"at"on V1FG -Rs1>FFFF

+art"*ulars Ma*)"ner(

Bu"ld"n/

Open"n/ 2D Rs=FFFFF

Rs &FFFFFF

Add"t"ons dur"n/ t)e(ear

Rs>FFFFF

,IH

Sale dur"n/ t)e (ear Rs1&FFFFF

Rs ;FFFFF

Rate of depre*"at"on 1=G 1FG


?rom the fo!!owing pro1t K )oss -ccount of onie for the year ended >+&>& =his gross tota! income for the assessment year =5+>&+@.

+art"*ulars Amount +art"*ulars


92/104

Open"n/ Sto*? ;FFFFF Sales

+ur*)ases 1:FFFFFF Clos"n/ sto*?

Salar"es 9FFFFF In*ome from @ous

+ropert(

Rent Rates and Ta#es 1&FFFF D"0"dend from Ind"a

*ompan(

He/al C)ar/es ;FFFF

M"s*ellaneous E#pend"ture &FFFF

+ro0"s"on for 8ad de8ts :FFFF

+ro0"s"on for /ratu"t( &FFFF

+ro0"s"on for "n*ome ta# ;FFFF

Salar( to Mrs Ron"e :>FFF

Depre*"at"on ;FFFF

,et +ro!t &:FFF

1;=>FFF

• -dditiona! nformation/urchase inc!ude s +,55,555 paid in cash to cu!tivator for purchase of an


93/104

p pproduce/urchase a!so inc!ude s +,55,555 paid by way of compensation to supp!ieassesse was not ab!e to ta$e the de!ivery of goods due to !ac$ of storage

1nance.Opening stoc$ was overva!ued by =2 and c!osing stoc$ was underva!ued'a!ary inc!udes s +2555 paid as the customary bonus on the occasion ofand above the bonus payab!e under payment of bonus -ct +;2


94/104

Customs +enalt(

+ro0"s"on for 8ad de8ts

+ro0"s"on for In*ome Ta#

Hess E#pend"ture allo5ed 8ut not de8"ted "n +H A* Bad De8tsHess In*ome not ta#a8le 8ut *red"ted

D"0"dend re*e"0ed from *ompan"es

Hess In*ome ta#a8le under ot)er )eads 8ut *red"ted to +H a**ount- "n*ome from )ouse

propert(

Adjustment of sto*?

Add under 0aluat"on of Clos"n/ Sto*? +

Add O0er aluat"on of open"n/ Sto*?

In*ome from @ous"n/ +ropert(

ross Annual alue % A*tual Rent Re*e"0ed'

Hess Mun"*"pal Ta#

,et Annual alue

Hess standard Dedu*t"on Under S &;%a':FG of ,A

In*ome from ot)er sour*es

D"0"dend %E#empt Us 1F:;'

ollo5"n/ are t)e part"*ulars ofIn*ome of Mrs Seet)a for t)e (ear&FF-F9

/articu!ars(ividend received fromndian company exempt


95/104

/articu!ars s

(ividend received from ndiancompany

9=F

)ottery s +,255

>9=FF

9inning from card games &FFFF

nterest received on governmentsecurities

1FFFF

?ami!y pension ;9FFF

nterest paid on amount borrowedfor purchasing shares

:FFF

Co!!ection charges for governmentsecurities S =

/urchased !ottery tic$ets for s +55

ndian company exempt+56>@8

nterest received on

government securities)ess co!!ection charges S=

9inning from card games

)ottery s +,2556 +,2558

?ami!y pension

)ess +4> of @7,555 or s+2555 whichever is !ess .

ncome from other sources

rom t)e follo5"n/ "n*ome of Mr l"n/araj fort)e (ear ended :1-F:-F9 *ompute t)e "n*omefrom ot)er sour*es

/articu!ars s

D" f 1F FFF

/articu!arsD"re*tor fee

Interest on 8an?

In*ome from und"s*losed so


96/104

D"re*tor fee 1FFFF

Interest on 8an? :FFF

In*ome from und"s*losed

sour*e

1&FFF

2"nn"n/s from lotter"es% net' &>F

Ro(alt( from 8oo? 9FFF

In*ome from le*tures del"0ered =FFF

Interest on loan /"0en torelat"0e

FFF

Interest on ta# freede8enture%net'

:=&

D"0"dend from *ooperat"0eso*"et(

9FFF

Interest from +ost o[*e SB a* =FF

Interest from *entralo0ernment se*ur"t"es

&&FF@E +AID RS &F OR COHHECTI, DIIDE,DA,D RS 1FFF OR TK+I, MA,USCRI+T OT@E BOO

In*ome from und"s*losed so

2"nn"n/s from lotter"es% neross \ Rs &>F #

1FF>.1\;F1;Ro(alt( from 8oo? \ 9FFFHess t(p"n/ *)ar/es\ 1FFF

In*ome from le*tures del"0e

Interest on loan /"0en to re

Interest on ta# free

de8enture%net'1FF1FF-R \ :=& 1FF-1F.::=&9.F

D"0"dend from *ooperat"0e

Interest from +ost o[*e SBE#empted


97/104

C!ass& +5


C!ass& +oC!ass& +o+art &

MODUHE 1$ 0oo$ /ro1ts


98/104

emember

Ref$e0"n +aul NWStud( Smarter not )arderW N Ja"*o +u8l"s)"n/ @ouse pp= "/ : Reme

&FG of5)at(ou

READOnl(

:FG of

5)at(ou

@EAR onl(

;FG of5)at (ouSEE onl(

=FG of

5)at(ou SAKOnl(


99/104

C!ass& ++


C!ass& ++C!ass& +++art &

MODUHE 1$

Minimum -!ternate Tax under section Tax Credit under M-T, (ividend (istri

Tax u4s ++2&5.


100/104

-!ternate Minimum Tax+art"*ulars Amount

+art"*ulars

+art"*ulars Amount Rs

-s per the provisions of -ct >@ !acs

Tota! ncome of the ))/ as assessed by -O >5.;

ate of tax inc!uding cess +5,25,


101/104

• n order to preserve tax base vis pro1t !in$ed deductions, pro

!evy of -!ternate Minimum Tax \ -MT^ have been introduce=5+=&+>

• -pp!icab!e to a!! Corporate assesse . *ar!ier it was app!icab!e))/

• *xceptions E"? -O/, 0O or -rti1cia! or 3udicia! persons 6-3/!iab!e to -MT if their adjusted tota! income does not exceed

• Tax /ayab!e Eigher of • Tax payab!e under norma! provisions of T -ct

• Or +7.2 of adjusted tota! income


Tota! ncome as per T -ctas assessed by -O

XXXXX

-dd (eductions c!aimedunder Chapter N Y-

XXXXX

-dd (eductions c!aimedunder ' +5 -- if any

XXXXX

-djusted tota! ncome XXXXX

Tota! ncome of ))/ as per

0oo$s of accounts Tota! ncome of ))/ as pereturn

Tota! ncome ))/ as per T -ctas assessed by -O

+art"*ulars As Cla"med

8( assesse

As a

AODedu*t"ons us 9F IB s +7 !acs

(eductions under +5-- s +2 !acs

g , ,

Tax )iabi!ity

-s per new provisions "4s ++2 3 being +7.2 on adjusted Tota! ncome of ))/ as assessed by -O >@ !acs

-dd (eductions "4s 750 C!aimed +7 !acs

-dd (eductions "4s +5 -- c!aimed +2 !acs

-djusted Tota! ncome


102/104


/ /re"/)t 1&=FF

ross pro!t ;F&=FFSalar"es 9=FFFF ross +ro!t ;F&=FF

eneral e#penses ;:=FFF D"0"dends Sales E#penses &1=FFF

D"re*torRemunerat"on 9&&FFF

In*ome Ta# 19FFFF

+enalt( E#*"se 1FFFF +roposed D"0"dend :&FFFF

+ro0"s"ons forlosses of

su8s"d"ar(Compan( &FFFFF ,et +ro!t 1999FFF

;&FFFF ;&FFFF

ta$en The in

04? )oss

"nabsorbed(eprecia

on

+art"*ulars

Ca!cu!ation as per -ct

Aet /ro1t as per /K)

+7,77,555

+art"*ulars

Ca!cu!ation M-TAet /ro1t as per /K)

+7,77,555


103/104

Ta#a8le In*ome

Ta# V 19.=G

Add Sur*)ar/e

Add Cess &G Edu*at"on Cess

Add S@E Ta# 1G

Total Ta#

Aet /ro1t as per /K) 55-dd (isa!!owed items a!ready

debited in /K) /urchase by Cash s


104/104

+. -A' Nijay,Tharun aj and (ivya Mitta! [ On!y this much [ Modu!e&> L/ub!ishers )imited Aew (e!hi

=. 'inghania, Ninod, and 'inghania, Lapi!, W(irect Taxes & )aw and Taxmann.

>. -huja, #irish and #upta, avi, W(irect Taxes & )aw and /racticeW, /ub!ications.

@. Manoharan, T. A and Eari, #.., W(irect Tax )awsW, 'now 9hite /

2. 'odhani, Nineet, Wndirect TaxesW, Taxmann /ub!ications.

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Module-1 Corporate Tax 2015 Consolidated20082015

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