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Basic Concepts Release 1

Basic Concepts Release 1

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BASIC CONCEPTSINCOME TAX

Taxation in India
»Taxes in India are levied by the Central Government and the State Governments. Some minor taxes are also levied by the local authorities such the Municipality or the Local Council. »The authority to levy a tax is derived from the Constitution of India which allocates the power to levy various taxes between the Centre and the State

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»An important restriction on this power is Article 265 of the Constitution which states that "No tax shall be levied or collected except by the authority of law." Therefore each tax levied or collected has to be backed by an accompanying law, passed either by the Parliament or the State Legislature.

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»List .Constitutionally established scheme of Taxation »Article 246 of the Indian Constitution.II entailing the areas on which only the state legislature can make laws. between the Parliament and the State Legislature. »List . distributes legislative powers including taxation.I entailing the areas on which only the parliament is competent to make laws. 4 . and »List .III listing the areas on which both the Parliament and the State Legislature can make laws upon concurrently.

» The list of thirteen Union heads of taxation and the list of nineteen State heads are given below 5 . »There is no head of taxation in the Concurrent List (Union and the States have no concurrent power of taxation).»Separate heads of taxation are provided under lists I and II.

1962 »Central Sales Tax.Major taxation laws enacted by the Parliament : »Income Tax Act 1961 »Wealth Tax Act »Service Tax 1994 »Central Excise Act 1944 »Customs Act. 1956 »Transaction Tax 6 .

on sale of property situated within the State. »Stamp duties. on sale of goods within the State.»The major taxation enactments passed by the State Legislatures are in the nature of the following. »Entertainment taxes 7 . »Sales tax. alcohol and narcotics. »Excise duties on tobacco.

92 lakh crores 2009-10 Rs 5.42 lakh crore. about Rs 3.72 lakh crores Of the total. 8 .50 lakh crore and indirect tax.TAX REVENUE : GOVT 2010-11 Direct and Indirect collection Rs 7. the direct tax mop up was about Rs 4.

Government of India. »The CBDT provides essential inputs for policy and planning of direct taxes in India and is also responsible for administration of the direct tax laws through Income Tax Department.Central Board of Direct Taxes »The Central Board of Direct Taxes (CBDT) is a part of the Department of Revenue in the Ministry of Finance. 9 .

Gift tax.»A DIRECT TAX is one paid directly to the government by the persons on whom it is imposed (often accompanied by a tax return filed by the taxpayer). value added tax (VAT). 10 . » Examples Income tax. excise duty custom duty) is a tax collected by an intermediary (such as a retail store) from the person who bears the ultimate economic burden of the tax. Wealth tax »AN INDIRECT TAX ( Sales tax. service tax .

»An excise duty on motor cars is paid in the first instance by the manufacturer of the cars. an indirect tax is such which can be shifted or passed. Thus. 11 . ultimately the manufacturer transfers the burden of this duty to the buyer of the car in form of a higher price.

INCOME TAX ACT 1961 12 .

BASIC CONCEPTS »ASSESSMENT YEAR »PREVIOUS YEAR »PERSON »ASSESSE »CHARGE OF INCOME TAX »INCOME »GROSS TOTAL INCOME 13 .

ASSESSMENT YEAR »Assessment year means the period of twelve months commencing on 1st April every year and ending on 31st March of the next year. 14 . » Income of previous year of an assessee is taxed during the following assessment year at the rates prescribed by the relevant Finance Act.

» In other words .Previous year »Income earned in a year is taxable in the next year. 2009-10) 15 . it can be said that income earned during the previous year 2008-09 is taxable in the immediately following assessment year (i. »The year in which income is earned is known as previous year and the next year in which income is taxable is known as assessment year .e.

Person »The income tax is charged in respect of the total income of the previous year of every 'person'.e a partnership firm »an association of persons or a body of individuals whether incorporated or not 16 . Here the person means— »an individual »a Hindu undivided family (HUF) »a company »a firm i.

district board. or other authority legally entitled to or entrusted by the government with the control and management of a municipal or local fund. »every artificial person. not falling within any of the above categories 17 .»a local authority-. body of port commissioners.means a municipal committee.

an association of persons or body of individuals . a firm . a local authority and every artificial person ) by whom any tax or any other sum of money is payable under the Act.Assessee »Assessee means a person by whom any tax or any other sum of money ( penalty or interest ) is payable under the Act. a company .a Hindu undivided family .e. »First Category A person ( i. The term includes the following persons. 18 . individual .

. 19 . or »Of the income ( or Loss) of any other person in respect of whom he is assessable .or »Of the amount of refund due to him to such other persons. »Either for the assessment of the amount of his income or of the loss sustained by him. Proceeding may be taken.»Second Category A person in respect of whom any proceeding under the Act has been taken.

»Third Category Every person who is deemed to be an assesee »Fourth Category Every assesse who is deemed to be in default under any provisions of the Act. 20 .

»Rates fixed by Finance Act : tax rates are fixed by the annual finance Act and not by Income tax Act 21 .CHARGE OF INCOME TAX ( Sec 4) BASIC PRINCIPLES »Annual Tax : Income tax is an annual tax on income »Tax rate for assessment year : Income of previous year is chargeable in the next following assessment year at the tax rates applicable for the assessment year.

22 .»Tax on person : Tax is charged on every person »Tax on total income : the tax is levied on the ―total income‖ of every assessee computed in accordance with the provisions of the Act.

»These items include those heads also which normally will not be termed as income but for taxation we consider them as income.INCOME : Sec 2 (24) »There is no specific definition of income but for statutory purposes there are certain items which are listed under the head income. the term income means and includes: Profits and gains 23 . » As per the definition in section 2(24).

»Dividends »Capital gains »Voluntary contributions received by a trust created wholly or partly for charitable or religious purposes »The value of any perquisite in lieu of salary »Any special allowance or benefit. 24 .

card games and games of any sort or from gambling or betting 25 . »Any winnings from lotteries.»Any allowance granted to the assessee either to meet his personal expenses at the place where the duties of his office or employment of profits are ordinarily performed by him or at a place where he ordinarily resides or to compensate him for the increased cost of living. including horse races. races. crossword puzzles.

26 .»Any amount received as contribution to the assessee's provident fund or superannuation fund .

Income from house property 3.GROSS TOTAL INCOME »As per section 14 . Income from other sources 27 . Capital Gains 5. Salaries 2. income of a person is computed under the following five heads : 1. Profits and gains of business or profession 4.

»Tax is always one . it may arise under different heads to which the different rules of computation have to be applied 28 .Important points »The aggregate income under these heads is termed as ―gross total income‖ »The several heads into which income is divided under the Act do not make different kinds of taxes.

»The scheme of computation of total income and tax liability thereon can be understood with the help of following chart. : 29 .Total Income and tax liability »The total income of an assesse is gross total income as reduced by amount deductible under sections 80C to 80U .

Professional Tax TAXABLE INCOME UNDER THE HEAD “SALARIES‖ 30 .Taxable value of perquisite Rs. Rs GROSS SALARY Less deductions under sec 16 -Entertainment allowance .Income from salary .Computation of Income for the assessment year 1 INCOME FROM SALARIES .Income by way of allowance .

2 INCOME FROM HOUSE PROPERTY Net annual income Less : Deductions under sec 24 Taxable income under the head “ income from house property” Rs Rs 31 .

3 PROFITS AND GAINS OF BUSINESS OR PROFESSION Rs Rs Net profit as per P & L account Add : amounts which are debited to P & L a/c but are not allowable under the Act Less : Expenditure which are which are not debited To P & L a/c but are allowable as deduction under the Act Less : Incomes which are credited to P & L a/c but are exempt 10 to 13 or are taxable under other heads of income Add : Those incomes which are not credited to P & L but are taxable under the head “ profits and gains of business or profession” TAXABLE INCOME UNDER THE HEAD “ PROFIT AND GAINS OF BUSINESS OR PROFESSION” 32 .

54F. 54D. 54ED. 54B . 54EC. 54G and 54GA Taxable income under the head “ income from house property” TAXABLE INCOME UNDER THE HEAD “CAPITAL GAINS‖ 33 .4 CAPITAL GAINS Rs Rs Amount of capital gains Less : Amount exempt under sec 54 .

(1) +(2)+(3)+(4)+(5) Less Adjustments on account of set -off and carry forward of losses Rs Rs GROSS TOTAL INCOME 34 .5 INCOME FROM OTHER SOURCES Gross Income Less : Deductions under sec 57 TAXABLE INCOME UNDER THE HEAD “ Income from other sources” TOTAL ( i.e.

Rs Rs GROSS TOTAL INCOME Less : Deductions under sections 80C to 80U TOTAL INCOME OR NET INCOME LIABLE TO TAX Computation of tax liability TAX on net income Add : Surcharge Tax and surcharge Add Education cess and secondary and higher education cess TAX Less prepaid taxes TAX paid on self assessment Tax deducted or collected at source Tax paid in advance Tax liability 35 .

»Tax rates are not given by the Income tax Act. but by the Finance Act which is passed by the Parliament along with Budget for the Central Government every year.TAX RATES »Provisions for computation of taxable income are given by the Income tax Act . »For instance . the Finance Act 2011 . provides in the first Schedule ( part 1.II and III) as follows 36 .

37 .

. for assessment year 2011-12) 38 .It gives income tax rates for different assesses for the assessment year 2011-12 »Part II of the First Schedule to the Finance Act 2011 – It gives rates for deduction of tax at source applicable for financial year 2011-12.e.It gives rates for different assesses for the payment of advance tax during financial year 2011-12 ( i. 2011 . » Part III of the First Schedule to the Finance Act 2011.»Part I of the first Schedule to the Finance Act .

part III of the First Schedule to the Finance Act 2011 will become Part I of the First Schedule of the Finance Act . 2012 ( which is yet to be passed by Parliament) 39 .»Generally part III of the First Schedule of the Finance Act becomes part I of the First Schedule of the subsequent Finance Act . For instance .

40 .

For individuals, HUF, Association of Persons (AOP) and Body of

individuals (BOI):

Income Tax Rates/Slabs for) Assessment Year 2011-12 (FY 2010-11
Income Tax Rates/Slabs Rate (%)

Upto 1,60,000 NIL Upto 1,90,000 (for women) Upto 2,40,000 (senior citizens)

1,60,001 – 5,00,000 5,00,001 – 8,00,000 8,00,001 and above

10 20 30

41

For individuals, HUF, Association of Persons (AOP) and Body of

individuals (BOI):

Income Tax Rates/Slabs for Assessment Year 2012-13 (FY 2011-12)
Income Tax Rates/Slabs Rate (%)

Upto 1,80,000 NIL Upto 1,90,000 (for women) Upto 2,50,000 (senior citizens)

1,80,001 – 5,00,000 5,00,001 – 8,00,000 8,00,001 and above

10 20 30

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Rates in A.Y. 2012-13 (Accounting Year ending 31-3-2012):
Income slab (Rs. in lakh) Very senior Senior citizens citizens (80 Women (below (60 years and years and 60 years) above) above) (Residents) (Residents) (Residents) Others

Up to 1.80
1.80 to 1.90 1.90 to 2.50 2.50 to 5.00

Nil
Nil Nil Nil

Nil
Nil Nil 10%

Nil
Nil 10% 10%

Nil
10% 10% 10%

5.00 to 8.00
Above 8.00

20%
30%

20%
30%

20%
30%

20%
30%

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Income Tax Rates/Slabs for Assessment Year 2012-13 (FY 2011-12) PERSONS FIRMS DOMESTIC COMPANY FOREIGN COMPANY LOCAL AUTHORITIES CO-OPERATIVE SOCIETIES Up to 10000 10000-20000 Above 20000 TAX RATE 30% 30% 40% 30% 10% 20% 30% 44 .

if Income exceeds Rs.5% of tax liability.A. if any. 1 Crore N. 1 Crore 2. Education Cess and Secondary & Higher Education Cess is applicable on every person @ 2% & 1% respectively on tax liability and surcharge applicable.Surcharge & Cess Assessment Year 2011-12 (FY 2010-11. if Income exceeds Rs. N.A.. 45 .5% of tax liability. PERSON RATE OF SURCHARGE Individual / AOP / BOI / HUF / Artificial NIL Juridical Person Firm Domestic Company Foreign company Co-operative Society Local Authority Nil 7.

1 Crore N.A. if Income exceeds Rs.Surcharge & Cess.% of tax liability. if any.. Education Cess and Secondary & Higher Education Cess is applicable on every person @ 2% & 1% respectively on tax liability and surcharge applicable. 1 Crore 2.A. if Income exceeds Rs. Assessment Year 2012-13 (FY 2011-12) PERSON RATE OF SURCHARGE Individual / AOP / BOI / HUF / Artificial NIL Juridical Person Firm Domestic Company Foreign company Co-operative Society Local Authority Nil 5% of tax liability. N. 46 .

Special tax rates »Tax rates are given in the Finance Act . races . some incomes are taxable at special rates given under the Income Tax Act »For instance . long term capital gains are taxable at rate of 20% ( sec112) »Winning from lotteries . card games are taxable at the rate of 30% ( Sec 115BB) 47 . Besides these tax rates .

TDS Rates Chart assessment year 2012-13 or financial year 2011-12 (AY 12-13 / FY 11-12) Relevant Section Nature of Payment (to resident) Threshold Limit Individual HUF (Resident in India) Company Firm/Co-op Sec. Local Authority (Domestic Company) 192 Payment of salary to a resident/nonresident Interest on securities Deemed dividends u/s 2(22)(e) Interest other than Interest on securities 5000 Normal Income Tax Rates: See Income Tax Slab 10 10 10 10 193 194 194A 10 10 48 .

194B 194BB 194C 194D Lottery or 10000 crossword puzzle or card game or other game of any sort. Horse races 5000 30 30 30 1 10 30 2 10 194EE 194F Contracts/subcontracts Insurance Commission Payment in respect of deposits under NSS Payment on account of repurchase of units of MF or UTI 30000 20000 2500 20 - 1000 20 10 49 .

194G 194H 194-I 194J 194LA Commission on sale of lottery tickets Commission or brokerage Rent of Plant and Machinery Rent of Land or Building or Furniture and Fitting Fees for professional or technical services Payment of compensation to a resident on acquisition of certain immovable property 1000 10 10 5000 180000 180000 10 2 10 10 2 10 30000 10 10 100000 10 10 50 .

Back up slides 51 .

Tax/duty/contribution to PF/SAF/Interest 52 ..»Amounts which are debited to P & L a/c but are not allowable under the Act sections 40/40A/43B »TDS provisions not complied »Payments to relative »Payments exceeding Rs 20000 not paid by account payee cheque »Disallowance of unpaid liability .

»Tax on perquisite paid by employer »FBT »Income Tax »Wealth Tax 53 .

rates. plant and furniture »Depreciation »Expenditure on scientific resarch 54 . taxes . repairs and insurance of building »Repairs and insurance of machinery.»Expenditure which are which are not debited »To P & L a/c but are allowable as deduction under the Act section 30/31/32/33/35/36 »Rent .

»Incomes which are credited to P & L a/c but are exempt 10 to 13 or are taxable under other heads of income »Agriculture income 55 .

»Those incomes which are not credited to P & L but are taxable under the head “ profits and gains of business or profession 56 .

Cost of inflation Index FINANCIAL YEAR COST INFLATION INDEX FINANCIAL YEAR COST INFLATION INDEX 1981-1982 1982-1983 1983-1984 100 109 116 1992-1993 1993-1994 1994-1995 223 244 259 1984-1985 1985-1986 1986-1987 1987-1988 1988-1989 1989-1990 1990-1991 1991-1992 125 133 140 150 161 172 182 199 1995-1996 1996-1997 1997-1998 1998-1999 1999-2000 2000-2001 2001-2002 2002-2003 281 305 331 351 389 406 426 447 57 .

Cost of inflation Index FINANCIAL YEAR COST INFLATION INDEX 2003-2004 2004-2005 2005-2006 2006-2007 463 480 497 519 2007-2008 2008-2009 2009-2010 551 582 632 Indexed Purchase Price = Purchase Price * (CPI for current year / CPI for year of purchase) 2010-2011 2011-12 711 785 58 .

54G. 54GA 4 The balancing amount is long term capital Gain 59 . 54D.54F. 54B.Computation of long term capital gain AMOUNT 1 Find out full of consideration 2 Deduct the following a Expenditure incurred in connection with such transfer /sale b Index cost of acquisition c Index cost of improvement 3 From the resulting sum deduct the exemptions u/s section 54.54EC..

54GA The balancing amount is short term capital Gain 4 60 . 54D. 54G.Computation of short term capital gain 1 Find out full of consideration 2 a b c 3 Deduct the following Expenditure incurred in connection with such tranfer /sale cost of acquisition cost of improvement From the resulting sum deduct the exemptions u/s section 54B.

including their wives and unmarried daughters. »The daughter. ceases to be a member of her father’s HUF and becomes a member of her husband’s HUF. 61 . who are staying together jointly.HUF »Hindu Undivided Family (―HUF‖) which is same as joint Hindu family is a body consisting of persons lineally descendant from a common ancestor. on her marriage.

»The Income-tax Act. including the basic exemption from income-tax. the income earned by such HUF will enjoy all exemptions and deductions. » This is done by specifically including ―Hindu Undivided Family‖ in the definition of ―person‖. so far as applicable. in section 2(31) of the Income-tax Act. 1961 recognise HUF as an independent assessable or taxable entity. » As such. 62 .

all male members automatically become members of the HUF. It cannot be ―created‖ by act of parties. » Birth of a son in a Hindu joint family automatically makes him a member of the HUF. except in rare cases of adoption and reunion.»HUF is a creature of law. if a child is adopted. 63 . » In view of this. then he also becomes a member of the HUF. » In addition to that.

»Upon marriage. wife becomes a member of her husband’s joint family. 64 .

» It is not at all complicated and the following chart simplifies even more. » This tax exemption is available across individual tax slabs. certain investments are deductible (up to a maximum of Rs 1 lakh) from gross total income. 65 . » If you earn Rs 4 lakhs per annum and make investments of Rs 1 lakh in 80c instruments then the taxable amount will be Rs 3 lakhs.SECTION 80 C »Under section 80C of the Income Tax Act.

66 .

»Section 80C benefit has been provided to encourage long term savings and investments. » 67 .

Kolkata. Delhi or Chennai and an amount equal to 40 per cent of salary. » Rent paid minus 10 per cent of salary 68 .HRA As per section 10(13A) read with rule 2A . »House rent allowance received by the employee.least of following three will be exempted »An amount equal to 50 per cent of salary. where residential house is situated at any other place. where residential house is situated at Mumbai.

» For other places. » The rate is 10% of salary in cities having population exceeding 10 lakhs but not exceeding 25 lakhs as per 2001 Census. 69 . whichever is lower. the prescribed rate is 15% of the salary or the actual amount of lease rental payable by the employer. the perquisite value would be 7 1/2% of the salary. the rate is 15% of 'salary' in cities having population exceeding 25 lakh as per the 2001 census. » Where the accommodation so provided is taken on lease/ rent by the employer. as reduced by any amount of rent paid by the employee.» Where the accommodation provided to the employee is owned by the employer.

70 .

» The new residential house property should be purchased or constructed within the time limit given in the next slide 71 . » To claim the exemption the tax payer will have to purchase a residential house property (old or new )or construct a residential house property.Section 54 » Section benefit can be availed only by Individiual /HUF » Sale should be of long term residential building.

the amount of given earlier would be taken back 72 . the date of transfer of residential house property The construction should be completed within 3 years from the date of transfer of residential house property For constructing a new residential property If the new residential property is transferred within 3 years from the date Of its acquisition .Time Limit For purchasing a new residential property It should be purchased within one year before or within 2years after .

company or any other person.the assesee may be an individual .Section 54 EC »Assesee. »The long term asset means bonds issued by NHAI and REC 73 . »The asset transferred should be long term capital asset. »The assessee should invest the whole or any part of the capital gain in long term specified assets within 6 months from the date of transfer of asset. firm .

the amount invested in specified asset stated above »Which ever is lower. or ».the amount under section 54ec is as follows. ». »The investment in specified asset cannot exceed Rs 50 lakhs. 74 .The amount of capital gains generated on transfer of capital asset .»Amount of exemption.

redeemable after three years and issued by NHAI and REC and notified by the Central Government in the Official Gazette for the purposes of said section within a period of six months after the date of such transfer. Deduction u/s 54EC is available upto Rs.Section 54 EC Capital gain arising from the transfer of a longterm capital asset shall not be charged to tax to the extent such gains are invested in any bond. 50 lacs in each Financial Year 75 .

The assessee should not own more than one reside ntial house on the date of transfer. not being a residential house. LTCA= Long term capital asset Quantum of exemption 76 .Sec 54F Capital gain on transfer of LTCA other than a house property Allowed Assessee Individual/HUF Conditions to be satisfied The asset transferred should be a long-term capital asset. Within a period of I year before or 2 years after the date of transfer. a residential house should be purchased or constructed within a period of 3 years after the date of transfer.

Quantum of exemption If the cost of the new residential house is not less than the net consideration then t he whole of the capital gain.Sec 54F Allowed Assessee Individual/HUF Conditions to be satisfied The assessee should not within a period of one year purchase or should not within a period of 3 years construct any residential house other than the new asset. Otherwise. COST OF NEW HOUSE X CAPITAL GAINS / NET SALE CONSIDERATION 77 .

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