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    Income tax

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    tax

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    Income tax

    Copyright:

    © All Rights Reserved
    Download as PDF or read online from Scribd
    Flag for inappropriate content
    12 views6 pages

    Tax

    Uploaded by

    Jelin
    Income tax

    Copyright:

    © All Rights Reserved
    Download as PDF or read online from Scribd
    Flag for inappropriate content
    of 6
    et jsinoos Provits Computation of Lost Account serves a Ie For compoiation of BUNM er ee either fully or partly’ dis Tee bing, mms cerca es ; Main incornes Which ary ey ee ek TES de te the provisions af Income'tax At On ry le 3 care aia free or are not eaxable under s head income of an assessee es/Depreciationsincome sorporations ws 36 ‘Wealthy Tax ete.) i Ali taes cecept Sales Ta. B business (di) Rea paid wo self tT etal expen exept on slente research (0) All capital losses (i) All charities and donations ‘ (oA Sapa aling v0 ther ade of 0 Taxes om hase property ete.) foi) Cultivation expenses ia) Any interest cn capital unless the amount borrowed (G) All personal expenses (Drawing ete.) {ai) Any deprecation if wrongly debited aii) Gifts and presents (Non-advertisement) {aili) Any type of fine oF penalty {un} Any payment co apart incase of fms only By way of SHAY, aay oy onus, commission or remuneration excess over prescribed Aims) ‘av) Any salary or interest payable outside India unless tas is deducted at source or is paid according to the law (avd. Past losses (Loss of the past years) (oii) Any other expenditure which is not incurred according to the provisions of I (oii) Salary pai to self or any other es est Veet) Difference in trial balance (Sb Dilference due to under credit i, ng of (cif) Cost of Patent rights being mae stock - (Sito. Cost of Technical know-how being concn S oi vara expenses being capital ssscnlecaasnirs otal of these it ; tems is added in the profit of is adjusted ‘out of the foss Ke (. Deduct [out of the amount DL Deduct arrived at (A) above] any ue ‘expenditure which is allowable under the Act, but has not been debited to P and L A/c : (Acta bad debts (at oeged in ana (ii) Depreciation (-do-) ee Se AS Gi) Any other expenditure incu : (iv) Difference due to under ee Provision of law Ee Total of these is deducted from (A) above and we get oO IIL. Deduct out of the amount ® under this head : arrived at (B) above any income which i elther exempt oF not twxable (a). Incomes bend fam a ( Post office saving bank interest Gi Agricultural receipts ii) Gilts from relatives (iv) Income-tax refund (0) Bad debt recovered—

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