Professional Documents
Culture Documents
Meaning of Salaries
(i).Wages,
(iii).any gratuity,
(va). The payment received by an employee in respect of any period of leave not
availed of by him.
(vi). The annual accretion to the balance at the credit of an employee participating
in a recognized provident fund, to the extent to which it is chargeable to tax under
part A of the Fourth schedule.
(vii). The aggregate of all sums that are comprised in the transferred balance as
referred to in sub-rule (2) of rule 11 of part A of the fourth Schedule of an employee
participating in a recognized provident fund, to the extent to which it is chargeable
to tax under sub-rule (4) thereof, and
(viii). the contribution made by the Central Government or any other employer in
the previous year, to the account of an employee under a pension scheme referred to
in Section 80-CCD.
Employer-Employee Relationship
There must be employer and employee relationship, either in the present or in
the past, between the person liable to pay the amount and the person entitled to
receive the amount. If such a relationship does not exist, then the income falls outside
the scope of the head “salaries”.
If a person is acting as an agent for his principal during the course of his
carrying on of business, there is no relationship between them as master and servant
and thereof, any commission or remuneration earned by the agent is chargeable to
tax under profits and gain of business or profession but not under salaries.
Year of Chargeability
Place of Accrual.
Normally, the place of accrual of salary is the place where the services are
rendered. Therefore, even if a non-resident is paid salary outside India in respect of
services rendered in India, it is deemed to accrue or arise in India by virtue of
section9.
The income chargeable under the head Salaries is computed after making the
following
Deductions-
Entertainment allowance is not eligible for exemption but it only qualifies for
deduction. Therefore, entertainment allowance is first included in gross salary and
then deduction is allowed under section16 (ii).
In the case of Government employee, the least of (a) Rs. 5,000, (b) 20 per cent
of salary, or (c) amount of entertainment allowance granted during the previous year,
is deducted able.
Conclusion
This is the relationship of Employer and Employee, whatever the money paid
by the employer to the employee for his work is called salary and the various
deductions from the salary is mentioned above.
Introduction
An accountant member shall be a person who has for at least ten years been
in practice of accountant under any law formerly in force or who has been a member
of the Indian Income-tax service.
Appealable Orders
The aggrieved party (i.e., the assessee or the commissioner of Income-tax) can
submit the appeal within 60 days [30 days in the case of appeal against order passed
under section 158BC(c)] of the date on which order sought to be appealed against is
communicated to him.
The appeal should be filed in Form No.36 and should be verified in the prescribed
manner. The memorandum of appeal must be in triplicate and should be
accompanied by two copies of the order appealed against, two copies of the relevant
order of the Assessing Officer, two copies of the grounds of appeal before the first
appellate authority, two copies of the statement of facts, if any, filed before the said
appellate authority.
The powers and functions of the Appellate Tribunal may be exercised and
discharged by Benches constituted by the President of the Appellate Tribunal from
among the members thereof.
If the members of a Bench differ in opinion on any point, the point shall be
decided according to the opinion of the majority, if there is a majority, but if the
members are equally divided, those points shall be referred to the President of the
Appellate Tribunal for hearing on such points by one or more of the other members
of the Tribunal and such points shall be decided by majority opinion.
The Appellate Tribunal shall have power to regulate its own procedure and
the procedure of the Benches thereof in all matters arising out of the exercise of its
power or of the discharge of its functions.
The Appellate Tribunal shall, for the purpose of discharging its functions,
have all the powers which are vested in the income-tax authorities referred to in
section 131 and the proceedings before the Tribunal shall be deemed to be a judicial
proceeding.
The Tribunal may, after giving both the parties to the appeal an opportunity
of being heard, pass such orders thereon as it thinks fit. The Tribunal where it is
possible may hear and decide every appeal within a period of four years from the
end of the financial year in which the appeal is filed (applicable from June 1, 2000).
The Tribunal shall send a copy of any orders to the assessee and to the
Commissioner save as provided in section 256, orders passed by the Appellate
Tribunal on appeal shall be final.
Conclusion
Introduction
The Central Government may appoint such person as it thinks fit to be the
income-tax authorities in accordance with the rules framed in this connection. The
central Government may the board or Director General of Income-Tax or Chief
Commissioner or Director or
An income tax authority authorized by the Board may also appoint such
executive or ministerial staff as may be necessary in the execution of its functions in
accordance with the rules of the Central Government.
The Central Board of Direct Taxes was constituted under the Central Board
of Revenue Act, 1963. It works under the Ministry Finance. The Central board of
Direct Taxes may, by notification in the Official Gazette, direct that any income- tax
authority or authorities specified in the notification shall be subordinate to such other
income-tax authority or authorities as may be specified in such notification.
Income-tax authorities shall exercise all or any of the powers and person all
or any of the functions conferred on them in accordance with the directions issued
by the Board or any other income-tax authority.
Any such directions or orders may be issued having regard to the following
criteria:-
(a). Territorial Area, e.g., Pin Code, Corporation division number.
(a). carrying on business or profession within that area or where the business
or profession is carried on by any person in more places than one, if the principal
place of business or profession is situated within that area.
(b). Enforcing the attendance of any person including any officer of banking
company and examining such person on oath.
(a). any person to whom summons under section 131(1) or a notice under
section 142(1) has been issued to produce or cause to be produced by any books of
account, or other documents, has omitted or failed to produce or cause to be
produced, such books of accounts or other documents.
(b). any person to whom summons or notice as aforesaid has been or might be
issued, will not produce or cause to be produced any books of account or other
documents, which will be useful for or relevant to any proceedings under the Act, or
(a). Enter and search any building, place, vessel, vehicle or aircraft, where he
has reason to suspect that such books of account, document, money, bullion,
jewellery or other valuable articles or things are kept.
(b). Break open the lock of any door, box, locker safe, almirah, etc, where the
keys are not available.
(c). Search any person who has got out of or is about to get into or is in the
building, place, vessel, vehicle or aircraft which is being searched.
(d). Seize any such books of account, documents or assets found as a result of
such search.
(f). Make a note or an inventory of any such money, bullion, jewellery or other
valuable article or thing.
Conclusion
Under the Income-tax authority there are so many Officers appointed by the
Government in many designations and there is a hierarchy of the superiority of the
officers according to the rank of the officer from Director-General to Inspector,
according to the designation the power and function are divided as mentioned above.
Q.No.4. Explain the tax liability of an assessee’s with reference to his residential
status.
Section 6 of the Income Tax Act, 1961 lays down the test of residence for the
following taxable entities:
(i) An individual ,
(ii) A Hindu undivided family
(iii) A firm or an association of persons
(iv) A company and
(v) Every other person.
An individual- an individual may be (a) resident and ordinary resident, (b) resident
but not ordinary resident, or (c) non-resident.
a) He is in India for a period of 60 days or more during the previous year and
365 days or more during the 4 years immediately preceding the previous year.
Resident and Ordinary Resident in India- under section 6(6) a resident individual
is treated as ‘resident and ordinary resident’ in India if he satisfies the following two
additional conditions: -
a) If he satisfies at least one of the basic conditions and none of the additional
conditions.
b) If he satisfies at least one of the basic conditions and one of the two additional
conditions.
Non –resident
Every other person is resident in India if control and management of his affairs
is wholly or partly situated within India during the relevant previous year. On the
other hand, every other person is non-resident in India if control and management of
his affairs is wholly situated outside India.
Incidence of tax on a taxpayer depends on his residential status and also the place of
accrual or receipt of income.
The liability to tax of a resident but not ordinary resident is the same as in the
case of a resident and ordinary resident.
Conclusion: As above mentioned things will be considered while assessing the tax
liability of a person based on his residence.
Q.No.5. Discuss the method to calculate ‘income from House Property’ for
Income Tax purposes
Introduction
Rental income is taxable under the head ‘Income from house property’, if the
following three conditions are satisfied: -
Computation
All the building properties are divided into the following four categories for
the purpose of knowing the principles involved in computation:
a) Let-out property
b) Self –occupied property (including deemed let out property)
c) Partly let out and partly self-occupied property, and
d) Only one house owned and kept vacant.
a) Find out gross annual value. Annual value is the artificial income. Annual
value is the sum for which the property might reasonably be expected to let
from year to year. Gross annual value is determined by comparing fair rent or
annual rent and adopting whichever is higher.
b) Fair rent means rent which similar property in the same location would fetch.
But if municipal valuation is also furnished, fair rent is taken as municipal
valuation or the rent which similar property in the same locality would fetch,
whichever is higher. However, if standard rent is fixed for that property, then
fair rent cannot exceed the standard rent.
c) Annual rent is the actual rent received or receivable by the assessee during the
relevant previous year. If the let out property is vacant for part of the year,
even then the rent for the entire previous year should be calculated and
adopted as annual rent.
Allow deductions under section 24. The following deductions are made under
section 24 from the net adjusted annual value in order to arrive at taxable income: -
Self –occupied Property [Sec. 23(2)]. Where the property consists of a house or
part of a house in the occupation of the owner for his own residence or cannot
actually be occupied by the owner by reason of the fact that owing to his
employment, business or profession carried on at any other place he has to reside at
that other place in a building not belonging to him. The annual value of such house
shall be taken to be nil, under section 23(2), if the following conditions are satisfied:
-
a) The property is not actually let out during any part of the previous year; and
b) No other benefit is derived there from.
Deemed let-out Property- In the case of a deemed let-out property, the nature of
which is self-occupied property, the computation of income shall be similar to that
of let out property but subject to certain modifications:
a) Fair rent has to be adopted as gross annual value. Fair rent is taken as
municipal valuation or the rent which similar property in the same locality
would fetch whichever is higher. However, if standard rent is fixed for the
property, then fair rent cannot exceed standard rent.
b) Municipal taxes actually paid can be claimed.
c) Deductions under section 24 can be claimed to the extent applicable (e.g.,
vacancy allowance cannot be claimed).
Partly let-out and Partly Self-occupied [Sec. 23(2)] where a house property is let-
out for part of the year and self-occupied for remaining part of the year, or any other
benefit there from is derived by the owner, then such a property will come under this
category.
For the purpose of computing income from a house property which is partly
let out and partly self-occupied, the following points should be remembered with
reference to the standard format suggested for a let out property:
a) The gross annual value has to be determined for the entire property as if the
whole property has been let-out throughout the previous year.
b) Municipal taxes actually paid can be claimed.
c) Net annual value attributable to the self-occupied portion and/or period should
be excluded (in proportion to time or portion).
In the case of an assessee who owns only one house property which is kept
vacant as he has to reside at some other place in a building not belonging to him due
to his employment, profession or business, the annual value will be taken as nil.
Conclusion: The income from house property is based on the ownership and
residential status of the person will be considered while computing the income of
the individual.
Q.No.6. Briefly explain the provisions relating to set-off and carry forward of
losses.
Where the net result of the computation for any assessment year in respect of
any source of income falling under any head of income is a loss, the assessee shall
be entitled to have the amount of such loss set-off against his income from any
other source under the same head.
Where the net result of the computation under any head of income in respect
of any accounting year is a loss, the assessee shall be entitled to have such amount
of loss set-off against his income assessable for that assessment year under any
other head of income.
Where in respect of any assessment year, the net result of the computation
under the head ‘Profits and gains of business or profession’ is a loss and the
assessee has income assessable under the head ‘Salaries’, the assessee shall not be
entitled to have such loss set-off against such income.
Where in respect of any assessment year, the net result of the computation
under the head ‘Capital gains’ is a loss and the assessee has income assessable
under any other head of income, the assessee shall not be entitled to have such loss
set off against income under the other head.
Where the net result of the computation under the head ‘Income from house
property’ is a loss, in respect of the assessment years commencing on the 1st day of
April, 1995 and the 1st day of April 1996, such loss referred to in section 71-A
shall be set off in the relevant assessment year in accordance with the provisions of
that section.
Set off of loss under the head “Income from house property”
Where in respect of the assessment year commencing on the 1st day of April,
1993, or the 1st day of April, 1994, the net result of the computation under the head
“Income from house property” is a loss, such loss in so far as it relates to interest
on borrowed capital referred to in clause (v) of sub-section (1) of section 24 and to
the extent it has not been set off shall be carried forward and set off in the
assessment year commencing on the 1st day of April, 1995, and the balance, if any,
in the assessment year commencing on the 1st day of April, 1996, against the
income under any head.
Where the assessee incurs any loss under the head “Income from house
property’ and such loss is not fully adjusted under other heads of income in the same
assessment year, then the balance loss shall be allowed to be carried forward and set-
off in subsequent years subject to a limit of 8 assessment years against income from
house property.
In respect of unabsorbed loss under the head ‘Profits and gains of business or
profession’, other than speculation business loss, the assessee is entitled to carry
forward and set-off in the subsequent years subject to the following conditions: -
a) The unabsorbed business loss carried forward can be set-off only against
income under the head ‘Profits and gains of business or profession’.
b) Such carry forward is permissible up to 8 assessment years from the end of
the year in which the loss is first computed.
c) In order to carry forward loss from a business, such business should be
continued even during the year in which the loss is sought to be set-off.
d) Unabsorbed depreciation carried forward under section 32(2) will be set-off
only after setting off of the brought forward loss under this section.
In the case of any assessee where there is unabsorbed loss computed under the
head ‘Capital gains’ for any assessment year, such loss shall be carried forward for
a period of 4 assessment years to be set-off against income under the head ‘Capital
gains’ in the subsequent year. There is no distinction between short-term and long-
term capital loss.
Special Provisions
Conclusion: Set-off and carry forward of loss incurred by a person is allowed under
the tax law he can carry forward the loss up to eight years.
Meaning: -
The Goods and Services Tax (GST) is a comprehensive value added tax
(VAT) on the supply of goods or services. France was the first country to introduce
this value added tax system in 1954 devised by a public servant. In India, due to non
consensus between central and state government, the proposal is to introduce a Dual
GST regime i.e. Central and State GST.
Dual GST: -
Many countries in the world have a single unified GST system i.e. a single tax
applicable throughout the country. However, in federal countries like Brazil and
Canada, a dual GST system is prevalent whereby GST is levied by both the federal
and state or provincial governments. In India, a dual GST is proposed whereby a
Central Goods and Services Tax (CGST) and a State Goods and Services Tax
(SGST) will be levied on the taxable value of every transaction of supply of goods
and services.
Impact on Prices of Goods and Services:-
The GST is expected to foster increased efficiencies in the economic system
thereby lowering the cost of supply of goods and services. Further, in the Indian
context, there is an expectation that the aggregate incidence of the dual GST will be
lower than the present incidence of the multiple indirect taxes in
force. Consequently, the implementation of the GST is expected to bring about, if
not in the near term but in the medium to long term, a reduction in the prices of
goods and services. The expectation is that the dealers would start passing on the
benefit of the reduced tax incidence to the customers by way of reduced prices. As
regards services, it could be that their short term prices would go up given the
expectation of an increase in the tax rate from the present 10% to approximately 14%
to 16%.
Benefits of Dual GST: – The Dual GST is expected to be a simple and transparent
tax with one or two CGST and SGST rates. The dual GST is expected to result in:-
• Reduction in the number of taxes at the Central and State level
• Decrease in effective tax rate for many goods
• Removal of the current cascading effect of taxes
• Reduction of transaction costs of the taxpayers through simplified tax
compliance
• increased tax collections due to wider tax base and better compliance
Applicability to service providers:-
Unlike the transition from the sales tax regime to the VAT, where only
businesses dealing in goods were affected, in the case of GST, as the name suggests,
both goods and service providers will be impacted. Thus, even pure service providers
need to plan for the transition to the GST.
Applicability of both CGST and the SGST on all transactions: -
A transaction of ‘supply of goods’ will attract both the CGST & SGST as
applicable on goods. Similarly, a ‘supply of service’ will attract both the CGST &
SGST as applicable on services.
Applicability of other indirect taxes:
It is proposed that the taxes to be subsumed under CGST will include Central
Excise Duty (CENVAT), Service Tax and Additional Duties of Customs and the
taxes to be subsumed under the SGST will include Value Added Tax, Central Sales
Tax, Purchase Tax, Entertainment Tax, Luxury Tax, Lottery Taxes, Electricity Duty
and State surcharges relating to supply of goods and services.
GST collection model: -
GST is collected on the value added at each stage of sale or purchase in the
supply chain. The tax on value addition is ensured through a tax credit mechanism
throughout the supply chain. GST paid on the procurement of goods and services is
available for set-off against the GST payable on the supply of goods or services. The
idea is that the final consumer will bear the GST charged to him by the last person
in the supply chain. It is thus a consumption based indirect tax.
Applicability of taxes on imports of goods: -
It must be understood that customs duties will remain outside the GST regime.
Thus, the applicable basic customs duty will continue to be leviable on import of
goods. In addition, both the CGST and the SGST are expected to be levied on
imports of goods. Thus, the additional duty of customs in lieu of excise (CVD) and
the additional duty of customs in lieu of sales tax / VAT will both be subsumed in
the import GST.
Tax on import of services and person liable to pay: -
Importation of services will be taxed and both the CGST & the SGST will
apply on such imports. The tax will be payable on a reverse charge mechanism and
the importer of services will hence need to self declare and pay the tax. As to which
State will have authority to collect the relevant SGST, this will be determined based
on the place of supply rules that the government is expected to notify for this
purpose.
Separate enactments for the Central and State GST:-
There will be separate enactments. The CGST will be a common code
throughout India. Further, each State will legislate its own enactment to levy and
collect the SGST. However, it is understood that a white paper will be released by
the Federal Government/Empowered Committee of State Finance Ministers based
on which each State will legislate. The expectation is therefore is that a majority of
the provisions will be uniform across the States.
Expected aggregate rate of GST:-
The aggregate rate of GST, across the Central and State GST, is expected to
be approximately 16%. This is currently the subject matter of discussion within the
Empowered Committee.
Different rates for goods and for services:-
It is expected that there will be one single rate of GST on services at the
Central and State level and the understanding is that there would be not one but a
few rates of Central and State GST for goods.
Carry forward of Input Tax Credits (ITC) and CENVAT Credit (CC)
balances:-
Going by the precedence at the time of VAT implementation, it is believed
that the accumulated ITC and CC will both be allowed to be carried forward under
the GST regime, albeit upon fulfillment of prescribed conditions, if any.
Refund of un-utilised CC on inputs and input services:-
It is envisaged that under the proposed Dual GST model there would be refund
of unutilized accumulated CCs at the end of each fiscal year and that refunds would
not be restricted only to those relating to exports.
Cross utilization of credits between goods and services: -
Under the GST regime, the incidence of tax will be on supplies, be it supplies
of goods or services. The taxes will be levied in parallel by the Centre and the States
who will levy the CGST and SGST respectively on each supply of goods/services.
Accordingly, the cross utilization of credits for goods and services would be allowed
subject to the fact that cross utilization of credits between the CGST and SGST
would not be permissible.
Threshold limits for e levy of GST:-
No threshold limits have been prescribed as yet. However, it has been
indicated that the thresholds will be uniform and will be based on the cumulative
turnover of goods and services. Dealers with turnover below these thresholds will
not be covered under the ambit of the GST.
Uniformity under the various indirect tax legislations: -
The Dual GST model envisages uniform threshold limits under both the
Central and the State GST.
Exemptions from GST, lists of exempted goods and exempted services: - Under
the GST, exemptions are expected to be minimal. Further, a common list of
exemptions for both the Central and State GST with little flexibility for States to
deviate there from is envisaged.
Continuation of exemption currently available:-
In view of the fact that under the GST scheme, exemptions would be minimal,
it may not be correct to proceed on the assumption that the present exemptions would
continue under the GST dispensation.
Taxation of Inter-State sale transactions:
Presently, inter-State sales are subject to Central Sales Tax (CST), which is
origin based. However, the GST regime would work under a destination /
consumption based concept and hence the tax on inter- State sale transactions will
accrue to the destination State. As a corollary, it will be zero rated in the Origin State.
Taxation of inter State supply of services: -
Detailed place of supply rules will be framed for such transactions. Taxation
of such supplies will however continue to pose a challenge. Practices currently being
followed in the European Union, Canada and Brazil are being studied. Policymakers
are also looking at different options of taxing inter State supplies of services based
on whether they are Business to Business (B2B) or Business to Customer (B2C)
Single return or multiple returns:-
It is expected that a single return will be required to be prepared by the
assessee and copies filed with the Central GST and State GST authorities. The draft
GST laws / Rules will provide further details.
Process of assessment under the dual GST:-
The dual GST is expected to be a self assessed tax. The Tax administration
would have powers to audit and re-assess the taxpayers on a selective basis.
Refunds on exports:
In view of the Government policy that no taxes should be exported, refund of
GST paid on inputs should be available in case of exports of goods and services,
which will both be zero rated.
Conclusion:
Uniformity in classification of goods, procedures, forms etc. across the States
Based on the current discussions in the Empowered Committee, it is expected that
there should be uniformity in classification of goods, procedures and forms across
States.
Q.No.8. Short notes
a. Short term and long term capital gains.
Capital assets are divided into:
A short term capital asset is one which is held by the assessee for not more
than 36 months immediately preceding the date of its transfer. Assets held by the
assessee for a period exceeding 36 months from the date of sale or transfer are treated
as long-term capital assets.
If any person satisfies the Assessing Officer that the amount of tax paid by
him or on his behalf or treated as paid by him or on his behalf for any assessment
for any assessment year exceeds the amount with which he is properly chargeable
under this Act for that year, he shall be entitled to a refund of the excess.
Generally refund can be claimed only by a person who has made excess
payment of tax. Where, however, income of a person is included in the total income
of another person under sections 60 to 64, the refund can be claimed by the latter
and not by the former. Likewise, if a person is unable to claim any refund due to him
because of his death, incapacity, insolvency, liquidation or other cause, his legal
representative or the trustee or guardian or receiver, as the case may be, is entitled
to claim and receive such refund for the benefit of such person or his estate.
Claim for refund should be in Form No. 30 and verified in the prescribed
manner. The refund should be claimed within one year from the last day of the
assessment year.
In claiming refund the assessee should not question the correctness of any
assessment or other matter decided which has become final and conclusive or ask
for a review of the same, and the assessee shall not be entitled to any relief on such
claim except refund of tax wrongly paid or paid in excess.
Interest is payable where any refund arises duo to any excess payment of tax.
There is no need for making claim for refund, when refund is made, within three
months interest is payable at the rate of fifteen per cent per annum from the first day
of the assessment year to the grant of refund. No interest is however, payable if the
excess payment is less than 10 per cent of tax determined under section 143(1) or on
regular assessment.
If refund is found to be due to any person, the tax authorities may, in lieu of
payment of the refunds, set off the amount to be refunded against the sum payable
under the Act.
c. Depreciation allowance
As per the proviso to Rule 5(1A), the option once exercised shall be final and
shall apply to all the subsequent assessment years. Block of asset: Section 2(11) As
per section 2(11) of the Income Tax Act, 1961, “block of asset” means a group of
assets falling within a class of assets comprising – a. Tangible assets, being
buildings, machinery, plant or furniture, b. Intangible assets, being know-how,
patents, copyrights, trademarks, licenses, franchises, or any other business or
commercial rights of similar nature, in respect of which the same percentage of
depreciation is prescribed. For the purpose of classification of assets into blocks, the
percentage of depreciation within the class of assets needs to be considered. Each
such class of asset with same percentage of depreciation will be identified as a block
of asset.
Under the Income Tax Act, 1961, incidence of tax on a taxpayer depends on
his residential status and also on the place and time of accrual or receipt of income.
Section. 5(1) Incidence of Tax in the case of a Resident and Ordinary Resident
Assessee – a resident and ordinary resident in India is assessable to tax in respect of-
Section.10 (1) Agricultural income is exempt from tax if it comes within the
definition of ‘agricultural income’ as given in section 2(1A). agricultural income is
taken into consideration to find out tax on non-agricultural income.
As per section 10(1) Agricultural income from India is fully exempted where
the income from foreign country even if it is from agricultural ‘A’ is liable to pay
tax.
b). Draw a format showing computation of taxable income under the head
“Income from the House Property”.
Section 22 Chargeability
Computation
All the building properties are divided into the following four categories for
the purpose of knowing the principle involved in computation:
a) Let-out property
b) Self-occupied property
c) Partly let out and partly self-occupied property; and
d) Only one house owned and kept vacant.
Year of Chargeability
Place of Accrual
Normally, the place of accrual of salary is the place where the services are
rendered. Therefore, even if a non-resident is paid salary outside India in respect of
services rendered in India, it is deemed to accrue or arise in India by virtue of section
9. Consequently, salary becomes taxable in those cases subject to exemption
available to foreign nationals in accordance with section 10(6).
Name Abcd
Designation Fegh
Date of duty report 01/01/2000
No. of days 30
Date of Birth 02/5/1975
Consolidated/basic XXXXX
D.A XXX
H.R.A XXX
Incentives allowance XXX
Professional tax XXX
Provident fund XXX
ESCI XXX
TDS XXX
Total XXXXX
Net amount XXXX
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