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M.MOHAN
ASSISTANT PROFESSOR
VIVEKANANDA COLLEGE
TIRUVEDAKAM WEST
5. Other Sources
Resident(R)
Non-Resident (NR)
Basic Conditions u/s 6(1)
a) He is in India in the pervious year for a period of 182 days or more;
or
b) He has in India for at least of 60 days or more during the previous
year and 365 days or more during the four years immediately
preceding the previous year.
ADD LESS
Entertainment
Basic Salary
Allowance
Perquisites
RETIREMENT BENEFITS
Gratuity
Pension
Leave salary
Retirement Service
Income from
House Property
BASIS OF CHARGE
Municipal value
Standard rent
Actual rent
Municipal Tax
Types of properties
Annual value
Annual value Taxable Computatio
Annual Taxable Treated as n
Annual
value value Computation Let out Separately.
Similar to Annual value
of let out
taxable Nil property.
Let out Portion
computation
taxable
Property Similar to Self occupied
Let out nil
Property
Income from
Business & Profession
Profit and gains of Business or Profession
commerce or manufacture.
Meaning of Profession sec. 2(36)
Profession Means :
work.
Capital Gains
BASIS OF CHARGE
Capital Gains tax liability arises only when the following
conditions are satisfied:
Capital Asset
Shares, listed
Securities, units of MF Other assets
Once Losses are Carry forward to Next year I.e. (All brought
forward losses) Set off against same Head of Income
Set off and carry forward of Losses
Time Limit to carry forward
Total Income.
DEDUCTION FOR PAYMENT OF
LIFE INSURANCE PREMIA, ETC., [SECTION 80C]
0 - 2,50,000 NIL
0 - 3,00,000 NIL
Particulars Rs.
Determine the Tax liability of Mr. Mani for the A.Y. 2017-18.
THANK YOU