CA - IPCC COURSE MATERIAL Quality Education beyond your imagination... FAST TRACK MATERIAL INCOME TAX_38e (NEW EDITION THOROUGHLY REVISED & UPDATED WITH FINANCE ACT 2017. APPLICABLE FOR MAY 2018 IPCC EXAMINATIONS. THIS MATERIAL IS SYNCHRONISED WITH JULY 2017 EDITION OF ICAI SM) NN MASTER MINDS CA + CMA * CS °« MEC + CEC GUNTUR | RAJAHMUNDRY | KURNOOL | VIZAG | NELLORE HYDERABAD | VIJAYAWADA | TIRUPATHI Cell: 98851 25025 / 26 Visit us @ www.mastermindsindia.com | Mail: mastermindsinfo@ymail.com Facebook Page: Masterminds For CA | YouTube Channel: Masterminds For CAS.NO. CHAPTER NAME Aceh 1. INTRODUCTION TO I.TAX 03, 2. RESIDENTIAL STATUS 05 3. EXEMPTED INCOMES 07 4 INCOME FROM SALARIES. 09 5. INCOME FROM HOUSE PROPERTY 19 6. INCOME FROM BUSINESS OR PROFESSION 25 7 CAPITAL GAINS: 39 8. INCOME FROM OTHER SOURCES 50 9. CLUBBING PROVISIONS 53 10. SET OFF AND CARRY FORWARD OF LOSSES 54 11. DEDUCTIONS UNDER CHAPTER -VI A 57 12. RETURN OF INCOME 61 13. ADVANCE TAX AND INTEREST 63 14. TAX DEDUCTED AT SOURCE 65 15. MISCELLANEOUS TOPICS 71 Note: All latest amendments, Notifications / Circulars up to 31/10/17, applicable for May - 2018 were included in this material and those were indicated in grey background. Students are advised to pay special attention on all such areas.98851 25025 / 26 www.mastermindsindia.com INTRODUCTION TO INCOME TAX TYPES OF TAXES Direct Taxes Indirect Taxes Income Tax Goods and Services Customs Duty Tax (@ST) WHAT IS INCOME TAX? - Tax on income COMPONENTS: a) The Income Tax Act, 1961 b) The Income Tax Rules, 1962. ¢) Notifications / Circulars — C.G / CBDT. d) Judgments. ) Annual Finance Act CHARGING SECTION (SEC.4): Every person whose total income of the previous year exceeds the maximum income not chargeabie to tax is an assessee and chargeable to income tax at the rates prescribed in the finance Act for the relevant assessment year. PERSON - SEC.2(31) ASSESSEE-SEC. 2(7) Person includes - a) Individuals - natural (Male/Female/Major/Minor). b) Companies - Indian and Foreign companies (artificial person) ¢) Partnership firm including LLP (only for in: tax separate legal entity). 4) Hindu undivided family (HUF), (includir Sikh families) ) AOP / BOL f) Local authorities. 9) Any other artificial juridical persons. born persons "Assessge means any person by whom any tax or tum of money is payable under this Act fy person in respect of whom any roceedings under this Act has been taken * For the assessment of his income or of the income of any other person in respect of which he is assessable or; * To determine the loss sustained by him or by such other person or, * The amount of refund due to him or to such other person. b. Every person who is deemed to be an assessee under any provision of this Act. ©. Assessee in Default: Every person who is deemed to be an assessee in default under any provision of this Act. TOTAL INCOME: The aggregate of the following 5 heads of income PARTICULARS Rs. Income from Salaries (Sec. 15 to Sec.17) XXX Income from HP (Sec.22 to 27) XXX Income from PGBP (Sec.28 to 44DB) XXX Income from CG's (Sec. 45 to 554) XXX Income from Other Sources (Sec. 56 to 59) OK Total of 5 heads XXX Less/Add: Clubbing provisions (Sec.60-65) XK Deemed income (Sec. 66-69D) XXX Set off & cif of losses (Sec.70-79) XXX Gross total income YX Less: Chapter VIA deductions (80 to 80U) XOX Taxable income / Net total income 5X IPCC | 38e | Fast Track | Income Tax