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3. Where the total income exceeds Rs.1,50,000/- but does not exceed
Rs.2,50,000/-.
Rs.5,000/- plus 20 per cent of the amount by
which the total income exceeds Rs.1,50,000/-.
2. Where the total income exceeds Rs.1,35,000 but does not exceed total
income exceeds Rs.1,50,000/-.
10 per cent, of the amount by which the
Rs.1,35,000/-
3. Where the total income exceeds Rs.1,50,000/- but does not exceed
Rs.2,50,000/-.
Rs.1,500/- plus 20 per cent of the amount by
which the total income exceeds Rs.1,50,000/-.
Age 42 31 25 55
Purpose of Loan
Amount of Loan 6L 3L 5L
Annual repayment of Loan during the period 1L 0.5L 1L
Annual payment of interest during the previous year 0.6 0.3 0.55
Find out the amount of deduction under sec:80E for assessment
year 2007-08
Donations: U/S 80G:
• It is for different types of Donation. This deduction
is available when proof of Donation is attached
with the return.
• The amount of donation should not exceed 10%
of adjusted total income of the business except
the donation which is eligible for 100% donation
under this section.
• Adjusted income is after considering the
deductions u/s 80C to 80U
Deduction under Sec:80GG
• The tax payer is an individual not getting any
HRA from the company or he is a self
employed person.
• The deduction will be least of the following:
Rs.2,000 per month
25% of total income
The excess of 10% of total income.
Deduction U/S 80U
• Person with physical disability
• For severe disability deduction is available for
a fixed amount of Rs.75,000 or Rs.50,000.
• The assessee has to give a certificate by the
Medical authority.
• If assessee is claiming deduction u/s 80U , the
person on whom he is dependant should not
claim any deduction under sec:80DD
Income from House Property:
• If the property is self occupied annual value of this
property is NIL.
• If the property is purchases after 1.4.99, & if the loan
is taken for the purchase & construction of house
property , deduction is available for the interest
amount to the extent of Rs.150,000 . For the
principal amount individual will get deduction u/s80C
• In case of repairs of self occupied property deduction
is available to the extent of Rs.30,000
If the house property is let out…..
• Gross annual value of the property is the actual
amount of rent received or the standard rent given
under rent control act or fair rent whichever is high.
• From this gross value municipal taxes paid are
deducted.
• From net annual value Repairs deduction is equal to
the 30% of the value & Interest on borrowed capital
is allowed maximum to the extent of Rs.30,000 for let
out property.
Short term & Long term capital gain
• Short term capital gain on transfer of equity shares
or units of an equity oriented mutual fund on or after
1.10.2004 i.e., the date on which security transaction
tax has come into force shall be subject to a flat rate
of 10% u/s 111A.
• Long term capital gain on transfer of equity shares of
a company or units of equity oriented fund arising on
or after 1.10.2004 & subject to security transaction
tax is fully exempted u/s 10(38)
Example:
• Mr. X is Assistant Manager in a leasing co. at
Delhi has the following incomes, expenses &
investments during 2006-07. Calculate his
taxable income & tax payable
(a) Gross Salary Rs.2,30,000 (b) Rent for
commercial house property Rs.51,000,house
tax paid during the period is Rs.4,000 (c) The
assessee has self occupied property, Interest
on this loan is Rs.31,000 availed in March,98.
Example…….
• (e) Sale consideration for shares sold during the
period is Rs.2,00,000(cost of acquisition in June
2003Rs.84,740)(f) short term capital gain Rs.5000
on which security transaction tax paid is 0.125%(g)
Interest on debenturesRs.3,000
(h) Bank Interest/post office monthly income
Rs.12,000(i)Dividends from UTIRs.4,000(j)int on
relief bond tax free)Rs.5,400(k)dividend on shares in
companies rs.5,000 (l) Premium on life insurance
policy, contribution to PF, Repayment of housing
loan total Rs.1,00,000.
Compulsory filing of return under one
by six scheme:
• Person residing in a specified area & fulfilling one of the
following six criteria's shall liable to pay income tax return
• Occupying an immovable property exceeding specified floor
area.
• Owner or Lessee of a 4 wheeler motor vehicle
• Subscriber to a cellular phone
• Incurred expenditure for foreign tour for himself or any other
person.
• Holding a credit card
• Holding membership of a club for membership fee is
Rs.25,000
• Incurred expenditure Rs.50,000 or more towards electricity.
Time for filing of return(due dates)
1Companies 31st October
2Assessee other than company whose
Salary Sec:192
Interest on securities If it exceeds Rs.2,500 TDS is
10.2%
Interest on time If it exceeds Rs.5,000 TDS is
deposits 10.2%
Winning from lotteries 30.6% if it exceeds Rs.5000
Insurance Commi. 10.2%
Tax deducted at source
Payment to advertising ag. 1.02%