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Basic Concepts

No Amendments

Residential Status & Scope of Total Income

In case of Member of Crew of Indian Ship leaving India:

The following period shall be excluded from the "No. of Stays in India":

The Date entered in Continuous Discharge Certificate as JOINING THE SHIP till the Date entered in Continuous Discharge Certificate as SIGNING OFF THE SHIP

Income Exempt from Tax (Sec. 10, 11, 12 & 13)

Income of "PRESS TRUST OF INDIA" earned solely from collection and distribution of news is exempt u/s. 10(22B)

Transport Allowance u/s. 10(14) – The limit was increased to Rs. 3200 for blind or deaf and dumb or orthopedically handicapped employee

Where the Charitable Trust accumulates its income to applied in future years, it is supposed to deposit the amount in specified modes.

For the same purpose, "Investment in Stock certificate as defined in the Sovereign Gold Bonds Scheme, 2015" is also notified as Specified Mode.

Income from House Property

No Amendments

Income from Salaries

No Amendments

Profits or Gains from Business or Profession

For the purpose of Section 32AD, Investment Allowance was Allowed if any assessee invests in Plant & Machinery in Notified Backward Areas.

Investment made between 01.04.2015 till 31.03.2020 would qualify for the deduction u/s. 35AD

Oil wells is included in New Appendix under Mineral Oil concerns under "III. Plant and Machinery" which is eligible for depreciation @ 15% (wef 01.04.2016)

The films which do not get Censor Board Approval are treated as Abandoned Films.

But cost has already been incurred in respect of cost of production. Such cost is allowable under section 37.

To enrol Taxation (CA IPCE) subject of the author: Click here


Published by

CA Arpita Tulsyan
Category Students   Report

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