CA - IPCE - Taxation Full last day revision notes

Commerce Eduworld Classes for FYJC – SYJC – CA – CS CA – IPC E Paper 4: Taxation (Direct Taxation & Indirect Taxation) FREE Revisionary Notes Relevant for May 201 6 Exams Compiled by CA Arpita S. Tulsyan | CA Vinesh R. Savla Contact No.: 9167 082 081 / 022 – 6562 1008 Address: Shop No. 3A/3B, 2nd Floor, Eternity Mall, Teen Haath Naka, Thane (W) Suggested Pattern of Studying Taxation CA – IPCE – Taxation Direct Tax – 50 Marks Index Sr. No. Particulars Page No. 1 Basic Concepts 1 – 2 2 Residence & Scope of Total Income 3 - 5 3 Incomes which do not form part of Total Income 6 – 10 4 Income from House Property 11 – 12 5 Income from Salaries 13 – 19 6 Profits or Gains from Business or Profession 20 – 27 7 Capital Gains 28 – 34 8 Income from Other Sources 35 9 Income of Other Persons included in Assessee’s Total Income 36 10 Aggregation of Income, Set Off & Carry Forward of Losses 37 – 38 11 Deduction from GTI 39 – 43 12 Provisions concerning Advance Tax & Tax Deducted at Source 44 – 51 13 Provisions for Filing Return of Income 52 – 55 14 ICDS 56 - 59 Revisionary Notes contains all the Important Provisions relevant from Exam Point of View. However, these Notes are meant for REVISION ONLY. These Notes must be referred only after thorough study of the whole DT Syllabus. CA Arpita S. Tulsyan ￿ 9167 082 081 CA ￿ IPC ￿ Direct Tax Revisionary Notes 1 Basic Concepts Income Tax Act, 1961 came into force on 1st April, 1962 PERSON [Section 2(31)] Person includes: 1. An individual; 2. A Hindu Undivided Family (HUF); 3. A Company; 4. A Firm; 5. An Association of Persons (AOP) or a Body of Individuals (BO I), 6. A local authority; 7. Artificial jurid ical person. TOTAL INCOME [Section 2(45)]: Net Total Income/ Net Taxable Income = GTI ( -) Deductions Rates of Tax for A.Y.201 6-17: In case of Individuals (bo th male & female) (age<60 years),HUF, AOP, BOI & every other artificial judicial person & NON RESIDENT (irrespective of age) Total income G 2,50,000 Nil 2,50,001 ￿ 5,00,000 10% 5,00,001 ￿ 10,00,000 20% > 10,00,001 30% 1) In case of Individuals (age 60 - 79 years) Total income G 3,00,000 Nil 3,00,001 ￿ 5,00,000 10% 5,00,001 ￿ 10,00,000 20% > 10,00,001 30% 2) In case of Individuals (age H