Presentation on house property,Income from business, capital gain

1. Income from business/Profession By Prof. Augustin Amaladas M.Com., AICWA.,PGDFM., B.Ed.

3. INCOME FROM HOUSE PROPERTY Taxed on “Notional Basis”

43. Residential quarters If used by the assessee’s employees –depreciation is allowed.

74. Limit of preliminary expenses Actual cost= costs incurred initially and additional costs after commencement Of business 5% of the cost of the project 5% of cost of project or 5% of capital employed Whichever is More(dil monge more) Non-Corporate assessee Corporate assessee

94. Expenses incurred by commission agent from insurance UTI agents etc.If commission less than 60,000 20,000 50% of commission 15% OF THE COMMISSION 33 1/3% No deduction 50% LIC –first year Renewal commission First & renewal Commission Bonus commission UTI/agents of specified securities, mutual funds authorised agent 3 2 1 Max. deduction Adhoc deduction commission

96. Benefits to public financial institutions

138. Profit and loss account 10,00,000 Gross profit Interest on bonds Dividend received Rent Rent paid in advance Profit on sale of investment discount Salaries Rent and rates Office expenses Stock destroyed Depreciation Discount Advertisement Interest on loan Scientific research expenses Bad debts RBD Insurance on building Insurance stock Income tax Amount Rupees particulars Amount Rupees particulars

142. Capital gains By Augustin Amaladas.Lourduswamy M.Com.,AICWA.,B.Ed.,PGDFM

148. Computation of Short-term capital gain 1. Find out the full value of consideration 2. Deduct the following: a. Expenditure incurred wholly and exclusively in connection with such transfer. b. Cost of acquisition. c. Cost of improvement 3. From the resulting sum deduct the exemption provided by section 54B, 54D and 54G. 4. The balancing amount is the short-term capital gain. Short term capital gain