Professional Documents
Culture Documents
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document (including TDS certificate) should be attached to this form. Please fill acknowledgement slip and then submit the return. The return form is not required to be filed in duplicate.
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Acknowledgment slip
ITR-V
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Personal information
Write first name Write middle name (If no middle name leave blank) Write surname Write 10 digit PAN, please ensure that first five letters of PAN are alpha and next four letters are numeric and the last one is alpha. For, e.g., AMUPK0123N
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Personal information
Write Flat/Door/ Block No. Write Premises/ Building/ Village Write Area/ Locality
Personal information
Write Gender Write Date of Birth Tick on applicable status if individual tick on Individual otherwise on HUF
Optional
Optional
Govt. category will PSU category will include include Central Govt./ public sector companies of State Governments Central Govt. and State 1/28/2012 Taxmann/Dr. Vinod K. Singhania 9 employees Govt.
Filing status
Description Voluntarily before the due date Voluntarily after the due date In response to notice under section 142(1) In response to notice under section 148 In response to notice under section 153A
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Filing status
Tick the residential status. A person is resident if he is in India in the previous year for 182 days or more.
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Audit information
There are two types of professions, one is Specified Professions and other is Non-specified Professions.
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Specified profession - For the purpose of section 44AA and rule 6F legal, medical, engineering, architectural, accountancy, etc. are specified professions. Non-specified profession - A non-specified profession is a profession other than a specified profession.
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Audit information
Specified profession Category A Category B Gross receipts in the profession do not exceed Gross receipts in the profession Rs. l,50,000 in any of the three years exceed Rs. 1,50,000 in all the immediately preceding the previous year. three years immediately preceding the previous year. Persons coming under this category are required to maintain such books of account and other documents as may enable the Assessing Officer to compute their taxable income. The Board has not prescribed books of account to be maintained for persons falling under this category.
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Persons coming in this category are required to maintain such books of account as are prescribed by rule 6F (specified books of account as discussed in next slide).
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Audit information
Non-specified profession Category C
Business whose income from such business or profession does not exceed Rs. 1,20,000, or the total sales, turnover or gross receipts thereof are not in excess of Rs. 10,00,000 in all the three years immediately preceding the previous year.
Category D
Business whose income from such business or profession exceeds Rs. 1,20,000, or the total sales, turnover, or gross receipts thereof are in excess of Rs. 10,00,000 in any of the three years immediately preceding the previous year.
Persons coming under this category are not Persons falling under this category are required required to maintain any books of account. to maintain such "books of account and other documents" as may enable the Assessing Officer to compute their taxable income. However, the Board has not prescribed the account books to be maintained by persons falling under this category.
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Specified books of account - For persons falling under category B: a . a cash book; b. a journal (in case of mercantile system); c. a ledger; d. carbon copies of bills (whether machine numbered or, otherwise serially numbered) exceeding Rs. 25 and carbon copies or counterfoils of machine numbered or otherwise serially numbered receipts; e. original bills in respect of expenditure incurred by the person or, where such bills and receipts are not issued and the expenditure incurred does not exceed fifty rupees, payment vouchers prepared and signed by the person.
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Audit information
Who has to get his accounts audited on compulsory basis- Different taxpayers A person carrying on business A person carrying on profession A person covered under section 44AD, 44AE, 44AF, 44BB or 44BBB When they are covered by the provisions of compulsory audit under section 44AB If the total sales, turnover or gross receipt in business for the previous year(s) relevant to the assessment year exceed or exceeds Rs. 40 lakh. If his gross receipts in profession for the previous year(s) relevant to the assessment year exceeds Rs. 10 lakh. If such person claims that the profits and gains from the business are lower than the profits and gains computed under these sections (irrespective of his turnover).
Note: Section 44AB is not applicable in the case of assessees who come within the purview of section 44B or 44BBA.
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Nature of business
Sources of funds
The Balance Sheet as on 31st March,2007 and the profit and loss account for financial year 2006-07 in the formats provided in these parts have to be filled in respect of proprietory business or profession carried out by you during the financial year 2006-07 if you were required to maintain accounts of the business or profession during the year.
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Sources of funds
Loan against which firm has furnished securities (for, e.g., mortgaged property, pledge). Loan against which firm has not furnished any securities. Deferred tax liability is as a result of temporary difference between accounting income and taxable income which will be payable in future years.
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Application of funds
Investments which have been purchased with the intention of holding them for more than one year.
The investments made in other firm or company with a view to promote the trade of the firm and generally categorised as long term investment.
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Application of funds
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Application of funds
Deferred tax asset is as a result of temporary difference between accounting income and taxable income which will be deductible in future years.
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No account case
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Agricultural income in India is not taxable. However, it is taken into consideration for calculating tax on non-agricultural income.
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Premium of life insurance policy on the life of sole proprietor and his family members is not deductible while calculating business income. However, a deduction is available up to Rs. 1 lakh is available under section 80C.
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No account case
Write gross receipts
Write expenses
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Other information
If the accounts of the business or profession were not required to be audited under section 44AB, it is optional to fill these parts. Where the accounts of the business or profession were required to be audited under section 44AB, the details to be filled in these parts which are also required to be reported in the report of audit by the auditors, should broadly match with the details as given in the report of audit.
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Other information
Tick on method of valuation of closing stock
Other information
Generally referred in case of construction contract business which is increased income due to the terms agreed in a contract for increase in charges due to price increase.
Capital receipt is a receipt which is not a revenue receipt and is not taxable.
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Other information
Fully deductible
Other information
Deductible if loan is taken for business purposes and conditions of section 43B are satisfied Deductible if conditions of section 40A(9) are satisfied
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Other information
Not deductible
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Other information
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Other information
This is not relevant in the case of an individual or a Hindu undivided family. Amount paid to a relative or interconnected concern in excess of fair market value of the goods or services supplied by the other party is not deducted under section 40A(2).
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Other information
It covers amount paid to relatives or interconnected concerns 20% of such payment is not deductible under section 40A(3). Contribution to an unapproved gratuity fund is not deductible.
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Other information
If such amount is paid during the previous year, it is deductible during the current year.
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Other information
If the amount covered by section 43B is not paid till the due date of submission of return of income, it is not allowed as deduction.
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Other information
Section 33AC is not applicable in the case of an individual or a Hindu undivided family.
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Quantitative details
The quantitative details may be furnished only in respect of principal items. Purchases are to be shown exclusive of taxes and the details of taxes paid on the purchases are to be indicated separately in the relevant rows. However, where it is not possible to segregate the details of the different taxes paid on the purchases, the same may be included and shown in the details of purchases.
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Total income
It can be taken from Form No. 16 given by the employer. Alternatively it can be calculated as follows
Salary Allowances Perquisites Gross salary Less : Deduction under section 16 Standard deduction [Sec. 16(i)] Entertainment allowance deduction [Sec. 16(ii)] Professional tax [Sec. 16(iii)] Income under the head Salaries
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Total income
Take from Schedule HP. Enter nil if it is negative
Speculative transaction means a transaction in which a contract for the purchase or sale of any commodity, including stocks and shares, is periodically or ultimately settled, otherwise than by the actual delivery or transfer of the commodity or scrips
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Total income
Short-term capital gain if securities transaction tax is paid. Take item A7 of Schedule-CG. Any other shortterm capital gain
Total income
Income from other sources not being from owning and maintaining race horses
Total income
Take total of items 2vii, 3vii and 4vii from Schedule CYLA
Take total of items 2vii, 3vii and 4vii from Schedule BFLA
Calculate tax on total income other than income chargeable at special rates
Resident woman 0 1,35,000 1,35,000 1,50,000 1,50,000 2,50,000 Above 2,50,000
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Simple interest is levied when return is furnished after due date or no return has been furnished @ 1% per month or part of the month (even part of month will be taken as full month). Interest will be calculated as 1% per month or part of month of amount of tax [as determined on the regular assessment and assessment u/s 143(1)] Advance tax Tax deducted/Tax collected at source Relief u/s 90, 90A and 91.
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Period for which interest is payable From April 1 of the AY to the date of determination of total income u/s 143(1) or where regular assessment is made to the date of such regular assessment - do -
When assessee who On assessed is liable to pay tax* advance tax, has failed to pay such tax When advance tax paid but it is less than 90% of assessed tax Assessed tax* Advance tax
*Assessed tax means tax on total income on the basis of regular assessment or assessment u/s 143(1) Tax deducted/collected at source
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Simple interest is levied when advance tax is not paid or under estimated instalments of advance tax @ 1% per month.
When interest is payable If advance tax paid on or before September 15 is less than 30% of (a) (b) If advance tax paid on or before December15 is less than 60% of (a) (b) If advance tax paid on or before March 15 is less than 100% of (a) (b) Rate of interest Simple interest @ 1% per month Simple interest @ 1% per month Simple interest @ 1% per month Period of interest 3 months 3 months Amount on which interest is payable 30% (a b) c 60% (a b) d 100% (a b) e
a. Tax on total income declared in the return. b. Tax deducted/collected at source (double tax relief u/s 90, 90A and 91. c. Amount of advance tax paid on or before September 15 of the financial year immediately preceding the relevant AY. d. Amount of advance tax paid on or before December 15 of the financial year immediately preceding the relevant AY. e. Amount of advance tax paid on or before March 15 of the financial year immediately preceding the relevant AY. 1/28/2012 Taxmann/Dr. Vinod K. Singhania 57
Tax paid
Take from Schedule-IT Take from Schedules TDS 1 and TDS 2
Refund
Magnetic Ink Character Recognition (MICR) may be taken from cheque leaf of the assessee
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I, .son/daughter of.. solemnly declare that to the best of my knowledge and belief, the information given in the return thereto is correct and complete and that the amount of total income and other particulars shown therein are truly stated and are in accordance with the provisions of the Income-tax Act, 1961, in respect of income chargeable to income-tax for the previous year relevant to the assessment year 20___, ___.
Place
Date
Sign here
If you are filing your return yourself then these columns are not to be filled up
TRP means, Tax Return Preparer who has been issued as per Tax Return Preparer Scheme, 2006, a Tax Return Preparer Certificate and a unique Identification Number to prepare return of income of Tax Payers
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Salaries
In case there were more than one employer during the year, please give the details of the last employer. Further, in case, there were more than one employer simultaneously during the year, please furnish the details of the employer you have got more salary. Fill the details of salary as given in TDS certificate(s) (Form 16) issued by the employer(s). However, if the income has not been computed correctly in Form No. 16, please make the correct computation and fill the same in this item. Further, in case there were more than one employer during the year, please furnish in this item the details in respect of total salaries from various employers.
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Salaries
Write 10 digit PAN of employer, please ensure that first five letters of PAN are alpha and next four letters are numeric and the last one is alpha. For, e.g., AMUPK0123N
Salaries
House rent allowance, education allowance, conveyance allowance, travelling allowance, etc. if a few conditions are satisfied.
Fixed medical allowance, conveyance allowance/travelling allowance use for personal purposes, telephone allowance, lunch allowance, etc.
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Salaries
Perquisites which are taxable rent-free/concessional accommodation, education facility, free-gas, electricity or water supply, domestic servants, interest-free loan, transfer of movable assets, use of movable assets. Gratuity, leave encashment, retrenchment compensation, leave travel concession, compensation for voluntary retirement, etc. to the extent chargeable to tax.
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House property
If there are three or less than three house properties, fill out the details for each properties in this Schedule. If there are more than two house properties, the details of remaining properties be filled in a separate sheet in the format of this Schedule. and attach this sheet with this return. The results of all the properties have to be filled in last row of this Schedule.
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Write address
House property
House property
Amount is deductible if tenancy is bona fide; defaulting tenant has vacated or steps have been taken to compel him to vacate property; defaulting tenant is not in occupational of any other property of assessee; assessee has taken all reasonable steps to institute legal proceedings for recovery of unpaid rent or satisfies Assessing Officer that legal proceedings would be useless.
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House property
Deduction is available only in respect of municipal taxes (not being penalty or interest) actually paid during the previous year. Not deductible if the house is self-occupied.
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House property
If capital is borrowed for construction, reconstruction, purchase, renewal or repair of house property, interest is deductible on accrual basis. No maximum ceiling in the case of let out property. In the case of selfoccupied property, amount deductible cannot exceed Rs. 1,50,000.
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Write address
House property
House property
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House property
Deduction is available for unrealized rent in the case of a let-out property. If such a deduction has been taken in an earlier assessment year, and such unrealized rent is actually received in the assessment year in question, the unrealized rent so received is to be shown in this item.
Give back years extra rent received after claiming deduction @ 30% of such arrear rent received.
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Item C of this schedule computes the total of profit or loss from business or profession (other than speculative business and profit or loss from speculative business) (item A37 + item B41). Please note that if balance in item B41 in respect of speculative business is a loss, same shall not be setoff against profit from non-speculative business. In such situation, only the figures of item A37 be entered in item C.
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Applicable only if block is empty on the last day of previous year or written down value is zero.
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Energy saving devices; renewal energy devices; rollers in flour mills; sugar works and steel industry
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Rate of depreciation is 20% on oceangoing ships, vessels ordinarily operating on inland waters including speed boats.
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Amount of deduction in excess of the amount debited to profit and loss account (4) = (3) - (2)
Revenue expenditure on scientific research related to the business of taxpayer. Amount of deduction is 100% of the expenditure. Contribution to an approved scientific research association, university, college, etc., for conducting scientific research. Amount of deduction is 125% of the amount of contribution.
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Contribution to an approved university, college, etc., for conducting scientific research in social sciences. Amount of deduction is 125% of the amount of contribution. Capital expenditure for conducting scientific research related to the business of the taxpayer. Amount of deduction is 100%. Depreciation is not available under section 32.
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Contribution to an approved National laboratory or university or IIT, etc., for conducting an approved scientific research. Amount of deduction is 125% of contribution. Deduction under section 35(2AB) is not available in the case of a taxpayer other than a company.
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Capital gains
If period of holding is not more than 36 months (12 months in the case of shares, units, quoted debentures, etc.
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If more than one short-term capital asset has been transferred, make the combined computation for all the assets. Similarly, make the combined computation for all the assets if more than one long-term capital asset has been transferred.
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Capital gains
Applicable in the case of nonresident if securities are purchased in foreign currency.
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Capital gains
Section 94(7) - It is applicable if shares/securities/units are purchased within 3 months before the record date and transferred within 3 months (9 months in the case of units) from the record date. Section 94(8) - It is applicable in the case of bonus stripping.
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Capital gains
Exemption is available only under sections 54B (agricultural land), 54D (compulsory acquisition of industrial land or building), 54G/54GA (transfer of an industrial undertaking from urban area to rural area/SEZ). Exemption under sections 54, 54EC, 54F is not available in the case of short-term capital gain.
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Capital gains
A capital asset was purchased to get exemption under sections 54B, 54D, 54G, 54GA in an earlier year. This asset is transferred in the current year before completion of 3 years.
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Capital gains
Equity shares or units of mutual fund/UTI are transferred within 12 months and securities transaction tax is applicable (i.e., transfer in a recognised stock exchange or transfer to the mutual fund).
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Capital gains
If period of holding is more than 36 months (12 months in the case of shares, units, quoted debentures, etc.
Capital gains
Cost of acquisition 519 (Cost Inflation Index for financial year 2006-07) Cost inflation index of the year in which the capital asset was first held by the assessee.
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Capital gains
Cost of improvement incurred on or after April 1, 1981 519 (Cost Inflation Index for financial year 2006-07) Cost inflation index of the year in which the improvement took place
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Capital gains
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Capital gains
A capital asset was purchased to get exemption under these sections in an earlier year. This asset is transferred in the current year before completion of 3 years.
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Other sources
Dividend from a domestic company is not chargeable to tax. Fixed deposit interest, saving bank account interest, post office interest, NSC interest, Indira Vikas Patra (IVP)/Kisan Vikas Patra interest, company deposit interest, etc.
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Other sources
Gross income from machinery, plant or furniture let on hire and also such income from building where its letting is inseparable from the letting of the said machinery, plant or furniture, if it is not chargeable to income-tax under the head Profits and gains of business or profession.
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Other sources
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Mention only positive incomes of the current year in column 1, headwise, in the relevant rows.
Mention total current years loss(es), if any, from house property, business or profession and other sources (other than losses from race horses) in the space above columns 2, 3 and 4 respectively. These losses are to be set off against income under other heads in accordance with the provisions of section 71. The amount set off against the income of respective heads has to be entered into in columns 2, 3 and 4, in the relevant rows.
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Mention the end-result of the above inter-head set-off(s) in column 5, headwise, in relevant rows.
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Long-term capital loss can be set off only against longterm capital gains.
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Mention only positive incomes of the current year (after set-off of loss in Schedule-CYLA in column 1, headwise in relevant rows.
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The amount of brought forward losses which may be set off are to be entered in column 2 in respective rows.
The end result of the set off will be entered in column 5 in respective heads. The total of column 3 shall be entered in row viii which shall give the amount of gross total income.
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Short-term capital loss can be set off only against shortterm or long-term capital gains.
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Long-term capital loss can be set off only against longterm capital gains.
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The total amount of brought forward losses set off during the year shall be entered in columns 2, 3 and 4 of row vii.
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In this Schedule, the summary of losses carried from earlier years, set off during the year and to be carried forward for set off against income of future years is to be entered.
The losses under the head house property, profit and gains of business or profession short term capital loss and long term capital loss, losses from other sources (other than losses from race horses) are allowed to be carried forward for 8 years. However, loss from owning and maintaining race horses can be carried forward only for 4 assessment years.
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The amount of deduction under this section for an undertaking shall be as per item 17 of Form No.56G being the report of audit under section 10B.
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The amount of deduction under this section for an undertaking shall be as per item 15 of Form No.56H being the report of audit under section 10BA.
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the details of donation given by you which are entitled for deduction under section 80G have to be filled.
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Donation to National Defence Fund set up by the Central Government, Prime Ministers National Relief Fund, Prime Ministers Armenia Earthquake Relief Fund, Africa (Public Contributions - India) Fund, National Foundation for Communal Harmony, An approved university/ educational institution, etc.
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Donation to Jawaharlal Nehru Memorial Fund, Prime Ministers Drought Relief Fund, National Childrens Fund, Indira Gandhi Memorial Trust, Rajiv Gandhi Foundation, etc.
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Where the aggregate donations referred to in Part-C and donations referred to in sub-clauses (v), (vi), (via) and (vii) of clause (a) and in clauses (b) and (c)of section 80G(2) exceeds 10% of total income (before deduction under other provisions of Chapter VI-A), the excess amount shall be ignored for purpose of computing deduction under section 80G.
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The amount of deduction for an undertaking shall be as per item 30 of Form No.10CCB being the report of audit under section 80IA/ 80-IB/ 80-IC.
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100% of the profit from the undertaking is deductible for the first 10 years commencing from Initial assessment year. Initial assessment year means assessment year specified by assessee at his option to be initial year, but it does not fall beyond fifteenth assessment year starting from previous year in which enterprise begins operating and maintaining infrastructure facility.
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100% of the profit from the undertaking is deductible for the first 5 years commencing from Initial assessment year. 50% is deductible for the next 5 years.
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100% of the profit from the undertaking is deductible for the first 10 years commencing from Initial assessment year.
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100% of the profit from the undertaking is deductible for first 5 years. For next 5 years 25% is deductible.
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100% of the profit from the undertaking is deductible for the first 7 years.
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100% of the profit from the undertaking is deductible for first 10 years.
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The amount of deduction for an undertaking shall be as per item 30 of Form No.10CCB being the report of audit under section 80-IA/ 80-IB/ 80-IC.
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100% of the profit from the undertaking is deductible for first 5 years. For next 5 years 25% is deductible.
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100% of the profit from the undertaking is deductible for first 10 years.
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Total deductions
80C - Deduction in respect of LIC premium, contribution to PF, amount paid under Home Loan Account Scheme of NHB, etc. 80CCC - Deduction in respect of contribution to Pension Fund.
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Total deductions
The aggregate amount of deduction under sections 80C, 80CCC and 80CCD shall not, in any case exceed one lakh rupees.
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Total deductions
Deduction in respect of Medical Insurance Premium maximum amount of Rs. 10,000
Deduction in respect of maintenance of a handicap dependant who is with disability, maximum amount Rs. 50,000 (Rs. 75,000 where disability is over 80%).
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Total deductions
Deduction in respect of Medical Treatment, maximum amount Rs. 40,000 or Rs. 60,000
Deduction in respect of loan taken for higher education. Entire payment of interest is deductible for maximum of 8 years
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Total deductions
Deduction in respect of donations to certain funds, charitable institutions, etc. 100% or 50%
Total deductions
Deduction in respect of contributions given by any person to political parties.
Take item n from Schedule 80-IB
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Total deductions
Royalty income of authors of literary, artistic or scientific work is deductible up to a maximum of Rs. 3 lakh. The taxpayer should obtain a certificate in Form No. 10CCD from the person from whom income is received.
Deduction in the case of the business of collecting and processing of biodegradable waste. The amount of deduction is 100% of the profit for first 5 years.
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Total deductions
Royalty income on patent is deductible up to a maximum of Rs. 3 lakh. The taxpayer should obtain a certificate in Form No. 10CCE from the person from whom income is received.
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The rebate is restricted to the amount of income tax computed on average rate of tax on the profit arising from such transactions which is included in total income. Please note that no rebate is available in respect of STT paid on the transactions which give rise to long term/ short term capital gain. The rebate under this section be claimed as computed in Form No.10DB and Form No.10DC in accordance with rule 20AB. Take lower of item (2) and (3).
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Income of minor child (after exemption of Rs. 1,500). Income of a spouse/sons wife from an asset transferred directly or indirectly without consideration.
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Special rate
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Special rate
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Special rate
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Furnish the amount of share in the profit of the firm as computed in accordance with the provisions of the Incometax Act in case of the firm. Such share is exempt from tax in hands of the partner.
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The amount of capital balance (including the capital on which you are entitled for an interest) in the firm in which you are partner.
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Exempt income
Interest income from UTI, Mutual Fund, etc.
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Exempt income
Dividend from domestic companies
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Exempt income
Long-term capital gain on transfer of equity shares/units of equity oriented mutual funds where securities transaction tax is applicable.
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Exempt income
Exempt income
Other incomes which are exempt under section 10, i.e., exempted portion of house rent allowance, gratuity, pension, transport allowance, education allowance, etc.
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Other information
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162
Tax payments
These details will be taken from the counter foil of the Challan 280.
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163
TDS on salary
These details can be taken from Form 16.
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164
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165
TCS on income
These details can be taken from Form 27D.
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166
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167