Taxation Exam > Taxation Notes > Fast Track Quick Revision Income Tax > Mixed Topics - Part - 2
Mixed Topics - Part - 2 | Fast Track Quick Revision Income Tax - Taxation PDF Download
| Interest and Deposits | 10(15) | Deduction u/s 80C to 80U | TDS | ||
| 1. | Interest on NSC VIII issue. |
No | Interest | Yes u/s 80C | No since tax free |
| Deposit | Yes u/s 80C | ||||
| 2. | Interest on saving bank | No | Interest | Yes u/s 80TTA | Yes u/s 194A if interest exceeds Rs. 10,000. |
| Deposit | No | ||||
| 3. | Interest on FD for 5 years in Bank | No | Interest | No | Yes u/s 194A if interest exceeds Rs. 10,000. |
| Deposit | Yes u/s 80C | ||||
| 4. | Interest on FD for 5 years in post office / under CTD scheme. | Yes | Interest | No | Yes u/s 194A if interest exceeds Rs. 10,000. |
| Deposit | Yes u/s 80C | ||||
| 5. | Interest on saving in post office | Yes (Single : upto Rs. 3,500) (Joint upto Rs. 7,000) |
Interest | Yes u/s 80TTA | Yes u/s 194A if interest exceeds Rs. 10,000. |
| Deposit | No | ||||
| 6. | Interest on Post Office Monthly Income Scheme |
No | Interest | No | Yes u/s 194A if interest exceeds Rs. 10,000. |
| Deposit | No | ||||
| Professional tax paid by ER on behalf of EE | Professional tax is first added to GS and then deduction is allowed u/s 16(iii) |
| Entertainment allowance | Entertainment allowance is first added to GS and then deduction is allowed u/s 16(ii) |
| LIP payable by ER on behalf of EE | LIP payable by ER is first added in Gross Salary on due basis and then deduction is allowed u/s 80C on paid basis. |
| ER’s contribution to New Pension Scheme | ER’s contribution first added to gross salary and then deduction allowed u/s 80CCD. |
| Exempted Income | Income is not a part of total income. All exempted incomes are in section 10. |
| Deduction of income | Income is taxable income it is first added and then deduction is allowed u/s 80C to 80U |
| Section 27 | Section 64(1A) | |
| Minor married daughter |
Income from house property taxed in the hands of minor married daughter itself. |
All other income of minor married daughter shall be clubbed in the hands of either of the parents whose total income excluding the income of the minor child is greater. |
| Donation in cash | ||
| Section 80G : Donation / 80GGA : Donation for SR |
upto Rs. 10,000 | Allowed |
| excess of Rs. 10,000 | Not Allowed | |
| Section 80GGB / 80GGC : Political party donation |
any amount not allowed as deduction | |
| Following deductions are allowed on paid basis | ||
| Professional Tax | Municipal Tax | Certain payments like IDT, Interest to banks, Retirement benefits to employees |
| S 16(iii) | S 23 | S 43B |
| allowed is paid in relevant PY either by ER or EE. |
allowed is paid in relevant PY if paid by owner |
allowed if paid on or before due date of furnishing of return. |
| S 2(32) | S 10(32) |
| Substantial Interest | Exemption to parent if income minor child is clubbed. |
| Depreciation rates | |
| in Salary chapter | in PGBP chapter |
| Computer or electronic items | Computer of software |
| 50% | 60% |
| Limit to number of child | ||||
| Children Education allowance & Hostel Allowance |
Education facility |
Leave Travel Concession |
Clubbing of income |
Tuition Fees |
| Limit of upto 2 child to claim exemption. |
No limit on number of child |
Limit 2 number of child. First child if twins then second child shall be counted as third child. First child if single and second child twin then twin shall be counted as one. |
No limit on number of child for claim |
Limit of upto 2 child |
| S 10(14) | S 17(2) | S 10(5) | S 10(32) | 80C |
| Double deduction not available of the following | |
| Stamp Duty | Depreciation |
| Once in S 80C and next in Capital gain | Once in PGBP and next in Capital Gain |
| Difference between | |
| Gold Bonds issued under Gold Deposit Scheme 1999 |
Gold |
| On sale of gold bonds capital gain do not arise since not treated as capital asset. |
On sale of gold capital gain arises since treated as capital asset. |
| Interest is available and exempted u/s 10(15) | No interest |
| Gold bonds are as good as gold. Purchase and sale at the price of gold. |
|
The document Mixed Topics - Part - 2 | Fast Track Quick Revision Income Tax - Taxation is a part of the Taxation Course Fast Track Quick Revision Income Tax.
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FAQs on Mixed Topics - Part - 2 - Fast Track Quick Revision Income Tax - Taxation
| 1. What is taxation? |  |
Ans. Taxation refers to the process of levying and collecting taxes by the government from individuals, businesses, or other entities. It is a compulsory contribution imposed on citizens to fund public expenditures and services provided by the government.
| 2. What are the different types of taxes? | |
Ans. There are several types of taxes imposed by the government, including income tax, sales tax, property tax, corporate tax, capital gains tax, and excise tax. Each tax is levied on different sources of income or transactions and has its own set of rules and regulations.
| 3. How does income tax work? | |
Ans. Income tax is a tax imposed on the income earned by individuals or businesses. It is calculated based on the taxable income, which is the total income minus any deductions or exemptions allowed by the tax laws. The tax rate varies depending on the income level, and individuals are required to file an income tax return annually to report their income and pay the applicable taxes.
| 4. What is the role of tax deductions and exemptions? | |
Ans. Tax deductions and exemptions are provisions in the tax laws that allow individuals or businesses to reduce their taxable income. Deductions are expenses or costs that can be subtracted from the total income, while exemptions are certain types of income that are not subject to tax. These provisions help taxpayers lower their overall tax liability and may vary depending on the country's tax system.
| 5. How does sales tax work? | |
Ans. Sales tax is a tax imposed on the sale of goods and services at the point of purchase. It is usually calculated as a percentage of the purchase price and is collected by the seller on behalf of the government. The tax rate may vary depending on the jurisdiction and the type of goods or services being sold. Sales tax is typically included in the final price paid by the consumer.
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Dec 19, 2024 Last updated |
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