Samenvatting
PGBP SHORT SUMMARY.
- Vak
- Instelling
Summary of 7 pages for the course acc11 at A university (PGBP SHORT SUMMARY.)
[Meer zien]Voorbeeld 2 van de 7 pagina's
Voorbeeld 2 van de 7 pagina's
In winkelwagen
In winkelwagen
Verkoper
Volgen
bakATD
Voorbeeld van de inhoud
Income Under The Head PGBPS.28 Basis Of Charge Section 36 Other Deductions
1. The profit of any business or profession carried at any time during the Following expenses are allowed to be debited in profit & Loss Account
relevant PY. 1. Insurance Premium
2. Export incentives.(Cash assistance/ sale of import licence/ duty a) Stock (including live stock)
drawback) b) Medical Insurance of EE( provided not paid in cash)
3. The value of any benefit or perquisite arising from business or 2. BONUS OR COMMISSION PAID to the Employees [not payable as
Profession (Gift received from customers/client) dividend]
4. Any interest, salary, bonus, commission or remuneration, received by 3. Interest On Loan taken for business or profession. However if loan is
a partner of a firm from such firm. taken from scheduled bank, Financial institution including NBFC,
5. Non - competing fees deduction is allowed subject to section 43B.
a) for not carrying out any activity in relation to any Business Note: loan taken for asset – Interest prior to the date asset is put to
b) not sharing any know-how, patent, copyright, trademark, licence, use is capitalized and depreciation is allowed.
franchise or any other business or commercial right 4. ER contribution to
6. Any sum received by ER under a Keyman insurance policy 1. Recognized Provident Fund Allowed subject to
7. Income from speculative transaction 2. Approved superannuation fund the provisions of
8. Amount received in connection with termination or modification of 3. Approved gratuity fund Section 43B i.e. if
terms and conditions of any Business contracts. 4. Notified Pension Scheme(Max 10% of paid upto RFD
9. If any person has converted any inventory or stock in trade in to a Salary
capital asset.( Business Income = FMV on Date of Conversion 5. EE contribution deducted by the ER from his salary will be allowed, if
Note: ER Deposited the amount in relevant account upto the due date in
a) Capital Reciepts – Not considered as income. relevant Act.
Capital Expenditure – Not allowed as deduction. 6. Bad debts written off from the books of accounts – allowed
b) The business commences as soon it is set up Provision for bad debts not allowed as deduction
c) S.29: The income referred to in section 28 shall be computed in Bad Debts recovered – Income of recovery year.
accordance with the provisions contained in sections 30 to 43D 7. Family planning Expenditure is allowed to company assessee as
Rent, Rates, Taxes, Repairs and Insurance for Buildings [S. 30] follows
Building Used Expenses Allowed Revenue Expenditure Full
Tennant Rent, Current Repairs, Municipal Taxes & Capital Expenditure In 5 Installments
Insurance If Sufficient profit is not available then expenditure(R/C) shall be deducted
Owner Current Repairs, Taxes, Insurance and also to the extent of profit available.
Dep (u/s 32) 8. STT/CTT paid in relation to business shall be allowed.
Deduction relating to plant, machinery & furniture [Section 31] S.37 General Deduction
Current Repairs and Insurance related to P/M & Furniture used in If expenditure is not covered u/s 30 to 36, such expenditure is allowed u/s
business is allowed u/s 31. Rent Paid for P/M & Furniture if taken on hire, 37 subject to following conditions:
shall also be allowed but in S.37. a) Nature of Expenditure – Revenue
Rural Development Programmes S.35CCA – 100% deduction to all b) Purpose – Wholly & Exclusively For Business.
assesses. Note:
Expenditure on agricultural extension project S.35CCC - 150% 1. Advertisement in Brochure, tact, pamphlet of political party –NA
deduction to all assesses. 2. Penalty for infringement of law – Disallowed. But, Other Penalty-
Expenditure on skill development project S.35CCD - 150% deduction Allowed
only To COMPANY. 3. Income Tax and wealth tax Disallowed. However, taxes paid in
Expenditure under VRS S.35DDA – Allowed in 5 Equal Installments relation to business shall be allowed like, GST, Excise Duty, Custom
Duty etc.
Tax By: CA Jasmeet Singh Youtube @CAJASMEETSINGH Instagram @taxbyjasmeet Doubts Whatsapp@7275521644
, S. 35 AD Deduction in case of Specified Businesses. Scientific Research S. 35
1. Specified Business In-house Research ( Research – Related To Business)
1. Cold chain 2. Warehouse for agricultural Produce and Assessee Expenditure Allowed
facility Sugar All Assessees 100% of revenue as well as capital expenditure
3. Hotel ( 2 Star +) 4. Affordable Housing Project & Slum incurred during the year. However In case of:
Redevelopment Project Exp on acquisition of land – No Deduction.
5. Slurry Pipeline 6. Bee-keeping & Production of Honey & Bee Exp Incurred upto 3 years before the
wax commencement of business shall be allowed in
7. Cross country 8. Setting Semiconductor Wafer Fabrication the year of commencement of business.
Pipeline Manufacture unit
9. Developing/Maintaining/Operating new Contribution To Outside Agency (Research – Business Relation not
infrastructure facility compulsory)
donation given to an approved scientific research association 100%
2. Deduction: 100% of capital expenditure except (Land, Goodwill and donation is given to an Indian company approved for the 100%
financial instrument). Also expenses incurred before commencement purpose of scientific research or to any approved institution
of business shall be allowed if capitalized in books of accounts. social science or statistical research.
3. However, Any Expenditure for Acquisition of any Asset for which Sale of assets used for scientific research Section 41(3)
aggregate payment made to A Person in A Day, otherwise than by A/c
Payee Cheque/Draft or Electronic clearing system is more than Rs. Asset Sold Without Being Put to use for business purpose:
10,000 , then such payment Not Eligible for Deduction u/s 35AD
a) Sale Value ≤ Actual Cost, then sale value is Business Income
4. Conditions to claim Deduction u/s 35AD: b) Sale Value > Actual Cost, then actual value is business income and
difference between sale value and actual cost shall be STCG/LTCG
a) Business Not Formed by Splitting/Reconstruction of Existing depending upon period of holding
Business
b) Not Formed by Transfer of Used P&M ( However, Used P&M is Asset Sold After Being Put to use for business purpose:
Allowed upto 20%) Asset will be added to the respective block with NIL value and deducted
c) Asset must be used in business for 8 AY for which deduction Is from the block with sale value
claimed u/s 35AD otherwise, in the year of sale or put to use in
other business shall be business income which is equals to: Carried forward of unadjusted capital expenditure of scientific research
PGBP Income = Total Deduction Claimed – Deemed Depreciation.
If profit before deducting capital expenditure on scientific
research is less than capital expenditure on scientific research,
then excess capital expenditure is carried forward and allowed
as deduction from any income except salary and windfall gains
Amortisation of certain Preliminary Expenses S.35D
Indian Company Other Resident
Expense is allowed in 5 installments from year of commencement of
business. Expense allowed is higher of Expense is allowed in 5 installments from year of commencement of
1. 5% of cost of project business. Expense allowed is Lower Of
2. 5% of capital Employed. 1. 5% of cost of project
subject to maximum actual Expenditure. 2. Actual Expenditure
Tax By: CA Jasmeet Singh Youtube @CAJASMEETSINGH Instagram @taxbyjasmeet Doubts Whatsapp@7275521644
Voordelen van het kopen van samenvattingen bij Stuvia op een rij:
√ Verzekerd van kwaliteit door reviews
Stuvia-klanten hebben meer dan 700.000 samenvattingen beoordeeld. Zo weet je zeker dat je de beste documenten koopt!
Snel en makkelijk kopen
Je betaalt supersnel en eenmalig met iDeal, Bancontact of creditcard voor de samenvatting. Zonder lidmaatschap.
Focus op de essentie
Samenvattingen worden geschreven voor en door anderen. Daarom zijn de samenvattingen altijd betrouwbaar en actueel. Zo kom je snel tot de kern!
Veelgestelde vragen
Wat krijg ik als ik dit document koop?
Je krijgt een PDF, die direct beschikbaar is na je aankoop. Het gekochte document is altijd, overal en oneindig toegankelijk via je profiel.
Tevredenheidsgarantie: hoe werkt dat?
Onze tevredenheidsgarantie zorgt ervoor dat je altijd een studiedocument vindt dat goed bij je past. Je vult een formulier in en onze klantenservice regelt de rest.
Van wie koop ik deze samenvatting?
Stuvia is een marktplaats, je koop dit document dus niet van ons, maar van verkoper bakATD. Stuvia faciliteert de betaling aan de verkoper.
Zit ik meteen vast aan een abonnement?
Nee, je koopt alleen deze samenvatting voor €9,94. Je zit daarna nergens aan vast.
Is Stuvia te vertrouwen?
4,6 sterren op Google & Trustpilot (+1000 reviews)
Afgelopen 30 dagen zijn er 81311 samenvattingen verkocht
Opgericht in 2010, al 14 jaar dé plek om samenvattingen te kopen