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Having on his soul, the passion to be the Virtuoso of the enumerated aspects of commerce, he is indulged in the constant process of absorbing the maximum from the infinite knowledge pool available. Mentoring the youth has proved to be his successful manoeuvre in contemplating, analysing and executing his understanding of varying and crucial aspects.

PROVISIONS REGARDING SET-OFF OF LOSSES

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Question 5. Write brief notes on the following: iv) Provisions Regarding set–off of Losses Solution: Concept of set-off of losses In simple words, “Set-off” means adjustment of losses against the profits from another source/head of income in the same assessment year. If losses cannot be set-off in the same year due to inadequacy of eligible … Read more

INTEREST ON SECURITIES – INCOME TAX SHORT NOTE

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Question 5. Write brief notes on the following: iii) Interest on Securities Solution: Interest on Securities if charged under the head ‘income from other sources’ means the following : Interest on any security of the Central or State Government; Interest on debentures or other securities for money issued by or on behalf of a local … Read more

PROVIDENT FUND – SHORT NOTE

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Question 5. Write brief notes on the following: ii) Provident Fund. Solution: Provident fund scheme is a scheme intended to give substantial benefits to an employee at the time of his retirement. Under this scheme, a specified sum is deducted from the salary of the employee as his contribution towards the fund. The employer also … Read more

VALUATION OF RENT FREE HOUSE

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Question 5. Write brief notes on the following: i) Valuation of Rent Free House Solution: In some cases, the Accommodation is Rent Free to the Employee i.e. No Rent is liable to be paid by the Employee. It is a benefit given to the employee in kind and therefore form a part of perquisites and … Read more

COMPUTATION OF TAXABLE INCOME OF HOUSE PROPERTY

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Question 4. From the following information of Mr. Sunil, compute the taxable income of house property: Particular Amount (i) Municipal Valuation 3,30,000 (ii) Fair Rent 3,60,000 (iii) Standard Rent under Rent Control Act 3,36,000 (iv) Unrealised rent of previous year 2011-12 (Conditions of Rule 4 satisfied) previous year 2011-12 30,000 (v) Rent realized in year … Read more

COMPUTATION OF TAXABALE SALARIES INCOME OF MR. RAMAN PRAKASH

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Question 3. Mr. Raman Prakash is reader in a college, run by a society, on a monthly salary of Rs. 44, 000. Besides salary he also gets 43% of salary as dearness allowance, Rs 800 p.m. entertainment allowance and Rs. 500 p.m. as proctor’s allowance. During the year he gets Rs. 450 p.m. as additional … Read more

TAXABILITY OF GRATUITY AND ENCASHMENT OF EARNED LEAVES

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Question 2. Explain the provisions of Income tax Act in connection with taxability of gratuity And Encashment of earned leave by an employee retiring form an organization. Solution: Gratuity Gratuity means “a gift or present, often in return for favours or services.” Gratuity is paid over and above the normal salary. It is paid in … Read more