Income Tax Law in India 2 December

INCOME TAX LAW IN INDIA
AFTERSCHO☺OL
– DEVELOPING CHANGE MAKERS
CENTRE FOR SOCIAL ENTREPRENEURSHIP
PGPSE PROGRAMME –
World’ Most Comprehensive programme in social
entrepreneurship & spiritual entrepreneurship
OPEN FOR ALL FREE FOR ALL
www.afterschoool.tk AFTERSCHO☺OL's MATERIAL FOR PGPSE PARTICIPANTS

INCOME TAX LAW IN INDIA
Dr. T.K. Jain.
AFTERSCHO☺OL
Centre for social entrepreneurship
Bikaner M: 9414430763
tkjainbkn@yahoo.co.in
www.afterschool.tk, www.afterschoool.tk
State whether the following are
capital or revenue receipts
• 1. Kapsa Ltd.. received Rs. 2,00,000 as compensation from CD
& Co. for premature termination of contract of agency.
• CAPITAL RECEIPT
• 2. Sales-tax collected from the buyer of goods.= REVENUE
• 3. Goti Company Ltd. instead of receiving royalty year by year,
received it in advance in lump sum. = REVENUE
• 4. An amount of Rs. 1,50,000 was spent by a company for
sending its production manager abroad to study new methods
of production. = REVENUE
• 5 Payment of Rs 50 000 as compensation for cancellation of a
contract for the purchase of a machinery with a view to avoid
an unnecessary expenditure. = CAPITAL
• 6. An employee director of a company was paid Rs. 1,75,000 as
a lump sum consideration for not resigning from the
directorship = REVENUE

WHAT IS REVENUE & WHAT IS
CAPITAL?
• Capital / any amount received against capital is
called capital receipt. This is not taxed (because
in income tax, we tax income not the capital).
• Revenue is income and therefore taxable.
• If we sell an asset, the money received is capital
receipt, but if we sell it on annuity, where we
receive annual payments, this becomes revenue
receipt.
• For a furniture seller, sale of furniture is revenue
receipt, but for ordinary person, it is capital
receipt.

I received Rs. 100 as premium on
redemption of debenture, is it
revenue?
• It is a capital receipt.

I received Royalty of Rs. 100,is it
revenue or capital receipt?
• Revenue

We had some stock & some shares
in the UK, due to exchange
fluctuation, we got benefit of Rs.
5000 in each of these, are they
revenue receipts?
• Stock = revenue receipt
• Shares = capital receipt (I don’t have the
business of dealing in shares).

I receive a lump sum payment of
pension, is it revenue or capital
receipt?
• It is capital receipt, but it is taxable just like

salary etc (as per the law).

Payment received on termination
of agency - captial or revenue
receipt?
• capital

What is immaterial?
• How do you do accounting?
• How do you invest the money received?
• How do you treat the receipt ?
• What do you call the receipt?
• How do you treat the amount?
• The important thing is the nature of receipt
= rest all are immaterial.

Incomes deemed to be received?
• Amt. TDS (198)
• Unexplained investments (69)
• Unexplained money (69A)
• Dividend or interim dividend (2(22) )
• Standard Triumph Motor Case ( any entry
in buyer’s account in favour of supplier is a
proof of payment and therefore the other
party is liable to pay tax. (NRIs are
affected).
Income accrued…
1. Income accrues where the place is –
(place of contract).
2. Taxability is on = Income received or
deemed to be received in India – (it
doesn’t matter where it acrued).
3. Taxability on accruel = acrued in India –
no matter where you receive it.

Which of the following is taxable for
Resident OR, NR, NOR?
• Profits on sale of a building in India but
received in Holland 200,000
• Taxable in all cases (because acrued in

India).

• Pension from former employer in
India received in Holland 24,000
• Taxable in all cases ( acrued in India)

Interest on U.K. Development Bonds (10000 being
received in India) 20,000 (in case of ROR 20000
taxable, in other cases only 10000 taxable)
Income from property in Australia and received in
U.S.A. 85,000 (taxable only in case of ROR)
Income earned from a business in Abyssinia which is
controlled from Bikaner (Rs. 30,000 received in India)
70,000 (In NR 30000 taxable, but in other cases
70000 taxable)
Dividend on shares of an Indian company but received
in Holland [ qualifying for exemption under Section
10(33)] 10,000 (taxable in all cases – acrued in India)

AGRICULTURE INCOME
• Sec 2 (1A)
• Article 270 of Constitution says that
Centre is not competent to levy tax on
agriculture
• Some state govt. have imposed tax on
agriculture (as it is a matter of state list).
• From 1974-75, we use agriculture in
calculation of tax for non-agriculture items.
Agriculture income include the
following..
• Rent from land used for agriculture
• Income from agriclute, sale of cultivation
etc.
• Building in attachment to agriculture land
use for storage of products etc. – and its
rent etc. (building should be away from 8
KM from municipality, etc.)

Agriculture operations ..
• There are 2 operations:
• 1. basic : include tilling of land etc.
• 2. subsequent operations: include pruning,
cutting etc.
• Agriculture income will be exempt if basic
operations have been done by the person,
if he has done only subsequent operation,
then income will not be exempt.
Following are not agriculture
income…
• Income from fisheries
• Income from brick making
• Income from animal husbandary
• Income from mines
• Salary of farmhouse
• Dividend of a company in agriculture
• Income from sponteneous growth of
grass, trees, banboos etc.
Income from Latex
• 35% income is liable to tax

Income from coffee…
• 40% income is liable to tax

Income from Tea
• 40% is business income (after deducting
cost of cultivation etc)

Market value method…
• Where a factory has its farmhouse – then
market value of that crop is deducted to
arrive at agriculture income and this is
exempt.
• If the crop is not sold in the market, then
cost, rent and reasonable profit is exempt
(on agriculture crop only).

Goti’s salary is 140000, his income from
house property is Rs. 50000, agriculture
income is Rs. 80000, expenses on
agriculture income are Rs. 10000. What is
his tax liability
• While computing tax liability we shall add his
agriculture income in Gross Total income
and then calculate tax on that.
• GTI = (140000 + 50000+80000-10000) =
260000. Tax: 110000 = free, 110000 to 150000
= 4000, next 150000 to 250000 = 20000, next
10000 = 30% = 3000. Thus total tax: 27000 –
10000 = 17000 + 510 = 17510 answer.
Notes..
• Agricultural income is added in total income only
when agriculture income is more than Rs. 5000
• In the previous question, total net agriculture
income is Rs. 70000 for which tax liability is as
under:
• 40000 = 10% = 4000
• 30000 = 20% = 6000
• Thus total 10000 will be deducted from tax
liability. Income tax rules keep changing –
therefore use the latest rules and sections.
Solve it
• Goti grows sugarcane and uses the same for
the purpose of manufacturing sugar in his
factory. 30% of sugarcane produce is sold for
Rs.10 lacs, and the cost of cultivation of such
sugarcane is As.5 lacs. The cost of cultivation of
the balance sugarcane (70%) is Rs.14 lacs and
the market value of the same is Rs.22 lacs. After
incurring Rs.1.5 lacs in the manufacturing
process on the balance sugarcane, the sugar
was sold for Rs.25 lacs. Compute Goti’s
business income and agricultural income.
Solution
• Business income:
• Sale price 25 lakhs
• Market value of this sugercane = 22 lakhs
• Other expenses incurred : = 1.5 lakhs
• Net income : 1.5 lakhs
• Agriculture income:
• Sale price = (10 lakhs), + others used in
manufacture = 22 lakhs, = 32 lakhs
• Cost : 5 lakhs + 14 lakhs = 19 lakhs
• Net agriculture income = 32-19 = 13 lakhs. Ans.

Sarika manufactures latex from the
rubber plants grown by her in India.
These are then sold in the market
for Rs.30 lacs. The cost of growing
rubber plants is Rs.10 lacs and that
of manufacturing latex is Rs.8 lacs.
Compute her total income.
• Agr. Income = 30 – (10 +8) = 12 lakhs
• 35% is busines income = 4.2 lakhs. Remaining is agr. Income
= 7.8 lakhs.
Goti went on a holiday on 25.12.2006 to Delhi with
his wife and three children (one son — age 5 years;
twin daughters —. age 2 years). They went by flight
(economy class) and the total cost of tickets
reimbursed by his employer was Rs 60,000 (Rs
45,000 for adults and 15,000 for the three minor
children). This was first LTC. Compute the amount of
LTC exempt.
• Fully exempt.

Solution
• Following LTC is exempt ( Sec 10 (5) (Leave

travel concession)
• Maximum 2 in a block of 4 years
• Only for 2 children (in case of twins after 1st
child, 3 are permitted).
• Travel by economy class (when travel by air)
• When travel by other modes ( upto AC Ist
class rail fare).
• One LTC can be carried forward.
Goti retired on 15.6.2007 after completion of 26
years 8 months of service and received
gratuity of RS.6,00,000. At the time of
retirement his salary was Basic Salary :Rs.5,000
p.m. Durness Allowance :Rs 3000 p.m. (60% of
which is for retirement benefits)
Commission :1% of turnover (turnover in the
last 12 months was Rs 12,00,000)
bonus :Rs. 12000

Solution – for govt. employee
1. 100% tax free

Goti being an employee where
Gratuity Act is applicable
• We assume that Goti was a non-govt.
employee. So exempted gratuity will be
the least of the following:
2.350000
3.15/26 * (no. of years of service) * (basic +
D.A). =15/26*27*8000 = 124615
4.Actually received amt.
Thus least amount is 124615, which will be
tax free – rest will be taxable.
If Goti is working in private sector
(where gratuity law is not
applicable)
• The exemption will be the least of the
following:
2. 350000
3. Half month salary for each completed year of
service * avg salary (basic+da+commission) =
½*26*((50000+18000+10000)/10) = 101400
(here we take 10 months average)
4. Actually received gratuity.
Thus in this case exempted amount is 101400.
answer.
• Goti retired on 1.10.2007. He got Rs.
20000 per month as as pension. On
1.2.2008, he commuted 60% of his
pension and received RS.5 lakh, as
commuted pension. Compute his tax
liability

Assume that Goti was a govt.
employee…
• Commuted pension is 100% tax free
• Non-commuted pension is taxable as
under:
• From Oct. to Jan (4 month) = 20000*4 =
80000
• For Feb. and March, = 40% of 20000 =
8000*2 = 16000
• Total taxable pension = 96000
Assume that Goti was a non-govt.
employee…
• If Goti is not receiving gratuity, then
• ½ *500000/60% * 100% = 416666 are
exempt.
• If Goti is receiving gratuity, then :
• 1/3* 500000/60% *100% = 277777 is tax
exempt
• Non commuted pension will be taxable as
in the previous question. Ans.
What will happen in the previous
question, if the twins
were 5 years old and the son 3
years old? Discuss.
• Thus in the previous case, only two
children will be exempt, and payment of
one child will be taxable. Total payment for
3 children = 15000
• Thus taxable perquisite = 15000*1/3
•www.afterschoool.tk
= 5000.answer AFTERSCHO☺OL's MATERIAL FOR PGPSE PARTICIPANTS
Person (sec. 2 (31))
• Individual
• HUF
• Company
• Firm
• AOP
• Local authority
• Artificial juridical person

Exemption to the general rules of
sec. 4
• Normally tax is assessed in next year to
the year in which it becomes due.
However there are exemptions .. Like ..
• Shipping business (172) – in the year
when income takes place – 7% is treated
as income
• Persons leaving India (174) – till the date
of departure – is assessed.
Assessment in the same year…
• Assessment of AOPs formed for a
particular purpose (174A)
• Assessment of persons trying to alienate
property to avoid tax (175)
• Assessment of income from discontinued
businesses (176)

Is subsidy / grant taxable?
• If it is capital receipt – not taxable
• If revenue receipt – taxable.
• If subsidy is received to supplement
regular business – taxable
• If there is special purpose grant – it is not
taxable.

Is lump sum receipt of salary
taxable?
• Yes (it is not considered capital receipt).

Is annuity taxable?
• Yes
• (but annual instalment of payments for
sale of property is not taxable).

Is royalty taxable?
• Yes

Is premium on redemption of
debenture taxable?
• No – it is considered capital receipt.

Residence …
• There are 3 possibilities:
• Resident (resident and ordinary resident)
• Non-resident
• Non-ordinarily resident

Resident :
• Fulfill any one of the 2 conditions:
2. He has been in india for at least 182
days during the previous year
3. He has been in India for at least 365
days during the last 4 years preceding
the previous year and has been in India
for at least 60 days during the previous
year.
Resident and ordinary resident:
• Both the following conditions must be
satisfied, besides the previous
conditions…
2. He has been resident in 9 out of 10 past
years.
3. He has been in India in 729 days during
7 previous years preceding the previous
years.
Residential status of HUF and
partnershps..
• It depends on management and control of
the firm.
• If management and control is in India,
taxation will be in India.

Mr. P, an Indian Citizen, is living in Delhi
since 1960, left for Japan on
July 1,2005. He comes back on August
7,2007. Determine his residential status
for the assessment year 2008-9.
• From 7 August to 31 March:

• (25+30+31+30+31) = 147 days.
• Thus he has stayed for more than 60 days.
Plus he has been in India for 365 days
during last 4 years and fulfills both the
conditions. Thus he is ROR.

Dr. Ramesh Jain, an Indian Citizen and a
Professor in AFTERSCHO☺OL , Jaipur, left
India on September 15, 2008 for USA to take up
Professor’s job in HBS , USA.
Determine his residential status for the
assessment year 2009-10.
• His stay in India March onwards :
(30+31+30+31+31+15) = 168 days.
• When a person goes out for job, then 182 + 365 days
requirement applies (not 60 days). Thus Mr. Jain
should have stayed in India for 182 days during the
previous year + 365 days during the last 4 years.
Thus he is non-resident.
Is it taxable : income received in
India (Whether
accrued in or outside India)
• Yes taxable in all cases

income received in the USA (
accrued in India)
• Taxable in the case of ROR and RNR
• (ROR = resident and ordinary resident)
• (RNR = Resident and not-ordinary
resident).

State - whether this is taxable or not:
Income earned and received outside
India but later on remitted to India
(whether tax incidence arises at the
time of remittance?)
• Not taxable in any case.

Income earned in India and
received outside
India but later on remitted to India
(whether tax incidence arises at the
• Taxable in all the cases.

Income earned out of India and
received in
India (whether tax incidence arises
at the
• Taxable in all the cases

Whether this is taxable: Income
received and accrued outside
India from a business controlled
from
outside India or a profession set up
outside India
• Taxable only in the case of ROR.

Whether this will be taxable :
Income received and accrued
outside
India from a business controlled or
a
profession set up in India
• Taxable in the case of ROR and RNR.

Income deemed to accrue or arise
in India (Whether received in India
or
outside India)
• Taxable in all the cases.

Profits earned from a business in
the U.S.A. controlled from Pakista
and amount deposited in a bank
there
• Taxable only in the case of ROR

Agricultural income from Burma not
remitted to India
• TAXABLE ONLY IN THE CASE OF ROR

Dividends from a German company
credited to his account in Nepal
• ONLY TAXABLE IN THE CASE OF ROR

Past untaxed foreign income
brought into India during the
year
• Not taxable in any case.

Pension for services rendered in
India, but received in Pakistan
• Taxable in each of the 3 cases.

Honorarium received from
Govt. of India
• Taxable in all cases.

Rajasthan controlled from Pakistan
• Taxable in all the cases

The USA controlled from Mumbai
• Taxable in ROR & RNR.

USA controlled from Maldives and
amount deposited in a Bank there
• Taxable only in the case of ROR.

Leave encashment…
• Ramesh retired on 1.12.2007. after 20 years 10
months of service, receiving leave salary Rs
5,00,000. Other details of his salary income are:
• Basic Salary :Rs.5,000 p.m. (Rs 1,000 was increased
w.e.f. 1.4.07)
• Dearness Allowance :Rs.3,000 p.m. (60% of which is
for retirement benefits)
• Commission :Rs.500 p.m.
• Bonus :Rs.1000 p.m.
• Leave availed during service : 480 days
• He was entitled to 30 days leave every year. Assume
that he was a non govt. employee, what is
exemption?

solution
• In case of Govt. employee, leave
encashment is tax free. But in the case
of non-govt. employee, the least of the
following is tax free:
2. 300000
3. 10 month salary (avg. for 10 month)
4. Earned leave @ 30 days per year of
completed serivice
5. Amount actually received.
Solution ..
• Calculation of salary ..
• 600 days (20 *30) – 480 (actually availed) = 120
days.
• Avg. for 10 months = ((4000*2) + (5000*8)) /10
+ 1800 =6600 (his salary was Rs. 4000 during
feb. and march but increased to 5000 in the last
8 months).
• (commission is taken only when it is fixed % per
month).
• 120/30 *6600 = 26400 (this is the least amount,
so this will be tax free).

Prabhakar received Rs. 10 lakhs as
retrenchment compensation after
30 years and 4 months of service.
His basic was Rs. 50000 and DA
was 20000 at the time of
retirement. What is exemption?
• Exemption will be the least of the following:
1. 500000 2. amt. actually received 3. 15 days
of salary for every completed year of service.

Solution..
• 15/26 * ( 70000) * (30)
• =12,11,538
• Thus the least amount is 5 lakh, which will
be exempt and only 5 lakh will be taxable.

Tale of Vinod Bhugari ji
• Bhugri ji received Voluntary retirement
compensation of Rs after 30 years 4
months of service. He still has 6 years of
service left. At. the time of Voluntary
retirement, he was Getting basic 40000
and DA of Rs. 20000. Compute his
taxable voluntary retirement
compensation. He got 10 lakhs as VRS
compensation.
HRA
• Prateek has the following receipts from his
employer:
• (1) Basic pay Rs.3,000 p.m.
• (2) Dearness allowance (D.A.) Rs. 600 p.m.
• (3) Commission Rs.6,000 p.a.
• (4) Motor car for personal use (expenditure met by
the employer) Rs. 500 p.m
• (5) House rent allowance Rs. 900 p.m.
• Find out the amount of HRA eligible for exemption to
Prateek assuming that he paid a rent of Rs.1,000
p.m. for his accommodation at Bikaner. DA forms
part of salary for retirement
SOLUTION …
• The least of the following is exempt:
2. HRA (900*12) = 10800
3. Rent paid – 10% of salary ( 12000 –
4320) = 7680
4. 40% of salary = 17280
Thus only 7680 is exempt, rest (10800 –
7680) is taxable.

• Baid ji has two Sons. He is in receipt of children
education allowance of Rs 150 p.m. for his elder
son and Rs.70 p.m. for his Younger son. Both
his sons are going to school, He also receives
the following allowances:
• Transport allowance : As.1,000 p.m. (amount
spent As.600 p.m.)
• Tribal area allowance : As.500 p.m.
• Compute his taxable allowances.

Solution
• EXEMPTIONS..
• Education allowance is tax free upto Rs.
100 per month for 2 children.
• Special area allowance is taxfree upto 200
per month.
• Transport allowance tax free upto 800 per
month.

Computation
• 1st child : (150 – 100) = 50 * 12 =600
• 2nd child = tax fee (less than 100)
• Tribal area allowance (500 – 200) =
300*12 = 3600
• Transport allowance (1000 – 800) =
200*12 = 2400

Solution…
• Least of the following is exempt
2. 500000
3. No. of years worked *3 * last salary =
30*3 *60000 = 5400000
4. No.of months left * last salary = 6*12
*60000 = 43,20,000
thus only 5 lakhs will be exempt.

• Ramesh has an income from salary of
Rs.9,00,000. Details of income of his
minor children are:
• Minor daughter has earned an interest
income from a bank : Rs.5,000
• His minor son has also earned an interest
income on NSC : Rs.1 ,000.
• Compute his gross total income for the
P.Y. 2007-08.
Solution…
• According to section 10(32) income of
each minor upto 1500 is exempt). Thus for
the daughter, only 3500 is taxable and
entire 1000 is exempt for the son.

• Pankaj Baid has an agricultural land
(costing As 6 lacs) in Bikaner and has
been using it for agricultural purposes
since 1.1.1995 till 1.12.2005 when the
Government took compulsory acquisition
of this land A compensation of Rs 20 lacs
was settled The compensation was
received by Baid ji on 1.7.2007. Compute
the amount of capital gains taxable in the
hands of Baid ji.
Solution…
• Under sec. 10 (37) capital gain on
compulsory acquisition of agricultural land
(when it is used for agriculture for at least
2 years) is completely exempt. (after
1/4/2004). (this exemption is available only
to individual and HUF) .

What would have happened had
Baid ji sold the agriculture land to
Ramesh and later Ramesh handed
over the land to govt.
• None of them will get any exemption…
(because Ramesh is not using for
agriculture for mini. 2 years).

• Vinod Bhugari ji purchased equity shares
of Suzlon Energy Ltd. (a listed company).
on 1.4.2006 at Rs.10 per share. He sold
all the shares on 1.6.2007 at Rs.245 per
share. He also had to pay tax (STT) on
the same. Explain the taxability in the
hands of Bhugari G in A.Y. 2008.09

SOLUTION
• Since the listed equity shares of Suzlon
Ltd. are being sold after 1 year, it is a
long-term capital gains (LTCG) on the sale
of these shares Also Such gain has arisen
after 1,10.2004 and STT has also been
paid on these shares. Thus as per 10(38),
the entIre LTCG arising on such sale will
be fully exempt, so Hip Hip hurrah to
Bhugari G.
Will Bhugari G pay tax, if he
sells under private placement /
arrangement ?
• There will be no exemption
• Exemption is available only when :
• 1. shares have been purchased through
stock exchanges and STT has been paid
• 2. Bhugari g has dealt only in listed shares
and has kept the shares for at least 1 year
(not like day traders).
• Twinkle exported goods worth Rs. 1 Crore
and had domestic sales of Rs. 50 Crores.
Money brought to India (in 6 months) in
convertible foreign exchange was only 60
lakhs. Profits from business Rs, 5 Crores.
You are required to compute the
exemption available u/s 10A. He had also
furnished audited statement (in form no.
56F) – certified by Baid ji CA.
Solution…
• Examption:
• Profit * (export turnover) / (total turnover)
• =5 * (.6/51) = .058
• Or 5,80,000 answer.
• (exemption is available only if Forex is brought
into India in 6 months. The exemption is
available for 10 years from 2000 to 2010. In
case of SEZ, the examption is available for 5
years and 50% income is exempt for next 2
years. )
• During the previous year ending 31st
March, 2008, Jan Palika a charitable
trust earned an Income of
Rs.1,00,000 but it received only
Rs.60,000 in that year. The balance
of Rs40,000 is received in the year
ending 31 -3-2009. How much
money can it retain.

Solution..
• Upto 15% of the income can be retained.
• Thus 15000 can be retained and rest
45000 (i.e. 60000 – 15000) have to be
spent in that year only for cherity purpose.

Suppose in the previous question, Jan
Palika receives Donations of Rs. 12 crores
from Bill Gates on 30 March, should it
spend the money in that year itself?
• Jan Palika will get one more financial year
to spend the money.

Sarika has set up a new political
party called MahilaMorcha. She
gets donation of Rs. 10 lakhs from
Indra Nui, she has proper records
of that money. Will she pay tax?
• 100% tax free.

ABOUT AFTERSCHO☺OL
Afterschoool conducts three year integrated PGPSE
(after class 12th along with IAS / CA / CS) and 18
month PGPSE (Post Graduate Programme in Social
Entrepreneurship) along with preparation for CS / CFP /
CFA /CMA / FRM. This course is also available online
also. It also conducts workshops on social
entrepreneurship in schools and colleges all over India –
start social entrepreneurship club in your institution
today with the help from afterschoool and help us in
developing society.

Why such a programme?
• To promote people to take up entrepreneurship
and help develop the society
• To enable people to take up franchising and
other such options to start a business / social
development project
• To enable people to take up social development
as their mission
• To enable people to promote spirituality and
positive thinking in the world

Who are our supporters?
• Afterschoolians, our past beneficiaries,
entrepreneurs and social entrepreneurs
are supporting us.
• You can also support us – not necessarily
by money – but by being promotor of our
concept and our ideas.

About AFTERSCHO☺OL PGPSE – the
best programme for developing great
entrepreneurs
• Most flexible, adaptive but rigorous programme
• Available in distance learning mode
• Case study focused- latest cases
• Industry oriented practical curriculum
• Designed to make you entrepreneurs – not just
an employee
• Option to take up part time job – so earn while
you learn
• The only absolutely free course on internet
Workshops from
AFTERSCHO☺OL
• IIF, Delhi
• CIPS, Jaipur
• ICSI Hyderabad Branch
• Gyan Vihar, Jaipur
• Apex Institute of Management, Jaipur
• Aravali Institute of Management, Jodhpur
• Xavier Institute of Management, Bhubaneshwar
• Pacific Institute, Udaipur
• Engineering College, Hyderabad

Flexible Specialisations:
• Spiritualising business and society
• Rural development and transformation
• HRD and Education, Social Development
• NGO and voluntary work
• Investment analysis,microfinance and inclusion
• Retail sector, BPO, KPO
• Accounting & Information system (with CA / CS /CMA)
• Hospital management and Health care
• Hospitality sector and culture and heritage
• Other sectors of high growth, high technology and social
relevance

Salient features:
• The only programme of its kind (in the whole world)
• No publicity and low profile course
• For those who want to achieve success in life – not just a
degree
• Flexible – you may stay for a month and continue the rest of
the education by distance mode. / you may attend weekend
classes
• Scholarships for those from poor economic background
• Latest and constantly changing curriculum – keeping pace
with the time
• Placement for those who are interested
• Admissions open throughout the year
• Latest and most advanced technologies, books and study
material

Components
• Pedagogy curriculum and approach based on IIM Ahmedabad and ISB
Hyderabad (the founder is alumnus from IIMA & ISB Hyderabad)
• Meditation, spiritualisation, and self development
• EsGotitial softwares for business
• Business plan, Research projects
• Participation in conferences / seminars
• Workshops on leadership, team building etc.
• Written submissions of research projects/articles / papers
• Interview of entrepreneurs, writing biographies of entrepreneurs
• Editing of journals / newsletters
• Consultancy / research projects
• Assignments, communication skill workshops
• Participation in conferences and seminars
• Group discussions, mock interviews, self development diaryng
• Mind Power Training & writing workshop (by Dr. T.K.Jain)

Pedagogy
• Case analysis,
• Articles from Harvard Business Review
• Quiz, seminars, workshops, games,
• Visits to entrepreneurs and industrial visits
• PreGotitations, Latest audio-visuals
• Group discussions and group projects
• Periodic self assessment
• Mentoring and counselling
• Study exchange programme (with institutions out of
India)
• Rural development / Social welfare projects
Branches
• AFTERSCHO☺OL will shortly open its
branches in important cities in India
including Delhi, Kota, Mumbai, Gurgaon
and other important cities.
Afterschooolians will be responsible for
managing and developing these branches
– and for promoting social entrepreneurs.

Case Studies
• We want to write case studies on social
entrepreneurs, first generation
entrepreneurs, ethical entrepreneurs.
Please help us in this process. Help us to
be in touch with entrepreneurs, so that we
may develop entrepreneurs.

Basic values at AFTERSCHO☺OL
• Share to learn more
• Interact to develop yourself
• Fear is your worst enemy
• Make mistakes to learn
• Study & discuss in a group
• Criticism is the healthy route to mutual support
and help
• Ask fundamental questions : why, when, how &
where?
• Embrace change – and compete with yourself
only
www.afterschoool.tk
social entrepreneurship for better
society

Income Tax Law in India 2 December

Cargado por

Información del documento

Descripción original:

Derechos de autor

Formatos disponibles

Compartir este documento

Compartir o incrustar documentos

Opciones para compartir

¿Le pareció útil este documento?

¿Este contenido es inapropiado?

Copyright:

Formatos disponibles

Income Tax Law in India 2 December

Cargado por

Copyright:

Formatos disponibles

INCOME TAX LAW IN INDIA

www.afterschoool.tk AFTERSCHO☺OL's MATERIAL FOR PGPSE PARTICIPANTS

www.afterschoool.tk AFTERSCHO☺OL's MATERIAL FOR PGPSE PARTICIPANTS

www.afterschoool.tk AFTERSCHO☺OL's MATERIAL FOR PGPSE PARTICIPANTS

www.afterschoool.tk AFTERSCHO☺OL's MATERIAL FOR PGPSE PARTICIPANTS

www.afterschoool.tk AFTERSCHO☺OL's MATERIAL FOR PGPSE PARTICIPANTS

www.afterschoool.tk AFTERSCHO☺OL's MATERIAL FOR PGPSE PARTICIPANTS

• It is capital receipt, but it is taxable just like

www.afterschoool.tk AFTERSCHO☺OL's MATERIAL FOR PGPSE PARTICIPANTS

www.afterschoool.tk AFTERSCHO☺OL's MATERIAL FOR PGPSE PARTICIPANTS

www.afterschoool.tk AFTERSCHO☺OL's MATERIAL FOR PGPSE PARTICIPANTS

www.afterschoool.tk AFTERSCHO☺OL's MATERIAL FOR PGPSE PARTICIPANTS

• Taxable in all cases (because acrued in

www.afterschoool.tk AFTERSCHO☺OL's MATERIAL FOR PGPSE PARTICIPANTS

• Taxable in all cases ( acrued in India)

www.afterschoool.tk AFTERSCHO☺OL's MATERIAL FOR PGPSE PARTICIPANTS

www.afterschoool.tk AFTERSCHO☺OL's MATERIAL FOR PGPSE PARTICIPANTS

www.afterschoool.tk AFTERSCHO☺OL's MATERIAL FOR PGPSE PARTICIPANTS

www.afterschoool.tk AFTERSCHO☺OL's MATERIAL FOR PGPSE PARTICIPANTS

www.afterschoool.tk AFTERSCHO☺OL's MATERIAL FOR PGPSE PARTICIPANTS

www.afterschoool.tk AFTERSCHO☺OL's MATERIAL FOR PGPSE PARTICIPANTS

www.afterschoool.tk AFTERSCHO☺OL's MATERIAL FOR PGPSE PARTICIPANTS

www.afterschoool.tk AFTERSCHO☺OL's MATERIAL FOR PGPSE PARTICIPANTS

www.afterschoool.tk AFTERSCHO☺OL's MATERIAL FOR PGPSE PARTICIPANTS

• Following LTC is exempt ( Sec 10 (5) (Leave

www.afterschoool.tk AFTERSCHO☺OL's MATERIAL FOR PGPSE PARTICIPANTS

www.afterschoool.tk AFTERSCHO☺OL's MATERIAL FOR PGPSE PARTICIPANTS

www.afterschoool.tk AFTERSCHO☺OL's MATERIAL FOR PGPSE PARTICIPANTS

www.afterschoool.tk AFTERSCHO☺OL's MATERIAL FOR PGPSE PARTICIPANTS

www.afterschoool.tk AFTERSCHO☺OL's MATERIAL FOR PGPSE PARTICIPANTS

www.afterschoool.tk AFTERSCHO☺OL's MATERIAL FOR PGPSE PARTICIPANTS

www.afterschoool.tk AFTERSCHO☺OL's MATERIAL FOR PGPSE PARTICIPANTS

www.afterschoool.tk AFTERSCHO☺OL's MATERIAL FOR PGPSE PARTICIPANTS

www.afterschoool.tk AFTERSCHO☺OL's MATERIAL FOR PGPSE PARTICIPANTS

www.afterschoool.tk AFTERSCHO☺OL's MATERIAL FOR PGPSE PARTICIPANTS

www.afterschoool.tk AFTERSCHO☺OL's MATERIAL FOR PGPSE PARTICIPANTS

www.afterschoool.tk AFTERSCHO☺OL's MATERIAL FOR PGPSE PARTICIPANTS

• From 7 August to 31 March:

www.afterschoool.tk AFTERSCHO☺OL's MATERIAL FOR PGPSE PARTICIPANTS

www.afterschoool.tk AFTERSCHO☺OL's MATERIAL FOR PGPSE PARTICIPANTS

www.afterschoool.tk AFTERSCHO☺OL's MATERIAL FOR PGPSE PARTICIPANTS

• Not taxable in any case.

www.afterschoool.tk AFTERSCHO☺OL's MATERIAL FOR PGPSE PARTICIPANTS

www.afterschoool.tk AFTERSCHO☺OL's MATERIAL FOR PGPSE PARTICIPANTS

www.afterschoool.tk AFTERSCHO☺OL's MATERIAL FOR PGPSE PARTICIPANTS

www.afterschoool.tk AFTERSCHO☺OL's MATERIAL FOR PGPSE PARTICIPANTS

www.afterschoool.tk AFTERSCHO☺OL's MATERIAL FOR PGPSE PARTICIPANTS

www.afterschoool.tk AFTERSCHO☺OL's MATERIAL FOR PGPSE PARTICIPANTS

• Taxable only in the case of ROR

www.afterschoool.tk AFTERSCHO☺OL's MATERIAL FOR PGPSE PARTICIPANTS

www.afterschoool.tk AFTERSCHO☺OL's MATERIAL FOR PGPSE PARTICIPANTS

www.afterschoool.tk AFTERSCHO☺OL's MATERIAL FOR PGPSE PARTICIPANTS

• Not taxable in any case.

www.afterschoool.tk AFTERSCHO☺OL's MATERIAL FOR PGPSE PARTICIPANTS

www.afterschoool.tk AFTERSCHO☺OL's MATERIAL FOR PGPSE PARTICIPANTS

www.afterschoool.tk AFTERSCHO☺OL's MATERIAL FOR PGPSE PARTICIPANTS

www.afterschoool.tk AFTERSCHO☺OL's MATERIAL FOR PGPSE PARTICIPANTS

www.afterschoool.tk AFTERSCHO☺OL's MATERIAL FOR PGPSE PARTICIPANTS

www.afterschoool.tk AFTERSCHO☺OL's MATERIAL FOR PGPSE PARTICIPANTS

www.afterschoool.tk AFTERSCHO☺OL's MATERIAL FOR PGPSE PARTICIPANTS

www.afterschoool.tk AFTERSCHO☺OL's MATERIAL FOR PGPSE PARTICIPANTS

www.afterschoool.tk AFTERSCHO☺OL's MATERIAL FOR PGPSE PARTICIPANTS

www.afterschoool.tk AFTERSCHO☺OL's MATERIAL FOR PGPSE PARTICIPANTS