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Topic 10
 80IA Section
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 Chapter VIA - Decution
and naintalning or Gr a bridge or a gains
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by the Central years.
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8
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31.3.2017.
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set
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from the year in profits and
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out by an eligible incorporated during the A.Ys out of 1O
start-up period 1.4.2016 to years (FA profits and
engaged in 31.3.2021 gains
2020)

for online classes Call or 74047-17750 10,8

 Chapter VIA -Decution
Innovation, beginning derived
Development from the year ih from such
Improvement of
products or which company business.
processes or or LLP,
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scalable business
model with a high
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including a small
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article or thing or operate AYs (12 AYs in gains
scale industrial cold storage plant during case of co
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Kashmir
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in case of

company)
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of
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and gains
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production of mineral
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AYs including
the initial AY
Profits
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2009 but not later than
gas in licensed
blocks 31.3.2017

3 Processing, Processing, 10 consecutive 100o of the

preservation and preservation and AYs beginning profits
packaging of fruits and
or packaging of meat or with the initial gains
meat products or poultry AY derived
vegetables or or marine or dairy from
meat and meat
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5
for
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or
1.4.2001 with
dairy products or initial the
from the AY
25%
integrated
business of
in (30%
case
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of foodgrains for
remaining 5
years

me classes Call or 74047-1775 10.9

 Chapter VIA -Decution
80 Developing and Project is approved after
IBA 1st June 2016 but on or
building housing before 31st
projects Gervesfron
March 2021 [FA 20201

80-1C Undertakings Manufacture or prGduce 10Ars 10095

the first fre
which articie thing from ommercing
manufacture or 7.1.03 and en«ing before with the intia
produce specified 14.2012 AY
article or thing or i tre a s
existing
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their Substantial frye As
expansion in the
states of Himachal
Pradesh and
Uttaranchal
80-IE Undertaking begun between 1st April, 2007 10 profits
AYs Comneicing
or begins, in any and ending before 1st with the iriitia Gains
of the North April, 2017 deriyed fror
Eastern
Arunachal
States
(i.e., the States of
AY
Dusines 10Tople
Pradesh, Assam,
Manipur,
Meghalaya,
Mizoram,
Nagaland, Sikkim
and Tripura) -
(1)to
manufacture
or produce any
eligible article or
thing;
(2)to undertake
substantial
expansion to
manufacture or

produce any
eligible article or
thing;
(3) t carry on any
eligible business.

1010
74047-17750
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 TOPIC

12 Set off and Carry Forward

of Losses

Desmcd Income
Section PartiCularts
Credt -Cash
explanation urn credited in the books and
regarding Its nature and source
assessee offers no satistactory

69 Deemed Income is sum so

credited
Investrnents are not reCorded in the books of account, If any,
Unexplained maintained by the assessee and he offers no satisfa ctory explanation
investrment Deemed Income is value of such
investment
Any noney, bullion, ewellery or other valuable article are ho
Unexplained
money
recorded in the books of account. if any, maintained by the
he offers no satisfactory explanation about asseS5ee
Bcauisition of such assets the nature and sou
Deemed Income is the money and the value of assets so found
69B-Amount
f Actual amount of investments, bulion, jewellery or other valuabIe
Brticie exceeds the amount recorded in the books and the assessee otrerS
investment
not
no satisfactory explanation,
Deemed InCome is the excess amount
fully disciosed
Topie12 in
books of
accOunts
69C Any expenditure incurred by assessee for which he offers nO
Unexplained satisfactory explanation about the source
xpenditure Such unexplained expenditure, which
is deemed to be the income of
the assessee shal| not be allowed as a deduction
incone under any head of
69D- Amount Any amount borrowed on hundi from any
person or any amount due
borrowed/
repaid on
thereon is repaid to such person otherwise than
cheque by an account payee
hundE
Deemed Income is amount so borrowed or repaid

Specific issues (Important):

Incone under the above sections shall be taxed @ 60%
No loss shall be set-off against income 115BBE
Sections brought to tax :under aforementioned
Credits treated as incone u/s 68 cannot be subject to
of SeCtion 2695S. penalty u/s 271D for violation

Inter source adjustment u/s 70, Inter head Summary

Forward of Losses and Set off of Iosses have beenadjustment u/s 71 and Carry
Sectin Loss from Set off
summarized as follows:
Carry forward and set off
Inter Inter Against No. of Mandatory
SOurce head income
from
years filing of
return
71B House Yes Yes House No

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 Forward of Losses
Set off and Carry
(even Preperty
BrOperty agatnst
walary)
(only
wpte Re.
aLakths)
PGBP Ves
Yes
Yes (even
(except
Profeston (even against against gain
(other agatnst
Salary) from
than oain rom speculation
Wpeculatln speculation &specified
Specified business
business
35AD Hpecified u/s35AD)
unabsorbed business
depreclation) w/s3SAD) Yes
Speculation
Only No
Speculatlon business
bustness against
speculative
Income
No
Specified Any YES 12Topic
73A Specitied Only business u/s no
bustness agalnst 35AD of
cOvered Income years
35AD from
any
specified
business

35AD Any No
Yes Any head
UnabsOrbed Yes other no.
32(2) (except
Depreclatlon against than salary of
years
Salary)
Yes
Yes No
74 Shortterm STCG/LTCG
capital loss (even
agalnst
LTCG) Yes
No LTCG
Long term Only
capltal loss agalnst
LTCG Yes
Owning 4
Only No
74A Owning and and
maintaining agalnst
maintalning
race horses income race horses
from
Such
actlvity
Order of Setoff oflosses sclentific research/expense on
family planning
depreclation/expense on
Current year (Section 72(1)]
Brought Forward loss from Business/ Profession
Unabsorbed Depreclation [Section 32(2)] 35(4)]
Unabsorbed Capital Expenditure on Sclentific Research [Section
((x)]
[Section 36(1)
Unabsorbed Expenditure on Family Plannihg
12.2
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 TOPIC

13 Clubbing of Income

Ancene ef other persons is included in assessee's total incomne in the Too

cases
1) Transfer of income without transfer of the asset. When a person transfers to
another person ihis of the asset,
sch income is n e kIno m an asset without transferring the ownership
the total ncome of the transferor.
2) Revocable transfer of person his
When a person transfers to another
assets.
eorm an asset as well as makes a revocable transfer of the ownership of
et sueh tncome is included in the total income of the transferor except when It is not
revocable during the lifetime of the beneficlary.
3)Income of Spouse:
come of spouse by way of salary, commnission, etc., in which such individual has a
Substantial interest ins included in the total income of such individual.
D. When an individual transfers an asset to his or her spouse without adequae
Consideration
asset or in connection
will bejdeemed to be the
with an agreement tollve apart, any income from such
income of the transferor.
Topic13
31tAnyMay,
income
1973 of without
daughter-in-law
adequate from assets transferred
consideration is includedto in
herthebytotal
the individual
income ofafter
the
transferor.
S) Any income arising from assets transferred by the
individual
assoclation without adequate consideration for the benefit of his toor any
person or
her spOuse IS
included the total income of the transferor.
in
6) Any income arising to any person or
association from assets transferred to it by the
individual after 31.5.1973 under the circumstances
Son's wife is included in the total stated in (5) above, for the benefit of
income of the transferor.
7) Any income of H.U.F. from the self-
Converted into the property of his H.U.F.acquired property of a member of the H.U.F.
will be included in the total income
member concerned. of the

8) If an individual transfers any asset to

the spouse or son's wife and such assets are
invested by the transferee In any business,
transferee will be included in the income of the proportlonate amnount of profit share of
transferor.
9) Any income of a minor child shall be
whose total income is greater if the marriage included in the income of that parent
parent who maintains the minor child if the subsists or in the income of the
parent in whose total income marriage does
is entitled to exemption not subsist. The
included or Rs, 1,500per minorminor"s
child, whichever is less. However, on.the income so
a physically or the income of
incomne of either mentally handicapped minor child cannot be included
of his parents. in the

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 TOPIC

14 Exemptions From TAX

EULLY EXEMPIED XNCOMES AAGLANCE

Whe i
Feltef
entitied ot7Condions

agrieuIEraE
agreutEura
ivcaded for
d e t e r n g the amourE of ta
payable on Ne taxabie income
here Hindiu An nvaviuat

141opic
rrerber cf tve Hindu
undividedFamity UndiviGed Faity

Share incorrve shall be

3. stare of income of a partner fremn Parters. Cormputed by dividing thhe taxabie
his i r m profits of the fieem in the agreed
rati of profits
An individui Provided any deduction has not
Dayent under Bhopal Gas Leak aiready been allowed in this
Disaster At. connection.
Individual
S.Compensation on disnster.
All assessees
6. Life Insurance Policy Money.
ZPayment from Sukanya samriddhi Individual
ACcOunt
8. Payment from National Pension IndivNiual

System Trust
Parttat withdeawat from Nntlenat IndivIdual
Penion System Trust
10. Xnterest income u/s 10(15). should be for
An individual.
11. EducationalScholarships.
12. Alowances to M.Ps., M.L.As.:
(a) Daily Allowances
Members ofParllament
Gcholarsscational
meeting expenses.

(b) Other Allewances or Legislature.

Members of Parliament
(c) Constituency Allowance of
Members
Legislature.
Government All assesses
13. Awards made by the
in public interest. Individual
awardee member of armed forces died in
14. Pension of gallantry Widow or helrs of a
duties.
15. Family pension Member of armed the course of operational
forces
An individual
the paláce islet out,
If any part of value will not be
16. Annual Value of one palace of its annual
Rulers of Indian States. exempt.

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 12
Exemptions FromTAX
Income of Schaduted Tas Aninaviua
Tibalarea ar Haaatand, aneHE

area e placas ated akeve Rr By

L8, Income of
19, Xncome bfsikimese An individual
Market Comjittee Agrieuitral Pracduce
20. Subsidy from The
Board for The campanv vwill have le aubnit
replantation
bushes br fqror replacement atof tea
All aeeeaaee
and manu
erawing
cturlng
rejuvenation area
under tea cultivation. Tea Tea Baard reoarding ihe anRHAE
ef subaldy alenowith ie Return ef
21, Subsidy Ineame,
replantation received by planter, for All 2assesses who are
replacemerE
rubber, coffee cardamom, Orowing and
etC, or for manufacturlng rubber
rejuvenation of area
of such commodities, under cuttivation corfee, cardamam In
India.
22. Income of his
minor child inciudad
in the income of the assesse. Individlual assesse, Exempt upto he actual ameunt
S0 Included ar RaLR0,00 in
respect of each mteor child
c14 23. Income from units of Unit
1964, Scheme,
24.Dividend from domestlc company.
25. Income of a
account of buy back ofshareholder
shares
26. Income from units.
27. Income from transfer of
equity shares. eligible
28. Income from transfer of Individual or HUF, Conslderatlen recelved after
agricultural land.
29. Tax incentive for development of 31,3,2004.
capital of Andhra Pardes Individual or HUF,
30. LTCG from transfer of shares or All assesses,
units of equity oriented fund or unit of Securitles transactiorn tax pald on
a business trust. Such transactiens.
31. Incomne from international
sporting event.
Event held in india.
32. Income of subsidiary company
Grant etc, received from Indan
33. Specified income of a Body or
holdin company
Authority
34. Loan received under reverse Individual
mortgage
35. Allowance or perquisite received
by the Chairman or Member of the
UPSC
36. Income from newly established Unit
unit in Special Economic Zone Exempt for irteen consecutive
years,

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