Deductions-under-Chapter-VIA-Comptroller-and-Auditor-…扣除在章通過主計審計…教學(xué)課件

DeductionsunderChapterVIA

DAY4

SessionI–IV

Slide4.11AnOverview1]Generalprovisions2]Deductioninrespectofcertainpayments3]Deductioninrespectofcertainincomes4]Otherdeductions.Slide4.12GrossTotalIncomeTotalincomecomputedaspertheprovisionsoftheActbeforedeductionsunderChapterVIA&afterreducingLTCG[S80B(5)&112(2)].UnabsorbedlossordepreciationcarriedforwardfromearlieryearsshouldbeadjustedfordeterminingGTI.Slide4.13LimitationondeductionDeductionsunderthischapterareavailablefromGTI.TotaldeductionscannotexceedtheGTI.IfAOPorBOIisallowedcertaindeductions,suchdeductionscannotbeallowedtothemembersoutoftheshareincome.Slide4.14LimitationondeductionSection80ABprovidesthatforthepurposeofcalculatingthedeductionsspecifiedinsections80HHto80TT,thenetincomeascomputedinaccordancewiththeprovisionsoftheAct(beforemakinganydeductionunderChapterVIA,i.e.,sections80CCCto80U)shallaloneberegardedastheincomewhichisreceivedbytheassesseeandwhichisincludedinhisgrosstotalincome.Accordingly,thedeductionsspecifiedintheaforesaidsectionswillbecalculatedwithreferencetothenetincomeascomputedinaccordancewiththeprovisionsoftheAct(viz.,afterdeductingexpensesundersections30to43Band57andafteradjustinglossesbutbeforemakinganydeductionundersections80CCCto80U)andnotwithreferencetothegrossamountofsuchincome,subject,however,totheotherrequirementsoftherespectivesections

Slide4.15ContributionunderannuityplanofLICforPension[Sec.80CCC]IndividualassesseeonlyDeductionallowableuptoRs.10,000/-.Contributionoutofassessee’sincomechargeabletotax.Pensionoramountreceivedonsurrenderoftheplanalongwithinterest&bonustaxableintheyearofreceipt.Nodeductionu/s88..Slide4.16Medicalinsurancepremium

[Sec80D]Individual:-Self,wife,dependentparents&dependentchildren.HUF:-AnymemberLimit:-Rs.10,000/-Seniorcitizens:-Rs.15,000/-[FromAY2000-2019]Paymentbychequeoutofincomechargeabletotax.Slide4.17Handicappeddependent

Medicaltreatment[Sec.80DD]Individual&HUFPermanentphysicaldisability,blindnessormentalretardation.Limit:-Rs.40,000/-fromAY2019-2000toAY2019-2019Rs.50000/-fromAY2019-2019HigherdeductionofRs.75000/-forseveredisabilities(i.e.disabilityover80percent)Exp.onmedicaltreatment[includingnursing],training&rehabilitationofhandicappeddependent.Slide4.18Handicappeddependent

Medicaltreatment[Sec.80DD]DepositunderapprovedschemeofLICorUTIforthepurpose.AnnuityorlumpsumamountshouldgotothebenefitofsuchdependentonthedeathoftheInd.orconcernedmemberofHUF.Sumdepositedwillbetaxedinassessee’shandsifsuchdependentpredeceasestheInd.ormemberofHUFintheyearofreceipt.Slide4.19Handicappedassessee[Sec.80U]Individualonly.Permanentphysicaldisability,blindnessormentalretardationattheendofthepreviousyear.Limit:-Rs.40,000/-fromAY2019-2000toAY2019-2019Rs.50000/-fromAY2019-2019HigherdeductionofRs.75000/-forseveredisabilities(i.e.disabilityover80percent)MedicalcertificateshouldbefiledintheIyear.Deductionnotsubjecttoexpenditure.Slide4.110CertaindiseaseorailmentMedicaltreatment[Sec.80DDB]Individual-SelfordependentrelativeHUF-Anymember.Expenditureactuallyincurredonthetreatmentofspecifieddiseaseorailmentasreducedbysumreceivedundermedicalinsurance.Slide4.111CertaindiseaseorailmentMedicaltreatment[Sec.80DDB]Limit -Rs.40,000/-uptoAY2019-04Seniorcitizens -Rs.60,000/-uptoAY2019-04FromAY2019-05theallowancewouldbealsobelimitedtotheamountactuallyincurredbytheassesseeonthetreatment.Thatistosayiftheamountincurredislessthantheaforesaidlimitstheallowancewouldberestrictedtotheexpenditureincurred.

Specifieddiseaseorailment-Rule11DDSlide4.112Highereducation

Repaymentofloan[Sec.80E]IndividualRepaymentofloan(withinterest)takenforpursuingownhighereducation[engg,med,managementetc]fromfinancialinstitutionorapprovedcharitableinstitution.RepaymentoutofincomechargeabletotaxLimit:-Rs.25,000/-peryear.[Rs.40,000/-w.e.f.AY2019-02]Maximumfor8consecutiveyears.Slide4.113Donations[Sec.80G]Certaindonations-100%deduction.Someotherdonations-50%deduction.Limitoncertaindonations-10%ofGrossTotalIncome.Onlymonetarydonationiseligiblefordeduction.Slide4.114Rent[Sec.80GG]Non-salariedIndividual.Rentforownresidencepaidinexcessof10%ofTotalIncome.Limitofdeduction:-Rs.2,000/-permonthor25%ofTotalIncomewhicheverislower.FromAY2019-99.Slide4.115Donationforscientificresearchetc.[Sec.80GGA]Personhavingnoincomefrombusinessorprofession.Deduction:Anyamountpaidtoapprovedassociation,institution,universityorcollege.Purpose:Scientificresearch,socialscience,statisticalresearch,ruraldevelopment,conservationofnaturalresources,afforestationetc.Slide4.116Profitsofforeignprojects

[Sec.80HHB]50%oftheprofits&gainsoftheIndiancompanyorresidentIndianona/cofforeignprojecttakenoncontract.Conditions

Maintenanceofseparatea/c&submissionofcertificateofaccountantwithreturnofincome.50%ofprofittobedebitedtoP/La/c&creditedtoF.P.Ra/cforutilisationinassessee’sbusinessinnext5years,Slide4.117Profitsofforeignprojects

[Sec.80HHB]50%ofprofittobebroughtinC.F.E.within6monthsfromtheendofthePreviousYearorextendedtimeallowedbyRBIorothercompetentauthorityregulatingFE.IftheamountdepositedinF.P.R.a/corbroughtinC.F.E.fallsshortof50%,thedeductionwillberestrictedtothatamount.IncaseofdefaultinutilisationofsumdepositedinF.P.R.a/c,actionu/s154.Slide4.118Profitsofhousingprojects

[Sec.80HHBA]ExecutionofhousingprojectsaidedbyWorldBankawardedonthebasisofGlobalTenderbyIndiancompanyorresidentIndian.Deduction:-50%ofprofits.Conditions

50%ofprofittobedebitedtoP/La/c&creditedtoH.P.R.A/c.forutilisationinassessee’sbusinessinnext5years, Slide4.1

19Profitsofhousingprojects

[Sec.80HHBA]Maintenanceofseparatea/c&submissionofauditreport.IftheamountdepositedinH.P.R.a/cfallsshortof50%,thedeductionwillberestrictedtothatamountonly.IncaseofdefaultinutilisationofsumdepositedinH.P.R.a/c,actionu/s154.Slide4.120Profitsonexports

[Sec.80HHC]Deduction:100%profitofthebusinessofexportofanyitemexceptingmineraloil&somemineralsandoresbyIndiancompanyorresidentIndian.Conditions:SaleproceedstobebroughtinC.F.E.within6monthsfromtheendofthePreviousYearorextendedtimeallowedbyRBIorothercompetentauthorityregulatingFE.[ExceptforSupportingManufacturer]eportofaccountantwithreturn.Slide4.121Profitsonexports

[Sec.80HHC]Reportofaccountantwithreturn.SupportingManufacturer:Deduction:ProfitonsaleofgoodstoExportHouseorTradeHouseConditions:Reportofaccountantwithreturn.CertificateofHousethatithasnotclaimeddeductiononthatT.O.u/s80HHC.

Slide4.122ExportHouse

orTradingHouse

IfthesupportingmanufacturergetsdeductiononcertainT.O.onthebasisofthecertificateissuedbytheHouse,ThenprofitnotentitledtodeductioninthecaseoftheHouseSaidT.O.=TotalprofitX--------------------TotalExportT.O.Slide4.123PartExportExportoftradinggoods:Eligibleprofit=Exportturnover-Direct&indirectcostsofsuchexport.Exportofmanufacturinggoods:ExportT.O.Eligibleprofit=--------------XTotalprofitTotalT.O.Slide4.124PartExportBothtrading&manufacturinggoods:Profitontradinggoods:Exportturnover-Direct&indirectcostsofsuchexport.Profitonmfg.goods:Adj.ExportT.O.=AdjustedprofitX------------------Adj.TotalT.O.BothSlide4.125EarningsinC.F.E.byhotelsetc

[Sec.80HHD]Businessofapprovedhotel,touroperator&travelagent.Deduction:50%ofprofitfromtheserviceofforeigntourists+AmountcreditedtoReserveA/coutofremainingprofitforspecifiedbusinesspurposein5years.ReceiptsinCFEin6monthsorextendedtimeasin80HHC.Slide4.126Exportofcomputersoftwareetc

[Sec.80HHE]Businessofexportofcomputersoftware.TechnicalservicerenderedoutsideIndiafordevelopment&productionofcomputersoftware.Deduction:-100%ofprofit.ConsiderationinCFEin6monthsorextendedtimeasin80HHC.Slide4.127Exportoffilmsoftwareetc

[Sec.80HHF]Businessofexportoffilmsoftware,televisionsoftware,musicsoftware,televisionnewssoftwareincludingtelecastrights.Deduction:-100%ofprofit.ReceiptsinCFEin6monthsorextendedtimeasin80HHC.Slide4.128PhasingoutthedeductiononforeignexchangeearningsDeductionu/s80HHB,80HHBA,80HHC,80HHD,80HHE&80HHFwillbephasedoutin5years.AsstYear Reductionby2019-02 20%2019-03 40%2019-04 60%2019-05 80%2019-06 100%Slide4.129Industrialundertakingsetc

[Sec.80-IA]Businessofindustrialundertaking,hotel,infrastructuralfacility,telecommunicationservice,scientific&industrialresearch,housingprojects,industrialpark,production&refiningofmineraloilinNERSlide4.130[Sec.80-IA]Deduction:-25%to100%ofprofit.Period:-5to12A.Ys.Conditions:-Notformedbysplittingorreconstructionofexistingbusiness,Notformedbytransferringofoldplants&machiner