Documente Academic
Documente Profesional
Documente Cultură
PARTICIPANTS
by :
DR. T.K. JAIN
AFTERSCHO☺OL
centre for social entrepreneurship
sivakamu veterinary hospital road
bikaner 334001 rajasthan, india
www.afterschoool.tk
mobile : 91+9414430763
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WHAT IS CAPITAL RECEIPT?
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Making coffee
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WHAT IS AOP AS PER
INCOME TAX???
Association of persons’ has not been defined in
the Income-tax Act. However in the case of
CIT v. Indira Balkrishna [(1960) 39 ITR 546]
the Supreme Court has defined it as:
“Association of persons” means an association
in which two or more persons join in a
common purpose or common action to produce
income, profits or gains.
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BCTT?
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What is revocable transfer?
1. it contains any provision for the re-
transfer directly or indirectly of the whole or
any part of the income or assets to the
transferor; or
2. it, in any way, gives the transferor a right
to reassume power directly, or indirectly over
the whole or any part of the income or assets.
(sec.63)
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FBT
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WHAT IS REVENUE RECEIPT?
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Machinery in the hands of a
manufacturer is ....
Fixed capital
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WHAT IS VRS PAYMENT –
CAPITAL OR REVENUE?
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profits and gains arising from the
sale or other transfer of a capital
asset are taxable as
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Subsidies and grants received
from the government would be
Revenue receipt
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Compensation for termination of a
sole selling agency is a
Capital receipt
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For debenture holder the premium
on redemption or the discount on
issue of the debentures by the
company would be a
Capital receipt
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Royalties are taxable as
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Any compensation received for termination of managing agency or
other contractual relationship in relation to the management of whole
or substantially the whole of the affairs of a company or the
modification of the terms and conditions relating thereto would be
taxable as
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Section 28 (ii)(c) is about
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An employee director of a company was paid
Rs. 1,75,000 as a lump sum consideration for
not resigning from the directorship.
Revenue receipt
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What is sec. 2(9)
Assessment year
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What is 2(24)?
Definition of income
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instead of receiving royalty year
by year, we received it in advance
in lump sum ..
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What is section 294?
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Sales-tax collected from the buyer
of goods.
Revenue receipt
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We received Rs. 2,00,000 as compensation
from CD & Co. for premature termination of
contract of agency.
Capital receipt
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Value of perqs or profit in lieu of
salary is taxable under which
section?
Section 17 (3)
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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 receipt
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What was law before income tax
act 1962
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Income from trade business is as
per section no...
28
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DEEMED PROFIT IS AS PER
SECTION...
41 & 59
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THANKS....