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Income Tax PDF 1

This document defines key terms related to partnerships and companies under Indian income tax law. It discusses the definition of a firm, types of partnerships (limited liability vs unlimited liability), and components of partnership income. It also defines types of companies (domestic, foreign, government-owned), and notes that companies are assessed for income tax separately from individuals.

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Deeksha Kapoor
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0% found this document useful (0 votes)
82 views18 pages

Income Tax PDF 1

This document defines key terms related to partnerships and companies under Indian income tax law. It discusses the definition of a firm, types of partnerships (limited liability vs unlimited liability), and components of partnership income. It also defines types of companies (domestic, foreign, government-owned), and notes that companies are assessed for income tax separately from individuals.

Uploaded by

Deeksha Kapoor
Copyright
© © All Rights Reserved
We take content rights seriously. If you suspect this is your content, claim it here.
Available Formats
Download as PDF, TXT or read online on Scribd
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elASSMAte

Date
Page

ASSESSMENT OF FIRMSAND ASs0CIATION


OF PERSONS

Meanna OF PartneChib,Ficm ans Parnec


Parnexohip Aa"xelcionsne zetoes
PeraonA Laho have aereed to ehare a c
rotA oa buAine caied on becllor
o hem acing lor al These ant
ReCAoDAare
Called Paadnerrs land collecively
e are
celled) Firm In ncome s o Ac,the
Pexmer 'elo includes
A minor admitted o dhe lvenets ol
Petoerahip
un A Parèner a a limited ictlikParmesbip
annerahip Fixma can be diuided in
o ateaoriea

(OLimi ted 2ictlitu arnerah1ps


a auch a c GAe ahe Liebilitual dhe

Contrihrae dhen o dhe Fixm


olimited LidailuPrnerahip.A
m auch c ccse dhe Liab l t ol dhe Ptner
unlimited. meghs dn e cYeditaCA Gn
Moneu lender c sh e m can recoveT
heiy ues om the Sae dA o tha Firma
CA Loell aArom dhe PerAonaL ased.
ohePermeYA

OO
XIAOMI 11iLDANIDEV U
elASSMAte
Date
Page

t a h e Limited iabiitu erneahips and


Unlimided Licblit rnerAhips c an
be divided in tuoo cctecories
OFixm tulliL dhe Condi ton ol Sechor
1Ruo `he mncomeTea Ad
a auch acCAe In compuine
h e icome charaecble CndeY dhe hecd
Prolit and Gain o buunes Or
Proleslon.the interes and Yemuneveto
Qyebla to Qacmars erededuetilule
Sulsiec o the Yroviaions o Sechon uoll
2 Firm does no u Ahe Conditions
Secion \8u o dhe hcome Tas A d
m uch e Cese n Compuna
She ncome chercecble undex me heed
cotA and G-ams o suaineA OY

Proleaion he intexest ond Yemunexenon


not d e d u t u l e -
Peue ble so CPeaoeYA cYe
Sechon
enSuchc ccAe ProVision o
18S cpel
Oho cen b o c Perme
ndiuidual
4 i n d u undiuiOeO Femil
Firm
ompanu

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XIAOMI 11i | PANDEYJI
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Date
Page

Computedian a oo v o
nilecompuine Fres o come rosl
Proi hes o be Sateetnined *o comely
o i t hhe
uPxavision Section uol)
Hence G rolaaa lorthsPurpase
nc Nen belots totaclicee c s o
hos rnale Prolit w be determine

rooxma olcomputakon boolu@veit


D r o l aaper Pl cle.
AdA Duallooedd edpereA
hose eapALbicn ere notre-oitb
b e t ehte.d P sl
Anu Remunerrsion o Parn
Deued to PlL alc
(Selen/bonulComm-o Parmers)
Any eserve rovision,unda )
e resenue (Provision
oserest on capidal m eaceAs

e mAurance r e mium
C h a r èr and D o n a n o n
underValuchonol closina soc.l
Arelimincr eapenaes
4 A dhoallooed)
h o emcorme hich c.re ye=oih
ainemut no credited m plh ele

ss Dballowe) mcame
e-to
hose mcome ohich are no
uainesa tutcvredited L al-
XIAOM 11i | PANDEYJI
elAsSMAte
Date
Page

Those eapasnachcNa Ye-


Sanessbu note
brde S P ele

Oboo Rroli
e bvtma oComputeio olTotelmcome
h e Fira

boo roid olheirm


ess ecsO theellotaiDS Soo
Actua PemunerSnOn
elsi do Locrdine Permerrs)

Satuou Limi uls uO[

Gueimea mcome
NOO osthex mcooeA
acome ron èouse roperty
Capit Gaina
mcome rom oher SouxCCs

GT
ess
educhons uls
oc o Sou

Totlacome.

XIAOMI1i|PANDEYJI
alAsSMAte
Date
Page

Allocahan ol mcome (Parmer


A
eveton
cepitala 12.

Acuel Pemunerahen
s l p c o uocing
ParhDeYA

utorlimt
us u o )

Compudedon oTaa
AgeAmen Yaac 2020-2021

n derm.capidal Gain 1SZ(uls1LA)


Loneterm.cepikal Gain laZ2o7.(ols u2) MY
n e e m cepital Gsin loz ols u2 A
U inninaarom losteriescardGameA
cYOSSLoor uzzles noAe Yaceete o /
V oer income2

Brdia : Surchavae Q127,t To al


ncome edCeed E Oe cyore

ess MexainalRelie *

AD Healdh endeducahon Cess


Z , ol he Amound ol_
mcomc eoand Sureharae

Roun ded oll).


YIAONMI 11i
alAsSMAte

Date
Page

Asemment ol ormpanics
Combany io aseparate leaal e n t
o
under dhe Coropaniea Ac201
Gnesable in ddependentlu as ePersono
ndder She mcovme-aoAcd aGI Companty
i s endled do a y mcome- ta onits
o mcome a
e p a r a t e raes: A esment
olCombanymeano and rnclude h e
Coroptta i o n s o i total mcomes a n d
caculabon o i teo iaKLi

ompany
Comanu mean A
An ndien Companuy
ii Any bode Corpoxate Incorpoxated s oc

undex dhe laws c a coun treSad aide


ndia
1 ) n oAduionSAAesmend or bod
omch ia o r oaA GASessclle or s a s
CAsesed.aA a Compan.t any assesdment
e a u n d e c he Indlan m c o m e Bs Nctev
Conaen.cina on
Anu asse meni e c

nu ms duhonGAsocia h'on ox To d
e h e r . c o p e a t e d o r notandd
shether MdianON non-md ten hich
e c a r e du Greneral ox special
rev o he board o be e Companu
Date
eSSMAte
Page-

ndiar Companty us 226)


nddiam Companu mecns Compan
Foxmed aad vrecisteced undav
ku The ndien Companies Ae
u Any l a s relaine o companies Lohich
oGs.or La n torce enuYav o (L

mddia
dyAcoxovehon establshed b
a

undere central Atete ox rovincis

n msnaudon ox csocicbon o bod


whichi declared by tme h o a o u
be a compeny
m a\ CEAes AneceAsavu net
heir reastered oice musd be
idueteo bacola

onesie Cormbanu See 222 A


Domeadic com pany meanAaa ncdien
Combany or Gnu oher.Company ohichhea
mede Prescribed cmsasemend-a Jor he
declaration and emend a diuidends
ihin mie e a i l s mcome tzacble undeec
he Ac.PreAcribeedesorangementa Jac dhe
dedarehon an Peymend o diuidends
Loihin bma eve mcde aee ordence tai
Sechon AGyo the Acd
Proscxibe
bederangemenda lov he Dedevehon
Smd Qaumend o diuidends aithin ncdta
Mean dhe ellocoina
elasSMAte
Date
Page

h e Company n a n d a i n s c a L u l e d y h e e b c r e

nrecuateraelAhaeehald.ecaetaA
Rncipal Place elusiness o hac
(mhe_GanualGeneral mecina ol the Compagiy
hel onlu eta plece taithio mdia
A he diuidendda decared evce eable anly
ahin mcda to _ell shevehoideva
Foreicn ac non -dlomeAtic Compan
per Secion 28A)Foreisn Compan
m e c naCompan
si Lomch o not a ddomes tie
Combany u s a companu
Ce shich ieao an modian Company
d ohidn hcsns mede reserbed
ranaementoor h e declarabonandd

P ment o duidenda ta thin h e .


a a Fore ienCompan

Lompanu inshich she L l i e


ev
Subastania l u m t e r e s t e d
Aecnon 2 1 8 o dhe mcome t c a Act
Cndder
acompants
S "G Compan asaid o be
Aubadentellua-
o Lohich the Publie
cxe

ateres
m h e o lloaing
it a CompanLg otsnedd e he
hen
e| mduG
Govevnmen or dhe Neseue anld
oZ o h e sharea
in shich o o \esS han
o
h e GGouernmend or dhe.
ve held l a
Resewe an a mdacns
O
(uLhen i aCompanu ohich A meste
undderaechon Te the- Companies Ac
\ass o under Sec hon B othe
Compenies c AolD
dhen A aCoopanubaunc MO Sháre
re
Capita andid declered l ne
Cendral board o Diveed Tzacs o be
Comban
when a mudael lbenei inence
Coapanu shich e decleveO la e
Cental Gouernmead undex Sechon ho6
othe Companica Bea Qo1D,
onen N Ae Companieo shere in sheres
Cauneno\e hen SDY o he Jo ine
Raser
Feceaa eeAe
AeP=deaesteCempane
per Sectier 2 A Fereiaa.
apamg eans-eCorerpanashieb a
e a eraerhe eemp

etiei

Induatrial Cormpanus
mdusdrial Compenu
ACompan ohich e meana \
m he buusinem malyenasaee
o l Genevahon
emd Arinadon or Gsnerahen
One orm c oelecdricide
ouoer or in dhe
ar any
3hipa in the
or coAmucnon
O Codds or
menuac Bure or Hrocessing
in mininGeven
Income
elassMAte
Date

O Page

romauch Ge dioties l e s s then S /


o utel ac ome
a A Company ohich, clthouah not main\
enaaaed mach actioihias darives n
mcome om Such getiuihcs

Inveadment Coopany
mveadmenà Compan Meana a Comany
Lshose Gros.sotalmcome incudes maindy
theinceme shich ia charaedle unde
the hecda mcome n oue per
Capital Gains mcomerorm oher o u x c e
3

AL

Tredine Compan
rcdna Compan meens a Compen o h o o e
Gmda o E
Maia b u i n e s \A Ol dealina
m
Merchandioe manuacured , oduced or
ocesea) e a CHerson o h e r then she
Gross
Company and cB \ecat SlT olohose
otal ocome a t i butalble o Such
bulneS.

Conaultanc Seuice Company


meana
Conaultenc eYuice Compsnu
an Indian compan ohDSe onl usiness
melde rovision o echnicalNnocs-hc
o
Oy xender Aericcs m Coanecbon OL`h
hous o
h e Provisicn o bechnical Rnoo -
o hec PexDons-
elassMat
Date
Page

Computad on o Toe acome o


c Company
The totel ocome o a Company
Combuded o he Sememenn.e `het
cs

o anyome asemee A G A under


undder
AcexBaiD h e sveble acome
ddeducbnhe
cachhead o mcome aler
orcaG
h e loSses andd aleuoaaces lNouen
aecrlie ueavs
mecch hecd u
h e t o a l o dne- bEences

NnoLOn sA Gosa T e mcome


Deduc \ m h e Goss Tia he
mcome
deduchonaunder he olleaina Sechona
So6, Ro GGA, RoGGD, RolA, 3o I Ab Rol
So1A Bolc 80IE, 803SA,80NSAA,
SolA, Omd 8o PA
the sota ocome
Theience \e

O
O
3

XIAOMI 11i PANDEYJI


3

9 D

XIAOMI11iPANDEYJI
SMAte
elASSMAte
Date
Page

O eemeO mcom e
mcome teox
Surchaxe
eel h de0ucebon cess S..
en
MINIMLM ALTE RNATETAX (MAT)

Secthon \5-JD bas been iDsexdedoe.*.


dhe GAess ment Yecx &oo-02, Accordina to
i s Sec.bon, dne income-tso Reuable b
a Compan e ds otal rmconme compuded as
per nomaal Grocedure under dhs Ac v less
han ISZ o i bool ?roji e, dhen, Such
o roida hall be Seemed o be dhe totsl
acome o dne CADesAee anddhe tes Rausule
t h eGAseAee en Sucn otal mcone shall
lbe h e ameouni o mco me-sad \sZ, QluA
e Surcharaea ades aplicable)ohen
GPoable @ 1ZC\2 or 2 S 7 ) , as hee
Cose may he o uch mcome-de end.
uA Health anc educahen cess e uZ o
hacome sed enmdAurch erae o the case
o Aomestic end non-ddomesnic Combans
oill be coalled mniManmaltemate
taa mAT)
ooN Proli oo RolidMeena a
he mo]id as shocon in hestaie ment
da am loss jox the elevan reviei
O
O
EE
9 PEE

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XIAOMI 11i PANDEYJI


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XIAOMI 11i PÅNDEYJI


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XIAOMI 11i |
PANDEYJ

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