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Taxation Managment

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Taxation Management ­ FIN 623
VU
MODULE 4
LESSON 4.11
HEADS OF INCOME (SECTION 11)
Computation of Income which is partly Agricultural and Partly from Business OR where
Agricultural Produce is used as raw material [rule 11]
Where a person who is a cultivator or receiver of agricultural produce as rent-in-kind and who uses
agricultural produce raised or received as raw material in a business the market value of the said
produce shall be deducted as business expenditure. No further deduction is allowed in respect of any
expenditure incurred by the Tax Payer as a cultivator or receiver of rent-in-kind. The word "Market
Value" [sub-rule (3) of Rule 11] shall be:
a) Where agricultural produce is ordinarily sold in the market in its raw state or after application
of any process ordinarily employed by a cultivator or receiver of agricultural income as rent-in-
kind to render it fit to be taken to market, the market price for the produce at the time it is
used as raw material in the person's business;
OR
b) In any other case, the sum of the following amounts, namely:
o  the expenses of cultivation; and
o  The land revenue rent paid for the area in which the produce is grown.
17
Table of Contents:
  1. AN OVERVIEW OF TAXATION
  2. What is Fiscal Policy, Canons of Taxation
  3. Type of Taxes, Taxation Management
  4. BASIC FEATURES OF INCOME TAX
  5. STATUTORY DEFINITIONS
  6. IMPORTANT DEFINITIONS
  7. DETERMINATION OF LEGAL STATUS OF A PERSON
  8. HEADS OF INCOME
  9. Rules to Prevent Double Derivation of Income and Double Deductions
  10. Agricultural Income
  11. Computation of Income, partly Agricultural,
  12. Foreign Government Officials
  13. Exemptions and Tax Concessions
  14. RESIDENTIAL STATUS & TAXATION 1
  15. RESIDENTIAL STATUS & TAXATION 2
  16. Important Points Regarding Income
  17. Geographical Source of Income
  18. Taxation of Foreign-Source Income of Residents
  19. Exercises on Determination of Income 1
  20. Exercises on Determination of Income 2
  21. SALARY AND ITS COMPUTATION
  22. Definition of Salary
  23. Significant points regarding Salary
  24. Tax credits on Charitable Donations
  25. Investment in Shares
  26. SALARY AND ITS COMPUTATION EXERCISES 1
  27. SALARY AND ITS COMPUTATION EXERCISES 2
  28. SALARY AND ITS COMPUTATION EXERCISES 3
  29. Tax treatment of Gratuity
  30. Gratuity Exercise
  31. PROVIDENT FUND
  32. Exemptions on Business income, Treatment of Speculation Business
  33. Deductions Allowed & Not Allowed
  34. Deductions: Special Provisions, Depreciation
  35. Methods of Accounting
  36. Taxation of Resident Company
  37. Taxation of Companies: Exercises
  38. Computation of Capital Gain
  39. Disposals Not Chargeable To Tax
  40. TAX RETURNS & ASSESSMENT OF INCOME UNIVERSAL SELF ASSESSMENT SCHEME
  41. Normal Assessment, USAS, Provisional Assessment, Best Judgment Assessment
  42. ADVANCE TAX COLLECTION & RECOVERY OF TAX PENALTIES & PROSECUTION
  43. What is Value Added Tax (VAT)?
  44. SALES TAX
  45. SALES TAX RETURNS