CA IPCC Tax Imp Topics Preparation Tips Nov 2016

CA IPCC Taxation paper Tips, Important Topics:

Important Topics in Chapter 3: Income which do not form part of Total Incomes:

• Section 10(1): Agricultural Income
• Section 10AA: Tax Holiday for SEZs
• Section 10(10BC): Compensation received by an Individual or his legal heir on account of any disaster.
• Section 10(2A): The Partner's share in total income of the LLP.

Important Topics in Clubbing of Income:

• Section 64(1)(iv): Income arising to spouse from assets transferred without adequate consideration.
• Section 64(1)(ii): Income arising to spouse by way of remuneration from a concern in which the individual has substantial interest.
• Section 64(1A): Income of Minor child.

Important Topics in Income from Salaries:

• Section 10(13A): House Rent Allowance
• Section 10(14)(ii): Children Education allowance
• Section 10(10): Gratuity
• Section 10(5) : Leave Travel Concession.
• Section 16(iii) - Professional Tax

Important Topics in Income from Business or Profession chapter:

• Section 32: Depreciation
• Section 35: Expenditure on Scientific Research
• Section 37(1) : General Deductions