Direct Tax Short-cuts Tybaf Sem Vth.

Firstly, Direct tax should not be taken Lightly, as there will be no question only out of Salary or House Property etc.. Every chapter is linked to Get the GTI. Hence do not leave any chapter in option. (Residential and Scope will be asked separately not Linked with GTI)

*#* Salary

Always take the Gross salary and Not the Net salary( add-back the TDS and others to net salary to get gross salary)

Is writing Down the Section no. compulsory for Exemptions and deduction??

No. In CA exams, Writing down Section No. doesn’t get you a extra mark, and doesn’t reduce any mark if you don’t write it.

BUT , writing the wrong section No. will surely reduce the marks. 

Major importance on Exemptions.

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*#* House property

Remember the difference way to calculate Income form house property in the Case of SOP, LOP, DLOP.

Also treatment of Interest on loan borrowed for Purchase or Constriction (pre construction interest)  Maximum Limits in case of SOP and LOP/DLOP.

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*#*Capital Gain.

Applicable Section :- 45, 48, 49, 50, 54 and 55

In which Section 49 and 54 have high chances for the paper, hence do them well.

Transfer Full Value of Consideration Indexation
Sale Selling Price From the date of acquisition  till the date of sale
Conversion Fair market value on the date of conversion From the date of  acquisition till the date of conversion
Admission of Partners Amount recorded / credited in books of account From the date of acquisition till the date of admission
Dissolution Fair market value on the date of dissolution From the date of acquisition till the date of dissolution
Compulsory acquisition Initial compensation awarded From the date of acquisition till the date of compulsory acquisition
Destroy of capital asset Insurance claims awarded From the date of acquisition till the date of destroy of capital assets
Gift / Will / Inheritance Selling Price From the date of acquisition by the previous owner till the date of sale by the current owner.

*#* Other Sources

Expenses or deductions under section 57,

Exempt incomes(u/s 10).

Salary of MLA comes here not IFS.

*#* Business and Profession.

Go through the Non Business Expenditure/ Expenses not allowed.

Also go through Incomes exempt/ Taxable in other head.

Eg. Dividend from Shares of Indian Co is Exempt u/s 10(34)

But the same cannot be shown exempt in IFB&P

We need to Reduce from the Profits and show that in Income from Other sources and then Exempt the same.

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*#* Deduction U/s 80

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Past year Papers, We thank Krupali (Student from TYBAF) And Sheth Publications.

 

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Finally Also Solve the Direct Tax paper Asked in TYBcom this year. THe same has been provided in earlier post.

 

ALL the best.


Comments

5 responses to “Direct Tax Short-cuts Tybaf Sem Vth.”

  1. Neha Mukaddam Avatar
    Neha Mukaddam

    Thank you so much?

  2. thanks alot BAF Team

  3. Thnx baf team…

  4. Thanks very helpful!

  5. Sir plz can u update importants for tybaf sem 6

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