Deductions

80C Lip,Uti,99f,saf,nsc-8,ulip,mf,loan house,tution fees, 100000

80CCC Pension Fund DO
80CCD Notified Pension Scheme DO Taxable if Recd.
80D Mediclaim 15000+15000+5000(senior)
80DD Exp of Medical Treatment of dependent relative 50000 for 40% & 100000 for 80% flat
Grand pa and ma are not relatives
80DDB Medical treatment for specified disease of relatives 40000 & 60000(Seniors) Limit
80E Interest on Edu. Loan upto seven years limit for relatives AFTER HSC ANY COURSE
80G Sookhe Bachhe aur minister 50% No Limit Baki 100 %No Limit
Family Plan,olympics,Guj Earthquake,disease 100% With Limit
Approved Institutes,religion.smc etc 50% With Limit
10% of Adjusted income as limit
less: Exempt income
LTCG
STCG 111A
80C to 80U
Income in 115
First take out the maximum limit and then after inclusion of all donations apply the % allowed
from actually taken within the limit
Refer 147-92 Pg.605
80GG Rent Paid
Less of
Excess of rent over 10 % of Total Income after all deductions
25% of Total Income
2000 per month
Should not own other hp at same place and not receive any HRA
80GGA Donation to Scientific Research or rural development Full
Not to be given if already provided with 1.25 in PGBP Sec.35 (only Scientific Research)
80GGB Donation to Political Party
80GGC Not to be funded by Local authority or government funded body
80JJA Profit & gains from Collecting & Processing Bio-degradable waste
Deduction upto 5 consecutive Asst. year beginning with commencement
Production of every bio things
80JJAA Employment of new workmen
30% of the additional wages paid to new workmen
New industry should have 100 workmen
Exsisting industry should have atleast 110% workmen of preceeding year
80LA Deduction in Income from Offshore Banking units or in SEZ or International financial service centre.
100% for first 5 consecutive years and 50 % for next 5 Consecutive Years
80P Deduction to Cooperative Society
All fishing ,agricultural,milk,cottage industries Full Deduction
Others First 50000 Exempt
100000 Consumer Society
80QQB Income from Royalty from library or artistic book
Limit Rs.300000
Royalty should not exceed 15% of book value
80RRB Royalty from Patent
Limit Rs.300000
80U Deduction Person with disability
Rs.50000 to 40% and 100000 to 80% disability
 not allowed if claimed by other person in 80 DD or DDB

House Property

All properties including residential properties,factoriesand fardens

Rent from vacant land will be from other sources
Where composite rent is inseperable then is to be charged under other sources or business
Rent from property outside India is taxable to a Resident and taxable to non resident only when received in India
India
Higher of Fair Value and Municipal Value within the limit of Standard Value
Now the higher of the standard value and the actual rent received is charged
Less Municipal taxes if paid by Owner
Then Less 30% (Standard Deduction)

Let out Part of the Year

Whole Gav or Rent (Higher of) will be taken into consideration
and Whole Municipal Taxes will be taken for whole year if paid by owner

More than one Property Occupied

Other than one all other shall be deemed tp be let out and gav will be charged irrespective of rent received.

Portion let out and portion self occupied

All things to be apportioned

Deduction of municipal taxes is avaiable on actual payment basis

Interest on borrowed capital

Interest payable on fresh loan to repay original loan can be claimed for deduction
& Interest paayable on loan for the year whether actually paid or not can be claimed as deduction
nterest on Loan taken before acquiring Property or completion of construction Deduction can be claimed
in equal installments for 5 years after completion of construction
Ie. Intt. On Loan before taking property cannot be claimed in the same year
Deduction Rs.30000 if acquired befor 1.04.99 and 150000 after that for aquiring property
If only repaired or reconstructed after 1.04.99 then Rs.30000
(Including Interest on Pre aquired property) Only for self occupied

Interest on Unpaid Interest Cannot be claimed

Sec 25 Interest Paid outside India Without TDS Cannot be claimed

Unrealized rent is not valid for deduction
Arrears and UR are taxed in the year of Recd.
Arrears are valid to 30% deduction

Capital Gain
When asset is transffered from person to firm then book value is taken as consideration
When asset is transffered from firm to its parners then FMV is taken as consideration

When transffered to CG then it would be chargable in the year of receipt of compensation

Enhanced Compensation Will also be chargable on the year of receipt
Reduction of enhanced Compensation will be rectified in the year of its chargability by SEC 155
In case of death of transferor the person receiving compensation will be liable to pay tax on it
Transfer of asset form company onliquidation is not a transfer thus only chargable to shareholder

Transfer from HUF Not chargable on Partition

Transfer of Gift other than Shares Debantures, warrants are not chargable

Exemption is withdrawn if transferee company within 8 years treats it as stock or transferor ceases to hold share in subsidiary
Will be chargable in the year when it does it

Indextion can only be done in case of LTCG Other than bond or debantures & other GDR purchased from foreign currency
 Reference for final
mafa a.n.sridhar
finance report
audit paduka urvi shah
c.law m.bhandari
costing paduka
i.tax bangar
mics dinesh madan

service centre.
received in India
es to hold share in subsidiary transferee Co.

ased from foreign currency

Strategic Management

Implement BPR

Determinig Objectives & Framework

Identifying customer needs
Study the exsisiting proces
Redisign Process
Implement it

Benchmarking process

Identifying needs
Understanding esisting Business process
Identify best process
Compare perfomance with others
Prepare and Implement
Evaluate

TQM

Principals of TQM

Maintain Quality
Focus on Customers
Prevention rather than detection
Quality responsibility by all
quality measurement
Improvement & Learning
Root cause Correction
Employee involvement & empowerment
Synergy of team
Statistic thinking
Inventory reduction
Relation with supplier
Training

Six Sigma Methodologies

1.DMAIC
2.DMADV

Six Themes of Six Sigma

Focus on Customers
Data & fact driven Management
Mastering in Process
Proactive management - Being active & advance
Boundaryless Collaboration
Drive for perfection