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00:00In this class, we will be discussing with alternate minimum tax, alternate minimum tax, AMT Insulwangan, in short, 115JC.
00:20This 115JC is applicable other than company part.
00:25Company Erndal, MA18 Insulwangan, MAT, minimum alternative tax in Agnesulwangan, that is exclusive for final students, I will deal it separately for the final students.
00:37After this topic, for final, we may have around four extra sessions to cover the other topics, right?
00:44Like, trust value, and the authorities, intertax authorities, this topic, we will be discussing in the coming classes, right?
00:59So, section 115JC is all about alternate minimum tax, alternate minimum tax here.
01:08That's why government is not paying for the final students.
01:15That's why government is not paying for the final students.
01:19The tax rate is very small.
01:22Okay.
01:23Okay, that is section 35 AD, specified businesses. Specified businesses, you can debit 100 percentage. After 100 percentage, you can debit what is going on? Profit may be very less tax.
01:47So, the section 115 J.C. will be applicable any kind of tax.
01:57So, the section 115 J.C. will be applicable.
02:15Any ASSEE, other than Company. Company Therira, Matta ASSEE, it is applicable. Other than Company.
02:23Who has claimed any direction under section ATH to ATRRB, Special Income, other than section ATP.
02:33Other than section ATP.
02:35So, ATH.
02:37ATRRB.
02:39So, what do you say?
02:41RRB, Royalty and Payton.
02:43RRB, QQB, Royalty and Books.
02:47So, ATH.
02:49IA, IB in one list.
02:51That is not required for inter-level.
02:53J.J.J.
02:55Not only real.
02:57You will see dotуб
03:23basic applicable item and section 10 AA
03:27section 10 AA deductions claim
03:30or section 35 AD deductions claim
03:35automatically company
03:38AMT will be payable
03:4318.5% will be payable
03:46on the adjusted total income
03:4918.5% will be taxed
03:53usually 30% will be taxed
03:56so usually 30% but AMT
04:00AMT will be cut
04:0218.5% will be cut
04:05IFSC
04:08foreign exchange
04:11IFSC
04:14International Financial Service Center
04:1718.5% will be 9% will be applicable
04:20right
04:21so one more example what is AMT
04:23will be cut
04:24that question
04:25that is
04:26where
04:28you are applicable
04:29applicable
04:30okay
04:32okay
04:33applicable
04:34individual
04:35half
04:36AOP
04:37BY
04:38AJP
04:39you
04:40in the category of persons
04:42individual
04:43half
04:44AOP
04:45BY
04:46LLP
04:47provided
04:48adjusted total income
04:49less than or equal to 20 lakhs
04:50applicable
04:51LLP
04:53and firm
04:54and firm
04:55and firm
04:56and firm
04:57and firm
04:58and firm
04:59you are not
05:00you are not
05:01applicable
05:02you are not
05:03applicable
05:04company
05:05we have a separate section for them
05:06that is
05:07115.jc
05:08is not applicable for them
05:09so
05:10LLP
05:11firm
05:12is not applicable for them
05:13that is
05:14individual
05:15half
05:16AOP
05:17BY
05:18AJP
05:19okay
05:20in the category of people
05:21adjusted total income
05:2220 lakhs
05:23key
05:24will come
05:25okay
05:27you are not
05:28AOP
05:29AOP
05:31company
05:32LLP
05:33firm
05:34trust
05:35automatically
05:36AOP
05:37will come
05:38so
05:39AOP
05:40special cases
05:41right
05:42now
05:43any
05:44SSE
05:45having
05:46no income
05:47under section
05:48this
05:49okay
05:50that is
05:5110AA
05:5235
05:53AD
05:54AT
05:55H
05:56AT
05:57RRB
05:58except
05:59ATP
06:00corporate society
06:01there is
06:02claim
06:03deductions
06:04this
06:05all
06:06you
06:07income
06:08is not
06:09applicable
06:10so
06:11AOP
06:12normal
06:13tax
06:14rate
06:15because of
06:16offering you
06:17special
06:18discounts
06:19special
06:20exemptions
06:21like
06:22AT
06:23for
06:24income
06:25deductions
06:26except
06:27ATP
06:28or
06:2910AA
06:30deductions
06:3135 AD
06:32specified
06:33deductions
06:34deductions
06:35deductions
06:36taxable
06:37amount
06:38taxable
06:39amount
06:4018.5%
06:41for
06:42example
06:43your
06:44regular
06:45tax
06:46enjoy
06:47after
06:48applying
06:49all
06:50this
06:51provision
06:52the
06:53tax
06:54payable
06:55amount
06:56is
06:57100
06:59which
07:02is
07:03higher
07:04up
07:05these
07:06two
07:07payable
07:08regular
07:09tax
07:10tax
07:11$100
07:12$100
07:13$100
07:14$100
07:15$100
07:16much
07:17which
07:19apply
07:21if
07:22you
07:24are
07:25paid
07:26$100
07:27to
07:29$100
07:30you know you need to pay $100, which is fine.
07:34So, you can pay $100 to pay for $100.
07:37Because if you pay you $20 you need to pay for $20, enough to pay $100?
07:47You can pay for $100 if you pay for extra or $100.
07:52I can pay for $100 if you pay for extra $100 but that would give you $100.
07:57So, that will get you 25 ADA, VANG VAMILA ARKAS, WHEN YOU ARE PAYING THE CASE
08:05TAHUNDA WHEN YOU ARE PAYING AMT IS MORE THAN REGULAR TAX, REGULAR TAX RECORDING JAASY AMT
08:12YARTHA EXCEAS AMOUNT PAIN PAY PANNEY YARTHI NAH, AND THE EXCEAS AMOUNT RIKKALI YAY,
08:17AND THE AMOUNT SUCH EXCEAS CAN BE CARRIED FORWARD TO BE ADJUSTED IN THE FUTURE YEARS.
08:27so it can be adjustable in the later period
08:34ok
08:37now
08:39next case on the 10th year
08:42this year
08:44this year
08:45this year
08:47regular tax
08:48100
08:50100
08:51100
08:52which ever is higher
08:54150
08:55will be payable
08:57what are you saying sir
08:58if you cut the 80 rupees
09:01you cut the 80 rupees
09:02you cut the 80 rupees
09:04you cut the 100 rupees
09:05you cut the extra
09:06you cut the subsequent period
09:08in the next year
09:09if you pay the excess
09:11the amount of AMT
09:12you can't pay
09:13you can't pay
09:14if you can't pay
09:15you can't pay
09:16you can't pay
09:17you can't pay
09:18how much you pay
09:19130
09:20so whenever you pay the AMT
09:22more than the
09:23what
09:24regular tax
09:25that excess tax
09:26paid over the regular tax
09:27will be
09:28carried forward
09:29to be adjusted
09:30in the
09:31future years
09:32up to 15 years
09:33let's see here
09:36ok
09:37let's see here
09:38now
09:42income tax liability
09:45tax liability
09:46a
09:47regular income tax liability
09:48before session
09:49b
09:50compute AMT
09:51at the rate of 18%
09:52on the adjusted total income
09:54in the rent
09:55whichever is higher
09:56will be payable
09:57so this is the tax liability
10:02tax credit for AMT
10:05tax credit for AMT
10:06that is the tax credit for AMT
10:07that is in the scenario
10:08tax credit for AMT
10:09in the scenario
10:10if the AMT is more than the regular tax
10:13are you are in the
10:14you will get credit
10:15credit
10:16you will get credit
10:17you will get credit
10:18amt tax
10:19minus regular tax
10:20amt tax
10:21payment
10:22you will get credit
10:23you will get credit
10:24tax credit
10:25that tax credit
10:27can be set off
10:28of the AMT tax credit
10:30you will get credit
10:31fifteen succeeding
10:32assessment
10:33year
10:34out of
10:35you will get credit
10:36regular tax
10:37AMT
10:38AMT
10:39AMT
10:40AMT
10:41AMT
10:42AMT
10:43AMT
10:44AMT
10:45AMT
10:46AMT
10:47AMT
10:48AMT
10:50AMT
10:52AMT
10:53AMT
10:54AMT
10:55AMT
10:56AMT
10:57AMT
10:58AMT
10:59AMT
11:00AMT
11:01AMT
11:02AMT
11:03AMT
11:04AMT
11:05AMT
11:06AMT
11:07AMT
11:08AMT
11:09AMT
11:10AMT
11:11AMT
11:12AMT
11:13AMT
11:14AMT
11:15AMT
11:16AMT
11:17AMT
11:18AMT
11:19AMT
11:20is applicable as usual 1. Is that okay? Fill in the blanks marri questions keeklaam,
11:25illa pannama paath marri theory keeklaam, 2 marks keeklaam, 5 marks keeklaam. Okay.
11:31So, just note it down. Alternative minimum tax under section 115 J.C. is applicable for the Assisi other than whom?
11:38who am? yawr kakakayadu? company ia kakakayadu, ades samaidulat, 3580, 10AA okay and ath lander,
11:56ATRRP except ATP in the income illa other you will
12:03you will get it ok point number one point number two
12:08that is individual half AOP
12:12you will get it in the income you will get it
12:16total income adjusted total income is less than or equivalent to 20 lakhs
12:23applicable that is the logic is that ok come on make a note of it one word question
12:29direct and still company is confirmed this 115JC is not applicable for the company
12:36sir for company it is not applicable for the company
12:41special cases
12:44is that clear come on make a note of it
12:48now
13:00we try to apply the AMT in this illustration
13:05complete the tax of the following SSC
13:11W X Mr. Y and A LLP B LLP you have read the last read the period LLP
13:20so gross total income
13:26should be
13:27more than 20 lakhs
13:29ok
13:30less than 20 lakhs are available applicable
13:32applicable applicable
13:33and the condition and the LLP
13:39so gross total income
13:41detection intersection ATC, ATG, ATIE
13:45total income
13:47find out the tax here
13:49come on
13:50regular tax
13:52regular tax
13:54regular tax
13:56Mr. W for the total income
14:00R LLP
14:011 LLP
14:0212,500
14:041 LLP
14:0620%
14:0820
14:09so
14:1012 plus 20
14:1130 to 500
14:12will be the
14:13regular tax for Mr. W
14:14before the SES
14:15SES
14:16SES
14:1730 to 500
14:18Mr. X
14:2223,000 L&¬
14:2423,000 L־
14:3312,500
14:345 LKs
14:3510 LKs
14:3620%
14:371 LL
14:3930%
14:41will be applicable
14:4323,000 L kw
14:44on your taxes
14:4523,000 Lw
14:46we get
14:4714 LKs
14:4830%
14:499 essa
14:51of course, if you add up all the 3, the total value being 5 lakhs 2500. So, 5 lakhs 2500
15:01for the second individual here, Mr. X, 5 lakhs 2500, 5 lakhs 2500.
15:15Now, in the case of Mr. Y, in the case of Mr. Y, 27 lakhs irukkir, ana total income 18 lakhs,
15:2818 lakhs, if you calculate pannikino, 3 lakhs 52500, that is normal, 3 lakhs 52500.
15:35Ye LLP varam poodhu? In the rent by LLP, LLP are in the case of flat rate 30 percentage
15:44will be applicable. So, 31 lakhs irukkir 30 percentage puttikina, 9 lakhs 30,000 rupees,
15:49individual it is the rate slabs over on, ye varadhu. 5 lakhs irukkir 30 percentage puttikina,
15:541 and a flat. 1 and a flat. This is the regular tax. This is the regular tax. Let us go for
16:04calculating adjusted total income. Adjusted total income, that is the total income plus 1 and the special
16:18income. Special income, this is the 10 AA income or 35 AD income or 80 HL and the ATRRB varakkim irukkir
16:31dedections, except ATP. H is where you can say alphabet orderly, H is where I, J illa,
16:38אור menu is where i related, I, A I, B, I, C in other languages. And if you look at the detail,
16:44I in the middle as I will remind us of the 1st. TOW to the depth of the range.
16:45If you look at JJA and JJB, JJAA is a biodecar, waste process. So the minute section is, what the
16:56So, this is the touch of cash deductible in last year's goes the $5.66 and $5.00 will be the $50.00 on the scale.
17:05Then the first thing will say, C is given to G is given to the $10,000 and is given to the $100,000.
17:12So, the same thing will be the $10,000 and $0.Epad.
17:16come on, 6 lakhs plus 7 lakhs, 75,000 putting it over, 13 lakhs, 75,000, here it is 23 lakhs
17:28plus, so 23 lakhs now, 18 lakhs plus 8 lakhs, 26 lakhs, in the case, 31 lakhs appear
17:45now, last case, 5 lakhs plus 2 lakhs, 7 lakhs, is that okay, clear, now, if n is 115jc applicable
18:12applicable, first scenario, in the 3 case, in the case, in the case, we need to keep
18:21you, adjusted total income should be, more than 20 lakhs, applicable, in the case, less
18:28than 20 lakhs, applicable, applicable, more than 20 lakhs, more than 20 lakhs, applicable,
18:35in your condition, in the rent case applicable, in your condition, on the special deductions,
18:41on the special deductions income in the last year, we have to get into the special deductions income, IE income, 10AA income, section 34AD income, that is not the case, Mr. X is not the case, as there is no deduction enjoyed under section 80 series, 80H and 80RRB income, there are no deductions,
19:0510AA deductions enjoy it, 35AD deductions enjoy it, that is not the case, and LLP, ALP is not the case, NIL, 80IE is not the case, IE is not applicable,
19:33applicable, not the case, LLP B were both 2 lakhs are applicable, that is not applicable,
19:39Sir, in the 20 lakhs are, in the 20 lakhs are, in the 20 lakhs are, in the 20 lakhs are, in the 20 lakhs are applicable,
19:4620 lakhs are, in the 20 lakhs are, that is not applicable, that is not applicable, in the, Mr.
19:52Wai occur, BLLP in the AMT, JC is not applicable, is that clear, keeping these points, we can now solve this illustration,
20:04now solve this illustration, I am going to calculate AMT here, AMT, at the rate of
20:16the rate of 18.5% on adjusted total income, 26 lakhs 18.5% on adjusted total income, so 4 lakhs 81,000
20:39okay, here is applicable, calculate it, last scenario, 7 lakhs aggregate total income,
20:4818.5% on adjusted total income, 1,29,500, now the question is all about the actual tax payable,
21:00actual tax payable is nothing but regular tax or AMT tax, whichever is higher will be payable,
21:07whichever is higher will be payable, so 30 to 500, 5 lakhs 2,500, 4 lakhs 81,000, here that
21:23AMT is not applicable, you know, regular tax cut now, 9 lakhs 30, last case, 1 lakhs 50,
21:31whichever is higher will be payable, of course, you have to add what, health and education
21:36which is at the rate of 4 percentage, at the rate of 4 percentage, so 30 to 500, 4 percentage,
21:43putting a 1,300, then here 20, 100, here 19, 240 and here 37, 200, last case, the 6,000, last
22:00case, the 6,000, now the tax payable, tax payable, okay, you know, you have to add up these two
22:13for the payment of tax, 33, 800, 5,22, 600, 5,240, 9,67, 200, 1,56,000, 1,56,000, now remember,
22:20is there any carry forward, carry forward, carry forward of what, AMT Credit, Tirkan,
22:27Pakuna, carry forward, carry forward, if the actual tax payment is more than the regular
22:34tax or AMT taxes more than the regular tax, in the case, the
22:53which is more than the regular tax, Sir, you know, credit credit card, this case is not,
23:00this case is not, this case is not, this case is not, this case is not, this case is not,
23:03this case is not, the regular tax is 150, AMT, you know, you have to pay for a payment,
23:06you know, AMT is not available, AMT credit will not be available, that would be minimum tax,
23:12When you select a tax and check you see minimum tax on your
23:14tax account so yes we need to get tax traces or
23:15Again you have to categorize the tax if you
23:16video below there you have to check the tax
23:18So let us check the tax
23:32Let us just check the tax
23:343,50,50 m to A, but
23:37It takes about 40,80 m Ici
23:39For example
23:41That will fall under AMT, 1 lakh? 28500 can be climbed as AMT, 1 lakh 28500, is there okay?
23:53Plus S in that, you have to consider.
23:56You have to pay me, okay.
23:571 lakh 28500, you have to pay me?
24:02How do you pay me?
24:02How do you pay me?
24:04352, 481, you have to pay me, you have to pay me.
24:11One lakh 28, okay, this is the AMT credit, come on, finish up copying this.
24:20A, B, C and Co, a partnership firm informs you that its total income for the financial year
24:4421, 22, after deducting interest on capital and working partner's salary is rupees 10 lakhs
24:5140,000.
24:52So, on the salary, you have to pay me, you have to pay me, you have to pay me, 10 lakhs 40,
24:57you have to pay me, it has adjusted the following items while arriving at its total income under
25:13the normal provisions.
25:14Normal provisions, what happens if you have to pay me?
25:14Normal provisions, what happens if you have to pay me, 10 lakhs 40,000?
25:16Here is the exchange for the normal provisions.
25:18Number 1, aggregate cash payment in excess of 20,000 paid to suppliers of raw materials rupees
25:253 lakhs 30,000 in excess of 10,000 Matikula, 10,000 will be higher, amount, okay?
25:34moon lakshadhu nupanayarubav anthi inna pannitangha? cash a kunditangha? so adhaanthi disallow
25:42panni irikkeraangha, disallow pannadhu correct now, so adjustment is correct, you don't
25:47do any more adjustments in that. Direction into section 10AA for the unit established in
25:55special economic zone rupees 17 lakhs, iippa section 10AA namma yirnei pahath rukkuna
26:02special economic zone, adhile export pannadhu nana wandha profit niighi detections haa climb
26:08pannadhu nana wandha profit niighi detections haa climb pannadhu soli paaththo on five years
26:10var ekkum, adhe mari innooir five years is, moodha five years is goa 100% of such export
26:14profit can be detectable, another five years is goa nthi 50% can be detectable, another
26:19five years is goa innooir 50% climbable, but thir and the amount na niighi invest pannu
26:23eikki nanao officially namma conditions paaththi rukkuna section 10AA and the section 10AA
26:28climb pannadhu deduction 17 lakhs, right, interest on term loan to bank relating to the financial
26:36year 2021, paid during the financial year 21-22, okay, in the 21-22, paid during the financial
26:44year 22-23, late pannhi pay pannna enna pannam moodyi adhu, climb pannam moodyi adhu, adhanal aadha
26:50adhanal adhapthi nenghe kavala pannapoda vetti aawasim illa, due basis idha yana adjust pannit
26:54aangg, you know need to worry about that, so it is also done correctly, and direction under section 35AD, in respect of two star hotel operator in silong, okay, silong il operate pannna two star hotel ilikko
27:12pannam moodyi adhapthi nenghe kva 35AD ila dedections claim pannneer irikkkaraangga also allowed tham, adhiyen dedect pannneer irikkuraangga, salavi paid to the partners sun ondhu 360, of which 1 lakh is found to be excess, excessive to the market
27:26ratants will hirikkuraangga, partners sun relative to payment pannam pood the unreasonable aadha, to the extent of unreasonable detectable update
27:33reasonable, deductible reputation, that is disallowed, the disallowed, adjusted, is that okay?
27:43So, total income here being, total income here being 10 lakhs 40, they have done properly
27:50without any problem, so let me clear away.
27:54But, AMT calculated, complete the alternate minimum tax under section 115JC, AMT is the total income, you can add back, that is aggregate or adjusted total income, so that is adjusted total income.
28:1910AA, 35AD and ATR, RRB are required to be dedections, you can claim that, add back.
28:29In that case, dedections claim that, number 2, number 4, this is 10AA, this is 35AD.
28:37That is why we have added back, adjusted total income for AMT calculations could be arrived.
28:44So, add 10AA deduction, for export profit.
28:53That should also be now added, which is around 14,50,000.
28:57The final value, what you get here is, adjusted total income, you have written at 41,90,000 rupees, 41,90,000 rupees.
29:22Is that ok, 41,90,000 rupees.
29:29Now, we have to find out the normal tax.
29:32Normal tax, you have to calculate for the total income, total income 10,40,000, the partnership firm and the flat rate 30 percentage will be calculated.
29:47Ok, will be the base for calculating.
29:50Come on, get me the value.
29:54What is the value?
29:55Is it 3,12,000?
29:56Ok, 3,12,000.
29:57Very good.
29:58Text your answers here, 3,12,000.
30:02And now, AMT, AMT, alternate minimum tax, at the rate of 18.5 percentage, will be calculated on what?
30:1980,000.
30:2080,000.
30:2180,000.
30:2280,000.
30:2380,000.
30:2480,000.
30:2580,000.
30:2680,500.
30:277,75,150.
30:28So, whichever is higher up, these two will be payable.
30:32In the rent layer, whichever is higher will be payable.
30:39Ok.
30:407,75,150.
30:41And that too, you have to add the health and education CIS at the rate of 4 percentage is available
30:51on that.
30:52What is the value?
30:5431,006,8,6,160 will be the tax liability.
31:03Tax liability.
31:05Is that ok?
31:06Come on, note it down.
31:11Let us see in this illustration, Aaragya, a resident individual and a software engineer,
31:32set up one unit in special economic zone in the year 2021 for development of software.
31:392020 only set up one unit.
31:425 years in the special economic zone established business and income, export business and income
31:51100% exempted under section 10 AA.
31:56All the conditions of section 10 AA of the Income Tax Act stand fulfilled in the illustration
32:02The other date is export turnover 75 lakhs, domestic turnover 25 lakhs.
32:08PGBP being 25 lakhs.
32:11Debit side of the profit and loss account includes corporation tax 5 lakhs for office premises which
32:17was not paid due to certain dispute.
32:195 lakhs .
32:215 lakhs .
32:22Any payment to the government should be paid for claiming the direction of section 43B.
32:2843B.
32:2943B.
32:30Interest on loan borrowed from the scheduled bank, NBFC, financial institutions, payment
32:37to direct direct direct payable to the employees.
32:385 lakhs .
32:395 lakhs .
32:405 lakhs .
32:415 lakhs .
32:425 lakhs .
32:435 lakhs .
32:445 lakhs .
32:455 lakhs .
32:465 lakhs .
32:47the employees leave travel sorry the leave encashment this is the payment basis even
32:56any payment to the government like fee penalty taxes that you can claim to be able to see
33:04the government cut the corporation tax on the premises municipal taxes on the premises
33:10so that should be deductible only on payment basis so PGBP as per the books being 25 lakhs
33:28you have to add back disallowed expenses because this expenses is deductible only on payment basis
33:34under section 43B of course in the section law you have 4.5 hours see me illa but
33:43so that will give you confidence at least so if in the 5 lakhs you have to add PGBP for the taxation
33:49purpose is 30 lakhs you have to claim 10 AA directions to the extent of profit earned through export to
34:03business illa but 30 lakhs is your total profit or per dedections contribute again both export profit
34:09contribute again export profit is nothing but total profit into export turnover divided by total turnover
34:15will be taken as a formula this is the path from section 10 AA revise
34:20so section 10 AA total profit is 30 lakhs export turnover 75 lakhs and domestic turnover 25
34:3125 plus 75 putting 100 should be the denominator value denominator value total turnover for export plus
34:38local turnover turnover turnover 22.5 lakhs are dedections are dedections are dedections are dedections
34:49this is what about total income total income but now what about adjusted total income is
34:55the adjusted total income the adjusted total income is nothing but total income plus
35:09any dedections claimed under section 10 AA or 35 AD or the dedections falling under section 80 R to 80 RRB
35:20sorry 80 RRB sorry 80 RRB sorry 80 RRB
35:24here are dedections except 80 P add back to the value what you get here 30 lakhs is nothing but
35:34adjusted total income adjusted total income now we have to find out the tax on this
35:41regular tax regular tax regular tax who is he is being a software engineer that to individual individual
35:50individual tax rate would be applicable up to 5 lakhs
35:55that to 20 lakhs 50 plus 12500 will be the regular tax and AMT tax will be calculated on this AMT tax
36:10AMT at the rate of 18.5 percentage will be available how much is that
36:15okay applicable applicable and adjusted total income should be more than or equal to 20 lakhs
36:24are we irukkuno and the income deducted in the moon income irukkuno yeddu AA income ad income or
36:31H L R R R varakki mirukkabudiyye dedections claim pandyevukkuno and the income illa na claim deduction claim
36:37pandyevukkuno so irukkuno in the condition is satisfied in the condition is satisfied in the condition is satisfied
36:42so irukkuno in the condition is satisfied in the condition is satisfied in the condition is satisfied
36:4618.5 percentage are the adjusted total income 30 lakhs so 5 lakhs 55,000 then the tax payment being
36:56whichever is higher of these two okay whichever is higher will be taken so 5 lakhs 55,000 will be the
37:04tax amount and you have to add the sis on that health and education sis at the rate of
37:114 percentage will be liviable on this 22 200 then the tax payable tax liability being 5 lakhs 77 200 is
37:24is that okay come on finish up copying this as an association of persons in ramma 2 paakkaam
37:40AOPI graduates accumulate in the lack of minimum company may not automatically pay to make a
38:08income statement profit and sale of equity share, sold after two years through recognized stock exchange, so long term capital gain, rent from house property income, interest on bank deposits other sources income, profit on sale of equity share,
38:38equity shares after ten months through recognized stock exchange, it is short term capital gain, so we have to exclude all these things, and interest partners on this,
38:53interest partners allowed only 12 percentage, 3 percentage excesses are disallowed, that is disallowed, that is disallowed, salary is disallowed,
39:09you know, separate of my calculate, if the profit is profit or book profit of the firm is loss or less than 3 lakhs, 90 percent of such profit or sorry, 90 percent of such profit will be taken or 3 lakhs,
39:31ok, first 3 lakhs will be taken and 3 lakhs will be taken, so that is the logic here, already we have seen that separately in the case of partnership firm value asset,
39:53so that is the logic here, now let me finish up calculating this, now net profit as per the books should be first disallowed,
40:22as per the books, the value being 53 lakhs 20,000, credit sale lowland, the null item will go to the credit sale lowland,
40:40so that why the money, I want to give you the money here, I want to give you the money, it is a payback,
40:42it is a baby that the money, the money value is collected, they are a payback for that as a tax profits could be used as the money.
40:46So I have told you, now let me know that your money, the money value is $0.50,000 to the money value
40:48it is a $200,000 B. So I have talked about that, well let me know that its the money value has to pay,
40:522,80,000, 120,000, 20 and 2,40,000 in the Nalati, I am removing the income of less, ok.
41:04Long term capital gain for stock transfer, 2,80,000 rupees, remove the profit for you
41:14and income from house property should be excluded 1,20,000, now interest on bank deposit will
41:38be income from other sources, Lovar India item, bank interest, this value being 20,000 should
41:48be excluded and short term capital gain of on stock transfer being 2,40,000, debit
42:02sale in the right angle, then remove profit from minus item, debit sale in the right angle,
42:09interest to partners disallowed to the extent of 3% and salary to the working partners completely
42:17disallowed because that is going to be separately worked out, so if we disallowed profit add back
42:24interest to partners, 3% disallowed, 3% disallowed, in excess of 12 percentage disallowed
42:35if you said, 3% disallowed is 1 plus long, 3% who will disallow their price at the time,
42:42$540,000 drop the $0,000 to $11,000 draw the price at the $0 minus $50,000 Sep điều
42:51and $540 isž revenue which Aqui C pad bronies at this time on the low risk of the price at the
42:5515 percentage rate puttu pođam poodhu namak vandhadhu 540, 180, 240, 143 inche yadhu 540 is calculated at the rate of 15 percentage.
43:04And 12 daan yedtti rukkunnannna 12 percentage yevulu rukkun paharangga adhan allowed is.
43:08Adhuk meel arukkudhi 3 percent disallownannna and the 3 percentage mattu nam yedtti poodalaam.
43:12What is the value is that?
43:141 lakh 8000 rupees is disallowed should be added back.
43:171 lakh 8000 is added back.
43:19Salary to the partners should always be disallowed.
43:24Salary to partners, salary to partners is always disallowed.
43:31This value being 8 lakhs 40, 8 lakhs 40.
43:38Now, additional information left.
43:43Number 1, establishment expenses include bonus 2 lakhs 40 which was paid on 30, 12, 22.
43:53The bonus commission in which you have just bechecaya payment page repeat paharang and the payment payepadda la abicccona the disallowed.
43:59So, upon the disallowed add back and payneollelke kule debit paharangga qoodalaadhu.
44:06Bonus, not paid is disallowed under section 43 b. Section 43 b.
44:10is allowed under section 43B. Section 43B, you know, coat on the same. So, 2,40,000 should
44:20be added back. The firm is eligible for deduction under section 80C. IC, I will deal it separately.
44:30IC, you know, I will tell you, we have to tell you, we have to tell you, we have to tell
44:36you. Number 3, Establishment expenses also include security transaction tax. Security transaction
44:44tax should not be considered at all. Nama capital gains paakam poodhi, shares ilam buying, selling
44:50paakam poodhi, security transaction tax poodhi ving hai. That is not forming part of the
44:54cost at all. Nama clear as paath rukkano under section 48. Mode of computation ilam, security
45:01transaction tax should be excluded. So, security transaction tax pay paakam poodhi, benefits
45:08kare. And that is forming part of cost kare. While purchasing the share, any security transaction
45:14tax paid is not forming part of the cost. While selling the shares, STD is deducted from your
45:19sale value. No. So, on sale and purchase, the security transaction tax is not going to be considered
45:28at all. Anana, one of the PN L kawande debit paandhi irukkaraangang and shoolie irukkaraang
45:31edu lal, Establishment and other expenses la riganda, so adback paandhi it should not be. So, STD
45:37is disqualified. Adhe, you stop buying and selling say a kudhiya, one main trade raar
45:43a rukkari. Adha, one kodhi business la buying and selling of the shares are main business.
45:48That can be debited in your PNL, section 36 class specific direction, security transaction
46:00tax, commodity transaction tax, cash transaction tax, all the three can be debited in section
46:0636 class only, but if you are getting that benefit out of long term capital gain or short
46:13capital gain, and the head of the PNL, this is not your main objective. So, after security
46:18transaction tax should always be omitted. What is the value? You will be getting 50 lakhs
46:2710,000 rupees, 50 lakhs 10,000 rupees. Are you able to get this? 58 lakhs, 58 lakhs, 58 lakhs
46:4250,000 rupees, sorry. 58 lakhs, 50,000 rupees. Working partner is in the book profit.
46:48In the book profit over, you have to subtract the salary intersection 40 B. Salary to working
46:59partner, okay.
47:011,000 rupees, 0 lakhs, that is negative, minus, 3 lakhs, 90% of such salary or 1 and a half lakhs,
47:06whichever is higher will be taken, okay. 1 and a half lakhs, whichever is higher will be taken, okay.
47:18Okay. And 3 lakhs if you may be able to pay. 60 percentage will be payable, okay. Come on, how much is that?
47:251st,000 rupees, okay.
47:42Come on, how much is that?
47:55First in case, 1.5 lakhs, 3 lakhs 90% 2.7 lakhs, 2.7 lakhs, 3 lakhs
48:06at least in cinques in case, 50 lakhs are made there?
48:181 lakhs, 50,000 €
48:24see 58 lakhs, 50 lakhs, that is 3 lakhs, you have 2.7 lakhs, that is 55.5 lakhs, that is 60 percentage, how are you?
48:42Yeah, 33 lakhs, 30,000, rent-in-sharing now, you have 36 lakhs. It should be provided, it should be provided. So, salary should not be more than the salary fixed in the deal, we can assume this is the amount fixed in the deal.
49:05Okay, and the information clear, I will not put up. So, 480 plus 360 putting in the deal, 8 lakhs, 40,000 is maximum salary payable as per the deal, we can assume this is 8.4 lakhs.
49:288.4 lakhs will be the salary payable today. This information is missing, because salary is not payable, more than the amount specified in the deal, which is 8 lakhs, 40,000 information on the deal as a note.
49:46Okay, that is correct. Book profit, you will be getting the PGVP, you will be getting the PGVP, the PGVP here being 50 lakhs, 10,000 rupees, 50 lakhs, 10,000.
50:02Right, let us see here. The firm is eligible for deduction and deduction, 80 IC in the description, 80 IC in the description, that is complete computations, so income from house property first should be taken.
50:24Right, here is no salary, it is not salary, this partnership firm is $1,000, it is not the salary, it is the next property, it is the loan, it is the salary, it is the loan, it is the loan, it is the loan, it is the loan, the loan.
50:31income from house property EOLO, EOLO, 1 LAND 20, income from house property under EOLO
50:52standard deduction, 30% subtraction, then it is 84,000. PGBP EOLO, 50 Lakhs, 10,000, PGBP.
51:10And capital gains led, long term capital gain EOLO, 2 Lakhs, 80,
51:20short term capital gain EOLO, 2 Lakhs, 40. Random say, capital gains, 5 Lakhs, 20,000. Your capital gains being 5 Lakhs, 20.
51:39And income from other sources led, bank interest, bank interest, that is around 20,000 rupees. So, gross total income in this case being?
51:5856 Lakhs, 34,000. 56 Lakhs, 34,000.
52:05Now, less deduction under section, deduction under section, 80 IC in so on, in the business, 80 IC eligible in so on,
52:2180 IC eligible in so on, null. In the business, there are 100% profit deductions. 100% profit deductions are claimed.
52:32So, upon the detection under section, 80 IC, 100% deductions claim.
52:39Suppose, if you want to see it, you will get in order to pass it, which means, you have to use it for the pay and on and on.
52:46But now, for the demand, you have to assess the state, you have to assess the state that you will get in order to give,
52:51you have to assess the state. That is not required at the in-tile level.
52:54Though it is given, the is given, the is given in order to suffer. So, upon the detection under section 80 IC,
52:58you see 100% deductions claim and need to get it now
53:01total income for taxable purpose
53:046,24,000
53:076,24,000
53:10that is what you need to do
53:13what is applicable in the illustration so
53:16total income we need to add
53:19any deductions claimed under section
53:2210AA or 35AD
53:25RRB
53:28RRB
53:31except 80P
53:3480IC
53:35add back
53:37which is 50,10,000
53:38if you add back then the value being 56,34,000
53:43it is
53:46aggregate total income
53:49now we can find out the tax here
53:52regular tax
53:55regular tax
53:58it is a partnership firm
54:01partnership firm
54:02flat rate 30% will be applicable
54:066,24,000
54:07if the 30% put in a
54:09but it is different different income
54:12each and every income will be taxable
54:15at different rate
54:16PGVP fully exempted
54:19long term capital gain
54:21in a rate taxable
54:23long term capital gain
54:24this is taxable the rate of 10 percentage
54:27short term capital gain will be taxable the regular rate
54:30pay
54:37Aina it is share now
54:38share now
54:40triple one a
54:41section
54:4315 percentage tax rate will be applicable
54:45balance
54:46regular tax rate will be applicable
54:47long term capital gain 280 irukkulliya adukku 10 percentage puttikna 28,000 short term capital gain where it is going to be taxable in the section triple 1A of original 15 percentage will be liviable so 15 percentage puttikna
55:0836,000 okay long term capital gain la original adjustment whattu pannnei da sorry okay ito 36,000 in the long term capital gain la 1 1 2 A waha irundhaal 1 1 2 A waha irundhaal 1 1 2 A waha irundhaal 1 1 2 A waha irundhaishna okay 10 percentage will be applicable 10 percentage will be applicable
55:37provided a standard deduction of 1 lakh is there as a subtract balance irukkudukku niyai 10 percentage applicable haakwa no so then this value being 18,000 here go on refer this again long term capital gain and short term capital gain balance value olanga irukkud
55:53ith waha irukkud 2.8 2.4 irukkud 2.8 2.4 irundhaishna 5.2 and she balance 84,000 irukkud
56:0084,000 irukkud normal rate irukkud 30 percentage will be 84 haa nai one not four haa come on make it faster one not four haa okay appa one not four uku kud 30 percentage puttikna
56:18awalavarudhu 31,200 so the regular tax being 85,200 this will be a regular tax and a and t varambodh evalaparcentage irukkudu no adjusted total income la flat rate ka usekudu no 18.5 percentage poodunno so 18.5 percentage on a and t means adjusted total income being
56:4510,42,290 then the tax payable be this one plus you have to add 4 percentage health and education says 4 this is that okay and that too you have to round up to the nearest to 10 finish up copying this
57:00me
57:07off
57:09ho
57:18in
57:20you
57:22you