Business Profession Salary

8/9/2019 Business Profession Salary

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M.K. GUPTA CA EDUCATIONPH: 9212011367/ 9811429230

www.mkg!"#$#$%#&&'&.$(m

')m#*% *+: mkg!"#"#,$%#&&'&-'+*m#*%.$(m

INCOME UNDE THE HEAD

UINE/POEION 20)243

INCOME UNDE THE HEAD

AA5 244)384

I$%+*g

EAMINATION UETION

CA. .N. AAN

CAIPCC

MA5)2013/

NO)2013

P.5. ; 2012)13A.5. ; 2013)14

. A. ; 2012


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`200/)

M.K. GUPTA CA EDUCATION IS NOW NO.1 IN CA-CPT ALSO AND THE CLASSES

ARE BEING TAKEN BY NEHA JALAN AND VAIBHAV JALAN, DAUGHTER AND

SON IN LAW OF M.K. GUPTA SIR

CA – CPT RESULT 2012


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21 MA$AN# A%%AR/A" 21!+&6 172 !6

22 NAMAN JAIN 2'!79& 172 !6

2' ASH/IN)R -AN/AIT 21!1&7 171 !.

2+ $ATIN ,HA/"A 22&&19 171 !.

2 SHR*TI JAIN 21!77' 17& !26 TAN*J /AH/A 21!++' 169 !+.

27 ROHIT HAMIJA 21962 169 !+.

2! #ARAN S)THI 2179!& 16! !+

S. No. Name Roll No. Marks Percentage

29 #H*SH-OO SIN%HA" 21799' 16! !+

'& A#SHA$ "AM-A 219'!& 16! !+

'1 SH/)TA -ANSA" 219699 16! !+

'2 #*SHA" JAIN 2296+' 16! !+

'' RAMANPR))T SIN%H 21772+ 167 !'.

'+ AR*SH %*PTA 21!7+! 167 !'.

' R*PA"I %ANHI 2'767+ 167 !'.

'6 SHARA %A-A 21772' 166 !'

'7 SIMMI %*PTA 21!+6& 166 !'

'! MOHIT -ANSA" 2191 166 !'

'9 I-$A MAH)SH/ARI 226!'+ 166 !'

+& SA#SHI PAH/A 2177'1 16 !2.

+1 AN*J MITTA" 21!!1& 16 !2.

+2 SA#)T SIN%A" 219'71 16 !2.

+' PRIN,) %*PTA 219+7 16 !2.

++ S*M))T %AR% 22&&2' 16 !2.

+ PR)#SHA %*PTA 22&16' 16 !2.

+6 ASHISH %O$A" 217762 16+ !2

+7 RIA -AJAJ 21!1+' 16+ !2

+! ASHISH %O$A" 21!2&1 16+ !2+9 SH))NA -HOOT 2191 16+ !2

& RAJAT %AR% 222'92 16+ !2

1 A-HISH)# -ANSA" 217927 16' !1.

2 (AR*N %O)" 217992 16' !1.

' SHR*TI JAIN 21!'9' 16' !1.

+ )SHAN ($AS 21992 16' !1.

A-HISH)# A%AR/A" 22&1'1 16' !1.

6 NAMAN %O)" 22&2+6 16' !1.7 SHR)$ #ATH*RIA 217!16 162 !1

! A$*SH JAIS/A" 21!29 162 !1

9 SHI(AN%I %O)" 21!!!9 162 !1


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6& PRAT))# %*PTA 219'&6 162 !1

61 SO*RA-H %O)" 219'& 162 !1

62 SH*-HAM -ANSA" 217!7& 161 !&.

6' #ARTI# %O)" 21!6' 161 !&.

6+ %*NJAN SAANA 21!999 161 !&.6 ROHIT -ANSA" 219!'6 161 !&.

66 NITANT %AR% 22&&6! 161 !&.

S. No. Name Roll No. Marks Percentage

67 %A*RA( %*PTA 22&297 161 !&.

6! ,H)RR$ %*PTA 22++! 161 !&.

69 )#TA SHARMA 21!76 16& !&

7& AMAN SIN%HA" 219992 16& !&71 #OMA" %*PTA 22&&&' 16& !&

72 ISHAN -ATRA 22&1+ 16& !&

7' *IT A%%AR/A" 22&196 16& !&

7+ AN#*SH NAR*"A 21!&&6 19 79.

7 #IRTI %*PTA 21!'!1 19 79.

76 S/ATI %*PTA 21!& 19 79.

77 PR)RNA %*PTA 21!611 19 79.

7! SANJ* 217717 1! 79

79 NIT)SH JAIN 21776+ 1! 79

!& P*"#IT %*PTA 219291 1! 79

!1 HIMANSH* J*%RAN 219''7 1! 79

!2 ROHIT %O)" 219'!+ 1! 79

!' HARPR))T SIN%H 22&1' 1! 79

!+ AASHIMA 21!7&6 17 7!.

! PRI$AN#A SA"*JA 2191&+ 17 7!.

!6 RISHA-H (OHRA 219617 17 7!.

!7 ,HAR* MAHAJAN 22&'&+ 17 7!.

!! SARTHA# -A#HRI 217!'2 16 7!

!9 HIMANSHI %*PTA 21!!'2 16 7!

9& ANJA"I MITTA" 2196+2 16 7!

91 SA%AR AR$A" 22&1&! 16 7!

92 #A(ITA P*ROHIT 219'!' 1 77.

9' SAI$AM A%%AR/A" 2196&' 1 77.9+ SAARTHI %O)N#A 22&&!7 1 77.

9 AA$*SH %O)" 22&17& 1 77.


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96 SAM-HA( SAN,H)TI 21!1&+ 1+ 77

97 SH*-HI -ANSA" 21!9&' 1+ 77

9! %A%AN))P SIN%H 2192+ 1+ 77

99 SIMRANJ))T #A*R 219!2 1+ 77

1&& %A*RA( ARORA 22&!71 1+ 77

FRO THE PARENTS! DESK

ATHE O HAEEN PAND5A

Respected Sir/Madam

I recall a very important saying “MOTIVTIO! "! MOV# MO$!TI!S%& I 'elieve t(at yo)r classes

not only (elped t(e st)dents to get (ig( mar*s ')t (elped even to t(ose +(o +ere ,o)'t-)l to adopt“"(artered cco)ntancy% as a pro-ession and ma*ing t(em clear in “O!# TT#M.T%& T(e real e--ort

motivation and dedication lies t(ere&

My c(ild S(aleen +as ot(er+ise a sincere 'oy ')t +as in need o- e0actly t(is type o- motivation +(ic( +as

provided 'y yo)r instit)te&

T(e ma1or met(ods +(ic( I appreciated are

S(o+ing motivational movies o- s)ccess-)l leaders&

"ond)cting S)nday tests e0actly in “".T #0amination% li*e atmosp(ere t()s preparing st)dents

-or t(e -inal e0am&

Mi0ing st)dy +it( entertainment and en1oyment&

#venly distri')tion o- co)rse in entire period instead o- 'eing slo+ in t(e 'eginning and -ast in t(e

end&

"losing my pen I once again t(an* 'ot( o- yo) -or ed)cating st)dents +it( )tmost sincerity determination

(ard +or* and commitment and ma*ing t(em s)ccess-)l in " ".T&

is(ing yo) all t(e 'est in all yo)r endeavo)r in -)t)re too&

M . 5AHPA PAH

,ear M8 9$.T ":SS#S (en o)r son T)s(ar 9)pta decided to p)rs)e " +e +ere petri-ied& ;e

+as never interested in st)dies d)ring (is sc(ool years& )t a-ter 1oining yo)r classes (e learned t(e

meaning o- (ard +or* and perseverance& e t(an* yo) deeply -or c(anging o)r sons li-e and o)rs as +ell&

PAENT O AMANPEET

Respected Sir/Mam

e gave Raman t(e 'ody s(ape ')t M8 9$.T ":SS#S s(aped (im -or -)t)re career so t(at (e is a'leto come o)t +it( -lying colo)rs& eca)se o- yo)r sincere e--orts and g)idance (e got a strong -o)ndation

stone& ;e learnt (ere and prepared (imsel- -or " entrance e0am as +ell as -amily val)es in t(e li-e& e li*e

t(is +ay o- grooming very m)c(& T(an*ing yo) -or all t(is&


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";I:,S $.RI!9I!9 and +e are grate-)l to yo) -or

(elping )s so m)c( in t(is 1o)rney&

PAENT O CHAU MAHAAN

>irstly (eartily "ongrat)lations -or yo)r spectac)lar res)lt& !e(a mam and Vai'(av Sir yo) 'ot( are t(e 'est

teac(ers& y yo)r (ard+or* ? e--orts my da)g(ter "(ar) Ma(a1an easily a'le to complete -irst stage o-

"& I really li*ed t(at yo) cond)cted +ee*ly tests e0actly in t(e ".T e0amination pattern& 7o)r teac(ing

pattern +as so creative t(at st)dents can clear t(e e0am +it(o)t stress& T(e +ay yo) groom yo)r st)dies is

somet(ing t(at co)ld (ardly 'e seen in any ot(er instit)te& e are e0tremely t(an*-)l to eac( mem'er o- teac(ing -ac)lty o- M8 9$.T " ":SS#S -or im'i'ing val)es in o)r c(ild and giving (er pro-essional

g)idance&

M. ? M . .M.OHA

Respected Mrs& !e(a ? Mr& Vai'(av @alan

>irstly "ongrat)lations -or yo)r e0cellent res)lt in " ".T& eca)se o- yo)r sincere e--orts and g)idance

my son RIS;; VO;R easily completed t(e -irst step o- " co)rse +it( ,istinction& T(e +ay yo) are

ma*ing st)dents ready -or t(e pro-essional +orld as +ell as giving t(em val)es t(ro)g( story telling and

videos is praise+ort(y& T(an* yo) -or yo)r sincere e--orts& M7 9O, :#SS 7O$A&B

INA5 K UMA =ADOCATE> =ATHE O AAUHI DHINGA>

,ear Sir My da)g(ter ar)s(i ,(ingra too* M8 9$.T ":SS#S -or preparation o- ".T and as per (er

opinion M8 9$.T ":SS#S are t(e 'est& s -ar as my e0perience +it( M8 9$.T ":SS#S t(e

+(ole e0ercise stops 1)st 'e-ore reac(ing a point +(ic( is called “9R#T%& ll t(e activities 'eing planned

and e0ec)ted pro-essionally&

A ETHI ? UHAH ETHI =PAENT O K AAN ETHI>

My son is very l)c*y t(at (e 1oined M8 9$.T " ".T ":SS#S& #veryday (e )sed to tell me a'o)t

+(atever (appened in t(e class& I realied my son +as so motivated t(an 'e-ore& e +ere satis-ied and +e

*ne+ t(at my son +ill pass ".T +it( distinction and (e did it& ll t(an*s to yo) maam and sir& T(e moral

val)es and >ood >or T(o)g(t really c(anged o)r perception& >or me t(is is t(e 'est Instit)te -or " ".T&

M A K UMA GAA ? M INDU GAA =PAENT O HAAD GAA>

e +ere al+ays little appre(ensive -or o)r son ta*ing )p commerce and going -or " as (is pro-ession& )t

all o)r +orries +ere p)t at ease +(en (e entered M&8&9$.T " ":SS#S& T(e personal interest and

parental s)pervision portrayed (ere (as no matc(& !onet(eless *eeping t(e parents in t(e loop a-ter every

moc* test t(ro)g( letters is t(e one o- its *ind approac( in t(is centre& e are more t(an satis-ied +it( t(e

e--orts p)t in 'y t(e -ac)lty& 8eep )p t(e good +or*B

M . HOA NATH CHAUHAN ? M. AITA CHAUHAN @PAENT O AAKITI

>irstly "ongrat)lations -or yo)r (ig(ly radiant res)lt& !e(a Mam ? Vai'(av Sir yo) are t(e 'est teac(er and 'y yo)r (ard +or* and e--orts my da)g(ter a*riti "(a)(an easily a'le to complete t(e -irst stage o- "

co)rse& 7o) 'ot( (ave -)l-illed yo)r all commitments +(ic( yo) (ave made at t(e time o- registration to

yo)r instit)te& 7o) (ave completed more t(an 2CCCC =)estions 'y +(ic( my c(ild +as a'le to increase (er

speed (elped (er to clear (er ".T +it( -)ll con-idence&


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M . AEE MEHTA @PAENT O AGIT MEHTA

T(an*s to M&8&9$.T ":SS#S -or ma*ing o)r c(ild E@9RIT M#;T more con-ident competent and

sincere to+ards (is st)dies& eca)se o- yo)r sincere e--orts and g)idance (e +as a'le to come o)t +it(

-lying colo)rs& T(an*ing yo) a lot and est +is(es -or yo)r good -)t)re&

PAENT O IMI DA

M8 9$.T Instit)te is an eminent instit)te -or preparation o- " e0ams& It (as laid do+n a strong

-o)ndation stone -or my da)g(ter& S(e is no longer scared o- st)dying "& T(e +ay Vai'(av Sir and !e(a

Mam teac( st)dent is praise +ort(y& Story telling sessions 'y !e(a Mam +ere really enco)raging -or my

da)g(ter& S(e (as gained a lot more in addition to apt *no+ledge& ot( !e(a Mam and Vai'(av Sir are

a+esome teac(er& e -eel pro)d t(at o)r da)g(ter st)died at M8 9$.T Instit)te&

UMAN ANA =MOTHE O PENA ANA>

,ear !e(a Mam and Vai'(av Sir my da)g(ter .rerna ansal (ave a dream o- 'ecoming a " ')t 'e-ore

coming to yo)r Instit)te s(e +as little 'it a-raid ')t yo) gave (er s)c( a plat-orm t(at no+ s(e is FCCG

s)re -or (er I."" and >I!:& I +ant t(at Vai'(av Sir and !e(a Mam yo) live (appy al+ays and *eep

enco)raging motivating and promoting t(e st)dents li*e t(is +ay 9O, :#SS !, T;!8 7O$

M . AA5 A


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Respected Sir ? Mam e are glad t(at +e decided to send o)r da)g(ter S+ati to M8 9$.T ":SS#S

-or " ".T coac(ing& eca)se o- yo)r sincere e--orts and g)idance s(e +as easily a'le to clear ".T in

t(e very -irst attempt& !o+ s(e can con-idently loo* at " .ro-ession as (er career& T(an*s a lotBBB is(ing

yo) all t(e 'est in all endeavo)r in -)t)re too&BBB

MOTHE O OR 7O$ I!ST$T#AA&&

T;!8S >OR #V#R7T;I!9


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FRO THE STUDENTS! DESK

AKHA5 GO5A

M89 "lasses (ave 'een a great respite -rom terri'le "S# II t( 'oard #0ams& It provided )s +it( t(e m)c(

needed enric(ment and a competent environment to +or* +it(& Mam and Sirs motivational and spirit)al

speec(es not only made )s an a+arded st)dent ')t also (elp )s to 'ecome a 'etter citien o- tomorro+& T(e

greed o- several ,IR7 MI:8 ? >R$IT ! !$TS and (andsome "S; .RIJ#S also played a great role in

o)r attraction to+ards M89&#ST#ST o- t(e 'est is t(e test series on OMR s(eets cond)cted in t(e same manner and +it( t(e same

spirit as t(at o- >I!: ".T #M& I am pro)d and precio)s to 'e a st)dent o- M89&

M89 !OT O!:7 M8# "sAAAA&T;#7 M8# ;$M!S&

NEETU HAMA

I +ant to e0press my (eartiest t(an*s to EM&8&9$.T " ":SS#S +(ic( (as (elped me to clear ".T

+it( s)c( a good mar*s& (en I 1oined " co)rse I +as not s)re o- doing it ')t t(ese t+o and (al- mont(s

+it( mam and sir (ave given me lot o- con-idence and no+ I *no+ +(at I really +ant to do& Mam and Sir

teac(ing style is very di--erent +(ic( incl)des -)n +it( concept)al *no+ledge& 7o)r motivational strategies

incl)ding cas( pries c(ocolates and +(atever yo) people do are appreciating& I +o)ld also mention E>ood

-or T(o)g(t 'y !e(a Mam specially (ere +(ic( I personally -o)nd a great e--ort on Mams part& I +o)ldalso li*e to t(an* t(e +(ole sta-- +(ic( +as amaing and very (elp-)l and I +ill really remem'er all o- yo)

in my entire li-e& is(ing prosperity and (appiness in yo)r li-e in -)t)re&

HENC5 HATEA

My e0perience at M89 +as really good& T(e st)dy environment +as really pleasing& I loved t(e +ay Mam

and Sir ta)g(t )s& T(ey are t(e 'est teac(er Ive ever (ad& T(e “>OO, >OR T;O$9;T +ere really

motivating& ny person +(o st)dies -rom t(is Instit)te 'ecomes a really good ()man 'eing -or s)re& “IT IS

!OT ! I!STIT$T# $T ,#>I!IT#:7 .:"# ;#R# 7O$ :#R! IT; #!@O7M#!T&%

AAKAH K AA

M&8&9$.T ":SS#S is not only a coac(ing centre -or me ')t a second (ome +(ere loving teac(erss(o+ed me t(e rig(t pat( to -)l-ill my dreams& it(in t(is s(ort span I (ave 'ecome a 'ig -an -or t(eir

tireless e--orts love con-idence and conviviality +(o inspired me to ac(ieve t(e milestones in ".T& I +ill

never -orget +(en t(ey patted my 'ac* +(en I e0celled t(ey landed (elping (and +(enever I t)m'led t(ey

provided me t(e inner strengt( to *eep going on t(ey aro)sed my con-idence to tread t(e +ays ne+ ?

)n*no+n li*e a -riend t(ey stood 'y me all t(e time li*e a mentor t(ey ac=)ainted me +it( rig(t ? +rong& I

s(all never 'e a'le to pay -or t(eir sincere e--orts )nmatc(a'le g)idance and s)pport& T(ey are 1)st li*e my

parents& it( sincere t(an*s I +is( a good l)c* -or t(is instit)tion and +(o so ever is a part o- it& good

l)c* to all&

ANUHMA INDAVai'(av Sir ? !e(a Mam are a+esome teac(ers B T(e +ay t(ey teac( not(ing seems to)g(& T(e 'est part o-

t(eir teac(ing are t(e test series +(ic( (elp to t(ro+ lig(t on o)r +ea* areas and de-initely t(e cas( pries

and c(ocolatesB Mam ? Sir are t(e role models -or me and inspire me to +or* (ard and 'e good ()man

'eing at t(e same time& T(e atmosp(ere in t(e class +as al+ays -riendly yet disciplined& T(e administration


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? t(e sta-- is also good& T(e time I spent (ere +as remar*a'le and )n-orgetta'le& I +ill al+ays remem'er my

“".T 1o)rney%& T(an* yo) Mam B T(an* yo) Sir B -or yo)r immense s)pport g)idance love and 'lessingsB

HIMANHI TA5A

Respected Sir ? Mam

>irst o- all I +o)ld li*e to t(an*s yo) -or s(aping my career p)tting t(e -irst 'ric* o- my li-e " ".T&

T(e saying “It is not an Instit)te ')t a -amily% is proved very nicely& part -rom st)dies !e(a Mams -ood

-or t(o)g(t +as a+esome& T(ings I learnt -rom yo) to respect parents nation 9ods 9i-t and many more&&

!o one can in my li-e e0cept my parents and yo) 'ot( can tell me& Mam today also I miss t(is t(ings

v&v&v&v&v&vA& m)c(&

In my li-e a-ter my parents yo) 'ot( are t(ere +(ic( I t(in* is t(e most 'ea)ti-)l 9i-t o- 9O, -or me& ot(

!e(a Mams ? Vai'(av Sirs motivational +ords al+ays inspire me to come o)t o- my -ears and -ail)res

and to +or* (ard& Sir yo)r +ay o- teac(ing la+ is -antastic and Mams yo)r s(ort stories in every ne+

concept is also very interesting&

7o) 'ot( are t(e est Teac(ers ;)man eings I (ave ever met in t(is +(ole $niverse& My DCG credit -or

yo) 'ot( FCG to my parents ? DG -or 9O, and rest -or me -or clearing " ".T& S:$T# -or yo)

Mam and Sir&

AANPEET K AU

St)dying at M&8&9$.T " ":SS#S not only en(anced me to score s)c( a good mar*s ')t it also

en(anced my c(aracter morally& I (ave 'een a'le to develop a positive o)tloo* to+ards li-e& Immense e--orts

o- Maam and Sir are t(e ma1or reason -or s)c( good res)lt o- M8 9$.T ":SS#S&

POOA GUPTA

>irst o- all I +o)ld li*e to t(an* Vai'(av Sir and !e(a Mam -or t(e g)idance s)pport and enco)ragement

+it(o)t +(ic( it +o)ld (ave not 'een possi'le -or me to ac(ieve s)c( milestone& T(e st)dy material

provided 'y t(em +as in itsel- so e0(a)stive t(at yo) do not need to t(in* a'o)t any ot(er 'oo*& T(e

spirit)al / Inspirational video -ootage not only motivated )s or 'oosted o)r morale ')t also inspired )s to 'ea good ()man 'eing in o)r li-e& Vai'(av Sir and !e(a Mam are really s)per'& T(ey are t(e 'est teac(ers I

(ave ever (ad& T(an* a )nc(B

HETA

,ear Vai'(av Sir ? !e(a Mam

I really respect yo) a lotBB 7o)r +ay o- teac(ing is a+esome& 7o) made )s )nderstand eac( and every

concept clear and very +ell& 7o)r motivation t(ro)g( c(ocolates and cas( pries +as 'rilliant& >re=)ent test

series +as really e--ective& It (elped me to improve mysel- 'etter and 'etter to ac(ieve my goal& Mam yo)r

>ood -or t(o)g(t is )n-orgetta'le& Mam ? Sir yo) (ave ')ilt a great con-idence in me t(at I (ave cleared my

".T con-idently& 7o) 'ot( are inspiration -or me and yo) loo* good toget(er& I really loved to 'e a st)dent

o- t(is Instit)te& T(an*s a lotBBB

AI CHANANA

!e(a Mam ? Vai'(av Sir T(an* yo) sooooooo m)c(& 7o) are t(e 'estest teac(er ever& 7o) are very

(ard+or*ing and nicest teac(er -or ".T and al+ays enco)rage )s to do even more 'etter& 7o)r motivational

+ays li*e c(ocolates cas( pries and Ran*ing system is t(e 'estest t(ing& It creates competitive po+er

among st)dents and (elp-)l in scoring 'etter t(an last time& I -eel t(at I am very l)c*y t(at I 1oined

M&8&9$.T " ":SS#S -or my ".T preparation& ,ear Mam ? Sir ;ope yo) +ill get all t(e (appiness

in yo)r li-e& :ove yo) 'ot(& KL

TUHA GUPTA

T(is is 1)st a little note to e0press my in-inite gratit)de to+ards 'ot( o- yo)& I never (ad interest in myst)dies d)ring my sc(ool days& )t a-ter I 1oined yo)r classes I e0perienced great c(anges in my attit)de

to+ards st)dies and li-e in general& T(e (ard+or* t(at yo) invested in me is tr)ly commenda'le& I am deeply

t(an*-)l to yo) -or (elping me move )p in t(e ladder o- s)ccess&


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F3

T(e atmosp(ere at M8 9$.T ":SS#S +as very motivating& ,e-initely +(en yo) see so many

meritorio)s st)dents and e0cellent g)idance )nder one roo- one is motivated to per-orm ones 'est&

T(e test series gave me an idea a'o)t t(e pattern o- t(e main e0am& It (elped me a lot +(ile tac*ling t(e

main paper&

OKEH MAHOTA

M&8&9$.T " ":SS#S (ave 'een very in-l)ential in res(aping my -oc)s to+ards ed)cation& T(ey

dont preac( )s to 'e a 'oo*+orms& Instead t(ey )nderstand t(at c(ildren today need everyt(ing -rom

g)idance and motivation to am)sement and entertainment& #arlier my -oc)s +as to cram t(e -acts =)ic*ly

'e-ore t(e e0ams and score good mar*s& )t a-ter I 1oined t(is instit)te I realied t(e importance o-

)nderstanding t(e concepts&

T(e teac(ers (ere are very sincere and (ard+or*ing t(at a tr)e -ait( on t(eir re-lected pat( +ill ena'le yo) to

s)cceed& T(e teac(ing style t(e assignments given and t(e test series cond)cted are sel- s)--icient -or ".T

preparation& nd t(e icing on t(e ca*e is t(e c(ocolates pries and t(e trop(ies +(ic( o--er a lot o-

incentive to +or* (ard&

DE5ANI AIN+esome e0perience& I really en1oyed t(ese -e+ mont(s& I (adnt e0pected t(em to 'e so good&

.er-ect class timings +it( 'est 'rains st)dying in it& 'ove all 'ot( t(e teac(ers +ere energetic and -)ll o-

li-e al+ays +it( good ()mor and enco)raging nat)re ()m'le -riendly and con-ident& Simply t(e 'est&

AA5 K E


14/387

F4

NA5A MAHOTA

It +as indeed o)r pleas)re t(at +e got t(e opport)nity to (ave o)rsel- enrolled in M&8&9$.T ":SS#S& I

can never ever -orget in my li-e t(e moments spent (ere& T(e e--orts o- mam and sir +ere o)tstanding and

Ill miss t(em al+ays&

H5AN AIN

I am (ig(ly o'liged to M&8&9$.T ":SS#S and dedicate my ac(ievement to t(em& T(ey -oc)s on

concepts rat(er t(an meaningless cramming& Vai'(av sir and !e(a mam are 'est teac(ers -or "L".T and

M&8&9$.T ":SS#S is t(e 'est instit)te -or ".T&

A5UH AIN

M8 9$.T " ":SS#SBBB (at to say a'o)t t(is placeA& So many places I (ave seen ')t a place li*e

t(is +as )nseen& T(e t+o mont(s o- my li-e I spent (ere are memora'le& 9ot t(e 'est ed)cation 'est

teac(ers 'est environment +(ic( (elped me clear t(e ".T #M&Vai'(av Sir !e(a Mam L 2 mont(s mein main aap*o 1itna 1aaan paaya ()n P ) 'ot( r 1)st made -or eac(

ot(er aise 'a()t *am log (ote (ain 1in(e apne 1aise (i partner mil 1aaye& ot( o- ) r soo l)c*yB

re approac(a'le still (ave an attit)de +(ic( i 1)st love& large (earted sooo m)c( dedicated& Serio)sly o)t

o- t(is +orld& a1*al *a(a (ote (ain aise log& Sometimes I really +is(&& I co)ld 'e yo)&& BBB K QrespectQ Q

sal)teQ &

K ATIK GOE

:i*e many ot(ers I dont (ave +ords to e0press my gratit)de to 'ot( o- ) MM n SIR&&&& ')t one t(ing is

-or s)re t(at +it(o)t yo)r 9$I,!"# "R# n :#SI!9S t(is ".T e0am +o)ldnt (ave 'een a

ca*e+al* -or me&&&& I t(an* $ t+o -rom t(e 'ottom o- my (eart -or M#!TORI!9 a d)m'(ead li*e M# to

t(e pat( o- S$""#SS&&&&&& o)r 1o)rneys toget(er mig(t (ave ended ')t t(ese memories +ill al+ays 'ec(eris(ed 'y me&&&& T;!87O$&&&&& K, K

ANU CHHIKAA

It +as a+esome 'eing at M&8& 9$.T " ":SS#S and teac(ers li*e ) are (ard to -ind& I e0perienced t(e

di--erence o- yo)r dedication and (ard +or* -or yo)r pro-ession& It +as really -ar 'etter t(an I"I& 7o)r

moc* test arrangements +ere 1)st -a')lo)s& #very t(ing +as as great as ) at classes& T(an* ) mam and sir&

:ove )))))))))))))))))))))))))) and never -orget )s&

;V# >!TSTI" !, S$""#SS>$: >$T$R#&

MOHIT K HUANA

Its 'een an a+esome 1o)rney +it( yo) &&& I still +is( it never ended& >rom t(e day one to no+&&7o) +ereal+ays in to)c( +it( eac( and everyone o- )s t(ro)g( disc)ssions& T(ro)g( mails t(ro)g( sms t(an* yo)

so m)c( -or 'lessings and care t(at yo) s(o+ered )pon )s&& 7O$ R$:# O$R ;#RTS I love yo)

g)ys

A5UH AGGA


15/387


16/387

F6

OHIT

Sir Mam t(an*s a lots -or all yo)r teac(inggggg love and a--ection '()t *)c(( si*(ne *o mila e0cept

".T&&&&&&&&& ".T to *a(in se '(i *ar leta ')t 1o apneeeeeeeee si*(yaaaa&& tr)lyyy no one else can teac(((((

t(an*s a lotttttttt miss )&

K UMAI HIKKHA MIHA

T(e )ni=)eness o- t(is instit)te is t(at it c(anged a “:oser into a 9oLgetter%& !e(a Mams con-idence in me

and Vai'(av Sirs command in (is s)'1ect +ere t(e greatest inspiration -or me& “I- yo) say t(at Teac(ing is

neit(er a ')siness nor a pro-ession -or )s rat(er it is a passion -or doing somet(ing good great and )ni=)e in

t(e -ield o- teac(ing&% 7o) really mean it&

!o instit)te co)ld (ave cele'rated t(e “S$""#SS .RT7 #>OR# R#S$:TS%& I respect yo) Sir and

Mam -rom t(e deepest core o- my (eart& ot( o- yo) are my im& “S$""#SS :O!9 IT;

;$M:#!#SS IS T;# ,#>I!ITIO! O> R#S.#"T#, VI;V SIR !, !#; MM&%

T(an* yo) so M)c(&

IHA ANCHETI

Its really a great pleas)re to 'e +it( Vai'(av Sir ? !e(a Mam& T(ey are simply t(e great teac(ers +(om Iever met in my li-e& T(e 'est t(ing a'o)t Vai'(av sir is t(at (e motivates t(e st)dents in s)c( a +ay t(at

(e/s(e cant t(in* to do anyt(ing else e0cept s)ggested 'y Sir& >or !e(a Mam it is (er s)pport and cali'er

+(ic( derives a st)dent to -oc)s on t(eir st)dies& ot( o- t(em are not only good teac(ers ')t also t(ey are

great ()man 'eings& T(ey +or* toget(er in a gro)p li*e parents -or st)dents and are doing a great 1o'& So

*eep doing nice 1o'& "arry on&

IHAH OHA

My 1o)rney o- " ".T (as 'een t(e most en1oya'le and *no+ledge part o- my li-e +(ic( I +o)ld c(eris(

-or li-etime& T(e +ay yo) teac( s)c( important and di--ic)lt concepts easily and in an e--icient manner

SIM.:7 ;TS O>>&&BB

AKKI K HANNA

Ue are li*e c(ildren +(o stand in need o- masters to enlig(ten )s and direct )s and 9od (as provided -or

t(is 'y appointing (is angels to 'e o)r teac(ers and g)idesU&&&li*e )&&maam ? sir&&&&

T(an*&&&&&to 'ot( maam ? sir -or teac(ing st)dents in a very good manner ? -or s(aring inspirational

t(ings +it( t(e st)dents&&&&K n t(ese 6C days are t(e 'est days o- my li-e Ill never going to -orgot t(ese

days&&&in -)t)re&&&&

Maam n sir ) 'ot( are 1)st a+esome&&&&&&&& U;TS O>>U to 'ot( maam ? sir&&K

PACHI IKI

Mam Sir +ill miss ) 'ot( a lot&& T(e *no+ledge inc)lcated 'y ) is act)ally a treas)re -or li-eA& nd +illc(eris( it -or li-etime&& 7o)r +ay o- teac(ing and li-e e0periences ? t(ose 'ea)ti-)l stories told 'y yo)&&

+esome&&

MOHIT K ATHPAIA

T(e overall e0perience +as o)tstanding +it( Sir ? Mam& Vai'(av Sir started )s +it( t(e scratc( and cleared

o)r 'asic )nderstanding o- eac( topic& !e(a mam is very s)pportive especially story telling sessions and

t(ose videos +(ic( a)tomatically ')ilt in )s sel- con-idence and sel- 'elie- t(at +e can do it& 7es t(is is t(e

place yo) can tr)st&

MANU AGGA


17/387

F


18/387

FD

I +o)ld li*e to e0press my sincere t(an*s to Vai'(av Sir ? !e(a Mam -or t(eir e--orts +(ic( res)lted in my

s)ccess in ".T e0ams& It +as an (ono)r to 'e a part o- M&8&9$.T " ":SS#S& T(eir teac(ing style

t(eir +ay o- motivating t(e st)dents +it( cas( pries and c(ocolates is tremendo)s& Reg)lar tests 'ased on

e0amination pattern +ere cond)cted every +ee* +(ic( prepared me to -ace t(e e0am con-idently& T(eir

s)pport and g)idance (ave al+ays enco)raged me to give my 'est& #ven t(e sta-- (as to 'e appreciated&

T;!8 7O$ once again -or all yo)r love and 'lessings& ill Miss yo)A

HAAD GAA

“.arents are t(e -irst teac(ers and teac(ers are second parents% goes t(e -amo)s saying& T(is +as proved

correct +(en my parents led and g)ided me to t(e M&8&9$.T " ":SS#S -or my ".T coac(ing& T(e

vast *no+ledge and e0perience o- t(e -ac)lty ma*es t(e concepts easier to )nderstand& T(eir )nmatc(a'le

style o- teac(ing co)pled +it( t(eir patience and calmness in dealing +it( st)dents and (andling t(eir

=)eries is really e0cellent& T(e str)ct)re o- learning pattern and scienti-ic approac( to+ards learning made

t(e 1o)rney easy and ')ild )p t(e con-idence needed -or t(e e0amination& T(an* yo) not only -or yo)r

g)idance ')t also -or yo)r motivation -or 'eing a 'etter ()man&

AKHI PAHood -or

T(o)g(t inspiring videos -)nny advertisements -or re-res(ment yo) made it all very easier and its 1)st

'eca)se o- yo) Sir ? Mam t(at I am in stage II I."" o- t(e pro-ession "& T(an* yo)B

AMAN

,ear sir ? Mam It +ont 'e -air i- yo) dont introd)ce yo)rsel- as ".T 9$R$S& 7o)r teac(ing style is

a+esome moreover amaing practical e0amples (elps adding more to o)r *no+ledge& I still miss Vai'(avSirs :a+ classes and yo)r +ay o- teac(ing even made mat(s interesting& !e(a Mams cco)nts classes ?

inspiring >OO, >OR T;O$9;T I can never -orget it& Sometimes s(o+ing inspiring and enco)raging

videos in class +as very motivating -or )s& T(e e0perience in EM8 9$.T " ":SS#S +as one o- t(e

most pleasant e0periences o- my li-e& T;!8 7O$ V#R7 M$"; MM ? SIR&

UAHI NAGPA

T;!8 7O$ !#; MM ? VI;V SIRBB

7o) g)ys are t(e 'est& I appreciate all yo)r (ard+or* and e--orts yo) p)t in -or ed)cating )s t(e c(ocolates

t(e videos t(e cas( pries t(e -ood -or t(o)g(t everyt(ing +as inspirational to contin)e learning +it( an

open and positive mind& 7o) are not only teac(ers ')t a -riend p(ilosop(er and a g)ide& :: T;# #ST

!, T;!8 7O$ OT; 9I!A :$V 7O$A& AAUHI DHINGA

,ear Sir ? Maam I -elt really o'liged to 'e at M8 9$.T " ":SS#S +it( s)c( a great -ac)lty& Time

spent at M89 is +ort( remem'ering& Really en1oyed eac( and every moment o- M89&&& T(e =)ality o-

st)dy material provided is really good as it covers =)estions o- all di--ic)lty levels& T(e cas( pries given

a-ter eac( test really inspires t(e st)dents& I am really inspired -rom 'ot( o- yo)& ay o- teac(ing is

e0cellent& !e(a Mam yo)r -ood -or t(o)g(t and Vai'(av Sirs video are really inspiring& ot( o- yo) are not

only good teac(ers ')t people +it( 9O:,#! ;#RT& I really t(an* my dad -or c(oosing d +orlds 'est

instit)tion&&&& I really +anna 'e li*e yo) 'ot(&&& Missing M89& :ove yo) 'ot(&

AKHI AUA

,ear sir ? mam I s)ccess-)lly cleared my ".T and -rom t(e 'ottom o- my (eart me ? my parents really

t(an* 'ot( o- yo)& 7o) really ta)g(t )s +ell& ll t(e MO"8 T#STs and everyday assignments +(ic( seem

to 'e a danger sign to me act)ally t(e real pat( o- t(is 1o)rney 'eca)se o- +(ic( only I cleared my ".T& My


19/387

FH

overall e0perience (ere is so great t(at I cant even e0press in +ords& #veryt(ing I (ave e0perienced (ere

t(e (appiness +(ile st)dying all t(e -)n I pray to 9O, t(at may EO$R I!STIT$T# -lo)ris( li*e t(is

al+ays and every aspiring " starts (is 1o)rney -rom M&8&9$.T ":SS#S& :ove yo) Maam ? Sir

NIHCHINT A


20/387

2C


21/387

Income $nder T(e ;ead )siness/.ro-ession 2F

POIT AND GAINO

UINE O POEION

BPGP

ECTION 28 TO 44D

PATICUA ECTIONP(*"& #+ g#*& ( &*'&& ( !('&&*( $#g'#*%*"F/ &$(!' ( *$(m' +' "*&

'#+

28

I$(m' (m !(*"& #+ g#*& ( &*'&& ( !('&&*( (w $(m!"'+ 29

'" #"'& "#,'& '!#*& #+ *&#$' ( *%+*g& 30

'!#*& #+ *&#$' ( m#$*'F !%#" #+ *"' 31

D'!'$*#"*( 32

T'#"m'" ( #&('+ +'!'$*#"*( 32=2>

T'# +''%(!m'" #$$("/C('' +''%(!m'" #$$(" #+ ' +''%(!m'"

#$$("

33A

*"' '&"(#"*( + 33AAE,!'+*"' ( &$*'"**$ '&'#$ 3J

E,!'+*"' ( ("#**g %*$'$' "( (!'#"' "'%'$(mm*$#"*( &'*$'& 3JA

E,!'+*"' ( '%*g*%' !('$"& ( &$'m'& 3JAC

D'+$"*( * '&!'$" ( ',!'+*"' ( &!'$**'+ &*'&& 3JAD

E,!'+*"' F w#F ( !#Fm'" "( #&&($*#"*( #+ *&"*""*(& ( #%

+''%(!m'" !(g#mm'& 3JCCA

E,!'+*"' ( #g*$%"#% ',"'&*( !('$" 3JCCC

E,!'+*"' ( &k*%% +''%(!m'" !('$" 3JCCD

Am("*"*( ( $'"#* !'%*m*#F ',!'&'& 3JD/%' 6A

Am("*"*( * $#&' ( #m#%g#m#"*( ( +'m'g' 3JDD

Am("*"*( ( ',!'+*"' *$'+ +' (%"#F '"*'m'" &$'m' 3JDDAO"' +'+$"*(& 36

I&#$' !'m*m ( &"($k& 36=1>=*>

I&#$' !'m*m ( $#""%' 36=1>=*#>

I&#$' ( '#%" ( 'm!%(F''& 36=1>=*>

(& ( $(mm*&&*( "( 'm!%(F''& 36=1>=**>

I"''&" ( ((w'+ $#!*"#% 36=1>=***>

D*&$(" ( L'( $(!( (+& 36=1>=***#>

Em!%(F'& $("*"*( "( # '$(g*&'+ !(*+'" + ( #!!('+

&!'##"*( +

36=1>=*>

Em!%(F'& $("*"*( "( # #!!('+ g#"*"F + 36=1>=>

m& '$'*'+ (m 'm!%(F''& "(w#+& $'"#* w'%#' &$'m'& * $'+*"'+ "( "'*

#$$("& '(' "' +' +#"' 36=1>=#>

A%%(w#$' * '&!'$" ( +'#+ ( !'m#'"%F &'%'&& #*m#%& 36=1>=*>

#+ +'"& 36=1>=**>


22/387

Income $nder T(e ;ead )siness/.ro-ession 22

P(*&*(& ( #+ #+ +("% +'"& * '&!'$" ( #% #$'& ( &$'+%'+

#k& ( ()&$'+%'+ #k& 36=1>=**#>

E,!'+*"' ( !(m("*g #m*%F !%#*g #m(g&" "' 'm!%(F''& 36=1>=*,>

G''#% +'+$"*(& 37=1>

A+'"*&'m'" "( !(%*"*$#% !#"*'& 37=2>

*%+*g '"$. !#"%F &'+ ( &*'&& #+ !#"%F ( !'&(#% !!(&'. 38

Am("& (" +'+$"*%' 40

E,!'&'& ( !#Fm'"& (" +'+$"*%' * $'"#* $*$m&"#$'& 40A

P#Fm'"& "( '%#"*'&/'%#"'+ !'&(& 40A=2>

D*%%(w#$' (" ( $#& ',!'+*"' ',$''+*g `20000 40A=3>/%' 6DD

D*%%(w#$' * '&!'$" ( !(*&*( ( g#"*"F 40A=7>

D*%%(w#$' * '&!'$" ( $("*"*( "( ()&"#""(F +& 40A=9>

D''m'+ !(*"& $#g'#%' "( "#, 41

A$"#% $(&" 43=1>

M'#*g ( P#*+ 43=2>

D'**"*( ( P%#" 43=3>M'#*g ( $*'"**$ '&'#$ 43=4>

C'"#* +'+$"*(& "( ' (%F ( #$"#% !#Fm'" 43

M#*"'#$' ( #$$("& F $'"#* !'&(& $#F*g ( &*'&& ( !('&&*( 44AA/%' 6

C(m!%&(F #+*" ( #$$("& 44A/%' 6G

!'$*#% !(*&*(& ( $(m!"*g !(*"& #+ g#*& ( &*'&& ( $**% $(&"$"*( 44AD

!'$*#% !(*&*(& ( $(m!"*g !(*"& #+ g#*& ( &*'&& ( !%F*g **g (

%'#&*g g((+& $#*#g'

44AE

!'$*#% !(*&*(& ( $(m!"*g !(*"& #+ g#*& ( &*!!*g &*'&& * "' $#&'

( ()'&*+'"&

44

!'$*#% !(*&*(& ( $(m!"*g !(*"& #+ g#*& ( &*'&& ( (!'#"*( (#*$#" * "' $#&' ( ()'&*+'"& 44A

M'"(+ ( #$$("*g 14J

%($k ( A&&'"& 2=11>

D'**"*( ( &*'&& 2=13>

D'**"*( ( P('&&*( 2=36>

D'**"*( ( %m! #%' 2=42C>

THEO5 UETION

1. @Im!.


23/387


1961

12. I& *" m#+#"(F "( $%#*m +'!'$*#"*(

13. E,!%#* #%%(w#*%*"F ( +'!'$*#"*( * $#&' ( #&&'"& (" (w'+ F "' #&&'&&''.

14.

1J.


24/387


J3.


25/387


26/387


=**> "as( assistance received in connection +it( e0ports&

=***> ,)ty dra+'ac* o- e0cise and c)stom&

I- any man)-act)rer (as paid e0cise d)ty or c)stom d)ty in connection +it( t(e p)rc(ase o- ra+ materials

etc and s)'se=)ently goods man)-act)red 'y (im (ave 'een e0ported in s)c( cases t(e 9overnment may

pay (im 'ac* t(e e0cise d)ty and c)stom d)ty paid 'y (im as per t(e sc(eme o- t(e 9overnment& It +ill 'e

called d)ty dra+'ac* and s(all 'e considered to 'e e0port incentive and considered to 'e income )nder t(e

(ead ')siness/pro-ession&

Example

" :td& (as comp)ted its income to 'e `2CCCCCC and some o- t(e entries noted -rom pro-it and loss

acco)nt are as given 'elo+K

F& "ompany (as de'ited t(e amo)nt o- opening stoc* `33CCCCC +(ic( is overval)ed 'y FCG&

2& "ompany (as received d)ty dra+'ac*s o-`


27/387



28/387

Income $nder T(e ;ead )siness/.ro-ession 2D

c contract entered into 'y a mem'er o- -or+ard mar*et or a stoc* e0c(ange in t(e co)rse o- 1o''ing or

ar'itrage to g)ard against loss in t(e ordinary co)rse&

E,!%##"*( "( &'$"*( 73

(ere any part o- t(e ')siness o- a company ot(er t(an a company +(ose gross total income consists

mainly o- income +(ic( is c(argea'le )nder t(e (eads “Income -rom (o)se property% “"apital gains% and

“Income -rom ot(er so)rces% or a company t(e principal ')siness o- +(ic( is t(e ')siness o- 'an*ing or t(e

granting o- loans and advances consists in t(e p)rc(ase and sale o- s(ares o- ot(er companies s)c( company

s(all -or t(e p)rposes o- t(is section 'e deemed to 'e carrying on a spec)lation ')siness to t(e e0tent to

+(ic( t(e ')siness consists o- t(e p)rc(ase and sale o- s)c( s(ares&

I$(m' (m !(*"& #+ g#*& ( &*'&& ( !('&&*( (w $(m!"'+ '$"*( 29

T(e income re-erred to in section 2D s(all 'e comp)ted in accordance +it( t(e provisions contained in

sections 3C to 43,&

'&"*( 3:


29/387

Income $nder T(e ;ead )siness/.ro-ession 2H

'&"*( 4: )rnit)re and -ittings incl)ding electrical -ittings FCG

“#lectrical -ittings% incl)de electrical +iring s+itc(es soc*ets ot(er -ittings and -ans etc&

III. M#$*'F #+ P%#"

P%#": '$"*( 43=3>: “.lant% incl)des s(ips ve(icles 'oo*s scienti-ic apparat)s and s)rgical e=)ipment

)sed -or t(e p)rposes o- t(e ')siness or pro-ession ')t does not incl)de tea ')s(es or livestoc* or ')ildings

or -)rnit)re and -ittings.

F& Mac(inery and plant ot(er t(an t(ose mentioned 'elo+ li*e airLconditioner generator

-ireLe0ting)is(er etc&

F5G

2& Motor cars ot(er t(an t(ose )sed in a ')siness o- r)nning t(em on (ire F5G

3& eroplanes ero engines 4CG

4& Motor ')ses motor lorries and motor ta0is )sed in a ')siness o- r)nning t(em on (ire 3CG

5& "omp)ters incl)ding comp)ter so-t+are 6CG

6& oo*s o+ned 'y assessees carrying on ')siness in r)nning lending li'raries FCCG

“loc* o- assets% means a gro)p o- assets -alling +it(in a class o- assets comprising

i Tangi'le assets 'eing ')ildings mac(inery plant or -)rnit)re&

ii Intangi'le assets 'eing *no+L(o+ patents copyrig(ts Trademar*s licences -ranc(ises or any ot(er

')siness or commercial rig(ts o- similar nat)re in respect o- +(ic( t(e same percentage o-


30/387

Income $nder T(e ;ead )siness/.ro-ession 3C

depreciation is prescri'ed&

#ac( class o- assets (as 'een -)rt(er divided into 'loc*s +it( a partic)lar rate o- depreciation -or eac( 'loc*&

Intangi'le assets (o+ever (ave 'een gro)ped into one 'loc* only +it( a depreciation rate o- 25G&

A&&'"& !$#&'+ +*g "' F'# #+ !" "( &' ( %'&& "# 180 +#F&

I- any partic)lar asset is p)rc(ased d)ring t(e year and it (as 'een p)t to )se -or less t(an FDC days d)ring

t(e year in t(at case depreciation is allo+ed at (al- t(e normal rate& I- it is p)rc(ased d)ring t(e year and is

not at all p)t to )se depreciation s(all not 'e allo+ed& )t in t(e s)'se=)ent year +(enever t(e asset is p)t

to )se -)ll depreciation s(all 'e allo+ed irrespective o- period o- )se&

BP" "( &' do not mean p)tting t(e asset to act)al )se rat(er it means ma*ing an asset ready -or )se&

Example

" :td& (as p)rc(ased one plant and mac(inery on CF&Cor e0ample depreciation can 'e claimed 'y a transport company on spare engines

*ept in store in case o- need t(o)g( t(ey (ave not act)ally 'een )sed 'y t(e company& ;ence in s)c( cases

t(e term “)se% em'races 'ot( active )se and passive )se& ;o+ever s)c( passive )se s(o)ld also 'e -or

')siness p)rposes&

T(e ,el(i ;ig( "o)rt in CIT v. Insilco Ltd. (2009) 179 Taxman 55, o'served t(at t(e e0pression “)sed -or t(e

p)rposes o- ')siness% appearing in section 32 also ta*es into acco)nt emergency spares +(ic( even t(o)g(

ready -or )se yet are not cons)med or )sed d)ring t(e relevant period& T(is is 'eca)se t(ese spares are speci-ic

to a -i0ed asset namely plant and mac(inery and -orm an integral part o- t(e -i0ed asset& T(ese spares +ill inall pro'a'ility 'e )seless once t(e asset is discarded and +ill also (ave to 'e disposed o-& In t(is sense t(e

concept o- passive )se +(ic( applies to stand'y mac(inery +ill also apply to emergency spares& T(ere-ore once

t(e spares are considered as emergency spares re=)ired -or plant and mac(inery t(e assessee +o)ld 'e entitled to

capitalie t(e entire cost o- s)c( spares and claim depreciation t(ereon&

D'!'$*#"*( * $#&' ( ('*g m#+' m("( $#&: ,epreciation s(all 'e allo+ed at t(e normal rates&

#arlier depreciation +as not allo+ed in some cases

C(m!"#"*( ( +'!'$*#"*(

$nder Income Ta0 ct depreciation s(all 'e comp)ted in t(e manner given 'elo+K

F& Ta*e opening +ritten do+n val)e o- t(e partic)lar 'loc* o- asset as on Fst day o- pril o- t(e relevant

year&


31/387


2& dd p)rc(ases d)ring t(e year&

3& ,ed)ct sale val)e in case o- sale and amo)nt o- ins)rance claim in case o- -ire or t(e-t etc& or scrap

val)e in case o- discarded assets&

4& pply depreciation on t(e 'alance amo)nt as on t(e last day o- t(e year&

5& I- any asset +as p)t to )se -or less t(an FDC days depreciation s(all 'e allo+ed at (al- t(e normal rate

and -or t(is p)rpose its act)al cost s(all 'e separated -rom t(e total +ritten do+n val)e o- t(e 'loc*

and i- total +ritten do+n val)e is less t(an t(e act)al cost depreciation s(all 'e applied on t(e +ritten

do+n val)e o- t(e 'loc* at (al- t(e normal rate&

6& I- t(ere is a negative 'alance at t(e end o- t(e year it +ill 'e considered to 'e s(ort term capital gain as

per section 5C and no depreciation is allo+ed&


32/387


*"#"*( 4:


33/387


,epreciation X FCG 3CCCC

%($k III

M("( $# +'!'$*#"*( - 1J

.)rc(ased on CF&CH&2CF2 p)t to )se on same date 25CCCC

,epreciation X F5G 3


34/387


,epreciation X F5G on `FC5HCCCC F5DD5CC&CC

,epreciation X


35/387


2& :aptop 23CCC

3& >)rnit)re >i0t)re FFCCC

,)e to a -ire in t(e o--ice premises laptop and -)rnit)reL-i0t)re +ere destroyed and (e (as received a

claim o- `FHCCC -or laptop and `F2CCC -or -)rnit)re&

;e (as comp)ted income -rom ')siness `3CCCCC 'e-ore ta*ing into consideration depreciation or capital

gains +it( regard to t(e a'ove assets& "omp)te (is ta0 lia'ility -or assessment year 2CF3LF4&

(%"*(: `%($k I

M("( C#

ritten do+n val)e F6CCCC

,epreciation X F5G 24CCC

%($k II

#!"(!/C(m!"'&

ritten do+n val)e 23CCC

:essK Ins)rance claim FHCCC

S(ort term capital loss 4CCC

%($k III

*"' #+ *,"'

ritten do+n val)e FFCCC

:essK Ins)rance claim F2CCC

S(ort term capital gain FCCCIncome -rom )siness/.ro-ession 3CCCCC

:essK Total ,epreciation 24CCC

Income )nder t(e (ead )siness/.ro-ession 2


36/387


I%%&"#"*( J:

%($k I .lant and mac(inery "onsisting o- FC looms

Rate o- depreciation F5G +&d&v& 65CCCC

%($k II )ildings "onsisting o- 3 ')ildings

Rate o- depreciation FCG +&d&v& F45CCCC

c=)ired on C5&C


37/387

Income $nder T(e ;ead )siness/.ro-ession 3)rnit)re FCG ` 5CCCC

.lant and Mac(inery F5G `2CCCCC


38/387


>)rt(er on Octo'er F5 2CF2 M/s ,ines( ? "o& p)rc(ased a plant -or `FCCCCC rate o- depreciation F5G&

-ter conversion t(e company added anot(er plant +ort( `5CCCC rate o- depreciation F5G&

"omp)te t(e depreciation availa'le to i M/s ,ines( ? "o& and ii ,ines( "o& :td& -or assessment year

2CF3LF4&

(%"*(:

>i-t( proviso to section 32 is applica'le +(ile determining depreciation i- t(ere is c(ange o- o+ners(ip o-

assets 'eca)se o- conversion o- sole proprietary concern into company& In respect o- assets trans-erred to t(e

company depreciation +ill 'e calc)lated as)nderK `

Building

,epreciated val)e on pril Fst 2CF2 35CCCC

,epreciation X FCG 35CCC

Furniture

,epreciated val)e on pril F

st

2CF2 5CCCC,epreciation X FCG 5CCC

Plant and Macinery

,epreciated val)e on pril Fst 2CF2 2CCCCC

ddK "ost o- ne+ plant and mac(inery FCCCCC

ritten do+n val)e 3CCCCC

,epreciation X F5G on `2CCCCC 3CCCC

,epreciation X

“ritten do+n val)e% meansW

In t(e case o- any 'loc* o- assets +&d&v s(all 'e comp)ted in t(e -ollo+ing steps&

i ritten do+n val)e o- t(e 'loc* o- t(e asset at t(e 'eginning o- t(e year&


39/387


ii dd t(e act)al cost o- any asset o- t(at 'loc* ac=)ired d)ring t(e previo)s year&

iii :ess amo)nt received in respect o- any asset +(ic( is sold or discarded or demolis(ed or

destroyed d)ring t(e year toget(er +it( t(e amo)nt o- t(e scrap val)e i- any&

'&"*( 8: #%' * "' F'# * w*$ "' #&&'" #& '' #$*'+

I- t(e asset is sold in t(e previo)s year in +(ic( it +as ac=)ired t(en t(ere +ill 'e s(ortLterm capital gain/

loss on sale o- s)c( asset&

=> #%' * "' &&''" F'#&

T'm*#% +'!'$*#"*(

I- t(e asset is sold in t(e s)'se=)ent years any loss on t(eir sale s(all 'e considered to 'e terminal

depreciation and s(all 'e allo+ed to 'e de'ited to t(e pro-it and loss acco)nt&

#%#$*g C#g' '$"*( 41=2>I- any asset (as 'een sold or destroyed etc& and depreciation +as claimed on S:M 'asis any amo)nt

received on sale etc& s(all 'e considered to 'e income )nder t(e (ead ')siness/pro-ession and s(all 'e called

'alancing c(arge ')t only to t(e e0tent depreciation +as de'ited to t(e pro-it and loss acco)nt&

I- t(e amo)nt is received a-ter closing do+n o- t(e ')siness still it +ill 'e considered to 'e income )nder

t(e (ead ')siness/pro-ession i&e& it +ill 'e a case o- (aving income )nder t(e (ead ')siness/pro-ession ')t

+it(o)t any ')siness/ pro-ession&

T(e e0cess over it s(all 'e ta0a'le as capital gains )nder section 5C&

Example" :td& is a po+er generating )nit and t(e company (as p)rc(ased one plant and mac(inery on

CF&C


40/387


F& ritten do+n val)e o- t(e asset as on CF&C4&2CF2 is `F6FCCCC ')t it +as sold -or `=**#>

In t(e case o- any 'w m#$*'F ( !%#" +(ic( (as 'een ac=)ired and installed a-ter t(e 3F&C3&2CC5 'y

an assessee engaged in t(e ')siness o- m##$"' or !(+$"*( or in t(e ')siness o- generation or generation and distri')tion o- po+er additional depreciation at t(e rate o- 2CG o- t(e act)al cost o- s)c(

mac(inery or plant s(all 'e allo+ed&

A++*"*(#% +'!'$*#"*( *& (" #%%(w'+ in t(e -ollo+ing casesK

i ny mac(inery or plant +(ic( 'e-ore its installation 'y t(e assessee +as )sed eit(er +it(in or o)tside

India 'y any ot(er person or

ii ny m#$*'F ( !%#" *&"#%%'+ * #F (*$' !'m*&'& ( #F '&*+'"*#% #$$(mm(+#"*(

incl)ding accommodation in t(e nat)re o- a g)estL(o)se or

iii ny (*$' #!!%*#$'& or (#+ "#&!(" '*$%'& or &*!& #+ #*$#"

ivny m#$*'F or !%#" t(e w(%' ( "' #$"#% $(&" o- +(ic( is allo+ed as a ded)ction +(et(er 'y

+ay o- depreciation or ot(er+ise in comp)ting t(e income c(argea'le )nder t(e (ead “.ro-its and

gains o- ')siness or pro-ession% o- any one previo)s year&

!f te a""et i" purca"ed and put to u"e for le"" tan #$% day"& additional depreciation "all be allo'ed at

#%( and remaining additional depreciation "all not be allo'ed in te "ub"e)uent year*

I%%&"#"*( 7: >rom t(e -ollo+ing data calc)late t(e depreciation admissi'le to an individ)al carrying on

')siness -or t(e assessment year 2CF3LF4&

F& >actory )ilding ritten do+n val)e on CF&C4&2CF2 +as `F2CCCCC&

2& .lant and Mac(inery Rate F5G ritten do+n val)e on CF&C4&2CF2 is `D


41/387



42/387


,epreciation X F5G 4Dor t(e p)rpose o- claiming depreciation t(e assessee m)st satis-y t(e -ollo+ing conditionsK

a T(e assessee m)st 'e t(e o+ner o- t(e asset& T(e o+ners(ip may 'e +(ole or -ractional&

' T(e asset m)st 'e )sed -or t(e p)rpose o- carrying on t(e ')siness or pro-ession o- t(e assessee&

c In t(e year o- ac=)isition i- t(e asset is p)t to )se -or less t(an FDC days t(en it is eligi'le -or only5CG o- t(e normal depreciation&

d T(e asset in respect o- +(ic( depreciation is claimed s(o)ld -all +it(in t(e eligi'le classi-ication o-


43/387


assetsL i&e&

Tangi'le assets'eing ')ildings mac(inery plant and -)rnit)re&

Intangi'le assets'eing *no+(o+ patents copyrig(ts trademar*s licences -ranc(ises or any ot(er

')siness or commercial rig(ts o- a similar nat)re&

'&"*( 12: I& *" M#+#"(F "( C%#*m D'!'$*#"*(

A&w':

s per e0planation 5 to section 32F it is mandatory -or every assessee to claim depreciation&

#0planation 5&W>or t(e removal o- do)'ts it is (ere'y declared t(at t(e provisions o- t(is s)'Lsection s(all

apply +(et(er or not t(e assessee (as claimed t(e ded)ction in respect o- depreciation in comp)ting (is

total income&

'&"*( 13: E,!%#* #%%(w#*%*"F ( +'!'$*#"*( * $#&' ( #&&'"& (" (w'+ F "' #&&'&&''.

A&w':D'!'$*#"*( * $#&' ( #&&'"& (" (w'+ F "' #&&'&&''

I- t(e ')siness or pro-ession o- t(e assessee is carried on in a ')ilding not o+ned 'y (im ')t in respect o-

+(ic( t(e assessee (olds a lease rig(t o- occ)pancy and any capital e0pendit)re is inc)rred 'y t(e assessee

on t(e constr)ction renovation e0tension improvement etc& to t(e ')ilding t(e assessee s(all 'e eligi'le

-or depreciation in t(e normal manner and it do not matter t(at t(e assessee is not t(e o+ner i&e& t(e

depreciation s(all 'e allo+ed even -or t(e ')ilding ta*en on lease ')t only +it( regard to t(e capital

e0pendit)re inc)rred 'y t(e assessee&

'&"*( 14:

A&w':

T'# C('' ( ' D''%(!m'" A$$(" '$"*( 33A,ed)ction is allo+ed to all t(e assessee +(o are engaged in gro+ing and man)-act)ring tea co--ee or r)''er

and ded)ction is allo+ed e=)al to t(e amo)nt deposited in an acco)nt opened +it( !ational an* -or

gric)lt)ral or R)ral ,evelopment and assessee is allo+ed ma0im)m ded)ction )pto 4CG o- t(e pro-it

'e-ore c(arging any amo)nt )nder section 33 and t(e amo)nt in t(is acco)nt s(o)ld 'e )tilised as per t(e

sc(eme o- Tea oard o- India "o--ee oard o- India R)''er oard o- India&

mo)nt s(all 'e deposited +it(in 6 mont(s -rom t(e end o- t(e previo)s year or 'e-ore t(e d)e date o-

-)rnis(ing o- ret)rn o- income +(ic(ever is earlier&

,ed)ction is allo+ed s)'1ect to t(e condition t(at t(e acco)nts o- t(e assessee (ave 'een a)dited 'y a

"(artered cco)ntant&

T(e amo)nt deposited in t(is acco)nt can 'e )tilised in accordance +it( t(e sc(eme speci-ied -or t(is

p)rpose& ;o+ever amo)nt cannot 'e )tilised -or any o- t(e p)rposes given 'elo+K

F& #0pendit)re on plant and mac(inery to 'e installed in any o--ice premises or residential accommodation

or g)est (o)se&

2& ny o--ice appliances e0cept comp)ters

3& #0pendit)re on any mac(inery or plant t(e cost o- +(ic( (as 'een de'ited to t(e pro-it and loss acco)nt

eit(er as depreciation or ot(er+ise&

4& ny ne+ mac(inery or plant to 'e installed in an ind)strial )nderta*ing -or t(e p)rpose o- ')siness o-

constr)ction man)-act)re or prod)ction o- any article or t(ing speci-ied in t(e list in t(e #levent(


44/387


Sc(ed)le&

I- t(e assessee (as already ta*en ded)ction and s)'se=)ently t(e amo)nt +as )tilised -or any o- t(e a'ove

mentioned p)rposes in t(at case t(e amo)nt so )tilised s(all 'e considered to 'e income o- t(e previo)s

year in +(ic( t(e amo)nt (as 'een so )tilised&

T(e amo)nt deposited in t(e special acco)nt is allo+ed to 'e +it(dra+n in t(e circ)mstance mentioned

'elo+K

i "los)re o- ')siness

ii ,issol)tion o- a -irm

iii ,eat( o- an assessee

iv .artition o- a ;ind) $ndivided >amily

v :i=)idation o- a company

I- t(e amo)nt (as 'een +it(dra+n on t(e clos)re o- t(e ')siness or on t(e dissol)tion o- t(e -irm it +ill 'e

considered to 'e income o- t(e year in +(ic( t(e amo)nt (as 'een +it(dra+n ')t in ot(er cases mentioned

a'ove it +ill not 'e considered to 'e income&

'&"*( 1J:


45/387


reven)e e0pendit)re o- `2 la*(s on scienti-ic researc( -rom CF&C

(ere a company engaged in t(e ')siness o- *()"'$(%(gF or in any ')siness o- m##$"' or

!(+$"*( ( #F #"*$%' ( "*g not 'eing an article or t(ing speci-ied in t(e list o- t(e elevent( sc(ed)leinc)rs any e0pendit)re on scienti-ic researc( on inL(o)se researc( and development -acility as approved 'y

t(e prescri'ed a)t(ority t(en t(ere s(all 'e allo+ed a ded)ction o- a s)m e=)al to "w( "*m'& o- t(e

e0pendit)re so inc)rred& In case o- e0pendit)re on p)rc(ase or constr)ction o- ')ilding e0pendit)re s(all 'e

allo+ed to t(e e0tent o- FCCG& #0pendit)re inc)rred on land s(all not 'e allo+ed&

I- t(e e0pendit)re (as 'een inc)rred prior to t(e year o- commencement o- ')siness e0pendit)re s(all 'e

allo+ed only to t(e e0tent o- FCCG&

!o company s(all 'e entitled -or ded)ction )nless it enters into an agreement +it( t(e prescri'ed a)t(ority

-or coLoperation in s)c( researc( and development -acility and -or a)dit o- t(e acco)nts maintained -or t(at

-acility& T(e prescri'ed a)t(ority s(all s)'mit its report in relation to t(e approval o- t(e said -acility to t(e,irector 9eneral in s)c( -orm and +it(in s)c( time as may 'e prescri'ed&

!o ded)ction s(all 'e allo+ed in respect o- s)c( e0pendit)re +(ic( are inc)rred a-ter t(e 3F&C3&2CF

(ere an asset representing e0pendit)re o- a capital nat)re on scienti-ic researc( is sold +it(o)t (aving

'een )sed -or ot(er p)rposes t(e sale proceeds ma0im)m to t(e e0tent o- capital e0pendit)re de'ited to t(e

pro-it and loss acco)nt s(all 'e c(argea'le to incomeLta0 as income o- t(e ')siness or pro-ession o- t(e


46/387


previo)s year in +(ic( t(e sale too* place and it do not matter t(at ')siness or pro-ession (as 'een closed

do+n at t(at time&

Example

" :td& p)rc(ased one plant and mac(inery -or ` 2C la*(s on CF&FC&2CC5 -or scienti-ic researc( and entire

amo)nt +as de'ited to t(e .ro-it and loss acco)nt s)'se=)ently t(e asset +as sold -or ` 23 la*(s in t(e year

2CF2LF3 in t(is case deemed income )nder section 4F3 s(all 'e ` 2C la*(s i&e& t(e amo)nt recovered on

sale ma0im)m to t(e e0tent o- t(e amo)nt de'ited& "apital gains s(all 'e comp)ted in t(e normal manner in

t(is case&

T#&' ( #&&'" "( "' (m#% &*'&&

I- any asset +as )sed -or scienti-ic researc( and s)'se=)ently it +as trans-erred to t(e normal ')siness in

s)c( cases it +ill 'e entered in t(e respective 'loc* o- assets and its +&d&v s(all 'e ta*en to 'e nil&

I%%&"#"*( 9: On CF&C4&2CF2 " :td& o+ns plants " and , rate o- depreciation F5G depreciated

val)e o- t(e 'loc* as on CF&C4&2CF2 is `54CCCC& On F4&C6&2CF2 plant # +(ic( +as initially p)rc(ased -or

`H6CCC -or cond)cting scienti-ic researc( is trans-erred -rom la'oratory to t(e -actory& !o ot(er asset is p)rc(ased or sold& >ind o)t depreciation allo+ed -or t(e previo)s year 2CF2LF3&

(%"*(: `Computation of 'ritten do'n +alue a" on ,#"t Marc -%#,

ritten do+n val)e as on pril Fst 2CF2 54CCCC

ddK "ost o- plant # trans-erred -rom la'oratory to -actory on @)ne F4 t( 2CF2

Yi&e& ` H6CCC,ed)ction o- ` H6CCC claimed )nder section 35Z !il

ritten do+n val)e as on 3F&C3&2CF3 'e-ore c(arging depreciation 54CCCC

,epreciation X F5G DFCCC

C#F (w#+ ( $#!*"#% ',!'+*"' ( &$*'"**$ '&'#$

T(e provisions o- section 322 s(all 'e applica'le +it( regard to t(e capital e0pendit)re o- scienti-icresearc( as t(ey apply to )na'sor'ed depreciation i&e& carry -or+ard s(all 'e allo+ed -or )nlimited period

and 'ro)g(t -or+ard e0pendit)re can 'e ad1)sted -rom any income )nder any (ead e0cept cas)al income&

A%%(w#*%*"F ( ',!'+*"' * $#&' ( #m#%g#m#"*(

(ere in a sc(eme o- amalgamation t(e amalgamating company sells or ot(er+ise trans-ers to t(e

amalgamated company 'eing an Indian company any asset representing e0pendit)re o- a capital nat)re on

scienti-ic researc( t(e provisions o- t(is section s(all apply to t(e amalgamated company as t(ey +o)ld

(ave applied to t(e amalgamating company i- t(e latter (ad not so sold or ot(er+ise trans-erred t(e asset&

M'#*g ( &$*'"**$ '&'#$ '$"*( 43=4>

i “Scienti-ic researc(% means any activities -or t(e e0tension o- *no+ledge in t(e -ields o- nat)ral or applied science incl)ding agric)lt)re animal ()s'andry or -is(eries and e0pendit)re inc)rred on scienti-ic

researc( s(all incl)de all e0pendit)re inc)rred -or t(e prosec)tion o- scienti-ic researc(&

Re-erences to scienti-ic researc( related to a ')siness s(all incl)de any scienti-ic researc( +(ic( may lead to

or -acilitate an e0tension o- t(at ')siness and any scienti-ic researc( o- a medical nat)re +(ic( (as a special

relation to t(e +el-are o- +or*ers employed in t(at ')siness&

Example

i " :td& (as inc)rred `2CCCCC on p)rc(ase o- plant and mac(inery -or t(e p)rpose o- scienti-ic

researc( relating to (is ')siness in t(is case entire e0pendit)re can 'e de'ited to t(e pro-it and loss acco)nt

instead o- permitting depreciation ')t i- t(e researc( is not related to t(e ')siness o- t(e assessee

e0pendit)re is not allo+ed&

ii " :td& (as p)rc(ased one ')ilding -or `5CCCCCC o)t o- +(ic( val)e o- land is `4CCCCCC& T(e


47/387



48/387


Example

" :td& (as ta*en one licence -or telecomm)nication services and payment o- `25 la*(s (as made on

CF&C4&2CF2 and t(e licence s(all e0pire on 3F&C3&2CF


49/387


parent company&

'&"*( 18:


50/387


51/387


T(e -ollo+ing assets (ave 'een p)rc(ased -or +are(o)sing -acility and t(e pro-it o- `35CCCCC is comp)ted

+it(o)t giving e--ect to t(e -ollo+ingK

i Mac(inery p)rc(ased on 3C&C6&2CFF `

HCCCCC

ii :and p)rc(ased on 3C&C6&2CFF `F5CCCCC

iii Mac(inery p)rc(ased on 3F&F2&2CF2 ` HCCCCC

iv )ilding p)rc(ased on 3F&F2&2CFF `FCCCCCC

v )ilding "onstr)cted on 3F&C5&2CF2 `FHCCCCC

vi 9ood+ill p)rc(ased on 3F&C5&2CF2 ` HCCCCC

(%"*(:

D'+$"*( #%%(w#%' +' &'$"*( 3JAD

`

Mac(inery p)rc(ased on 3C&C6&2CFF HCCCCC 0 F&5 F35CCCC

Mac(inery p)rc(ased on 3F&F2&2CF2 HCCCCC 0 F&5 F35CCCC

)ilding p)rc(ased on 3F&F2&2CFF FCCCCCC 0 F&5 F5CCCCC

)ilding constr)cted on 3F&C5&2CF2 FHCCCCC 0 F&5 2D5CCCC

Total )nd set )p and noti-ied 'y t(e "entral 9overnment in t(is

'e(al-

t(e assessee s(all 'e allo+ed a ded)ction o- t(e amo)nt o- s)c( e0pendit)re inc)rred d)ring t(e

previo)s year&


52/387


'&"*( 21:


53/387


54/387


• D'+$"*( * $#&' ( #m#%g#m#"*(/D'm'g'

In case o- amalgamation t(e provisions o- t(is section s(all apply to t(e amalgamated company as t(ey

+o)ld (ave applied to t(e amalgamating company i- t(e amalgamation (ad not ta*en place&

In case o- demerger t(e provisions o- t(is section s(all apply to t(e res)lting company as t(ey +o)ld

(ave applied to t(e demerged company i- t(e demerger (ad not ta*en place&

I%%&"#"*( 11: " :td& an Indian "ompany +as incorporated on CF&C


55/387


')siness as)nderK

F& #0pendit)re on advertisements `3 la*(s&

2& #0pendit)re on preparation o- pro1ect report and t(e report +as prepared 'y a concern +(ic( is

approved 'y t(e oard `D5CCC&

3& #0pendit)re in connection +it( travelling and stay in (otels `45CCC&

4& #0pendit)re on dra-ting and printing o- memorand)m and articles o- associations `4 la*(s&

ll t(e a'ove e0pendit)res (ave 'een de'ited to t(e pro-it and loss acco)nt and t(e company (as comp)ted

income to 'e ` < la*(&

T(e company (as commenced its ')siness on CF&C6&2CF2&

"ompanys pro1ect cost is`

5C la*(s and capital employed is 5< la*(s&

"omp)te companys ta0 lia'ility -or assessment year 2CF3LF4&

(%"*(:

` !et pro-it as per pro-it and loss acco)nt


56/387


demerger o- an )nderta*ing t(e assessee s(all 'e allo+ed a ded)ction o- an amo)nt e=)al to (')*" o-

s)c( e0pendit)re -or eac( o- t(e *' s)ccessive previo)s years 'eginning +it( t(e previo)s year in +(ic(

t(e amalgamation or demerger ta*es place&

!o ded)ction s(all 'e allo+ed in respect o- t(e e0pendit)re mentioned a'ove )nder any ot(er provision o-

t(is ct&

M'#*g ( Am#%g#m#"*( '$"*( 2=1>

B Am#%g#m#"*( means t(e merger o- one or more companies +it( an e0isting company or t(e merger o-

t+o or more companies to -orm a ne+ company&

T(e company +(ic( is so merged is called t(e amalgamating company and t(e company +it( +(ic( it is

merged is called amalgamated company&

T(e merger s(o)ld 'e in s)c( a manner t(atW

i ll t(e property o- t(e amalgamating company s(o)ld 'ecome t(e property o- t(e amalgamated company&

ii ll t(e lia'ilities o- t(e amalgamating company s(o)ld 'ecome t(e lia'ilities o- t(e amalgamated

company&

iii S(are(olders (olding not less t(an 7J ( "' &#'& * "'m& ( #%' in t(e amalgamating company

'ecome s(are(olders o- t(e amalgamated company&

M'#*g ( D'm'g' '$"*( 2=19AA>

B D'm'g' means t(e trans-er 'y a demerged company o- its one or more )nderta*ings to any res)lting

company in s)c( a manner t(atW

i all t(e property o- t(e )nderta*ing 'eing trans-erred s(o)ld 'ecome t(e property o- t(e res)lting

company&

ii all t(e lia'ilities relata'le to t(e )nderta*ing 'eing trans-erred s(o)ld 'ecome t(e lia'ilities o- t(e

res)lting company&

iii t(e property and t(e lia'ilities o- t(e )nderta*ing are trans-erred at val)es appearing in its 'oo*s o-

acco)nt immediately 'e-ore t(e demerger&

iv t(e s(are(olders (olding not less t(an 7J o- t(e s(ares in term o- val)e in t(e demerged company

'ecome s(are(olders o- t(e res)lting company&

v t(e res)lting company iss)es in consideration o- t(e demerger its s(ares to t(e s(are(olders o- t(e

demerged company on a proportionate 'asis&

'&"*( 2J:


57/387


58/387


(# ( #$**g $#!*"#% #&&'"

ny amo)nt o- t(e interest paid in respect o- capital 'orro+ed -or ac=)isition o- an asset -or ',"'&*( (

',*&"*g &*'&& ( !('&&*( -or any period 'eginning -rom t(e date on +(ic( t(e capital +as 'orro+ed

-or ac=)isition o- t(e asset till t(e date on +(ic( s)c( asset +as -irst p)t to )se s(all not 'e allo+ed as

ded)ction rat(er interest (as to 'e capitalised ')t interest s)'se=)ent to t(e date o- p)tting t(e asset to )se

s(all 'e allo+ed )nder section 43F&

Example

" :td& is an e0isting company and it (as 'orro+ed `2C la*(s X FCG on CF&C

R'( C(!( (+ m'#& # (+

a iss)ed 'y any in-rastr)ct)re capital company or in-rastr)ct)re capital -)nd or p)'lic sector company&

' in respect o- +(ic( no payment and 'ene-it is received or receiva'le 'e-ore mat)rity or redemption

-rom in-rastr)ct)re capital company or in-rastr)ct)re capital -)nd or p)'lic sector company and

c +(ic( t(e "entral 9overnment may 'y noti-ication in t(e O--icial 9aette speci-y in t(is 'e(al-&

T(e pro rata amo)nt o- disco)nt on a ero co)pon 'ond (aving regard to t(e period o- li-e o- s)c( 'ond

calc)lated in t(e manner as may 'e prescri'ed s(all 'e allo+ed to 'e de'ited&

i BD*&$(" means t(e di--erence 'et+een t(e amo)nt received 'y t(e in-rastr)ct)re capital company or

in-rastr)ct)re capital -)nd or p)'lic sector company or sc(ed)led 'an* iss)ing t(e 'ond and t(e amo)nt

paya'le 'y s)c( company or -)nd or p)'lic sector company or sc(ed)led 'an* on mat)rity&

ii BP'*(+ ( %*' ( "' (+ means t(e period commencing -rom t(e date o- iss)e o- t(e 'ond and

ending on t(e date o- t(e mat)rity&

T(e minim)m period s(all 'e FC years and ma0im)m period s(all 'e 2C years&

'&"*( 28: E,!%#* +'+$"**%*"F ( 'm!%(F'& $("*"*( "(w#+& '$(g*&'+ P(*+'" +

'"$.

A&w':

Em!%(F'& $("*"*( "( '$(g*&'+ P(*+'" + ( A!!('+ !'##"*( + '$"*(

36=1>=*>ny s)m paid 'y t(e assessee as an employer 'y +ay o- contri')tion to+ards a recognised provident -)nd or

an approved s)perann)ation -)nd s)'1ect to s)c( limits as may 'e prescri'ed and s)'1ect to s)c( conditions

as t(e oard may t(in* -it to speci-y in cases +(ere t(e contri')tions are not in t(e nat)re o- ann)al

contri')tions o- -i0ed amo)nts or ann)al contri')tions -i0ed on some de-inite 'asis 'y re-erence to t(e

income c(argea'le )nder t(e (ead “Salaries% or to t(e contri')tions or to t(e n)m'er o- mem'ers o- t(e

-)nd&

Em!%(F'& $("*"*( "(w#+& # P'&*( $'m' '$"*( 36=1>=*#>

ny s)m paid 'y t(e assessee as an employer 'y +ay o- contri')tion to+ards a pension sc(eme as re-erred

to in section DC"", on acco)nt o- an employee to t(e e0tent it does not e0ceed ten per cent o- t(e salary o-

t(e employee in t(e previo)s year&

USalaryU incl)des dearness allo+ance i- t(e terms o- employment so provide ')t e0cl)des all ot(er

allo+ances and per=)isites&


59/387


Em!%(F'& $("*"*( "(w#+& #!!('+ G#"*"F + '$"*( 36=1>=>

ny s)m paid 'y t(e assessee as an employer 'y +ay o- contri')tion to+ards an approved grat)ity -)nd

created 'y (im -or t(e e0cl)sive 'ene-it o- (is employees )nder an irrevoca'le tr)st&

'&"*( 29: E,!%#* +'+$"**%*"F ( 'm!%(F''& $("*"*( '$'*'+ F "' 'm!%(F'.

A&w':

Em!%(F''& $("*"*( '$'*'+ F "' 'm!%(F'

A& !' &'$"*( 36=1>=#> I- t(e employer (as received contri')tion -rom t(e employee to+ards provident

-)nd or S)perann)ation >)nd or #mployees State Ins)rance or to+ards any ot(er +el-are sc(eme o-

employees it +ill 'e considered to 'e income o- t(e employer )nder t(e (ead ')siness/pro-ession ')t i- t(e

employer (as credited t(e amo)nt to t(e relevant acco)nt +it(in t(e time allo+ed in t(e relevant ct

employer can de'it t(e amo)nt to t(e pro-it and loss acco)nt ot(er+ise e0pendit)re is disallo+ed&

A& !' !##g#! 38 ( T' Em!%(F''& P(*+'" +& $'m' 19J2 "' 'm!%(F' &(%+ !#F

w*"* 1J +#F& ( "' &&''" m(" #+ #%&( J +#F& g#$' !'*(+ *& #%%(w'+ *.'. !#Fm'" $# '

m#+' !"( 20" ( "' &&''" m(".

A& !' &'$"*( 31 ( Em!%(F''&S "#"' I&#$' =G''#%> 'g%#"*(& 19J0 EI $("*"*( &(%+

' +'!(&*"'+ m#,*mm !"( 21&" ( &&''" m(".

'&"*( 30: E,!%#* "' +'+$"**%*"F ( ',!'+*"' *$'+ * $('$"*( w*" !$#&' (

#*m#%&.

A&w':

E,!'+*"' *$'+ * $('$"*( w*" !$#&' ( #*m#%&

A& !' &'$"*( 36=1>=*> In respect o- animals +(ic( (ave 'een )sed -or t(e p)rposes o- t(e ')siness or

pro-ession ot(er+ise t(an as stoc*LinLtrade and (ave died or 'ecome permanently )seless -or s)c( p)rposes

t(e di--erence 'et+een t(e act)al cost to t(e assessee o- t(e animals and t(e amo)nt i- any realised in

respect o- t(e carcasses or animals&

'&"*( 31 @Im!.: =**>

I- any assessee (as +ritten o-- 'ad de'ts as irrecovera'le in t(e 'oo*s o- acco)nts (e +ill 'e allo+ed to

de'it s)c( 'ad de'ts to t(e pro-it and loss acco)nt&

I- any assessee +as allo+ed provision -or 'ad de'ts )nder section 36Fviia 'ad de'ts s(all 'e -irst de'ited

to t(e provision -or 'ad de'ts and only a-ter t(at 'alance amo)nt s(all 'e de'ited to t(e pro-it and loss

acco)nt&

Example

I- a partic)lar 'an* (as provision -or 'ad de'ts ` 2C la*(s and act)al 'ad de'ts are ` 2F la*(s in t(is case

only ` F la*( can 'e de'ited to t(e pro-it and loss acco)nt as 'ad de't&

I- any amo)nt +as de'ited as 'ad de'ts +it( regard to partic)lar de't and s)'se=)ently some amo)nt +as

received in -inal settlement o- t(e de't in t(is case any de-iciency s(all 'e allo+ed as 'ad de't and any

e0cess s(all 'e considered to 'e deemed income )nder section 4F4&

Example

Mr& (as sold goods on credit amo)nting to `3CCCCC and (as de'ited `5CCCC as 'ad de'ts s)'se=)ently

')t in -inal settlement (e (as received `2FCCCC in t(is case de-iciency o- `4CCCC s(all 'e allo+ed as 'ad

de't and i- amo)nt received is `26CCCC e0cess o- `FCCCC s(all 'e considered to 'e income )nder section

4F4&

'&"*( 32:


60/387


A&w':

P(*&*( ( #+ D'"& '$"*( 36=1>=**#>

In general any provision -or 'ad de'ts is not allo+ed (o+ever provision is allo+ed to t(e limited e0tent in

t(e -ollo+ing casesK

1. P(*&*( * $#&' ( &$'+%'+ #k *$(!(#"'+ * I+*#.

.rovision s(all 'e allo+ed -or 'ad de'ts in case o- a sc(ed)led 'an* not 'eing a 'an* incorporated )nder t(e

la+s o- a co)ntry o)tside India or a nonLsc(ed)led 'an* an amo)nt (" ',$''+*g &'' #+ (')#% !'

$'" o- t(e total income comp)ted 'e-ore ma*ing any ded)ction )nder t(is cla)se and "(apter VI and an

amo)nt (" ',$''+*g "' !' $'" ( "' #gg'g#"' #'#g' #+#$'& made 'y t(e r)ral 'ranc(es o- s)c(

'an*&

2. ('*g #k&

.rovision is allo+ed in case o- a 'an* 'eing a 'an* incorporated )nder t(e la+s o- a co)ntry o)tside India

an amo)nt (" ',$''+*g *' !' $'" ( "' "("#% *$(m' comp)ted 'e-ore ma*ing any ded)ction )nder

t(is cla)se and "(apter VI&

3. P%*$ *#$*#% *&"*""*(& '"$.

.rovision is allo+ed in case o- a !%*$ *#$*#% *&"*""*( or a "#"' *#$*#% $(!(#"*( or a "#"'

*+&"*#% *'&"m'" $(!(#"*( an amo)nt (" ',$''+*g *' !' $'" ( "' "("#% *$(m' comp)ted

'e-ore ma*ing any ded)ction )nder t(is cla)se and "(apter VILK

'&"*( 33 @Im!.:


61/387


C(+*"*(& ( $%#*m*g +'+$"*( +' &'$"*( 37=1>

A& !' &'$"*( 37=1> any e0pendit)re not 'eing e0pendit)re o- t(e nat)re descri'ed in sections 3C to 36

and not 'eing in t(e nat)re o- capital e0pendit)re or personal e0penses o- t(e assessee laid o)t or e0pended

+(olly and e0cl)sively -or t(e p)rposes o- t(e ')siness or pro-ession s(all 'e allo+ed in comp)ting t(e

income c(argea'le )nder t(e (ead “.ro-its and gains o- ')siness or pro-ession%&

I- any e0pendit)re (as 'een inc)rred 'y an assessee -or any p)rpose +(ic( is an o--ence or +(ic( is

pro(i'ited 'y la+ s(all not 'e deemed to (ave 'een inc)rred -or t(e p)rpose o- ')siness or pro-ession and

no ded)ction or allo+ance s(all 'e made in respect o- s)c( e0pendit)re& i&e& e0pendit)re can 'e claimed as

ded)ction )nder section 3 #' #& g*' '%(w:

F& #0pendit)re in connection +it( advertisement

Example

" :td& (as inc)rred `2CCCC on printing o- diaries and calendars t(e e0pendit)re is allo+ed )nder section 3


62/387


FF& ,amages paid to a +or*er in connection +it( (is termination -rom t(e 1o'&

F2& ,amages -or -ail)re to complete a contract in time&

F3& .ro-essional ta0 paid 'y a person carrying on ')siness or pro-ession&

F4& I- t(ere are e0pendit)res li*e t(e e0pendit)re on t(e -iling o- ret)rn o- income -iling o- appeal payment

o- salary to t(e e0pert sta-- -or (andling income ta0 or +ealt( ta0 matters or t(ere is any a)dit -ee

e0pendit)re is allo+ed&

F5& #0penses on registration o- trade mar*s&

F6& .ayment o- grat)ity to an employee +(o died a'road +(ile on ')siness to)r CIT #,m* C'm'"

D*&"*"(& =P> "+. =1976> 104 IT 711 =G.>

Fees to an arc(itect -or val)ation o- ')ilding CIT A&*#"*$ O,Fg' #+ A$'"F%'' C(. "+. =1981>132 IT J06 =C#%>.

FD& :egal c(arges in connection +it( amendment to rticles o- ssociation&

FH& Replacement o- +orn o)t parts o- mac(ineries CIT . D##g# g# C(. "+. =19J6> 29 IT 21

=P#".>

2C& Interest on overdra-t )tilised -or payment o- dividend CIT . * C#g'+'( g# M*%%& "+. =1983>

143 IT 469 =(m>.

2F& "ontri')tion to 9overnment -or constr)ction o- (ealt( centre CIT . ! *$' M*%%& =1976> 104IT 249 =O*>.

22& .ayment made to s)ggest improved met(od o- prod)ction CIT . A%m*m C(!(#"*( ( I+*#

"+. =1973> 92 IT J63 =C#%>.

23& Retrenc(ment compensation and notice pay at t(e time o- clos)re o- one o- t(e )nits o- t(e ')siness

#&&(( . D#*+ ? C(. =P> "+. . CIT =1979> 118 IT 261 =C>.

24& #0pendit)re on iss)e o- 'on)s s(ares is reven)e e0pendit)re and is accordingly allo+ed to 'e de'ited to

pro-it and loss acco)nt as decided in CIT . G''#% I&#$' C(!(#"*( =2006> 1J6 T#,m# 96 =C>.

T(e co)rt (eld t(at iss)ance o- 'on)s s(ares does not res)lt in in-lo+ o- -res( -)nds rat(er it is merely areallocation o- companys -)nds (ence it cannot 'e said t(at company (as ac=)ired a 'ene-it or advantage o-

end)ring nat)re& T(e e0pendit)re is reven)e in nat)re&

25& ny ot(er e0pendit)re +(ic( is reven)e in nat)re and it is related to ')siness or pro-ession&

T' (%%(w*g ',!'+*"' &#%% (" ' #%%(w'+ +' &'$"*( 37=1>.

F& .ayment o- income ta0 in -oreign co)ntries

2& "ost o- erecting t(e stat)e o- t(e -o)nderLc(airman # m'%"*g ? '**g C(!(#"*( =P> "+. .

CIT =1979> 116 IT 766 =A%%>.

3& ny -ine or penalty -or violating t(e provisions o- la+&


63/387


4& Interest on late payment o- income ta0&

'&"*( 36: ees -or Tec(nical Services 22LCFL2CF3 3FLCFL2CF3 !ot

,eposited

!ot llo+ed


64/387


2& Interest on loan 3FLCFL2CF3 FCLC2L2CF3 2HLC3L2CF3 2CF2LF3

3& Rent 3FLC3L2CF3 3FLC3L2CF3 CFLC5L2CF3 2CF3LF4

4& Interest 3FLC3L2CF3 3FLC3L2CF3 F5LC4L2CF3 2CF2LF3

5& :egal >ee FCLC3L2CF3 2CLC3L2CF3 FCLC4L2CF3 2CF2LF3

6& )dit >ee FDLFFL2CF2 FDLFFL2CF2 C

In case o- payment o- interest commission 'ro*erage rent royalty pro-essional -ees tec(nical -ees

payment to a contractor and t(e payment is 'eing made to a resident and ta0 (as to 'e ded)cted at so)rce as

per provisions o- Income Ta0 ct and t(e person ma*ing payment (as ded)cted ta0 at so)rce t(e

e0pendit)re s(all 'e allo+ed i- ta0 (as 'een paid to t(e government on or 'e-ore t(e d)e date o- -iling o-

ret)rn o- income speci-ied in s)'Lsection F o- section F3H and in s)c( cases amo)nt s(all 'e allo+ed to 'e

de'ited in t(e relevant previo)s year&

(ere an assessee -ails to ded)ct t(e +(ole or any part o- t(e ta0 in accordance +it( t(e provisions o-

"(apter VIIL on any s)c( s)m ')t is not deemed to 'e an assessee in de-a)lt )nder section 2CF t(en it

s(all 'e deemed t(at t(e assessee (as ded)cted and paid t(e ta0 on s)c( s)m on t(e date o- -)rnis(ing o-

ret)rn o- income&

I- in respect o- any s)c( s)m ta0 (as 'een ded)cted in any s)'se=)ent year or (as 'een ded)cted d)ring t(e

previo)s year ')t paid a-ter t(e d)e date speci-ied in s)'Lsection F o- section F3H s)c( s)m s(all 'e

allo+ed as a ded)ction in comp)ting t(e income o- t(e previo)s year in +(ic( s)c( ta0 (as 'een paid&

Example

D'"'m*' "' F'# * w*$ +'+$"*( &#%% ' #%%(w'+ * "' (%%(w*g $#&'& * "' #&&'&&'' *& #$(m!#F.

.

N(.

N#"' (

E,!'+*"'

D#"' (

!#Fm'"

D#"' ( w*$

"#, w#&

+'+$"'+ #"

&($'

A$"#% +#"' (

+'!(&*"

=***>


65/387


I- t(ere is any payment +(ic( is c(argea'le )nder t(e (ead “Salaries% and it is paya'le ("&*+' I+*# or "( #

()'&*+'" and t(e ta0 (as not 'een paid t(ereon nor ded)cted t(e e0pendit)re is not allo+ed& #&g& "

:td& (as paid salary o)tside India on 3F&CF&2CF3 +it(o)t ded)cting ta0 at so)rce and also ta0 (as not 'een

deposited +it( t(e 9overnment in t(is case e0pendit)re is not allo+ed&

'&"*( 40 @. Im!.: E,!%#* +'+$"**%*"F ( I$(m' T#, (


66/387


2& I- t(e assessee is a company -irm association o- persons or ;ind) $ndivided >amily any director o- t(e

company partner o- t(e -irm or mem'er o- t(e association or -amily or any relative o- s)c( director partner

or mem'er&

3& ny individ)al +(o (as a s)'stantial interest in t(e ')siness or pro-ession o- t(e assessee or any relative

o- s)c( individ)al&

4& company -irm association o- persons or ;ind) $ndivided >amily (aving a s)'stantial interest in t(e

')siness or pro-ession o- t(e assessee or any director partner or mem'er o- s)c( company -irm association

or -amily or any relative o- s)c( director partner or mem'er or any ot(er company carrying on ')siness or

pro-ession in +(ic( t(e -irst mentioned company (as s)'stantial interest&

5& company -irm association o- persons or ;ind) $ndivided >amily o- +(ic( a director partner or

mem'er as t(e case may 'e (as s)'stantial interest in t(e ')siness or pro-ession o- t(e assessee or any

director partner or mem'er o- s)c( company -irm association or -amily or any relative o- s)c( director

partner or mem'er&

6& ny ot(er person covered )nder section 4C2&

'&"*( 42 @. Im!.. D*&$&& !(*&*(& '%#"*g "( $#& !#Fm'"& * ',$'&& ( %*m*" !'&$*'+ +'

&'$"*( 40A=3> %' 6DD.

A&w':

C#& !#Fm'" * ',$'&& ( `20000 '$"*( 40A=3> %' 6DDI- an assessee (as inc)rred any reven)e e0pendit)re and t(e payment or t(e aggregate o- t(e payments made

to a person +it( regard to s)c( e0pendit)re on any single day ',$''+& `20000 and payment +as madeot(er+ise t(an "(g #$$(" !#F'' $'' ( #$$(" !#F'' #k +#" in s)c( cases entire

e0pendit)re is disallo+ed&

I $#&' ( !#Fm'" m#+' ( !%F*g **g ( %'#&*g g((+& $#*#g'& "' $'*%*g ( "w'"F "(+

!''& &#%% ' '#$'+ "( "*"F)*' "(+ !''&.

Example

Mr& (as inc)rred an e0pendit)re o- ` 45CCC& Mr& ma*es separate payments o- ` F5CCC ` FDCCC and `

F2CCC all 'y cas( to t(e person concerned in a single day& T(e aggregate amo)nt o- payment made to a

person in a day in t(is case is ` 45CCC& Since t(e aggregate payment 'y cas( e0ceeds ` 2CCCC `45CCC

+ill not 'e allo+ed as a ded)ction in comp)ting t(e total income o- Mr& &

Example

F& Mr& p)rc(ases goods +ort( `


67/387


68/387


ii a mail or telegrap(ic trans-er t(ro)g( a 'an*

iii a 'oo* ad1)stment -rom any acco)nt in a 'an* to any ot(er acco)nt in t(at or any ot(er

'an*

iv a 'ill o- e0c(ange made paya'le only to a 'an*

v t(e )se o- electronic clearing system t(ro)g( a 'an* acco)nt

vi a credit card vii a de'it card&

H& (ere t(e payment is made 'y an assessee 'y +ay o- salary to (is employee a-ter ded)cting t(e incomeL

ta0 -rom salary in accordance +it( t(e provisions o- section FH2 o- t(e ct and +(en s)c( employeeW

a is temporarily posted -or a contin)o)s period o- -i-teen days or more in a place ot(er t(an (is

normal place o- d)ty or on a s(ip and

' does not maintain any acco)nt in any 'an* at s)c( place or s(ip&

FC& ny ot(er sit)ation given )nder R)le 6,,&

I%%&"#"*( 13: Mr& (as started a ')siness +&e&- CF&C4&2CF2 and (as s)'mitted in-ormations as given

'elo+K

F& .)rc(ased goods in pril 2CF2 -or `5CCCCC pl)s ,el(i VT X F2&5G

2& .)rc(ased goods in May 2CF2 -or `3CCCCC pl)s ,el(i VT X F2&5G

3& Sold all t(e goods )pto 3Fst May 2CF2 -or `FCCCCCC

;e (as ta*en registration )nder ,el(i VT +&e&- CF&C6&2CF2 and (as opted -or composition sc(eme and

p)rc(ased/sold goods as given 'elo+K

F& .)rc(ased goods -rom CF&C6&2CF2 to 3F&F2&2CF2 -or `3CCCCCC pl)s ,el(i VT X F2&5G

2& Sold all s)c( goods )pto 3F&F2&2CF2 -or `4CCCCCC

Rate o- composition ta0 is FG&

Since (is t)rnover )pto 3F&F2&2CF2 is `5CCCCCC (e (as s(i-ted to t(e normal system and (is p)rc(ases

-rom CF&CF&2CF3 )pto 3F&C3&2CF3 is `2CCCCCC pl)s ,el(i VT X F2&5G and t(e goods +ere sold -or

`3CCCCCC pl)s ,el(i VT X F2&5G&

Ot(er e0penses inc)rred are `4CCCCC +(ic( incl)des rent o- o+n ')ilding `F2CCCC and premi)m -or

MediLclaim policy `FCCCC paid 'y c(e=)e and p)rc(ase o- one motor car L !!O -or `F5CCCC -or

')siness )se& It +as p)rc(ased and p)t to )se on CF&CF&2CF3& 3CG )se +as -or personal p)rpose&

.)rc(

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