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🚀 ACC Tax Series : Day 6

🏠 Income from House Property – Section 20

✨ Charging Provision [Section 20(1)]
🔹 Income is taxable under this head when:
➡️ Property consists of: 🏢 Buildings 🌳 Lands appurtenant thereto
(attached to building)
➡️ And such property is:
👤 Owned by the assessee
➡️ Then:
💰 Annual Value of such property
👉 is chargeable to under the head “Income from House Property”

🚫 Exception [Section 20(2)]
🔹 Section 20(1) NOT applicable when:
➡️ Property (or part of it) is:
🏢 Occupied by the assessee
➡️ And used for:
💼 Business or Profession
➡️ Condition:
📊 Income from such business/profession is chargeable to tax

ACC Tax Series - Complete Section 19 as per Income Tax Act 2025

◆ 1. Professional Tax (Employment Tax)-
→ Deduction: 100% of amount paid
→ Applicable if levied under any law as per Article 276(2) -Provision on Professional Tax.

◆ 2. Standard Deduction-(whichever is lower)
→ ₹75,000 or salary – if opting for Section 202(1)
→ ₹50,000 or salary – in other cases

◆ 3. Death-cum-Retirement Gratuity → Deduction: Entire amount.

◆ 4. Gratuity for Defence Services-
→ Received under Pension Code/Regulations
→ Deduction: Entire amount

◆ 5. Gratuity under Payment of Gratuity Act, 1972
→ Deduction: Limited to amount calculated as per Sec 4(2)* & 4(3)**
[ * Section 4(2) – How Gratuity is Calculated | Section 4(3) – Maximum Limit]

6 & 7) Gratuity – Other Employees [ Not Covered under Gratuity Act]
🎯 When gratuity is received by an employee:
🧓 On retirement
⚕️ On becoming incapacitated before retirement
❌ On termination of employment

💰 Amount of Deduction (Least of following) - Exemption shall be least of the following 3 amounts:

💵 Actual gratuity received
📜 Government notified limit (As specified by CG)
🧮 1/2 month’s salary for each completed year of service
Amount=1/2×(A×B);
🧾 A = Average salary of last 10 months immediately preceding event.
📅 B = Number of completed years of service.

🧓 8. Commuted Pension (From Other Employer)
🎯 When pension is received in lump sum
📊 Exemption depends on gratuity:
🧾 If Gratuity is received
✔️ Exemption = 💡 Commuted value of 1/3rd of pension
🚫 If Gratuity is NOT received
✔️ Exemption = 💡 Commuted value of 1/2 of pension
📌 Note: Commuted value is determined considering:
🎂 Age of recipient ❤️ Health condition 📉 Rate of interest 📊 Mortality

🏦 9. Commuted Pension from Specified Fund - 🎉 Fully Exempt

⚒️ 10. Retrenchment Compensation (Workman)
💰 Compensation received at time of retrenchment is eligible:
⚖️ Under Industrial Disputes Act, 1947
📜 Under any other Act / Rules / Notifications
🏢 Under standing orders
🤝 Under award / contract of service / otherwise

11) ✅ Payments received under CG -approved schemes focused on worker protection.💎 Exemption: Entire amount received is exempt.
12. Voluntary Retirement (VRS)
✅ Eligibility: Payments received upon voluntary retirement or service termination under a VRS scheme.
💎 Exemption: Minimum of Actual compensation received or ₹5,00,000.

13. Government Employees (Leave Encashment)
✅ Eligibility: Cash equivalent of earned leave at time of retirement /superannuation (Central or State).💎 Exemption: Entire amount.

14. Non-Government Employees (Leave Encashment)
✅ Eligibility: Leave Salary Encashment for private sector.
💎 Exemption: Lowest of these four amounts:
(a) Cash equivalent of earned leave (max 30 days per year of service).
(b) Amount “A”, calculated as: A = 10 × B (Where B = average monthly salary for the 10 months preceding retirement).
(c) Limit specified by CG via notification.
(d) Actual payment received.

*CG = Central Government.

JCA Tax Series : Day 1

SECTION 8 - Income on receipt of capital asset or stock-in-trade by specified person from specified entity.

📌 Core Concept
8(1) When a specified person receives a capital asset or stock-in-trade from a specified entity due to dissolution or reconstitution, it is treated as a deemed transfer by the entity.

🏆Taxability
8(2) Any profits and gains arising from the deemed transfer mentioned in sub-section (1) by the specified entity shall be— (i) deemed to be the income of such specified entity of the tax year in which such capital asset or stock-in-trade, or both, were received by the specified person; and (ii) chargeable to income-tax as income of such specified entity under the head “Profits and gains of business or profession” or under the head “Capital gains”.

✅ Definitions/Meaning

"Specified person” - A person, who is a partner of a firm or member of other association of persons or body of individuals (not being a company or a co-operative society) in any tax year;

“Specified entity” means a firm or other association of persons or body of individuals (not being a company or a co-operative society);

🚨 Attention CA Final Students 🚨

📘 CA Final – Audit | Chapter 3: Audit Planning
📅 Applicable for May 2026 Exams & onwards

🔗 Download the PDF Notes: https://bit.ly/cafinalaudit_Ch3_May26

✨ What you’ll get in these notes:
✅ Exam-oriented coverage as per latest ICAI syllabus
✅ Helpful for concept clarity + answer writing
✅ Ideal for first reading & revision
✅ Structured notes for self-study

📌 Action Steps for Students:
📥 Download the PDF and start reading
✍️ Mark important areas for revision
❓ Note down doubts while studying

📞 Need help or have a request?
📧 Email: [email protected]
📱 WhatsApp: 9582333276

Happy Reading & Best Wishes for CA Final Preparation 💪
— Jaahnvi Commerce Academy

https://bit.ly/cafinalaudit_Ch3

Audit Planning, Strategy & Ex*****on for CA Final Students Download Audit Planning, Strategy & Ex*****on for CA Final Students - Audit

🎓 Jaahnvi Commerce Academy Presents… 🎓

We’re thrilled to announce the launch of our Google Classroom designed exclusively for students preparing for CA exams. This platform is your one‑stop hub for structured learning and resource sharing.

📚 What you’ll find inside:
(a) Chapter‑wise notes in PDF format for quick and effective revision
(b) Seamless download facility so you can access notes anytime, anywhere.
(c) A collaborative learning space where students can upload, share, and interact over posts and files.

👉 Join the classroom now for CA Final audit : https://bit.ly/Ch3_cafinal_audit

At Jaahnvi Commerce Academy, we believe that knowledge grows when shared. Let’s build a vibrant learning community together and make exam preparation smarter, easier, and more engaging! 🌐
✨

For any clarifications or if you face any issues, feel free to connect with me directly on WhatsApp at +91‑9582333276.

accounts.google.com

Hey future accountants! 👋

Accounting Bits_ Day 2

Today’s focus: Types of Journal Entries — a must-know for exams and real-world accounting.

Let’s break down the Types of Journal Entries you NEED to know for your exams — with examples of how questions might be asked 👇

🔹 Single Entry
A journal entry that involves only one debit and one credit. It’s the most basic form — clean, clear, and direct.

🔹 Compound Entry
Used when a transaction affects more than two accounts. It may have multiple debits, credits, or both in a single entry.

📚 Save this for revision!


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