CMA Students
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This Channel is only for CMA Intermediate students. Now onwards ,I will share notes of all the subjects here .
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GST Complete Lecture for CA IPCC /Inter Nov 18 By CA Yogesh Verma

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ALL COSTING FORMULAS AT ONE PLACE
-By CA PURUSHOTTAM SIR
Abhishek Agarwal:
πŸ“Ά Trick to Remember Section 80 Deductions

To solve this confusion to some extent, Here providing the list of Section 80 Deductions along with the Mnemonic code to remember them.

β†ͺ️ Mnemonic Code for Section 80 Deductions:

β†ͺ️ Section No. Shortcut Code

πŸ”ˆ 80D se dawai
πŸ”ˆ 80E se education
πŸ”ˆ 80EE extra enterest
πŸ”ˆ 80G se Garib gov. Ko donation
πŸ”ˆ 80DD dependent dukhi
πŸ”ˆ 80DDB dependent dukhi bimar
πŸ”ˆ 80GGC gadhe ghode (donation to politicial party) charao by foriegn co.
πŸ”ˆ 80GGB gadhe ghode (donation to politicial party) banao by indian
πŸ”ˆ 80GG ghar ghar
πŸ”ˆ 80GGA Gaav development with science
πŸ”ˆ 80QQB quality quality Books
πŸ”ˆ 80RRB royalty to resident
πŸ”ˆ 80U unstable person

⬇️ Section 80 Deductions

➑️ 80C [Contribution to PPF, LIC etc]

➑️ 80CCC [Pension Funds] and 80CCD(1):

_Rs.1,50,000 Deduction for the above two._

➑️ 80CCG [Investment in Equity Savings]
50% of amount invested
Or
Rs.25,000
_Whichever is lower_

➑️ 80DD [Maintenance and Medical Treatment of Disabled dependent]:
Flat Deduction of Rs.75,000 (In case of severe disability i.e., 80%, Deduction is Rs.1,25,000]

➑️ 80D [Medical Insurance Premium]:
Rs.25,000 allowed (Rs.30,000 in case of senior citizen)

➑️ 80DDB [Medical treatment for specified diseases]:
Rs.40,000 for Normal Individuals
Rs.60,000 for Senior Citizens
Rs.80,000 for Super Senior Citizens

➑️ 80E [Interest on Educational Loan]:
Deduction allowed in Initial Assessment Year and 7 preceeding years.

➑️ 80G [Donations]:
50% and 100% in different cases.

➑️ 80GG [Rent]:
Least of the following is allowed as deduction-
25% of total income
Rent paid (-) 10% of Adjusted Income
Rs.2,000 per month

➑️ 80GGB [Contribution to Political Parties]:
Actual contribution is allowed as deduction.

➑️ 80QQB [Royalty Income] and

➑️ 80RRB [Royalty on Patents]:
Least of Amount received or Rs.3,00,000 is allowed as deduction.

➑️ 80TTA [Interest from Savings Account]:
Actual interst subject to a maximum of Rs.10,000

➑️ 80U [Person with disability]:
Rs.75,000 for normal disability and Rs.1,25,000 for severe disability
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10 Point Quick Revision of House Property - DT

1. Buildings under House Property means not just Residential houses, but also Godowns, Shops etc.

2. Composite Rent means, when the rent amount also includes other expenses like Power Backup, Security etc.

3. If Building and Other Assets are inseparable, rent income shall be treated as Income from Business. For Example, in a movie theatre, the Hall, Seats, Sound Systems all are inseparable.

4. When you deduct Municipal Taxes paid from Gross Annual Value, It becomes Net Annual Value.

5. Tax need not be paid on a house that is Self Occupied. This exemption is available only for one house.

6. If the tenant has died and no way the owner is going to receive the rent, situations like this can be treated as Unrealised Rent and will not be treated as HP Income.

7. Interest on Housing Loan can be deducted from HP Income, upto Rs.2 Lakhs

8. If one House Property is self occupied by Two Co-Owners, both can claim maximum deduction of Rs.2 Lakhs Each on Loan Interest.

9. If a person has taken a house on lease for more than 12 years, he will be treated as owner of the property.

10. If same house is used for both Business and Residence, it will be treated as Business Income only.
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