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Computation of Total Income and Tax Payable Question 1.State under which heads the following incomes are taxable: Rental income in case of dealer in property. Dividend on shares in case of a dealer in shares. Salary by a partner from his partnership firm. Rental income of machinery. Winnings from lotteries by a person having the […]
Advance Tax, TDS and TCS Question 1.Answer the following with reference to the provisions of the Income-tax Act, 1961 for the assessment year 2021-22:When will tax not required to be deducted at source on interest payable to a resident on any bond or security issued by a company though the aggregate amount of interest exceeds […]
Provision for Filing of Return of Income and Self-Assessment Question 1.Answer the following with regard to the provisions of the Income-tax Act, 1961 : Explain with brief reason whether the return of income can be revised u/s. 139(5) of the Income-tax Act, 1961 in following cases: Defective or incomplete return filed under Section 139(9). Belated […]
Agricultural Income Question 1.Discuss with brief reasons, whether Rent Received for letting out Agricultural Land for a Movie Shooting and Amounts Received from Sale of Seedlings in Nursery adjacent to the Agricultural Lands owned by an Assessee can be regarded as Agricultural Income, as per the provisions of the Income-tax Act, 1961. [May 2017, 4 […]
Deductions from Gross Total Income Question 1.Answer the following with regard to the provisions of the Income-tax Act, 1961 :Briefly explain provisions of section 80U of the Income-tax Act, 1961, in respect of deduction available on permanent physical disability [Nov. 2008, 4 Marks]Answer: Section Explanation 80U Deduction from Gross Total Income under section 80U is […]
Set-off and Carry Forward of Losses Question 1.Mr. P a resident individual, furnishes the following particulars of his income and other details for the previous year 2020-21 : Income from salary ₹ 18,000 Net annual value taxable under income from house property ₹70,000 Income from business ₹ 80,000 Income from speculative business ₹ 12,000 Long […]
Clubbing of Income Question 1.Mr. Ramesh gifted a sum of ₹ 5 lakhs to his brother’s Minor Son on 16.04.2020. On 18.04.2020, his brother gifted Debentures worth ₹ 6 Lakhs to Mrs. Ramesh. Son of Mr. Ramesh Brother invested the amount in FD with Bank of India @ 9% p.a. Interest and Mrs. Ramesh received […]
Income from Other Sources Question 1.From the following particulars of Pankaj for the previous year ended 31st March, 2021 compute the Income under the head “Income from other Sources” [Nov. 2009, 6 Marks] Particulars Amount (₹) Directors Fee from a Company 10000 Interest on bank Deposits 3000 Income from undisclosed source 12000 Winnings from Lotteries […]
How to Register for ICITSS? Registering for the ICITSS course is a simple process, but it’s essential to follow the steps carefully to avoid any issues. Here’s a detailed guide on how to register for ICITSS: Step 1: Check Eligibility Before registering for ICITSS, ensure that you meet the eligibility criteria: You must have passed […]
Capital Gains Question 1.How will you calculate the period of holding in case of the following assets ?(1) Shares held in a company in liquidation(2) Bonus shares(3) Flat in a co-operative society(4) Transfer of a security by a depository (i.e. demat account) [Nov. 2010, 4 Marks]Answer: Case Period of holding 1. Shares held in […]