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Clubbing of Income Question 1.Write short note on the following:(a) Clubbing of Minor Child (Dec 2022, 5 marks) Descriptive Question Question 2.Explain the tax incidence in the case of a transfer of a let-out property, which is not revocable during the lifetime of the transferee. (Dec 2015, 3 marks)Answer:Section 62 of Income Tax Act, 1961 […]
Income from other Sources Question 1.Attempt the question below:At what rate of interest on debentures of an Indian public limited company subscribed in foreign exchange by a non-resident Indian taxed? (June 2015, 1 mark)Answer:20% Question 2.Discuss whether the following receipts are chargeable to tax in the hands of the recipients;(i) Prize money of ₹ 10,000 […]
Indian Contract Act, 1872: Bailment and Pledge Question 1.State with reasons whether the foLlowing statement is correct or incorrect: Placing of ornaments in a bank locker is a contract of bailment. (May 1998, 2 marks)ORState whether the following statement is correct or incorrect: Depositing of ornaments In a bank locker is a bailment. (May 2015, […]
CMA Foundation New Batch 2025: Enroll Now & Avail 30% Discount! Limited Seats Available Are you planning to pursue your career in Cost and Management Accounting? The CMA Foundation offers an excellent opportunity to start your journey with the newly launched CMA Foundation Batch for October 2025. This is the perfect time to enroll and take advantage of the […]
The New Batch for CA Foundation Has Started from 1st Oct 2025 – Limited Seats Available! Enroll Now! Are you ready to take the first step towards your career as a Chartered Accountant? The wait is over! The new batch for CA Foundation 2025 has officially started on 1st October 2025. If you’ve been planning to kickstart […]
Capital Gains Question 1.Write short note on the following:Capital gain on transfer of depreciable assets (Dec 2022, 5 marks) Descriptive Question Question 2.Explain the provisions in regard to a reference to Valuation Officer for valuation of a capital asset under the provision of the Income-tax Act, 1961. (Dec 2012, 3 marks)Answer:Reference to Valuation Officer […]
Profits and Gains of Business or Profession Question 1.Write short note on Tax audit requirements in the case of notified professions. (Dec 2021, 3 marks)Answer:In the case of persons carrying on notified profession, the provisions of tax audit contained in section 44AB would be attracted when the gross receipt exceeds ₹ 50 lakhs in […]
Income From House Property Question 1.Write short note on Difference between unrealized rent and arrears of rent, realised in a subsequent year. (Dec 2021,3 marks)Answer:Difference between Subsequent collection of unrealized rent and arrears of rent Unrealized Rent Arrears of rent Rent which could not be realized from the tenant, if subsequently from the tenant, realized, […]
Income Under Head Salaries Question 1.What are the conditions to be fulfilled by an employee to get his accommodation in a hotel that will not be a taxable perquisite? (June 2013, 2 marks)Answer:Accommodation provided in a hotel will not be a taxable perquisite if the following two conditions are fulfilled. The period of such accommodation […]
Income, Which Do Not Form Part Of Total Income Question 1.Write a short note on the following:Provisions of Equalization levy as per the Finance Act. 2016. (June 2017, 5 marks)Answer:Provisions of equalization levy as per the Finance Act 2016:In terms of the recommendations of the committee on taxation of e-commerce constituted by the CBDT on […]