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Agricultural Income Question 1.State whether the following are agricultural income or non-agricultural income:Where owner himself performs slaughter tapping and them sells the rubber.Conversion of sugar cane into Gur. (June 2013, 2 marks)Answer:(i) Where owner himself performs slaughter tapping and then sells the rubber, it is Agricultural income.(ii) Conversion of sugar cane into Gur – Non […]
Residential Status Question 1.State the difference between residential status of a company and that of others. (Dec 2012, 2 marks)Answer:Rules to determine residential status of Companies [Sec. 6(3)]A person being a company shall be said to be resident in India in any previous year if: It is an Indian Company, or Its place of effective […]
Basic Concepts of Income Tax Act Question 1.Write short note on Explain the term ax planning and tax evasion” (Dec 2021, 3 marks)Answer:Tax planning: Tax planning is a way to reduce tax liability by taking full advantages provided by the Act through various exemptions, deductions, rebates & relief. In other words, it is a way […]
CMA Inter Law and Ethics Study Material Important Questions Introduction to Law and Legal System in India Indian Contracts Act, 1872 Sale of Goods Act, 1930 Negotiable Instruments Act, 1881 Indian Partnership Act, 1932 Limited Liability Partnership Act, 2008 Factories Act, 1948 Payment of Gratuity Act, 1972 Employees Provident Fund and Miscellaneous Provisions Act, 1952 […]
CMA Inter Business Laws and Ethics MCQs Question 1.Fill in the Blanks based on Factories Act 1948(i) No child shall be employed or permitted to work in any factory for more than ……………….. hours in a day.Answer:4½hours (ii) No female Child shall be required or allowed to work in any factory except between ……………………. AM […]
Companies Act, 2013 Company Types, Promotion, Formation, And Related Procedures – Question 1.Write short note on the following:Revocation of licence (June 2017, 5 marks)Answer:Revocation of LicenceSection 8(6) provides that the Central Government, by order, revoke the licence granted to the company registered under this section:if the company contravenes any of the requirements of this section; […]
The Code on Wages, 2019 Questions 1.What is the time limit for payment of wages under the Code?Answer:The time limit for payment of wages Section 17-1. The employer shall pay or cause to be paid wages to the employees, engaged on: daily basis, at the end of the shift; weekly basis, on the last working […]
Employees State Insurance Act, 1948 Question 1.Write notes on the following:Purposes for which Employees’ State Insurance Fund may be expended under the Employees’ State Insurance Act, 1948. (Dec 2012, 5 marks)Answer: Various purposes for which ESifund may be expended under the Employees State Insurance Act, 1948. are as follows: Payment of benefits to the insured […]
Employees Provident Fund and Miscellaneous Provisions Act, 1952 Question 1.Explain basic wages under The Employees Provident Fund Act, 1952. Enumerate the items which are not included in it. (June 2014, 3 marks)Answer:Basic Wages: As per Section 2(b) of the Employees Provident Funds and Miscellaneous Provision Act, 1952, the term “Basic Wages” means all emoluments which […]
Payment of Gratuity Act, 1972 Question 1.Write short note on:Forfeiture of Gratuity. (Dec 2012, 4 marks)Answer:Forfeiture of Gratuity: Gratuity can be forfeited for any employee whose services have been terminated for any act of violence, wilful omission or negligence causing damage or destruction to the property belonging to the employer. It can also be forfeited […]