ca intermediate notes
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 […]
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 […]
Profits and Gains from Business or Profession Question 1.State with reason, whether the following statements are true, or false with regard to the provisions of the Income-tax Act, 1961 for the Assessment year 2021-22: [Nov. 2008, 2 Marks](a) Rural branches of the Cooperative banks are not allowed to claim provision for bad and doubtful debts.(b) […]
Income from House Property Introduction Question 1.Explain the concept of Municipal Value, Fair Rent and Standard Rent. Quality properties for rent Answer:Municipal ValueIt refers to the value that the Municipal Authorities deems as the value of the property for the purpose of assessment of property taxes. Fair RentIt is the rent fetched by a […]
Budget and Budgetary Control 1. Budgetary Control: It is the system of management control and accounting in which all the operations are forecasted and planned in advance to the: extent possible and the actual results compared with the forecasted and planned results. 2. Types of Budget: Capacity wise – Fixed Budget, Flexible Budget, Functions wise […]
Marginal Costing Marginal Costing:It is a costing system where products or services and inventories are valued at variable costs only. It does not consider fixed costs. Total Contribution (C) = Sales Revenue (S) – Total Variable Cost (V)Contribution per unit = Sales price per unit – Variable cost per unit Profit = Contribution – Fixed […]