CMA updates
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 […]
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 […]