CMA updates
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 […]
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 […]
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 […]