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CA Foundation Taxation

Excellent commerce point > CA Foundation Taxation
Advance Tax, TDS and TCS
17
Jun

Advance Tax, TDS and TCS Question 1.Answer the following with reference to the provisions of the Income-tax Act, 1961 for the assessment year 2021-22:When will tax not required to be deducted at source on interest payable to a resident on any bond or security issued by a company though the aggregate amount of interest exceeds […]

Posted in: ca intermediate notes ,
Tags: Advance Tax , CA Foundation Taxation , cma foundation , Direct Tax , Income Tax , Income Tax Act , Tax Collected at Source , Tax Compliance , Tax Deducted at Source , Tax Filing , TCS , TCS Rules , TDS , TDS Rates ,
Deductions from Gross Total Income​
16
Jun

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 […]

Posted in: ca intermediate notes ,
Tags: CA Exam Prep , CA Foundation Taxation , CMA Exam Study , CMA Foundation Income Tax , Deductions from Gross Total Income , Gross Total Income , Income Tax Act , Income Tax Deductions , Section 80C to 80U , Tax Saving Provisions ,
Set-off and Carry Forward of Losses ​
16
Jun

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 […]

Posted in: ca intermediate notes ,
Tags: Adjusting Tax Losses , CA CMA Exam Prep , CA Foundation Taxation , Carry Forward Rules , CMA Foundation Income Tax , Income Tax Act , Income Tax Provisions , Loss Set-off Rules , Section 70 , Section 71 , Set-off and Carry Forward of Losses , Tax Planning ,
Clubbing of Income​
16
Jun

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 […]

Posted in: ca intermediate notes ,
Tags: CA Exam Prep , CA Foundation Taxation , Clubbing of Income , Clubbing Provisions , CMA Exam Syllabus , CMA Foundation Income Tax , Income Clubbing Examples , Income Tax Act , Income Tax Law , Taxable Income ,
Income from Other Sources ​
16
Jun

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 […]

Posted in: ca intermediate notes ,
Tags: CA Exam Prep , CA Foundation Taxation , CMA Exam Syllabus , CMA Foundation Income Tax , Deductions , Exemptions , Income from Other Sources , Income Tax Act , Income Tax Chapter , Other Sources Income , Tax Computation , Taxable Income ,
Income from House Property
13
Jun

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 […]

Posted in: ca intermediate notes ,
Tags: Annual Value , CA Foundation Taxation , cma foundation , Deductions under Section 24 , Direct Tax , House Property Income , Income from House Property , Income Tax , Income Tax Act , Let-Out Property , Property Tax Rules , Rental Income Taxation , Self-Occupied Property , Tax Computation , Tax on Property Income ,