CMA Foundation Income Tax

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 […]