Tax liability

answered on 15-Apr-24 14:45

Mr. X, a resident 47 years, has salary income (computed) of ₹7,25,000 and agricultural income of ₹ 1,00,000 for the P.Y. 2023-24. Compute his tax liability for A.Y. 2024-25 if he is paying tax under default tax regime under section 115BAC.

latest answer

Apply partial integration and then solve it.

M Anushiya

CA Inter

★ 0

5

603

House property

answered on 22-Apr-24 09:34

What is the answer for this question.. option b or option c

latest answer

Deduction upto 2L can be claimed by each co owner.

Lavi Lavanya

CA Inter

★ 6K+

6

73

LTA

answered on 15-Apr-24 14:46

Travel expenses spent for parents are allowed as LTA? Since assessee is not traveling with parents, shall we submit the traveling expenses of parents under LTA

latest answer

If they are dependent then Yes. But ideally it is allowed only when assessee is travelling.

SreeSree Vedu

CA Inter

★ 8K+

2

53

Salaries

answered on 15-Apr-24 14:48

How to solve this type of problem?

latest answer

If service rendered is less than 5 years then the withdrawal amount be taxable.

Mainak Chakraborty

CA Inter

★ 0

2

68

TI

answered on 15-Apr-24 14:49

How is it income of next year? As it’s received on 1st April 2023

latest answer

It is printing mistake. It should be 1st April 2024.

Swetha S

CA Inter

★ 3K+

2

62

TI

answered on 15-Apr-24 14:50

Deduction u/s 24(a) is applicable in both the cases right?

latest answer

Yes we have to deduct. It is clerical error. Standard deduction is allowed for all types of persons.

Swetha S

CA Inter

★ 3K+

3

53

Residential Status

answered on 15-Apr-24 14:51

How is this calculated? Left on 1st oct 2019 & returned on 15th March 2024. How is this period of stay correct?

latest answer

It is 1st October 2023.

Swetha S

CA Inter

★ 3K+

3

44

Domestic company tax rate

answered on 13-Apr-24 03:25

If tax rate of domestic company is not mentioned in question what should be the rate taken for calculating of tax as per normal provisions?

latest answer

30 percent

Mayank Saini

CA Final

★ 0

1

34

Deemed ownership

answered on 13-Apr-24 03:27

What is the difference between deemed ownership and clubbing of income

latest answer

Both are similar concepts but clubbing is only in some specific cases and deemed owner is also in specific cases covered under Section 27. Deemed owner concept is only in House property but clubbing concept is for all types of income

N.Gokulnath

CA Inter

★ 850

1

46

Income from house property

answered on 13-Apr-24 03:27

Mr X has two house property,both are self occupied property.For claiming deduction under Section 24(b) he didn't satisfy the conditions for both the property.So the amount to be claimed under Section 24 (b) is 30000 put together OR 60000 ?

latest answer

Both together it is 30K

Lavi Lavanya

CA Inter

★ 6K+

2

53