PGBP

answered on 12-Apr-21 11:37

Sir , Can we claim the Expense incurred prior to more than 3 years under sec 35 AD ? Are there 3 years limit. Only?

latest answer

Provisions of section 35AD(8)(c) cover the definition of â??specified businessâ??, whereas, provisions of section 35AD(5) covers the date from which such businesses should have commenced the operations-

M V Naresh

CA Final

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4

361

Salaries illustration

answered on 12-Apr-21 11:21

Sir / madam, In chapter no. 5 salaries- illustrations, Video no. 20, Varun sir gave an exemption for two items mentioned below 1)medical facility in a private hospital in Bengaluru (the same hospital is recommended by the government of Karnataka for the medical treatment of government employees ):RS 24,000 2) Medical facility in an hospital approved by the chief commissioner of income tax: RS. 42,000 Please tell me how it is exempted because the treatment in private hospital and that too is not for specified diseases?

latest answer

The perquisite in respect of medical facility provided by an employer in following hospitals/clinic is not chargeable to tax: 1) Hospital owned and maintained by the employer 2) Hospital maintained by Govt. or Local Authority or an Approved Hospital under CGHS 3) Medical facility like prescribed diseases / ailments in a hospital approved by Principal Chief Commissioner or Chief Commissioner shall be fully tax free The private hospital is the notified hospital by Govt. Please go through Rule 3A, for diseases and ailments

Balamurugan V

CA Final

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362

Doubt on tax computation under sec 115BAC

answered on 12-Apr-21 13:58

How they have computation of tax liability as per 115BAC on 1,38,50,000?... Can anyone explain?

latest answer

Understood ð???..... thanks for explaining

Ps v

CA Inter

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2

346

Termination of agency

answered on 10-Apr-21 09:01

What is compensation on termination of agency?

latest answer

It would be as per contract.

Sreelakshmi P V

CA Final

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1

313

PGBP u/s 38( building partly used for business purpose and partly used for residential purpose)

answered on 09-Apr-21 09:42

Under section 38 an assessee has purchased a building for 1 crore rupees and this building is used for both residential purpose and business purpose and a prorata basis 1:1 what will be the depreciation benefit of the assessee under section 32{dep rate @10%} and what is a closing wdv of the asset Closing WDV is 90 lakhs How it is 90 lakhs I think it is 95 lakhs ...1cr -- 5lakhs {1cr � 10% ÷2} ...is it right ????

latest answer

Please go through the video (second part) once again..... The deduction u/s 32 i.e depreciation is allowed on prorata basis (i.e 1:1 for the example, so Rs.5 lakhs will be allowed as deduction from profits of the assessee ) but the value of buidling (WDV will have to consider the full depreciation) will have to consider the rfull rate of depreciation as per the block of assets category.... So next year opening WDV is 90 lakhs - Depreication allowed is Rs.4.5 lakhs for business purpose and Closing WDV = 90L - 9 L=81 L

Bharadwaj V

CA Inter

★ 15

3

363

Interest on pre-construction period sec 24(b)

answered on 08-Apr-21 22:26

If a loan is taken on 31.1.2019 and house property is completed on 31.10.2020 Since construction completed in the year 2020-21,whether interest upto construction completed date(31.10.2020) is deductable or upto the year of completion(31.3.2020) is deductable??

latest answer

Ok...thank you sir

Nagesh S Hegde

CA Inter

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383

Surcharge

answered on 08-Apr-21 14:28

The surcharge on total income to the extent of income under 111A and 112A will not exceed 15%. Can you please explain this?

latest answer

Thankyou

Sreelakshmi P V

CA Final

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3

350

Computation of marginal relief

answered on 08-Apr-21 11:30

What is the reason for including "tax @ 100% of income in excess of Rs. 5 crore" while calculating marginal relief??

latest answer

Thank you so much

Sainisha Ramesh

CA Inter

★ 200

4

369

PGBP sec 35(2AA),(1)(ii), 35 CCC, 35 CCD

answered on 08-Apr-21 19:01

As per new amendement 150% deduction reduced to 100% for contribution to Scientific research,sec 35ccc, 35ccd. Is this amendement are effect from 01.04.2021 onwards? So if questions give such transaction for the year ended 31st march 2021, shall i ignore new amendement?

latest answer

Thank you

AKHIL KOSHY

CA Final

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2

350

IFHP

answered on 08-Apr-21 12:19

What will be the pre construction period in this question.Also what will be the amount of interest for that period? If possible please provide complete solution of this question

latest answer

Yes.... 1500000x10%x 258/365=106028 is preconstruction interest

Priyanka Udeshi

CA Final

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9

379