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sec 40b
Direct Taxation
answered on 13-Jul-24 17:14
here book profit 30lak on that 1st 3lak 90% or 1.5 lak whichever is higher here 2.7 lak. and balance booke profit 27 lak x 60% = 16.2 lak total allowable salary for partenrs is 2.7 lak+16.2 lak total =18.9 lak.
latest answer
Yes it is 16.2 not 16.8. Clerical error in calculation. Will get it corrected. Thank you.
Anjaneyulu Goriparthi
CA Inter
★ 6K+
1
55
section 40
Direct Taxation
answered on 13-Jul-24 17:13
if assess is company not done tds during f.y 23-24, but payee is reported such income and paid tax to the government and filed his return of income on 31-07-2024. However company due date file the return of income is 31-10-2024 then can company can allow 100% expenditure during f.y 2023-24?.
latest answer
Disallowance will apply since it is deemed that TDS is done on the date of filing of return by payee.
Anjaneyulu Goriparthi
CA Inter
★ 6K+
3
54
tax
Direct Taxation
answered on 08-Jul-24 16:15
1) salary chapter transfer of motor car by employer to employee 20% dep wdv how to calculate dep if a) Co kept it for 2yr 5month b) Co kept it for 2yr 10month
latest answer
If it is traded in one stock exchange then that stock exchange is considered. If they are traded in more than one stock exchange then that stock exchange which records highest volume of trading is considered.
Sushmita Chowdhury
CA Inter
★ 715
4
91
Missing sec in notes
Direct Taxation
answered on 07-Jul-24 19:12
Are the sections in the 1fin book enough for preparation?
latest answer
Yes totally. Book with content covered in the class would be sufficient
Fazal K
CA Inter
★ 270
1
70
marginal relief
Direct Taxation
answered on 08-Jul-24 16:13
incl surcharge tax on 5300000 = 21526125 tax on 500lac = 18515625 excess tax payable 3010500 & income diff is 30lac then why no marginal relief ? is it tht if LTCG STCG given then marginal relief not given ?
latest answer
Already I have answered this in another forum query.
Sushmita Chowdhury
CA Inter
★ 715
4
96
Regarding notes
Direct Taxation
answered on 07-Jul-24 21:27
I recently purchased the CA Inter Direct Tax class for September 2024. I'm wondering which books are recommended for preparing for the exam. Should I use the study material provided by 1FIN or the ICAI study materials? Also, where can I find the answers to the questions in the 1FIN book? Are the answers available online or in a separate book? I've attached images of the questions in the 1FIN book.
latest answer
Welcome
Fazal K
CA Inter
★ 270
14
100
salary
Direct Taxation
answered on 07-Jul-24 14:33
1) just need to confirm relief u/s 89 given to both tax regime ?
latest answer
Right
Sushmita Chowdhury
CA Inter
★ 715
4
110
salary
Direct Taxation
answered on 07-Jul-24 14:34
A is karta of HUF HUF have 30% share of BLtd no registered share in name of A is A sprcified employee ?
latest answer
But separate PAN is obtained for HUF.
Sushmita Chowdhury
CA Inter
★ 715
14
120
Salary
Direct Taxation
answered on 03-Jul-24 16:29
Employer contribution more than 750000 then taxable Again if more than 12% then taxable Is it not double taxation ?
latest answer
It is taxed only one time. No concept of double taxation.
Sushmita Chowdhury
CA Inter
★ 715
2
79
salary
Direct Taxation
answered on 03-Jul-24 16:37
wrt attachment = paramvir chakra etc if its uncommuted pension then taxable ?
latest answer
Interest in excess of 9.5% is taxable. Further, in case of employee contribution taxability would arise even if less than 9.5% if contribution is more than 2.5L or 5L as the case may be.
Sushmita Chowdhury
CA Inter
★ 715
4
86
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