80RRB - Portion of Royalty Patents which are Deductible

answered on 01-Apr-24 11:46

Hi sir, hope you're well. For 80QQB, the amount of deduction is net income from book patents; Gross Royalty Income - Expenses Related to such Royalty. Is this the case for 80RRB also? Or is the Gross Royalty Income directly taxed? Thanks

latest answer

Law is silent but it is same as 80QQB.

Devaprasad Jothimani

CA Inter

★ 0

1

58

80GGB and 80GGC - Contribution to Local Authority & AJP funded by Govt.

answered on 01-Apr-24 11:47

Hi sir, hope you're well. Contribution to Local Authority & AJP funded by Govt., is not allowed as deduction u/s 80GGC. However, would such deduction be allowed u/s 80GGB if Indian company gives? Since no such provision is present in 80GGB Thanks

latest answer

80GGB is applicable only when it is contributed by Company.

Devaprasad Jothimani

CA Inter

★ 0

1

59

Transfer pricing

answered on 01-Apr-24 11:47

In the attached question,for omputing ebitda u/s.94b, shall we include TP adjustment or not. If I included TP, ebitda is 20.5 otherwise 18. Which is correct?

latest answer

We will include generally.

karthick raja

CA Final

★ 3K+

1

57

Normal Loss under Income From Other Sources - Carry Forward Period

answered on 01-Apr-24 11:48

Hi sir, hope you're well. Under Income From Other Sources, carry forward period for owning and maintain racehorses is up to 4 AYs. Loss from casual income can't be setoff/ carried forward. What is the carry forward period for normal loss in this head please? Thanks

latest answer

Loss from other sources cannot be carried forward.

Devaprasad Jothimani

CA Inter

★ 0

2

57

what about additional depreciation

answered on 01-Apr-24 11:21

additional depreciation has to be given for purchase of new machinery is that correct or not please explain

latest answer

Yes it is allowed.

Angry Toshniwal

CA Inter

★ 505

3

53

Section 194 Q and 206C (1)

answered on 01-Apr-24 11:48

The company made scrap sale but purchaser deduct TDS u/s 194 Q then whether the company Collect TCS or not u/s 206C (1)

latest answer

TCS.

CA Tamil

CA Final

★ 2K+

8

89

Difference between Stake Money and Betting Gains

answered on 25-Mar-24 12:15

Hi sir, hope you're well. In your example for race horses, what is the difference between stake money and betting gains? I'm unable to understand the difference between the two. Thanks

latest answer

Stake money means the gross amount of prize money received in a horse race by the owner

Devaprasad Jothimani

CA Inter

★ 0

2

56

CG tax for NR

answered on 25-Mar-24 12:19

First proviso to sec 48 read with rule 115 A - is this applicable to unlisted securities ?

latest answer

Yes it is applicable. But if they are paying tax @10% then they cannot claim foreign exchange fluctuation benefit.

Mansha Tutlani

CA Final

★ 555

1

45

Capital gain

answered on 25-Mar-24 12:19

Can anyone please explain this

latest answer

Utilise the unutilised the basic exemption limit, you will get the answer.

Naina Bhojwani

CA Inter

★ 5K+

1

57

Doubt

answered on 22-Apr-24 09:34

Mr. Ashutosh, aged 65 years and a resident in India, has a total income of ₹ 3,20,00,000, comprising long term capital gain taxable under section 112 of ₹ 57,00,000, long term capital gains taxable under section 112A of ₹ 65,00,000 and other income of ₹ 1,98,00,000. What would be his tax liability for A.Y. 2024-25. Assume that Mr. Ashutosh has not opted for the provisions of section 115BAC. (a) ₹ 90,05,880 (b) ₹ 97,25,690 (c) ₹ 97,34,400 (d) ₹ 97,22,440

latest answer

Kindly share your working.

Krisha Modi

CA Inter

★ 0

6

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