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Direct Taxation
answered on 24-Sep-23 19:10
21. X wanted to file his return of income for the previous year 2021-22. He required assistance for which he has approached you. He has shared the following details relevant to the Rr. 2021-22. Mr. X owned a house property in Mumbai and the same was rented out for 70,000 pum. He claims that this was the only income which he earned during the PY. 2021-22. However, when you had sought for his bank statement, you observed the following information additionally There is a credit for 23,975 towards income-tax refund which includes 5,775 towards interest on income-tax refund. On 15th August, 2021, the bank statement showed a credit of ₹ 55,000 which he claimed to have received as a gift from his grandchildren on his 60th birthday. On further assessment you were able to understand that Mr. X and his wife had travelled to Australia during the PY 2021-22 to spend some time with their daughter, who is staying in Australia, since her marriage. On scrutiny of their passport and relevant documents you conclude that they had left India on 27th September, 2021 and retuned on 30th March, 2022. During the 4 years preceding previous year 2021-22, both had stayed in India for 320 days. Prior to that, they had been staying only in India Based on the facts of the case scenario given above, choose the most appropriate answer to the following questions: 21.1. What is the residential status of Mr. X for the P.Y. 2021-227 Resident and ordinarily resident(b) Resident but not ordinarily resident (c) Non-resident (d) Deemed resident but not ordinarily resident 21.2.Mr. X requests you to compute his tax liability for the AX 2022-23 in a manner such that his tax liability is minimum.Accordingly, his tas liability would be (b) 29,910(c) ₹32,510(d) 20,150 a.22,750 21.3. in continuation to question 21.2, what would be tax liability of Mr. X for the A.Y. 2022-23, if he had paid 1,00,000 towards life insurance premium for self? (a) 20,150 (b) 29,910 (c) ₹10,400 d.NIL 21.4. Mr. X had given the house property at Mumbai on rent to Mr. Y, a salaried employee. Is there any requirement to deduct tax at source on such rent by Mr. Y, if yes, what would be the amount of TDS to be deducted? (a) No, there is no requirement to deduct tax at source, since Mr. Y is a salaried employee (b) Yes, Mr. Y is required to deduct tax at source of ₹ 42,000 (c) Yes, Mr. Y is required to deduct tax at source of 31,500 (d) No, there is no requirement to deduct tax at source, since Mr. X is a non-resident 21.5 Which of the following statements is correct with respect to advance tax frability of Mr. X for PY. 2021- 227 (a) Advance tax liability shall not arise to Mr. X since he is a non-resident (b) Advance tax liability shall not arise, since Mr. X is a resident senior citizen and he has no incomechargeable under the head "Profits and gains of business or profession (c) Advance tax liability shall arise, since he is a non-resident (d) Advance tax liability shall arise, since his tax liability is not less than 10,000
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Shruti Ganpati
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Case studies
Direct Taxation
answered on 24-Sep-23 19:12
21. which he has approached you. He has shared the following details relevant to the PY. 2021-22 Mr. X owned a property in Mumbai and the same was rented out for 70,000 p.m. He claims that this was the only income which he earned during the PY. 2021-22. However, when you had sought for his bank statement, you observed the following information additionally. There is a credit for 23,975 towards income-tax refund which includes 5,775 towards interest on income-tax refund. On 15th August, 2021, the bank statement showed a credit of 55,000 which he claimed to have received as a gift from his grandchildren on his 60th birthday. On further assessment you were able to understand that Mr. X and his wife had travelled to Australia during the PY. 2021-22 to spend some time with their daughter, who is staying in Australia, since her marriage. On scrutiny of their passport and relevant documents you conclude that they had left India on 27th September, 2021 and retuned on 30th March, 2022. During the 4 years preceding previous year 2021-22, both had stayed in India for 320 days. Prior to that, they had been staying only in India. Based on the facts of the case scenario given above, choose the most appropriate answer to the following questions: 21.1. What is the residential status of Mr. X for the PY. 2021-227 (a) Resident and ordinarily resident (b) Resident but not ordinarily resident (c) Non-resident (d) Deemed resident but not ordinarily resident 21.2. Mr. X requests you to compute his tax liability for the A.Y. 2022-23 in a manner such that his tax liability is minimum. CA Intermediate | Case Study Based MCQs Compiler 21. which he has approached you. He has shared the following details relevant to the PY. 2021-22 Mr. X owned a property in Mumbai and the same was rented out for 70,000 p.m. He claims that this was the only income which he earned during the PY. 2021-22. However, when you had sought for his bank statement, you observed the following information additionally. There is a credit for 23,975 towards income-tax refund which includes 5,775 towards interest on income-tax refund. On 15th August, 2021, the bank statement showed a credit of 55,000 which he claimed to have received as a gift from his grandchildren on his 60th birthday. On further assessment you were able to understand that Mr. X and his wife had travelled to Australia during the PY. 2021-22 to spend some time with their daughter, who is staying in Australia, since her marriage. On scrutiny of their passport and relevant documents you conclude that they had left India on 27th September, 2021 and retuned on 30th March, 2022. During the 4 years preceding previous year 2021-22, both had stayed in India for 320 days. Prior to that, they had been staying only in India. Based on the facts of the case scenario given above, choose the most appropriate answer to the following questions: 21.1. What is the residential status of Mr. X for the PY. 2021-227 (a) Resident and ordinarily resident (b) Resident but not ordinarily resident (c) Non-resident (d) Deemed resident but not ordinarily resident 21.2. Mr. X requests you to compute his tax liability for the A.Y. 2022-23 in a manner such that his tax liability is minimum.Accordingly, his tay lability would be (c) ₹32,510 (b) 29.910 (d) 20,150 22,750 21.1. in continuation to question 21.2, what would be tax liability of Mr. X for the At 2022-23, if towards life imurance premium for self? (b) 29,910 (c) 10,400 he had paid (a) ₹20150 21.4. Mr. X had given the house property at Mumbai on rent to Mr. Y, a salaried employee. Is there requirement to deduct tax at source on such rent by Mr. Y, if yes, what would be the amount of TDS to any deducted? (a) Na, there is no requirement to deduct tas at source, since Mr. Y is a salaried employee Tes Mc Y is required to deduct tax at of ₹ 42,000 (c) Yes, Mc Y is required to deduct tax at source of 31,500 (d) No, there is no requirement to deduct tax at source, since Mr. X is a non-resident 21.5. Which of the following statements is correct with respect to advance tax liability of Mc X for PY. 2021- 227 (a) Advance tax liability shall not arise to Mr. X since he is a non-resident (b) Advance tax liability shall not arise, since Mr. X is a resident senior citizen and he has no income chargeable under the head "Profits and gains of business or profession (c) Advance tax liability shall arise, since he is a non-resident (d) Advance tax liability shall arise, unce his tax liability is not less than 10,000
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Shruti Ganpati
CA Inter
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549
Tvm
Maths & Stats
answered on 23-Sep-23 10:14
What is n??.. Idk how to. Solve this
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Without n how will find the solution - wrong question
Taniya Thakur
CA Foundation
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1
477
UNIT 2 CONSIDERATION
Corporate & Other Laws
answered on 23-Sep-23 09:22
IN CASE OF CONDITION RUNNING WITH THE LAND If the orignal/first owner has died and he deoes'nt have any child and the third buyer doesnt follow the condition then who will file the case.??
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If X have a property, can name X property to X's family members, and they will have the right to it after X death. But, it is not an easy task because a legal heir certificate is required to claim X property after X death.
Prathmesh Kharul
US CMA All
★ 6K+
3
348
Duty Drawback
Indirect Taxation
answered on 24-Sep-23 19:17
Sir as per Rule-9 upper limit for drawback is 1/3 market price of exported goods is that upper limit will applies for only drawaback in case of Sec-75 am i correct it wont apply to sec-74 as there is fixed % of Drawback in sec-74
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Yes right 👍
Surya Prakash
CA Final
★ 19K+
1
400
Section 54EE
Direct Taxation
answered on 24-Sep-23 19:13
Is there any condition to hold the units notified by the government which is reinvested ? 2y or 3y or 5y ? Or else no such condition ?
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Hm Thank you sir
SAI AKASH GORU
CA Final
★ 750
3
506
NEW SCHEME
Others
answered on 27-Sep-23 09:07
"If I pass Group 1 of CA Intermediate and secure exemptions in Auditing and EIS - SM or FM - ECO in the November 2023 exam, will they declare that I have passed both groups (based on the exemptions) when publishing the exam results, which is likely in January? Also, when can I begin my articleship under the new scheme?"
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https://www.youtube.com/live/QYCtUXuP5Yg?si=0RLBWmztjDJ64X3-
anandhu ks
CA Inter
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3
425
Icai taxation mcq
Direct Taxation
answered on 21-Sep-23 20:16
Does anyone have solutions of icai taxation mcqs of ca inter? Please share
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No I'm not done
Shruti Ganpati
CA Inter
★ 255
2
474
ratio
Financial Management
answered on 21-Sep-23 16:54
is EBIT (1-T) the same as PAT? please explain.
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No EBIT x ( 1-T) - interest x ( 1-T) = PAT
Reetikaa R
CA Final
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1
436
Cost of acquisition
Direct Taxation
answered on 21-Sep-23 17:37
Jewellery gift from ancestors (great great great great × 10⁹⁹ grandmother 😂) Cost of acquisition to previous owner taken as FMV of capital asset on the date on which it became the property of the previous owner = 1,00,000 FMV as on 1/4/2001 = 1,50,000 Previous owner gifted to his daughter (assessee) on 2005, Daughter (assessee) sold to outsider on 2010 for sale consideration of 5,00,000 Please provide me the entire sections and provisions attracted to the above case and especially how the cost of acquisition calculated. Also find capital gains
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It’s very interesting 👍
SAI AKASH GORU
CA Final
★ 750
9
435