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True or false
Direct Taxation
answered on 21-Sep-23 08:52
Which of the following statements is/are true in respect of taxability of agricultural income under the Income-tax Act, 19617 (1) Any income derived from saplings or seedlings grown in a nursery is agricultural income exempt (11) 60% of dividend received from shares held in a tea company is agricultural income exempt from tax u/s 10(1). While computing Income tax liability of an assessoe aged 50 years, agricultural income is from tax u/s 10(1). to be added to total income only if net agricultural income for the P.Y. exceeds ₹ 5,000 and the total income (including net agricultural income) exceeds 2,50,000. (iv) While computing income tax liability of an assessee aged 50 years, agricultural income is required to be added to total Income only if net agricultural income for the P.Y. exceeds ₹ 5,000 and the total income (excluding net agricultural income) exceeds 2,50,000. Choose the correct answer: (a) (i) and (iii) (b) (il) and (iii) (c) (1) and (iv) (d) (1), (ii) and (iv)
latest answer
Option d is correct
Shruti Ganpati
CA Inter
★ 255
1
530
Exempt
Direct Taxation
answered on 21-Sep-23 08:27
Which of the following income would be exempt in the hands of a Sikkimese Individual? (a) only income from any source in the State of Sikkim only income by way of dividend (c) only income from interest on securities All the above
latest answer
All the above Any income received in the state of Sikkim is exempt in the hands of sikkimese individual
Shruti Ganpati
CA Inter
★ 255
1
364
Residential status
Direct Taxation
answered on 21-Sep-23 08:25
Who among the following will qualify, as non-resident for the previous year 2021-227 Mr. Joey, an Italian designer, came on visit to India to explore Indian handloom on 03.09.2021 and left on 15.12.2021. For past four years, he visited India for fashion shows and stayed in india for 100 days each year Mr. Sanjay born and settled in Canada, visits India each year for three months to meet his parents and grandparents, born in India in 1946, living in Mumbai. His Indian income is 15,20,000. Mr. Chang, a Korean scientist, left India to his home country for fixed employment there. He stayed in India for study and research in medicines from 01.01.2017 till 01.07.2021 Choose the correct answer: (a) Mr. Joey and Mr. Chang Mr. Sanjay (c) Mr. Sanjay and Mr. Chang (d) Mr. Chang
latest answer
Only Mr. Sanjay is the non resident
Shruti Ganpati
CA Inter
★ 255
1
706
Residential status
Direct Taxation
answered on 21-Sep-23 06:10
Mr. Nishant, a resident but not ordinarily resident for the previous yeer 2020-21 and resident and ordinarily resident for the previous year 2021-22, has received rent from property in Canada amounting to 1,00,000 during the PY. 2020-21 in a bank in Canada. During the financial year 2021-22, he remitted this amount to India through approved banking channels. Is such rent taxable in india, and if so, how much and in year? (a) Yes; 70,000 was taxable in India during the previous year 2020-21. (b) Yes; 1,00,000 was taxable in India during the previous year 2020-21. (c) Yes; 70,000 was taxable in India during the previous year 2021-22. (d) No; such rent is not taxable in India either during the previous year 2020-21 or during the previous year 2021-22.
latest answer
Income earned during the previous year 20-21 is taxable in the assessment year 21 -22. Since both accrual and receipt outside India , it is treated as foreign income . He is RNOR during the Previous year 20-21. So For RNOR, foreign income is not taxable. So option D correct
Shruti Ganpati
CA Inter
★ 255
1
475
Residential status
Direct Taxation
answered on 21-Sep-23 10:13
Mr. Ramesh, a citizen of India, is employed in the Indian embassy in Australia. He is a non-resident for A.Y. 2022-23. He received salary and allowances in Australia from the Government of India for the year ended 31.03.2022 for services rendered by him in Australia. In addition, he was allowed perquisites by the Government. Which of the following statements are correct? (a) Salary, allowances and perquisites received outside India are not taxable in the hands of Mr.Ramesh, since he is nonresident. (b) Salary, allowances and perquisites received outside India by Mr. Ramesh are taxable in India since they are deemed to accrue or arise in India. Salary received by Mr. Ramesh is taxable in India but allowances and perquisites are exempt (d) Salary received by Mr. Ramesh is exempt in India but allowances and perquisites are taxable
latest answer
C
Shruti Ganpati
CA Inter
★ 255
2
1K+
Residential status
Direct Taxation
answered on 21-Sep-23 06:13
Dividend income from Australian company received in Australia in the year 2020, brought to Inda during the PY. 2021-22 is taxable in the A.Y. 2022-23 in the case of - (a) resident and ordinarily resident only (b) both resident and ordinarily resident and resident but not ordinarily resident (c) non-resident D none of the above
latest answer
Option D
Shruti Ganpati
CA Inter
★ 255
2
508
Residential status
Direct Taxation
answered on 21-Sep-23 17:18
Mc Square, an Indian citizen, currently resides in Dubai. He came to india on avait and his total stay in India during the F.X. 2021-22 was 135 days. He is not liable to pay any tax in Dubai, Following is his details of stay in India in the preceding previous years: Financial Year Days of Stay in India 2020-21 100 2019-20. 125 2018-19 106 2017-18 83 2016-17 78 2015-16 37 2014-15 40 What shall be his residential status for the PX 2021-22 if his total income (other than income kom foreign sources) is 10 lakhs? (a) Resident but not ordinary (b) Resident and ordinary resident Is Non-resident (d) Deemed but not ordinarily resident
latest answer
Non resident since he cannot satisfy the basic condition.
Shruti Ganpati
CA Inter
★ 255
4
1K+
Supply - Applicability of GST
Indirect Taxation
answered on 24-Sep-23 19:39
In the case of buildings, i.e flat sales Whether the GST applicability is based on the consideration received for 1 flat or for the entire construction?
latest answer
Okay Sir
Soon to be CA
CA Inter
★ 4K+
4
401
Mtp
Corporate & Other Laws
answered on 30-Sep-23 12:14
can anyone plz explain this answer....and specifically the meaning of not negotiable crossing..
latest answer
Ohk thanks 👍🏻
Rifhat Khan
CA Inter
★ 28K+
3
421
Investment decisions
Financial Management
answered on 20-Sep-23 21:56
Please provide a detailed explanation for the (iii) point of the attached question
latest answer
After calculating adjusted npv and rate, the debt rate also be known. So now how much invt we need to invest and at what rate, that will be known for future investments.
siva chaitanya
CA Final
★ 13K+
1
360