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AMT
Direct Taxation
answered on 13-May-21 22:38
I'm confused in applications of AMT as AMT is applicable when NT is greater but if AMT is greater than NT then AMT is payable I didn't understood it
latest answer
Suppose your Net taxable income under regular provision is 10 lakhs and Tax on above is 117000(including 4% cess) and u/s 115JC your AMT income (after adding Certain deductions) is 13lakhs then tax on above will be flat 18.5% of 13lakhs i.e., 250,120 ( including 4% cess) Now you have to compare the tax payable in both cases, Whichever is higher you will have to pay that tax Since in our case your AMT tax is higher so you will get AMT credit for that i.e., 250,120-117,000= 133,120
Priyanka Udeshi
CFA L1
★ 14K+
1
877
General Query.
Direct Taxation
answered on 15-May-21 16:04
I ask a general query, not part of the law. I receive Rs 100000 from the road, It's offered for taxation? Under Sec 56 It's taxed,? In Income From Other Source, On Which head it's given for taxation. If it is taxable, I not given it for taxation, How department identifies the undisclosed income.?
latest answer
Ok
Balamurali Unnithan M S
CA Inter
★ 3K+
4
772
Partnership Deed.
Accountancy
answered on 16-May-21 12:57
If Partnership deed is optional as per Partnership Act 1932. But if a new partner is admitted, how to mention the conditions without a proper deed?
latest answer
Ok
Balamurali Unnithan M S
CA Inter
★ 3K+
8
629
194 LA
Direct Taxation
answered on 16-May-21 12:58
Section 194 LA deals with TDS on compulsory acquisition of land, It's compulsory exempt under the IT Act. But the Interest belongs to it is complete taxable? And 57 Interest on enhanced compensation allowed as a deduction.
latest answer
Okey
Balamurali Unnithan M S
CA Inter
★ 3K+
6
1K+
Memorandum of Association.
Corporate & Other Laws
answered on 16-May-21 16:41
If any difficulty to do various business under same company name and with same Memorandum of Association. As per law any restrictions?
latest answer
Okay, Thank you, Sir.
Balamurali Unnithan M S
CA Inter
★ 3K+
6
783
Sec.40(A)(3)
Direct Taxation
answered on 16-May-21 16:43
Sec.40(A)(3), There is described for purchase of the capital asset. Disallowance is only the depericiation. It's disallowed on the entire life of the asset or only in that particular year? And the succeeding year the payment is done through an account, the assessee can claim the expense later disallowed?
latest answer
Okay
Balamurali Unnithan M S
CA Inter
★ 3K+
13
913
Premium on redemption?
Accountancy
answered on 14-May-21 12:48
Please Explain me how (premium on redemption=16) came.Kindly,Check below for attached file.
latest answer
Yes, solution w.r.t. premium on redemption is not correct given the information in question
Naren
CA Inter
★ 90K+
3
725
Section 28 & Section 56
Direct Taxation
answered on 13-May-21 20:19
PGBP & IFOS, Are charged to tax on a cash or mercantile basis. If an example it's taxed on a cash basis, If a Chartered Account prepares his P&L Account, He only shows the receipts he received rather than actual bills issued as per the Cash Basis of accounting. In this case, there is a chance for him to escape from tax?
latest answer
So, I think it better, Maintain accounts on a cash basis for entrepreneurs.
Balamurali Unnithan M S
CA Inter
★ 3K+
12
650
Negotiable instruments
Corporate & Other Laws
answered on 17-May-21 18:29
Explain both the question attached below.
latest answer
Thankyou sir
Sathiya Bama
CA Final
★ 24K+
4
798
Sec.145
Direct Taxation
answered on 14-May-21 17:32
As per sec.145 talks about the method of accounting. As per the section, the assessee can follow the cash or mercantile system on regular basis. If the assessee follows cash basis presently, after some years he is entitled to choose a mercantile system?
latest answer
No rule as such.
Balamurali Unnithan M S
CA Inter
★ 3K+
8
724