On agriculutural income and sale of agricultural property

answered on 13-Jun-21 20:16

I have two questions: 1. On sale of agricultural property - Though the sale of rural agricultural land is exempt under the computation of total income, is there a need to declare the same while filing the returns in the corresponding assessment year? 2. On the income from agriculture - Income from agriculture is exempt. Should we declare this income while filing the returns or not? And is the treatment the same for the income arising from agriculture for urban and rural area?

latest answer

Exempted incomes are also shown in return of income.

John Selvaraj

CA Inter

★ 140

1

292

22 - Computation of total income and tax payable - Illustration #3

answered on 13-Jun-21 17:28

In illustration # 3 of Computation of total income and tax payable, the assesee has shown Rs. 8000 as medical expense for the dependent disabled person. However, in computation, a deduction of Rs. 75,000 is considered. Is it correct to take the maximum limit of Rs. 75,000 irrespective of the actual amount spent?

latest answer

Sec 80U deduction is fixed either 75000 or 125000(in case of severe disability) irrespective of the amount

John Selvaraj

CA Inter

★ 140

1

284

Provident Fund

answered on 13-Jun-21 16:12

Incase of Unrecognized PF Question: lumpsum received after retirement is 12 Lakhs Employer contribution and interest thereon is 220000 and 50000 respectively. Employee contribution and interest thereon is 270000 and 60000 respectively. Answer: Employer contribution and interest thereon is fully taxable under the head salary Rs.270000 Interest on employees contribution is taxable under the head income from other sources Rs.60000 Doubt: Then what about employee contribution 270000.... why it is not taxed here?

latest answer

Thank you sir

Girinath A

CA Inter

★ 765

2

321

Set off and carry forward

answered on 13-Jun-21 14:24

Can current year business loss be set off against income from house property eventhough there is profit in other business?? For eg. Cur year House property income 1 lakh Cur year leather business income 1lakh Cur year textile business loss 1 lakh Brought forward business loss 1 lakh In this qn, can textile business loss be set off against house property income first to allow b/f business loss to be set off against cur yaer textile income??

latest answer

Ok sir..thank you

Nagesh S Hegde

CA Inter

★ 11K+

2

298

Construction Services

answered on 13-Jun-21 16:47

As per notification 12 /2017 dated 28-6-2017. Construction for individual households is exempt from GST. And repairs and maintenance for the same are exempt? And what the term used pure labour contracts. Normally all the contracts are labour based?

latest answer

Yes*

Balamurali Unnithan M S

CA Inter

★ 3K+

4

325

Overheads

answered on 13-Jun-21 13:32

In given below questions depreciation not categorized into standing charges can we categorizes into standing charges

latest answer

Yes you can

Kanaga Mani

CA Inter

★ 3K+

1

257

Allowance

answered on 13-Jun-21 12:15

His (i.e. Employee) son is studying in USA and stays in a hostel for which he gets Rs.3000 p.m. as combined allowance. For the above question which of the following answer is correct? 1. Combined allowance---> 3000*12=36000-----> Fully taxable (or) 2. Combined allowance received =36000 Less: Children's Education allowance (100*12) =1200 Children's Hostel allowance (300*12) =3600 Taxable allowance = 31200

latest answer

2nd option

Girinath A

CA Inter

★ 765

1

296

Doubt related exam

answered on 13-Jun-21 12:24

I am from 2020-21 batch waiting for result . I am not prepared for nov2021 and not registered my self yet . I want to go with may 2022 so can I drop this year or I mean is it acceptable ? Or at what time I should register .. this time or at Dec 2021

latest answer

You can register for CA foundation any time before 31st dec in order to write for May 22 exams

Piyush Kishore

CA Foundation

★ 0

1

323

Salaries-Perks

answered on 13-Jun-21 11:52

Medical/Health insurance premium paid by the employer is the benefit enjoyed by the Employee na....... Then why it is exempted from tax?

latest answer

Because it is type of expence to the firm

Girinath A

CA Inter

★ 765

2

341

Sec 30

answered on 11-Sep-21 00:15

As per ICAI exclusion sections , Sec 30 is not in portion However it is explained in ICAI MODULE So is it there in portion or not?

latest answer

Thank you so much for sharing PDF it is completely sufficient to know all exclusions from icai syllabus as of today for Dec 2021 exams..

Priyanka Udeshi

CA Final

★ 14K+

11

363