Tax Mohalla - Tax by KK

Question 4 (a) Mr. Thomas, a non-resident and citizen of Japan entered into following transactions during the previous year ended 31.03.2020. Examine the tax implications in the hands of Mr. Thomas for the Assessment Year 2020-21 as per Income Tax Act, 1961. (Give brief reasoning) (1) Interest received from Mr. Marshal, a non-resident outside India (The borrowed fund is used by Mr. Marshal for investing in Indian company’s debt fund for earning interest). S 9(1)(v)-Income accrues in India (2) Received ₹ 10 lakhs in Japan from a business enterprise in India for granting license for computer software (not hardware specific). Proviso to S 9. Income do not accrue in India (3) He is also engaged in the business of running news agency and earned income of ₹ 10 lakhs from collection of news and views in India for transmission outside India. Explanation to S 9. Income do not accrue in India (4) He entered into an agreement with SKK & Co., a partnership firm for transfer of technical docum...

Question 1 From the following particulars furnished by Mr. Ganesh, aged 58 years, a resident Indian for the previous year ended 31.03.20XX, you are requested to compute his total income and tax liability under normal as well as special provisions (AMT) S 115JC, if any, applicable to him for the Assessment Year 20XX-XX. (i) He occupies ground floor of his residential building and has let out first floor for residential use at an annual rent of ₹ 2,28,000. He has paid municipal taxes of ₹ 60,000 50% allowed as deduction for the current financial year. (ii) He owns an industrial undertaking established in a SEZ and which had commenced operation during the financial year 2017-18. Total turnover of the undertaking was ₹ 200 lakhs, which includes ₹ 140 lakhs from export turnover. This industrial undertaking fulfills all the conditions of section 10AA of the Income-Tax Act, 1961. Profit from this industry is ₹ 25 lakhs. (iii) He received royalty of ₹ 2,88,000 from abroad for a book authored...

Question 2 (a) Mr. Mukesh born on 1.4.1960 on 1-4-2019 he attains the age of 59 years furnished his original return for Assessment Year 2020-21 on 30.07.2020. He has shown salary income of ₹ 7.30 lakhs (computed) and interest from his savings bank of ₹ 12,700 80TTA and from his fixed deposits of ₹ 43,000. He also claimed deduction under section 80C ₹ 1.50 lakhs. He had claimed deduction u/s 80D of ₹ 25,000. He also claimed deduction u/s 80TTA of ₹ 10,000. His employer had deducted TDS of ₹ 33,950 from his salary, which he adjusted fully against tax payable. He paid health insurance premium 80D of ₹ 38,000 max 25,000 by account payee cheque for self and wife. He paid ₹ 1,500 in cash for his health check- up max 5,000 and ₹ 4,000 by cheque for preventive health check-up max 5,000 of his parents. He also paid medical insurance premium of ₹ 33,000 max 50,000 during the year to insure the health of his mother, aged 80 years, staying with his younger brother. He further incurred medical exp...

#scannerincometax #incometaxmcq #videoclasses In this video we are solving one practical question of co-owner. There are around 50 Income tax mcq of chapter income from house property. Section 22 of Income Tax Act, 1961 Section 23 of Income Tax Act, 1961 Section 24 of Income Tax Act, 1961 Section 25 of Income Tax Act, 1961 Section 25A of Income Tax Act, 1961 Section 26 of Income Tax Act, 1961 Section 27 of Income Tax Act, 1961

The same income is taxed twice firstly on the source basis and secondly on resident basis. One of the country as per bilateral agreement gives relief. If there is no agreement then relief is given unilaterally by resident country.

Residential status determines whether global income is taxable in India or not. Section 6 determines residential status. Section 5 is incidence of tax and section 9 is whether income deemed to accrue or arise in India.

The students need different kind of income tax mcq which helps in revising the income tax. We make these income tax mcq for making you revise income tax. In this lecture it also contains past paper ca inter income tax mcq, cma inter income tax mcq and cs executive income tax mcq.