Taxation-Income Tax [IAS (Admin.) Mains Commerce Accountancy]: Questions 1 - 5 of 5

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Question 1

Describe in Detail Subjective▾

A Company has taken a house on rent@20,000/- per month. What will be the tax treatment at source?

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Explanation

Sec. 194I of Income Tax Act, 1961

  • As per Sec. 194 I of income tax act 1961 any person who is responsible for paying to a resident any income by way of rental shall deduct income tax at source at the rate of:
    • 1.5% in respect of rent of plant and machinery or equipment (before 14th May 2020 rate is 2%) .
    • 7.5% in respect of other rental payments (i.e.. r…

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Question 2

Write in Short Short Answer▾

Mr. J has won lottery of Rs 1,00, 000/-. The State Government should deduct tax on which amount on lottery winning?

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Question 3

Appeared in Year: 2021

Describe in Detail Subjective▾

Answer the following questions in about 150 words each; (Paper 1)

What is the relationship between residential status and incidence of tax?

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Explanation

Relationship between residential status and incidence if tax:

Incidence of tax on a tax-payer depends on his residential status and also on place of accrual or receipt of income.

Incidence of Tax in Case of Ordinary Resident

A resident՚s total income for any previous year includes all earnings, regardless of how they were made. Section 5 (1)

  • Is receive…

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Question 4

Appeared in Year: 2020

Describe in Detail Subjective▾

Y has two houses in Chennai. He has self-occupied both the houses. The particulars of the houses are as follows:

Computation of Income from House Property

Y has paid the municipal taxes for House Il only. It is due for House I. Compute the house property income of Y for the assessment year.

(i) Which house should be opted by Y to be assessed as self-occupied? and

(ii) State the reasons for it. (Paper-I)

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Explanation

Computation of Income from House Property

House Property
ParticularsHouse (I)House (II)
Gross Annual Value (GAV) (Note: 1)1,00, 0001,65, 000
Less: Municipal Tax Paid by Owner. (Note: 2)NIL(9,200)
Net Annual Value (NAV)1,00, 0001,55, 800
Less: Deduction u/s 24
(i) Standard Deduction (30% of NAV)(30,000)(46,740)

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Question 5

Appeared in Year: 2020

Describe in Detail Subjective▾

Define Perquisite. How are rent free accommodation and medical facility valued under income tax rules (Paper-I)

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Explanation

The term ‘Perquisite’ is defined u/s 17 (2) of the income tax act, 1961. The definition is an inclusive definition. Based on the definition, the perquisites can be classified in 3 categories:

  • Perquisites taxable in the case of all employees
  • Tax free perquisites in case of all employees
  • Perquisites taxable only in the hands of specified employees

Perqui…

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