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?
EditExplanation
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?
EditQuestion 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?
EditExplanation
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:
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)
EditExplanation
Computation of Income from House Property
Particulars | House (I) | House (II) |
Gross Annual Value (GAV) (Note: 1) | 1,00, 000 | 1,65, 000 |
Less: Municipal Tax Paid by Owner. (Note: 2) | NIL | (9,200) |
Net Annual Value (NAV) | 1,00, 000 | 1,55, 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)
EditExplanation
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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