Tax law
This query is : Resolved
Querist : Anonymous
Querist :
Anonymous
(Querist)
01 February 2012
Kindly suggest Answers:
(I) Under section 32 of the Income tax Act, 1961, Licences are depreciated @......
(a) 10% (b) 15% (c) Nil rate (d) 25%
(II) Expected rent shall be higher of the ;
(a) Municipal value and standard rent
(b) Fair rent and actual rent received
(c) Standard rent and Fair rent
(d) Municipal Value and Fair Rent.
(III) Under section 10(10), the maximum amount of gratuity received which is not chargeable to tax shall be;
(I) Under section 32 of the Income tax Act, 1961, Licences are depreciated @......
(a) 10% (b) 15% (c) Nil rate (d) 25%
(II) Expected rent shall be higher of the ;
(a) Municipal value and standard rent
(b) Fair rent and actual rent received
(c) Standard rent and Fair rent
(d) Municipal Value and Fair Rent.
(III) Under section 10(10), the maximum amount of gratuity received which is not chargeable to tax shall be;
01 February 2012
(1) Licences are intangible assets therefore, rate applicable is 25%
(2) Expected rent shall be higher of:
Municipal Value & Fair rent
Actual rent received comes into play while calculating Gross Annual Value.
(3) IT is based on lower of specified limits and whether it is covered under Gratuity Act or not..But maximum limit is revised now in 2010 which is 1000000
(2) Expected rent shall be higher of:
Municipal Value & Fair rent
Actual rent received comes into play while calculating Gross Annual Value.
(3) IT is based on lower of specified limits and whether it is covered under Gratuity Act or not..But maximum limit is revised now in 2010 which is 1000000
Querist : Anonymous
Querist :
Anonymous
(Querist)
02 February 2012
Thanks Sir
Sir my another query is:
Loss from business can be set-off against other income in subsequent assessment year except:
Income from speculation business
m i right or nor
Sir my another query is:
Loss from business can be set-off against other income in subsequent assessment year except:
Income from speculation business
m i right or nor
02 February 2012
Loss from non-speculative business can be carried forward and set-off against any business income whether speculative or non-speculative.....
But loss from speculation business can be set off against income from speculation business only
But loss from speculation business can be set off against income from speculation business only
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