03 February 2009
Can any one please explain me the following:?
_1_ In a house belonging to Mr.X, his cousin is living without paying any rent. He says that since his relative is residing there without paying any rent, there is no rental income chargeable to Income Tax. Is he correct?
_2_which of the following assessee is charged to income tax in the assessment year following the previous year: (a) a non resident business firm which shipped goods on 1.5.08 at vishakapatnam port in Andra Pradesh; (b)An employee left India to USA on 1.8.08 with no intention of returning; (c)ABC firm which discontinued its business on 1.9.08 (d) An employee-assessee of a University who worked during 1.4.07 to 30.03.08.
Here Assessment year is not given so how do we answer this? And what would be the answer?Please help Sir.
04 February 2009
Thank you sir. But here is the assessment year taken as 08-09? How do we know that? And section 172 speaks about shipping business how do we solve this with that? Please help.
Question is not related to section 172 I had just given you a example. It objective type queion you just to apply commen sence. I am giveing some more for to make you beter understande:
Section 4 : The total income of previous year of every person shall be charged to income-tax in the relevent year.
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