Yippiee ,... M so happy . I got admin message today regarding my discussion being posted on Caclub facebook page
. Great start.
Sorry to everyone, as I am not starting Salary today. We will discuss it on tomorrow , because our scanner part is remained in this lesson, as I said earlier, we will go through the chapter in deeply.
wo kehte hai na ....
10 baar overview karne se acha hai ki ek baar me hi sare concepts clear kar lo.
So let's start it ....
- Deduction 33AB is granted to persons engaged in the growing and manufacturing ? a) Tea b) Cofee c) Rubber d) Any of the above
Answer = Any of the above
2. A company is said to be resident In India in previous year if .........
Answer = Either it is an Indian company or the control and management is wholly situated in India.
3. Rent received from agricultural Iand is agricultural Income ?
Answer = Yes.
4. The term Income included the following types of income a) Legal b) Illegal c) Both d) None
Answer = The Income Tax Law does not make any distinction between Income accrued or arisen from a legal source and income tainted with illegality. Income definition is inclusive , So in simpler terms , whatever is earned in money is Income .
5. An Indian company is always resident in India , no matter where and to what extent its control and management is situated.
Answer = A company's residential status is defined by its "control and management power . Usually control and management of company's affairs is situated at a place where meetings of its BOD is held.
6. Income accruing from agriculture in a foriegn country is taxable in case of an assessee who is resident.
7. General basic exemption limit includes Men, HUF , Non- resident and Trust and others also. So single word "Men" can't be used.
8. The basic exemption limit in case of non-resident Individual being a senior citizen is .....
Answer = There is no such different NRI slab rate for women and senior citizen. The basic exemption limit for NRI is Rs.180000.
9. Whether not ordinarily resident can give form 15g/h and form 60 its belonging to residentsand NRI how the make tax payment if they don't have PAN.
Answer = Form 15G and form 15H are used for avoiding the TDS deduction while computing the interest earned during the financial year. For this, a person must be resident in India as well as must possess PAN card. So question of filing form 60 doesn't arise in this case.
Regards
Renu
CAclubindia
