Sachchidananda Ghosal (MBA(Finance) PGPBM-Banking & Insurance B.Com) (167 Points)
06 February 2011
1) Deduction in respect of MAINTENANCE INCLUDING medical treatment of a dependent who is person of disability shall be allowed to a non resident in India
2) Only 35% of income from growing and manufacturing of rubber is liable to tax
3) A business loss can be set off against income from speculation business but loss in respect of speculation business can only be set-off against income of another speculation business
CA PARAS BAFNA
(Practising CA )
(33428 Points)
Replied 06 February 2011
1) Deduction in respect of MAINTENANCE INCLUDING medical treatment of a dependent who is person of disability shall be allowed to a non resident in India
No. U/s 80DD it is allowed to Residents only.
Residents include both type of residents.
CA PARAS BAFNA
(Practising CA )
(33428 Points)
Replied 06 February 2011
3) A business loss can be set off against income from speculation business but loss in respect of speculation business can only be set-off against income of another speculation business
Ans. True
CA PARAS BAFNA
(Practising CA )
(33428 Points)
Replied 06 February 2011
2) Only 35% of income from growing and manufacturing of rubber is liable to tax
Yes. 35% of income is taxable income in such cases.
In case of tea and coffee frowers 40% income is treated as non- agriculture income and that's why it is taxable
PF & ESI Course - Labour Code 2019 Along with Examples and Case Studies
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