Module 9 (Taxation)

Mr. Ram, an Indian citizen left India on 22.09.2021 for the first time to work as an officer of a company in Germany. Determine the residential status of Ram for the assessment year 2022-’23.

Mr. Dey, a non-resident, residing in the US since 1990, came back to India on 1.04.2020 for permanent settlement. What will be his residential status for the assessment year 2022-’23?

Jay leaves India on 30th November 2020. He was in India for the previous year like this:
2019-2020 – 55 Days
2018-2019 – 60 Days
2017-2018 – 80 Days
2016-2017 – 40 Days
2015-2016 – 100 Days
Then 100 days every year for 5 years before 31st March, 2015.
What is the the residential status of Jay for the AY of ’21-’22?

A company is said to be a resident in India in any previous year if:

From the assessment year 2018-’19 a foreign company will be resident in India if:

HUF is said to be resident in India in any previous year if:

Income which accrues or arises outside India and received outside India in the previous year from any other source is taxable for _____.

Income which accrues or arises outside India and received outside India during the years preceding the previous year and remitted to India during the previous year is taxable for _____.

Income which accrues or arises or is deemed to accrue or arise in India during the previous year, whether received in India or elsewhere is taxable for _____.

Rohit, who lives in London, has a house property situated in India which has been put on rent by him. The rent derived by Rohit is received in London. Will it be taxed as the income from house property?

A person bought gold ornaments worth Rs. 500,000 on 4th of November, 2016. Later on, he sold all the gold ornaments in Rs. 8 Lakh on 7th of November, 2020. What will be the capital gain tax liability on the client for such a transaction?

Ramesh bought 2000 equity shares of 80 rupees each on 4th of August, 2017. He sold 1000 shares on 16 July, 2018 at 120 rupees each share. He paid STT at the time of sale of shares. Calculate the tax liability of Ramesh.

Chandan invested 200,000 rupees in a Debt Mutual Fund Scheme on 1st January, 2012. The price per unit was Rs 11.30 at the time of investment. He sold all the units for 17 rupees per unit on 7th November, 2018. Calculate capital gain tax liability.

Aditya invested 5 lakh rupees in Equity Mutual Fund on 4th September, 2019. NAV of Mutual Fund Scheme was 19 rupees. He sold all the units for 30 Rs. per unit on 10th December, 2020. What will be his capital gain tax liability?

Which of the following would be regarded as transfer?

Short-Term Capital Gains arising on transfer of listed shares on which STT is paid at the time of transfer, would be chargeable to tax _____.

Distribution of assets at the time of liquidation of a company is _____.

Land or building would-be Long-Term Capital Asset only if it is:

Capital Gain on transfer of depreciable asset would be _____.

For an assessor, who is a salaried employee who invests in shares, what is the benefit available in respect of securities transaction tax paid by him on sale and acquisition of 100 listed shares of X Ltd. which has been held by him for 14 months before sale?

Under section 50C, the guideline value for stamp duty is taken as the full value of consideration only if ____.

Where there is a transfer of a capital asset by a partner to the firm by way of capital contribution or otherwise, the consideration would be taken as ____.

Under section 54F, capital gains are exempted if:

Under section 54EC, capital gains are exempted if invested in the bonds issued by NHAI & RECL or other notified bonds ____.

An investor purchases mutual fund units on 1 July, 2016 in Rs. 10 per unit investing 1 Lac rupees. On 10 Nov 2020, He sold all units in Rs. 8 Per unit. What will be his capital gain or loss
On 31st January, 2018 if the value per unit was Rs. 15?

An investor purchases mutual fund units on 1 July, 2016 in Rs. 10 per unit investing 1 Lac rupees. On 10 Nov 2020, he sold all units in Rs. 13 Per unit. What will be his capital gain or loss
On 31st January 2018, if the value per unit was Rs. 15?

The maximum deduction under Section 80D for the Assessee, Spouse & Dependent Children in case of a non-senior citizen is _____.

The maximum deduction under Section 80D for the Assessee’s Parents who are senior citizen is _____.

Deduction against payment made for preventive health check-up in a P.Y. is ____.

In case the assessee is paying for medical treatment of any dependent person with disability what are the exemption under section 80DD

Section 80C includes except ____.

Which of the following investment doesn’t have EEE status?

The standard deduction for the financial year 2020-21(AY 2021-22) is _____.

New provision of Section 80TTB includes?

Provision of section 80TTA includes?

NPS Section 80CCD (2) allows salaried individuals to claim deductions up to ____ of their salary and ____ in the case of government employees.

Income from letting of machinery, plant and furniture is _____.

What is true in respect to winnings from the lottery, crossword puzzle, or race including horse race or card game, etc.?

The deduction allowable in respect of family pension taxable under “Income from other sources” is _____.

Ram received Rs. 60,000 from his friend on the occasion of his birthday.

Mr. X aged 61 years, received dividend of Rs. 8,00,000 from a domestic company in P.Y. 2019-2020. Tax chargeable under section 115BBDA is @10% on _____.

Mr. Y aged 61 years, received a dividend of Rs. 8,00,000 from a domestic company in P.Y. 2020-2021, Tax chargeable is ______.

Mr. Shubham has received a sum of Rs. 51,000 on 24.10.2020 from his friend on the occasion of his marriage anniversary. What will be the taxable amount?

Mr. Jitesh has received a sum of Rs. 75,000 on 24.10.2020 from his friend on the occasion of his marriage anniversary. What will be the taxable amount?

Suraj’s bank account shows the following deposits during the financial year 2020-’21. Compute his total income for the A.Y. 2020-’21 assuming that his income from house property (computed) is Rs. 62,000.
(i) Gift from his sister in Amsterdam worth Rs. 2,30,000.
(ii) Gift from his friend on his birthday worth Rs. 10,000.
(iii) Dividend from shares of various Indian companies worth Rs. 12,600.
(iv) Gift from his mother’s friend on his engagement worth Rs. 25,000.
(v) Gift from his fiancée worth Rs. 75,000.
(vi) Interest on bank deposits (Fixed Deposit) worth Rs. 25,000.

According to section 80 no loss which has not been determined in pursuance of a return filed in accordance with the provisions of section 139(3) shall be carried forward. The exceptions to this are:

Section 70 enables set off of losses under one source of income against income from any other source under the same head. The exceptions to this section are ____.

Mr. X incurred a long-term capital loss from the sale of listed shares in a recognized stock exchange. Such loss ____.

The maximum period for which speculation loss can be carried forward is _____.

Mr. A incurred short-term capital loss of Rs.10,000 on sale of shares through the National Stock Exchange. Such loss _____.

The maximum period for which loss from specified business can be carried forward is ____.

Loss from house property of Rs. 4,10,000 of A.Y. 2019-2020 is allowed to be set-off against income from house property of A.Y. 2020-’21 of Rs. 50,000 to the extent of ____.

Any loss from the specified business referred to in section 35AD can be set off against ____.

Business loss of the current year cannot be set-off against _____.

Brought forward loss from house property can be set-off ____.