Answer to Q29 is (b) as Non-Resident Individuals are taxed at slab rate and the benefit of higher exemption of 3/5 lacs is not available to NR individuals
Q30. Mr. X celebrated his 25th Anniversary with a lavish function. Department found that he spent 4 crores on this function. If Mr. X is not able to explain the source of this 4 crores that he spent on function, at what rate will this amount be taxed?
anonymous poll
b) 4 Cr. taxed @ 60% – 57
👍👍👍👍👍👍👍 89%
a) 4 Cr. taxed @ 30% – 3
▫️ 5%
c) 4 Cr. taxed at the general rate applicable to the assessee – 2
▫️ 3%
d) 2.8 Cr. taxed @ 30% – 1
▫️ 2%
e) 2.8 Cr..taxed @ 60% – 1
▫️ 2%
👥 64 people voted so far.
anonymous poll
b) 4 Cr. taxed @ 60% – 57
👍👍👍👍👍👍👍 89%
a) 4 Cr. taxed @ 30% – 3
▫️ 5%
c) 4 Cr. taxed at the general rate applicable to the assessee – 2
▫️ 3%
d) 2.8 Cr. taxed @ 30% – 1
▫️ 2%
e) 2.8 Cr..taxed @ 60% – 1
▫️ 2%
👥 64 people voted so far.
Answer to Q30 is (b). As per section 115BBE, such unexplained expenditure is taxed at a flat rate of 60%
Q31. Mr. A files his income tax return without paying the self assessment tax due u/s 140A. Which of the following statements is not incorrect?
anonymous poll
b) Such a return is NOT deemed to be a Defective Return – 42
👍👍👍👍👍👍👍 70%
a) Such a return is deemed to be a Defective Return – 18
👍👍👍 30%
👥 60 people voted so far.
anonymous poll
b) Such a return is NOT deemed to be a Defective Return – 42
👍👍👍👍👍👍👍 70%
a) Such a return is deemed to be a Defective Return – 18
👍👍👍 30%
👥 60 people voted so far.
Answer to Q30 is (b). Refer the amended section 115BBE for details
Q31. Is "Provision for doubtful debts" an allowable expense under the PGBP head?
anonymous poll
c) Depends on who the assessee is – 62
👍👍👍👍👍👍👍 70%
b) No – 14
👍👍 16%
a) Yes – 13
👍 15%
d) None of these
▫️ 0%
👥 89 people voted so far.
anonymous poll
c) Depends on who the assessee is – 62
👍👍👍👍👍👍👍 70%
b) No – 14
👍👍 16%
a) Yes – 13
👍 15%
d) None of these
▫️ 0%
👥 89 people voted so far.
Answer to Q31 is c. While Prov. for Bad debts is generally disallowed, it is allowed by section 36(1)(viia) in case of some assessees like banks etc.
Q32. Mr. A got a demand notice from the Income Tax Department. Mr. A is not a professional but insists on fighting his case all by himself in CIT(A) forum. Is he allowed to do so?
Anonymous Poll
26%
a) No, only a Lawyer, CA etc. can fight such cases at such forums
74%
b) Yes, Mr. A can fight his case himself also
All the best for your results everyone. The fear of losing is one of the major reasons of failure. Do not take unnecessary pressure about the results. Just be happy :)
Answer to Q32 is (b) since every assessee has the right to appear in his case as default. If however he chooses to, he can give that right to the people mentioned u/s 288
Mr. A passed CA in first attempt and Mr. B passed it in 9th attempt.
Can you tell me which one amongst these 2 is more intelligent and who amongst them will earn more in life?
If you can't answer these questions, stop judging yourself based on your grades!
Can you tell me which one amongst these 2 is more intelligent and who amongst them will earn more in life?
If you can't answer these questions, stop judging yourself based on your grades!
Q33. Company A made a provision for income tax in the PY 18-19 of Rs 10Cr. and accordingly, such expense was debited in P&L. However, tax for the PY18-19 was actually paid on 01/05/19, i.e. in PY 19-20. In which PY will this tax expense be allowed?
Anonymous Poll
35%
a) PY 18-19
16%
b) PY 19-20 as per section 43B
2%
c) PY 20-21
48%
d) None of these
Answer to Q33 is (d). This was a trick question. Students think that their knowledge of section 43B is being tested but really, it is not. INCOME TAX expense can never be allowed to be debited for the purposes of computing income tax liability of assessee.
Q34. Mr X, aged 56 yrs, is a person with severe disability and he is also a Resident for the PY 18-19. How much deduction is he eligible for u/s 80U in PY 18-19?
Anonymous Poll
10%
a) Expenditure incurred Upto 75,000
11%
b) Expenditure incurred Upto 1,00,000
19%
c) Flat 75,000
60%
d) Flat 1,00,000
Answer to Q34 is (d). As per section 80U, a resident individual with severe disability is allowed a flat deduction of 1,00,000 irrespective of incurring any expenditure.
Q35. Mr.A had loss u/h HP in the PY 18-19 and since he did not have income in any Other head in that PY, he had to carry forward the HP loss. In PY 19-20, he had income u/h PGBP. He thinks he cannot set off the c/f HP Loss from PGBP income. Is he correct?
Anonymous Poll
46%
a) Mr. A is incorrect
52%
b) Mr. A is correct
2%
c) Question is invalid
Correction:- Answer to Q34 was 1,00,000 for Nov'18 attempt. However, for the May'19 attempt onwards, the limit has been increased to a flat amount of 1,25,000.
Answer to Q35 is (b). As per section 71B, c/f HP loss can only be set off from HP income and not from any other head's income