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
Q36. Mr. A, whose birthday falls on 1st April, attained the age of 60 on 1st April 2019, i.e. in PY 19-20. Which slab will be applicable to his income for the PY 18-19?
Anonymous Poll
18%
a) Basic exemption limit of 2.5 Lacs
79%
b) Basic exemption limit of 3 Lacs
3%
c) Basic exemption limit of 5 Lacs
This Interim Budget is a pretty good start to the new year. From student's perspective, it has minimal changes which are easy to learn and also, the fact that a CA presented the budget is motivating enough to make every student study more and more.
Those who have exams coming in 2019 are advised to not spend too much time on the budgets announced in 2019 since amendments by them do not apply to your exam.
Let's see what the post election budget has in store for us. Happy learning! Jai Hind!
Those who have exams coming in 2019 are advised to not spend too much time on the budgets announced in 2019 since amendments by them do not apply to your exam.
Let's see what the post election budget has in store for us. Happy learning! Jai Hind!
Answer to Q36 is (b). As per Circular No. 28/2016, a person having his birthday on 1st April of any year is said to have attained the succeeding age on 31st March itself. As a result, Mr. A will be said to have achieved the age of 60 on 31/03/19 only, i.e. in PY 18-19
From today onwards, I'll make you practice MCQs based on amendments by Finance Act 2018. All the best!
Q37. Mr. X, got employed from 1st March 2019 onwards and received his monthly salary of Rs. 20,000. While filing his return for PY 18-19, what would be his tax treatment taking into consideration the standard deduction of Rs. 40,000?
Anonymous Poll
4%
a) His total income is Nil. He can carry forward unutilised std. deduction of 20,000 to next PY
76%
b) His total income would be Nil. Remaining unutilised standard deduction of 20,000 would lapse
10%
c) He is not eligible for standard deduction in PY 18-19
10%
d) Wrong question. Standard deduction is of 50,000 & not 40,000.
Final amendment video coming very soon. It will be very short since we've already covered major chunk of amendments. Only a select few are left.
Haopy learning! 😃
Haopy learning! 😃
Answer to Q37 is (b). As per Section 16, LOWER of salary & 40,000 is allowed as deduction. Hence. In our case, only 20,000 shall be allowed.
Q38. Mr. A owns 12 trucks each of which weighs 15,000kgs. He has opted for presumptive taxation u/s 44AE. How much is his PGBP income if the trucks were owned throughout the year?
Anonymous Poll
11%
a) 10,80,000
13%
b) 21,60,000
14%
c) 1,80,000
5%
d) 90,000
58%
e) Insufficient information given