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
Tax with CA Sahil Jain:
Answer to Q38 is (e). As per amended section 44AE, presumptive income in case of heavy goods vehicles is Rs 1,000 per ton for each month or part thereof for which a truck is owned by the assessee.
However, since the assessee owns 12 trucks, he cannot avail section 44AE deduction and thus, with the given information, answer cannot be computed.
Answer to Q38 is (e). As per amended section 44AE, presumptive income in case of heavy goods vehicles is Rs 1,000 per ton for each month or part thereof for which a truck is owned by the assessee.
However, since the assessee owns 12 trucks, he cannot avail section 44AE deduction and thus, with the given information, answer cannot be computed.
Q39. Mr. Chintu, aged 65yrs, received an interest income of Rs. 60,000 from a Post Office. How much deduction is allowed on such interest?
Anonymous Poll
20%
a) 10,000
7%
b) 40,000
57%
c) 50,000
16%
d) None of these
Are you aware that ICAI has issued a total of around 85 sample questions for CA final DT?
Anonymous Poll
35%
a) Yes
65%
b) No
While practicing the sample MCQs issued by ICAI, make sure that you also time yourself.
If your average time is more than 1.5 minutes per MCQ, try to bring it down, or else, it will be very hard to attempt the whole paper.
All the best! 🙂
If your average time is more than 1.5 minutes per MCQ, try to bring it down, or else, it will be very hard to attempt the whole paper.
All the best! 🙂