Direct Tax Laws & International Taxation - May 2024

J succesten answer ANSWER DIRECT TAX LAWS & INTERNATIONAL TAXATION (ii) A new machinery which was installed and put to use on 14.05.2023 valuing ₹75 lakhs. (ii) A machinery which was sold to a domestic company in 2016 at its WDV for ₹35 lakhs was re-acquired on July 5, 2023 for ₹65 lakhs. There is no other fixed asset included by the company’s accountant for calculation of depreciation except above these three assets mentioned above. You are required to compute…

J succesten answer ANSWER DIRECT TAX LAWS & INTERNATIONAL TAXATION deduction under section 43B. As the same has been debited to the statement of profit and loss, it has to be added back] (8) Payment of Interest to a company --/Nil incorporated in USA [Since the tax has been deducted in March, 2024 and deposited by the company on 14.7.2024 i.e., on or before due date of filing return of income, no disallowance would be attracted under section 40(a)(i). Since…

J succesten answer ANSWER DIRECT TAX LAWS & INTERNATIONAL TAXATION cost of $ 25 per piece or NRV as on 31.3.2024 of $ 27 per piece. As per ICDS VI, non-monetary items being inventory shall be converted into the reporting currency by using the exchange rate on the transaction date ie. on 15.9.2023 being the date of purchase. In such a case, no adjustment is required to be made for closing stock while computing business income and no depreciation/ additional…

J succesten answer ANSWER DIRECT TAX LAWS & INTERNATIONAL TAXATION Less: Deduction under Chapter VI-A 65,000 Under section 80GGB [Contribution by a company to an electoral trust is allowable as deduction, since payment is made otherwise than by cash] Total Income 76,87,260 Question 2 (a) (i) Mrs. Seema Aggarwal, aged 56 years, a resident individual acquired a residential house at Ayodhya on 01.04.1993 for # 45,00,000. The Fair market value of the property as on 01.04.2001 was ¢ 1,20,00,000 and…

Consequently, the property was mortgaged to the bank in 2013. That time Board of Directors passed a resolution authorizing the assessee to obtain from the company interest- free deposit/advance upto ¢ 20 lakhs as and when required for making available the said property as collateral security to the bank for the loan facility enjoyed by the company. In June, 2023 Mr. Menon asked for advance rent and he received a sum of ₹15 lakhs from the company as advance rent…