Direct Tax Laws & International Taxation - November 2024

All questions relate to Assessment Year 2024-25, unless stated otherwise in the question. 1. A charitable institution, engaged in education of Yoga in India, registered under section 12AB of the Income-tax Act, 1961 for the previous year ended 31 March 2024, received the following amounts of donation: () Total donations during the year — # 40,00,000 (ii) Anonymous donations received ¢ 10,00,000 (Included in total donations) What amount of anonymous donations would be taxable @30% as per Section 115BBC of…

6. What is the amount of penalty, if any, which would be leviable on M/s Gamma Ltd. for availing loan in cash from various vendors? A. Penalty of ₹3,20,500 under section 271D B. Penalty of # 3,40,000 under section 271E C Penalty of ₹3,40,000 under section 271D D. Penalty of ₹3,19,500 under section 271E (2 Marks) 7. Assuming that the underreporting of income is not on account of misreporting and none of the additions or disallowances made in assessment qualifies…

BCD Realty Trust is a business trust registered under SEBI (Real Estate Investment Trusts) Regulations, 2014. Details of its income for the previous year ended 31 March, 2024 are as follows: () Rental income of ₹5 crores from directly owned real estate assets. (ii) Short term capital gain of # 3.5 crore on sale of listed shares of Rama Ltd. an Indian company in which BCD realty trust holds controlling interest through holding 60% of the shareholding of Rama Ltd.…

E. The company declares and distributes a dividend of ¢ 6,00,000 to its shareholders on 31.08.2024 Compute the total income and tax liability of Kansal Cements Ltd for the assessment year 2024-25 under the regular provision by analyzing and applying the relevant provisions of Income-tax Law, assuming that the assessee has not opted for any concessional rates under special provisions of the Income-tax Act, 1967. Briefly explain the reasons for treatment of each item. Total turnover of the company for…

(v) Upfront discounted interest to 4,00,000 debenture holders [Since the liability of Kansal Cements Ltd. with respect to upfront interest payment had arisen this year, it would be eligible to claim the entire amount of ₹5 lakhs of interest paid as deduction? under section 36(1)(iii). As only 1/5th of the interest is debited to the statement of profit and _ loss, remaining 4/5th also has to be 9,00,000 reduced] 73,50,000 Less: Depreciation as per the Income-tax 4,50,000 Act, 1961 69,00,000…