Direct Tax Laws & International Taxation - May 2025

2. Salary credited to all 3 partners % 9,00,000 each. (i) Compute the total income and income tax payable by the firm Mittal Metals for the A.Y. 2025-26 giving explanations for each item. (Ignore AMT provisions and Tax payable as per AMT w/s. 115JC) (ii) Assuming that The LLP filed its return of Income for A.Y. 2025-26 in December 2025 i.e. after the due date of filing return of income as prescribed under the Act, Will it make any impact…

(a) Examine and Discuss each of the following independent cases of charitable trust/institutions based on the relevant provisions of Income Tax Act, 1961 and judicial pronouncements for the assessment year 2025-26 : (i) KRA Foundation is a charitable trust registered under section 12AB 4 engaged in the activity of providing old-age homes to senior citizens. The total receipts of the trust for the financial year 2024-25 was % 145 Lakhs. This receipt of ₹145 lakhs includes a voluntary contribution received…

(i) Mr. Ram is engaged in trading of mobiles and is the proprietor of 6 M/s. Narang Mobiles. His turnover and aggregate receipts for the Financial year 2024-25 are 5,12,00,000. He received & 22,00,000 from Sundry debtors in cash and remaining % 4.90 crores were received through online banking channel before 31.03.2025. He also made a total business payment of 5,50,00,000 against purchase of goods, Rent, Salary and other business’ expenses during Previous year 2024-25, out of which total cash…