Taxation - November 2022

Who is required to deduct/ collect tax at source in respect of lease of coal mine by the State Government of Hyderabad to Kishore & Sons and at what rate? 2 INTERMEDIATE EXAMINATION: MAY, 2023 (a) State Government of Hyderabad is liable to collect tax at source @ 2% on ` 11 crores (b) State Government of Hyderabad is liable to collect tax at source @0.1% on ` 10.50 crores, being the amount exceeding ` 50 lakhs (c) Kishore &…

Kishore & Sons required to collect tax at source in respect of the sale transactions with M/s BAC Co. If yes, when and what is the amount of tax to be collected? (a) Yes; ` 1,000 on 30.6.2022, ` 800 on 25.10.2022, ` 1,500 on 20.1.2023 and ` 1,200 on 15.2.2023 (b) Yes; ` 35,000 on 10.5.2022, ` 25,000 on 30.6.2022, ` 8,000 on 25.10.2022, ` 15,000 on 20.1.2023 and ` 12,000 on 15.2.2023 (c) Yes; ` 1,000 on 10.7.2022…

Kishore & Sons required to collect tax at source in respect of the sale transaction with M/s XYZ Ltd. If yes, what is the amount of tax to be collected? (a) Yes; ` 55,000 (b) Yes; ` 5,500 (c) Yes; ` 500 (d) No, Kishore & Sons is not liable to collect tax at source

M/s BAC Co. required to deduct tax at source in respect of the purchase transactions with Kishore & Sons. If yes, when and what is the amount of tax to be deducted? (a) Yes; ` 1,000 on 30.6.2022, ` 800 on 25.10.2022, ` 1,500 on 20.1.2023 and ` 1,200 on 15.2.2023 (b) Yes; ` 3,500 on 10.5.2022, ` 2,500 on 30.6.2022, ` 800 on 25.10.2022, ` 1,500 on 20.1.2023 and ` 1,200 on 15.2.2023 (c) Yes; ` 1,000 on 10.7.2022…

Assume for the purpose of this MCQ, M/s BAC Co.’s turnover for the F.Y. 2021-22 was ` 9 crore, who will be required to deduct/ collect tax at source in respect of transactions between Kishore & Sons and M/s BAC Co. and at what rate? PAPER – 4: TAXATION 3 (a) Kishore & Sons is liable to collect tax at source @1% of ` 95 lakhs (b) Kishore & Sons is liable to collect tax at source @0.1% of `…

Mr. Virat has a house property in Chennai which he let out to Mr. Sumit. For acquisition of this house, Mr. Virat has taken a loan of ` 30,00,000 @10% p.a. on 1-4-2016. He has further taken a loan of ` 5 lakhs @12% p.a. on 1.7.2022 towards repairs of the house. He has not repaid any amount of loan so far. The amount of interest deduction u/s 24(b) to Mr. Virat for A.Y. 2023-24 if he opted for the…

Mr. Rishabh, aged 65 years and a resident in India, has a total income of ` 4,50,00,000, comprising long term capital gain taxable under section 112 of ` 85,00,000, long term capital gain taxable under section 112A of ` 75,00,000 and other income of ` 2,90,00,000. What would be his tax liability for A.Y. 2023-24. Assume that Mr. Rishabh has opted for the provisions of section 115BAC. (a) ` 1,41,40,750 (b) ` 1,38,86,990 (c) ` 1,38,84,390 (d) ` 1,39,81,240

Mr. A engaged in the retail trading of toys, had acquired a motor vehicle - A for ` 4 lakhs on 20.08.2020, put to use on 04.10.2021 and another motor vehicle - B for ` 3 lakhs on 19.02.2021, put to use on 03.09.2021. On 01.04.2021, Mr. A took a vehicle loan of ` 5 lakhs at 10% p.a. and acquired the motor vehicle - C for ` 5 lakhs on 31.05.2021, put to use on 30.06.2021. On 30.07.2022 the…