Resident and scope of total income

answered on 25-Feb-24 18:14

Mr. Rajesh aged 53 years and his wife , mrs. Sowmya , aged 50 years are citizen of country x . They are living in country x since birth . They are not liable to tax in country x. Both of them have been interested in indan culture . Mr. Rajesh parents and grandparents were born in country x . Mrs. Sowmya visit India along with mr. Rajesh for four months every years to be with her parents , who were born in Delhi and have always lived in Delhi . During their stay in india, they organise cultural program in Delhi ncr . Income of mr. Rajesh and Mrs Sowmya from the Indian source for the py 23-24 is rs. 18 laks and rs. 16lakhs respectively what is the residential status

latest answer

Mrs. Sowmya is a person of Indian origin. So she will come under the special category. Accordingly, solve it.

Bommie R

CA Inter

★ 2K+

1

988

Fm MCQs

answered on 25-Feb-24 16:36

Sir please introduce fm MCQs so that we can practice for may 2024

latest answer

yes in progress

Narasimha GL

CA Final

★ 2K+

1

243

Illustration 41 ( 00:14 )

answered on 25-Feb-24 17:38

Dear sir, (Doubt 1) Why are we considering CFBDT of 24 lakhs as the CFBDT for one year, when there is a term mentioned as "during its life" in the third point? The term "during it's life" made me assume that the 24 lakhs is for the entire useful life of the asset and hence for one year the CFBDT would be 4.80 lakhs i.e 24lakhs / 5years. Can you please explain me the meaning of the term "during its life" in the question and how I should consider it. (Doubt 2) : Also sir, why the question gives us an inflation rate of 6% and why is it irrelevant in the computation of NPV? Does it not affect the CFBDT for each year? (As per my assumption: The inflation rate increases the cost of products and hence in the point of view of the company ,won't it be receiving an increment in revenue in each subsequent year?)

latest answer

Thank you for the clarification sir.

Srinidhi

CA Inter

★ 270

2

173

Capital gain

answered on 25-Feb-24 18:15

How is this short term gain ? In case of asset destruction what is the period of holding ?

latest answer

Capital gain on depreciable asset is always deemed to be short term as per Section 50.

Swathi Krishna

CA Final

★ 8K+

2

367

Types of financing- Retained earnings

answered on 25-Feb-24 15:21

Are opportunity cost and Idle cost are one and the same. 1)If yes what are the other names for opportunity cost 2)If not what is the difference between the two

latest answer

Thank you sir

Narasimha GL

CA Final

★ 2K+

3

299

Small share holder

answered on 26-Feb-24 11:49

What is "not liable to retire by rotation" When the tenure is 3 yrs and reappointment is not possible

latest answer

It states that unless it is provided by the articles of the company, 2/3rd directors are liable to retire by rotation and 1/3rd are liable to retire at every general meeting after the meeting at which first directors are appointed.

Christeena Ambel

CA Final

★ 80

1

316

Independent director

answered on 25-Feb-24 16:33

Can a private company voluntarily appoint an independent director?

latest answer

yes

Christeena Ambel

CA Final

★ 80

1

273

Exemption = charitable activity

answered on 25-Feb-24 18:42

When is it taxable n exempt ? Cause the 2 are contradictory provision

latest answer

Yes it is.

Sushmita Chowdhury

CA Inter

★ 2K+

5

274

Set off and carry forward of losses

answered on 25-Feb-24 18:22

Income in interest securities can be used to set off other head losses?

latest answer

Yes.

Devisree

CMA Final

★ 0

1

279

Composition scheme

answered on 04-Mar-24 13:40

Manufacture selling goods + service Mfg will pay 1% for goods Mfg will pay 6% for services separately ? Just want to confirm if this correct

latest answer

We will pay tax as per the percentage given in Section 10(1) - 1% of turnover for manufacturer, 1% of taxable turnover for trader, 5% of turnover in case of restaurant.

Sushmita Chowdhury

CA Inter

★ 2K+

12

369