CA Inter Knowledge Portal

GST Question for Today:- Mr. Dev Anand is engaged in providing services of facilitating sale and purchase of securities to various clients. He is also engaged in trading of securities. His turnover details are as follows: Trading of securities Rs. 40,00,000/- Brokerage on account of facilitating transactions in securities Rs. 30,00,000/- You are required to ascertain aggregate turnover of Mr. Dev Anand under GST: (a) Rs.30,00,000/- (b) Rs.40,00,000/- (c) Rs. 70,00,000/- (d) Rs.NIL.

Income Tax Question for Today:- Mr. Arpit, an employee of MNO Ltd. has contributed Rs. 1,61,280 towards NPS and similar amount is contributed by his employer. His basic salary is Rs. 80,000 p.m. and dearness allowance is 40% of basic salary which forms part of retirement benefits. He also paid Rs. 55,000 towards LIC premium for himself and his wife and medical insurance premium of Rs. 35,000 by crossed cheque for his mother, being a senior citizen during the previous year 2022-23. How much deduction is available under Chapter VI-A while computing total income of Mr. Arpit for the A.Y. 2023-24? (a) Rs. 3,46,280 (b) Rs. 3,69,400 (c) Rs. 3,19,400 (d) Rs. 3,96,280

The correct answer to above question would be (D). As per CBIC circular, in case painter sending artwork to exhibition, supply will not place since there is no transfer of title and no consideration involved. Supply would take place when visitors purchase any of the artwork and title has been transferred from artist to such visitor

GST Question for Today:- Mr. Avishkar is a painter registered under GST in Delhi. He sends his artwork for exhibition in Mumbai. At what point of time, supply is considered to have been made under GST? (a) When painting is completed. (b) When painting is sent for exhibition in Mumbai. (c) When painting is displayed at the exhibition in Mumbai. (d) When painting is purchased by one of the visitors in the exhibition

Income Tax Question for Today:- Anirudh stays in New Delhi. His basic salary is Rs. 10,000 p.m., D.A. (60% of which forms part of pay) is Rs. 6,000 p.m., HRA is Rs. 5,000 p.m. and he is entitled to a commission of 1% on the turnover achieved by him. Anirudh pays a rent of Rs. 5,500 p.m. The turnover achieved by him during the current year is Rs. 12 lakhs. The amount of HRA exempt under section 10(13A) is – (a) Rs. 48,480 (b) Rs. 45,600 (c) Rs. 49,680 (d) Rs. 46,800

The correct answer to above question would be (D). Since the products are not naturally bundled in ordinary course of business and single consideration is charged, it would qualify as Mixed Supply. Further, As per Sec 8, highest rate rule shall apply to determine their taxability

GST Income Tax Question for Today:- M/s. Vishu Megamart, operating a store located and registered in Rajasthan, has come out with big discount offers at the time of Diwali on various gift items. In order to attract more customers, it has decided to supply a gift pack containing 5 packets of Haldiram’s Namkeen (200 gram each) taxable @ 12%, 1 packet of Roasted Smoked Almonds (100 gram) taxable @ 18%, 1 packet of Bournville Chocolate (50 mg) taxable @ 28% and 1 bottle of Real Fresh Juice (1 litre) taxable @ 18% in a single basket for a single price of Rs. 1,000/. State the type of supply and the tax rate applicable on the same. a) Composite supply; Tax rate of the principal item, i.e. Namkeen @18% b) Composite supply; Highest tax rate out of all items, i.e. 28% applicable to chocolates c) Mixed supply; Tax rate of principal item, i.e. Namkeen @18% d) Mixed supply; Highest tax rate out of all items, i.e. 28% applicable to chocolates

Hi all This is the first part of GST Revision Marathon for May 23 & Nov 23 exams. It contains 9 chapters, discussed in great detail with flowcharts. All amendments for May 23 have been incorporated and for Nov 23, some extra amendments have been separately discussed (wherever required)

Hi all GST Marathon Part A (of 12 hours approx) will be uploaded 2moro

2nd Income Tax Question for Today:- Mr. Ritvik has purchased his first house in Gwalior for self-occupation on 5.4.2022 for Rs. 45 lakhs (stamp duty value being the same) with bank loan sanctioned on 30.3.2022 and disbursed on 3.4.2022. He paid interest of Rs. 3.8 lakhs during the P.Y. 2022-23. What is the tax treatment of interest paid by him? (a) Interest of Rs. 2 lakhs allowable u/s 24 (b) Interest of Rs. 2 lakhs allowable u/s 24 and Rs. 1.8 lakhs allowable u/s 80EEA (c) Interest of Rs. 2 lakhs allowable u/s 24 and Rs. 1.5 lakhs allowable u/s 80EEA (d) Interest of Rs. 1.5 lakhs allowable u/s 24 and Rs. 1.5 lakhs allowable u/s 80EEA

The correct answer to above question would be (B). Since the HP is self-occupied, maximum deduction u/s 24(b) shall be Rs. 2,00,000 in case of both co-owners