CS Study Notes - Executive, Professional & Foundation

4) From the following case scenario choose the appropriate answer from the question. Ms. Riya is a multi-faceted business personality. She is registered under GST. She supplied a package of stapler, calculator and charger at a single price of ₹ 300/. Rate of GST for stapler, calculator and charger is 5%, 12% and 18% respectively. 📩 For All Subjects Notes 𝕵𝖔𝖎𝖓 ➨ @Divyesh_Vaghela✅️ .

✅ Summary of 115BAC || Alternative tax regime for Individuals Note : This Summary is applicable for may/nov 23 exam only. ═════ ♢.✰.♢ ═════ 🎓 Applicable for All : Whether Resident or Non Resident 💅 Tax Rates : 0 - 250,000 0% 0 2,50,001 - 5,00,000 5% 12,500 5,00,001 - 7,50,000 10% 25,000 7,50,001 - 10,00,000 15% 37,500 10,00,001 - 12,50,000 20% 50,000 12,50,001 - 15,00,000 25% 62,500 > 15,00,000 - 30% on the income above 15 Lakhs ❌ Deductions Not Allowed : 80TTA/80TTB Professional Tax Standard Deduction on Salaries of 50,000 80C - 80U [EXCEPT 80CCD(2) AND 80JJAA] Interest On Housing Loan (24(b)) Children Education Allowances LTC/LTA HRA Exemption Minor Child Allowances (for clubbing of income of minor child) Helper allowances Other special allowances under 10(14) Exemption or deduction from other perquisites allowed for salaries Family pension deduction To be opted for at the beginning of the financial year. If an individual has No Salaries but has Business income, he cannot opt-in and opt-out of 115BAC every year. It is available only for One time. If a non salaried individual opts for 115BAC and then opts out of 115BAC he cannot opt for 115BAC in future. Loss from Self occupied House property cannot be claimed if opted for 115BAC. However, if there's a LETOUT PROPERTY, then interest paid on housing loan can be claimed as deduction.  Other deductions under 32-37 not allowed (incase of business individual) 🔥For More Useful Content Join @Divyesh_Vaghela Channel & Stay Tuned With us for Best Content. ✧ ▭▬ ▬ ▬✦✧✦ ▭▬ ▬ ▬▭✧ 𝕵𝖔𝖎𝖓 ➨ @Divyesh_Vaghela✅️ ⱠɆ₮₴ ₵Ɽ₳₵₭ ØɄⱤ ₲Ø₳Ⱡ 🎯

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Kidzee Ltd., a wholesaler of toys registered in Chandigarh, is renowned in the local market for the varieties of toys and their reasonable prices. Kidzee Ltd. makes supply of 100 pieces of baby’s learning laptops and chat learning phones to Nancy General Store on 25th September, 20XX by issuing a tax invoice amounting to Rs. 1,00,000. However, the said toys were returned by Nancy General Store on 30th September, 20XX. Which document Kidzee Ltd. is required to issue in such a case? (a) Debit Note (b) Refund voucher (c) Credit note (d) Payment voucher ❂➸ For Daily MCQs Quizzes Join @Mission_CA_Final_MCQs ✅️