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3 171
Qn 8) Mr. A (aged 45 years) sold an agricultural land for
52 lakhs on 04.10.2021 acquired at a cost of 49.25 lakhs on 13.09.2020 situated at 7 kms from the jurisdiction of municipality having population of 4,00,000 and also sold another agricultural land for 53 lakhs on 12.12.2021 acquired at a cost of 46 lakhs on 15.02.2020 situated at
1.5 kms from the jurisdiction of municipality having population of 12,000. What would be the amount of capital gain chargeable to tax in the hands of Mr. A for the assessment year 2022-23? Cost inflation index for F.Y. 2019-20:289; 2020-21: 301; 2021-22: 317.3 171
QN 7) Under section 54EC, capital gains on transfer of land or building or both are exempted if invested in the bonds issued by NHAI & RECL or other notified bond -
(a) within a period of 6 months after the date of such transfer
(b) within a period of 6 months from the end of the relevant previous year
(c) within a period of 6 months from the end of the previous year or the due date for filing the return of income under section 139(1), whichever is earlier
(d) At any time before the end of the relevant previous year
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QN 6) For an assessee, who is a salaried employee who invests in equity shares, what is the benefit available in respect of securities transaction tax paid by him on sale and acquisition of 100 listed shares of X Ltd. which has been held by him for 14 months before sale?
(a) Rebate under section 88E is allowable in respect of securities transaction tax paid
(b) Securities transaction tax paid is treated as expenses of transfer and deducted from sale consideration.
(c) Capital gains without deducting STT paid is taxable at a concessional rate of 10% on such capital gains exceeding
` 1 lakh
(d) Capital gains without deducting STT paid is taxable at concessional rate of 15%.
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Qn 6) For an assessee, who is a salaried employee who invests in equity shares, what is the benefit available in respect of securities transaction tax paid by him on sale and acquisition of 100 listed shares of X Ltd. which has been held by him for 14 months before sale?
3 171
What will be disallowance under 40A(3), if any, if Mr. Shahid opts to declare his income as per the provisions of section 44AD?
3 171
Qn 5) Mr. Shahid, a wholesale supplier of dyes, provides you with the details of the following cash payments made throughout the year –
🔸 12.06.2021: loan repayment of
27,000 taken for business purpose from his friend Kunal. The repayment also includes interest of 5,000.
🔸 19.08.2021: Portable dye machinery purchased for ` 15,000. The payment was made in cash in three weekly instalments.
🔸 26.01.2022: Payment of ` 10,000 made to electrician due to unforeseen electric circuit at shop.
🔸 28.02.2022: Purchases made from unregistered dealer for
` 13,500.3 171
Qn 4) What shall be the amount of deemed profits of M/s ABC under section 44AD(1) for A.Y. 2022-23?
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Qn 4) M/s ABC, an eligible assessee, following mercantile system of accounting, carrying on eligible business under section 44AD provides the following details:
♦️ Total turnover for the financial year 2021-22 is ` 130 lakh
♦️ Out of the above:
` 25 lakh received by A/c payee cheque during the financial year 2021-22;
♦️ ` 50 lakh received by cash during the financial year 2021-22;
♦️ ` 25 lakh received by A/c payee bank draft before the due date of filing of return;
♦️ ` 30 lakh not received till due date of filing of return.
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QN 3) The W.D.V. of a block (Plant and Machinery, rate of depreciation 15%) as on 1.4.2021 is ` 3,20,000. A second hand machinery costing
50,000 was acquired on 1.9.2021 through account payee cheque but put to use on 1.11.2021. During January 2022, part of this block was sold for 2,00,000. The depreciation for A.Y.2022-23 would be -3 171
Qn 2) Mr. X, a retailer, acquired furniture on 10th May 2021 for ` 10,000 in cash and on 15th May 2021, for ` 15,000 and ` 20,000 by a bearer cheque and account payee cheque, respectively. Depreciation allowable for A.Y. 2022-23 would be –
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Qn 1) Mr. X acquires an asset in the year 2015-16 for the use for scientific research for ` 2,75,000. He claimed deduction under section 35(1)(iv) in the previous year 2015-16. The asset was brought into use for the business of Mr. X in the P.Y.2021-22, after the research was completed. The actual cost of the asset to be included in the block of assets is -
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Gurur Brahmā Gurur Viṣṇur Gurur devo Maheśvaraḥ
Guruḥ sākṣāt paraṁ Brahma tasmai śrī gurave namaḥ
Our creation is that guru (Brahma-the force of creation); the duration of our lives is that guru (Vishnu-the force of preservation); our trials, tribulations, illnesses, calamities and the death of the body is that guru (devo Maheshwara-the force of destruction or transformation). There is a guru nearby (Guru Sakshat) and a guru that is beyond the beyond (param Brahma). I make my offering (tasmai) to the beautiful (shri) remover of my darkness, my ignorance; (Guru) it is to you I bow and lay down my life (namah).
