CAP CLASSES

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📌 daily [mon -fri] there will be 10 MCQ questions from each subjects . Do attempt them 📝 ALL THE BEST . Lets clear CA inter in Nov 2022💪🏽

Qn (10) An electricity company charging depreciation on straight line method on each asset separately, sells one of its machinery in April, 2021 at 1,20,000. The WDV of the machinery at the beginning of the year i.e., on 1st April, 2021 is 1,35,000. No new machinery was purchased during the year. The shortfall of ` 15,000 is treated as -

Qn(9) Mr. Raghav has three houses for self-occupation. What would be the tax treatment for A.Y.2022-23 in respect of income from house property? (a) One house, at the option of Mr. Raghav, would be treated as self- occupied. (b) Two houses, at the option of Mr. Raghav, would be treated as self-occupied. The other house would be deemed to be let out. (c) One house, at the option of Assessing Officer, would be treated as self-occupied. The other two houses would be deemed to be let out. (d) Two houses, at the option of Assessing Officer, would be treated as self-occupied. The other house would be deemed to be let out.

Qn (9) Mr. Raghav has three houses for self-occupation. What would be the tax treatment for A.Y.2022-23 in respect of income from house property?

Qn (9) Mr. Raghav has three houses for self-occupation. What would be the tax treatment for A.Y.2022-23 in respect of income from house property?

Qn(8) Ganesh and Rajesh are co-owners of a self-occupied property. They own 50% share each. The interest paid by each co-owner during the previous year 2021-2 on loan (taken for acquisition of property during the year 2004) is ` 2,05,000. The amount of allowable deduction in respect of each co-owner is –

Qn (7) Vidya received 90,000 in May, 2021 towards recovery of unrealised rent, which was deducted from actual rent during the P.Y. 2019-20 for determining annual value. Legal expense incurred in relation to unrealized rent is 20,000. The amount taxable under section 25A for A.Y. 2022-23 would be -

Qn (6) Mr. Jagat is an employee in accounts department of Bharat Ltd., a cellular company operating in the regions of eastern India. It is engaged in manufacturing of cellular devices. During F.Y. 2021-22, following transactions were undertaken by Mr. Jagat: (i)He attended a seminar on “Perquisite Valuation”. Seminar fees of ` 12,500 was paid by Bharat Ltd. (ii)Tuition fees of Mr. Himanshu (son of Mr. Jagat) paid to private coaching classes (not having any tie-up with Bharat Ltd.) was reimbursed by Bharat Ltd. Amount of fees was ` 25,000. (iii)Ms. Sapna (daughter of Mr. Jagat) studies in DPS Public School (owned and maintained by Bharat Ltd.). Tuition fees paid for Ms. Sapna was 750 per month by Mr. Jagat. Cost of education in similar institution is 5,250 per month. What shall be the amount which is chargeable to tax under the head “Salaries” in hands of Mr. Jagat for A.Y. 2022-23?

Qn (5) Mr. Kashyap received basic salary of 20,000 p.m. from his employer. He also received children education allowance of 3,000 for three children and transport allowance of ` 1,800 p.m. Assume he is not opting to pay tax un-der section 115BAC. The amount of salary chargeable to tax for P.Y. 2021-22 is -

Qn (4) Anand is provided with furniture to the value of 70,000 along with house from February, 2021. The actual hire charges paid by his employer for hire of furniture is 5,000 p.a. The value of furniture to be included along with value of unfurnished house for A.Y.2022-23 is-

Qn 3) Mr. Dutta received voluntary retirement compensation of ` 7,00,000 after 30 years 4 months of service. He still has 6 years of service left. At the time of voluntary retirement, he was drawing basic salary 20,000 p.m.; Dearness allowance (which forms part of pay) 5,000 p.m.Compute his taxable voluntary retirement compensation, assuming that he does not claim any relief under section 89 -