Q1 - Is it compulsory for an assessee to claim depreciation under section 32 of the Income -tax Act, 1961?
Q2 - What is the meaning of “Successor In Business” for the purpose of section 41(1) of the Income Tax Act, 1961?
Q3 - Mr Suresh succeeded to his father’s business in the year 2018. In the previous year ended 31.3.2021, Ravi has written off the balance in the name of ‘Kalidas’ which relates to supply made by his father, when he carried on business. Suresh desires to know whether the write off could be eligible for deduction under Income Tax Act, 1961?
Q4 - X Ltd. and Y Ltd enter into an agreement entered on 15.05.2021 , X Ltd. agrees not to carry on any business relating to computer software in India for the next 12 years. In return Y Ltd. agreed to pay a sum of Rs. 12,00,000 to X Ltd. The said amount was paid on 1st December, 2021. Indicate the treatment of such receipt in the hands of X Ltd. Also discuss the TDS implications, if any, in the hands of Y Ltd ?
Q5 - A company engaged in polymer industries, debited to its Profit & Loss Account a sum of Rs. 8,00,000, being the interest on loan of Rs. 80,00,000 taken for financing its expansion scheme. The plant and machinery purchased for the new project with the loan amount were not received during the year and those were still in transit at the end of the year. Discuss the admissibility and interest on borrowing?
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