Question
Section ______ of the Income Tax Act, 1961, defines the
term ‘Assessment Year’.Solution
As per Section 2(9) of the Income Tax Act, 1961, unless the context otherwise requires, the term ‘assessment year’ means the period of twelve months commencing on the 1st day of April every year. Basically the Assessment year is considered to be a 12 months period starting from April 1, during which an assessee is required to file the return of income (ITR) for the previous year and the ITO has to initiate assessment proceedings for such returned income and tax thereon. Since Income Tax is on income of a financial/ previous year or period, so tax filings and assessment can start thereafter
A shopkeeper marks his goods at such a price that after allowing a discount of 20% on the mark price he can earn a profit of 25%. If the article cost h...
A shopkeeper wanted to sell Rs.2,000 worth of products. But he had two options, giving three successive discounts of 10% each or giving a single discoun...
At a clearance sale, a shopkeeper gives a 45% discount. If a customer paid Rs. 330 during the sale, then what is the marked price of that shirt?
On an item there is 8% discount on the marked price of Rs.32,000. After giving an additional season's discount, the item is sold for Rs.25,000. How much...
Rohan purchased an item for which there was a 13.5% discount offered on the part of the payment made in cash and a 6.25% surcharge on the part of the p...
A company sells two products, X and Y. The selling price of product X is ₹500, and the selling price of product Y is ₹800. The company offers a 10%...
Successive discounts of 18% and 22% are equal to a single discount of ______.
The marked price of a pen and pencil is in the ratio of 5:6. The shopkeeper gives a 10% discount on the pen. If the total discount on both the pen and t...
-A shopkeeper bought an article marked it 80% above the cost price and sold it after giving a discount of 25%. Had he bought it for Rs 400 less and sold...
The cost price of an article is Rs x. It is marked up by 200%. It is sold at Rs 540 after giving 25% discount. What is the value of x (in Rs)?