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Practice Taxation Related Questions and Answers

Salary received by the Partner of a Firm is charged under the head
Salary paid to MLAs and MPs are charged under the head
Schedule II in the context of Goods and Service Tax deals with?
Which of the following inventory methods would reduce tax liability during inflationary period?
A taxpayer may file an updated return for FY2023-24 till what date?
A registered dealer sells goods worth ₹5,00,000 with GST @18%. He has input tax credit (ITC) of ₹70,000. What is his net GST payable in cash?
A company earns ₹15 lakh net profit before tax. It donates ₹1 lakh to PM CARES Fund and claims depreciation of ₹2 lakh. What is taxable income under ...
A trader crosses the threshold limit for GST registration in June. He registers on July 10. He raises a taxable invoice on July 5. Is GST applicable?
A dealer supplies goods worth ₹1 lakh within state and charges GST. Which taxes will apply, and who will collect them?
Mr. Raj, a salaried employee, earns ₹12 lakh salary and ₹1.5 lakh interest income. He claims ₹1.5 lakh under Section 80C and ₹50,000 under Section ...
A registered dealer purchased inputs worth ₹1 lakh + GST @18% and sold goods for ₹1.5 lakh + GST @18%. What is the net GST payable?
A domestic company reports ₹2 crore as book profit. As per section 115JB, if its normal tax liability is ₹12 lakh, what is the Minimum Alternate Tax (M...
Mr. A transfers fixed deposit of ₹5 lakh to his wife without consideration. Interest of ₹50,000 is earned in her name. How will it be taxed?
A company incurs a loss of ₹5 lakhs in the current financial year. As per Income Tax Act, how is this treated?
A company avails ITC (Input Tax Credit) on office furniture purchase. Later, GST auditor disallows it. Is he right to do so, support your answer with relev...
A company receives rent of ₹6 lakh in FY2024–25. It has to deduct TDS under which section?
An employee receives gratuity of ₹12 lakhs on retirement. What is the maximum tax-exempt amount under the Income Tax Act?
A salaried employee earns ₹18 lakhs annually. In FY 2024–25, she contributes ₹1.5 lakh to PPF, ₹50,000 to NPS (u/s 80CCD(1B)), and pays ₹2 lakh a...
Mr. Raj, a salaried individual, claims HRA, standard deduction, and 80C deductions under the old regime. He is considering switching to the new tax regime ...
An employee receives gratuity of ₹12 lakhs on retirement. What is the maximum tax-exempt amount under the Income Tax Act?

Practice Taxation Related Questions and Answers

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