Question
Income received by an individual as a gift of ₹60,000
from a friend residing in India is:Solution
As per the Income Tax Act, gifts are taxable under "Income from Other Sources" if received from a non-relative (friend is not a specified relative) and the aggregate value exceeds ₹50,000 in a year. Since ₹60,000 > ₹50,000 and is from a friend, the entire ₹60,000 is taxable.
An audit which is authorized, governed and made compulsory under law is known as:
An expansionary (inflationary) gap occurs when:
In case a company considers a discounting factor higher than the cost of capital for arriving at present values, the present values of cash inflows will...
The maximum period for which an individual can be appointed as an auditor of a company is:
The matching principle in accounting means:
Which among the following would be classified as a part of Internal Liability?
What does the term "Surrender Value" signify in the context of insurance policies?
As per AS 9 (Revenue Recognition), revenue from sales of goods should be recognized when:
Under the RBI’s KYC guidelines, “beneficial owner” for a company is identified as_________.
A supply comprising of two or more supplies shall be treated as the supply of that particular supply that attracts highest rate of tax.
