Question
As per accounting standard, depreciation of an asset
begins when _______Solution
As per accounting standards Ind AS-16, depreciation commences when the asset is available for use, i.e., when it is in the location and condition necessary for it to operate as intended by management, and not necessarily when it is actually used.
Which of the following is not an allowable deduction under Section 80C of 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 lak...
Mr. A (age 35) has a total income of ₹14,00,000. What is his tax liability for A.Y. 2024-25? (Assume no deductions)
The threshold limit for tax audit for business entities under section 44AB has been proposed to change to how much amount for those assessees, where amo...
Which of the following forms are used for applicable for registration?
When is a prospectus called a Red-herring prospectus?
Under the Income Tax Act, 1961, which section deals with deduction of tax at source (TDS) on salary?
Mr. Y sold listed equity shares during the Financial Year 2024-25 after holding them for 18 months. The sale consideration amounted to ₹8,00,000, whil...
Under the Income Tax Act, the maximum amount of deduction allowed under Section 80C for investments/expenditures (for FY 2025-26) is:
An employee receives gratuity of ₹12 lakhs on retirement. What is the maximum tax-exempt amount under the Income Tax Act?
