Question
The highest surcharge rate of 37% on income above 5
crores shall be reduced to ______ % under the new tax regime.Solution
The FM has proposed to reduce the highest surcharge rate on income above 5 crores from 37% to 25%, which will reduce the Maximum Marginal rate of Tax from 42.74% to 39% of income.
A contingent liability should be disclosed when:
A firm projects cash inflows of ₹5 lakh in July and ₹7 lakh in August. It expects cash outflows of ₹6 lakh and ₹8 lakh respectively. If the open...
If nothing is given in the financial statements about the three accounting assumptions, then it is to be treated as it. Â
A company purchases goods worth ₹10 lakh + 18% GST, uses 70% for taxable supplies and 30% for exempt supplies. Calculate eligible ITC.
As per AS-13, Long Term Investments are carried in the balance sheet at what value?
Donations made to the PM CARES Fund are eligible for deduction under which section of the Income Tax Act?
A factory has direct material cost of ₹2,40,000 and direct labour of ₹1,60,000 for a batch of 1,000 units.
Factory overheads are absorbed at ...
Which section of the Companies Act, 2013 defines the condition for redemption of preference shares?
The rate of TDS for Rent of Land and Building, Land appurtenant to a building is:
What is the ceiling on the number of audits in case of an individual?
