Income tax Act,1961
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1. An assessee has income under the following heads:• Income under the head Salaries• Income from one house property, against which brought forward loss from house property for an earlier previous year can be set‐off.• Interest income taxable under “Income from other sources”Considering the above heads of income, which Income‐tax return should he file for A.Y. 2018‐19.
2. Mr A is salaried employee who is working in a multinational company. Mr A has taken a residential accommodation on rent from Mr B, who is non‐resident in India. During P.Y. 2018‐19 relevant to A.Y. 2019‐20, Mr A has paid monthly rent of INR 75,000 per month to Mr B. Mr A is not having any income other than salary income.Determine, whether Mr A is under obligation to deduct TDS as per the provisions of Income‐ tax Act, 1961 and if yes, under which section;
3. Determine the due date of filing of return of income of public limited company whose accounts are not required to be audited under the Income‐tax Act, 1961;
4. In continuation of the above facts given in Q.2, in case TDS is applicable, what would be the rate of TDS;
5.. Mr A is a resident assessee as per the provisions of Section 6 of the Income‐tax Act, 1961. He has only pension income which is below the basic exemption limit. However, Mr A owns few equity shares of a company incorporated and listed in USA. Is Mr A under obligation to file the return of income under section 139 of the Income‐tax Act, 1961 and if yes, what is the due date of filing of return of income for Mr A;
6. ABC Charitable trust registered u/s 12AA, was formed with the main objective of providing medical relief in the year 2017‐18. The total income of the trust before exemption u/s 11 and 12, were INR 5,50,000 in the P.Y. 2017‐18. The trustee of the trust wants you to be the tax consultant and wishes to know the due date for filing of return for A.Y. 2018‐19;
7. . Mr R has obligation to file the return of income and his due date of filing the return of income of was 31.07.2018. Total income of Mr R is INR 12,00,000. However, the actual date of filing was 01.08.2018. What is the relevant section for levying interest which shall be applicable for delay in filing of return of income;
8. In case of a company, the assessment proceedings u/s 143(3) for A.Y. 2016‐17 was completed on 31.05.2018. The assessment order was issued on 31.05.2018 and which was served on the assessee on 06.06.2018. The notice of demand was served on the assessee on 10.06.2018. The assessee is aggrieved by the order of the Assessing Officer and wish to file an appeal with the CIT (A). What is the time limit by which the assessee has to file an appeal?
9.In continuation of the above facts given in Q.7, what is the interest liability for delay in filing of return of income;
10. You have filed the Income‐tax return (ITR 1) of Mr A for AY 2018‐19 on 31.10.2018. The return filed was neither e verified nor filed under digital signature. The same is required to be sent to CPC Bangalore under the signature of assessee for further processing. What is the time period by which the return should have been reached at CPC Bangalore?
11. In continuation of the facts given in the Q.8 , is there any prescribed Form in which appeal has to be filed? If yes, in which form?
12. In continuation of the above facts given in Q.7, whether any additional fee would also be applicable. If yes, under what section and what is the amount;
13. In continuation of the facts given in the Q.8, who is authorised to verify the appeal?
14. Mr A has filed the return of his income for A.Y. 2018‐19 on 25.09.2018 and the due date of filing the return of income was 31.07.2018. After filing the return of income, Mr A found some error in computation of tax and wants to rectify the error by filing the revised return under section 139(5) of the Income‐tax Act, 1961. Can he do so? If he can, then what will be the due date of filing the revised return;
15. Mr A is planning to enjoy his summer vacation in Goa and is considering booking rooms in a hotel. He has booked two rooms, one for his brother and one for himself and the room charges for the entire period is 75,000 equally divided between both of them. However, the payment to the hotel is to be made by Mr A and he will make the payment in cash. Mr A has enquired whether he needs to give copy of PAN while making payment to hotel;
16. In the P.Y.2018‐19, a HUF has paid salary of Rs.50,000 per month to its Marketing Manager. The HUF was not liable for tax audit in the A.Y. 2018‐19. Determine whether there was any liability to deduct any TDS in the P.Y.2018‐19 and if yes, what is appropriate section;
17. Mr A is planning to invest in bonds to be issued by Reserve Bank of India (RBI) for INR 99,000 in June 2018. Determine whether Mr A is required to furnish copy of PAN while acquiring bonds to be issued by RBI;
18. Mr V has taken housing loan for purchase of residential house which he has given on rent and has paid interest of INR 15,25,000 in PY 2018‐19 relevant to AY 2019‐20. He has computed net loss of INR 6,50,000 from income under head house property. He has salary income of INR 50,00,000 and wants to set off the interest paid against the salary income. Determine whether set off is possible and if yes, to what extent;
19. M/s PQR Limited is planning to purchase immovable property worth INR 29,00,000. The company has asked you to determine the requirement for furnishing of PAN in this case;
20. If the assessee, Mr C, has paid self‐assessment tax and the amount so paid falls short of the aggregate amount of tax, interest and fee for A.Y. 2018‐19, what would be criteria for adjustment of self‐ assessment tax paid by the assessee:
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