Source- ICAI MTP PAPER 6C April’22 Equalisation levy is governed by Finance Act. Hence it won’t get affected by DTAA provisions ( when we determine more beneficial provisions out of DTAA & IT Act, 1961). Ans to MCQ no 4 is (d). ...
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Source- ICAI CS Digest ( International Tax- 6C) CS- 18; MCQ No 3 Chapter XII states that if TDS deducted at a rate lower than 10% iro royalty/ FTS( approved by CG), by availing beneficial provisions of DTAA, then no exemption from ...
In the above question, control over C ltd was acquired on 01.10.2016. Hence only the profits earned after DT of acquisition should be allocated to parent & NCI. However, profits of 8000( ie 16000/2) & reserves( assuming it to be ...
Source- ICAI MCQ Booklet MCQ 1.5 Ad per 45(3), in case of transfer of Capital asset by partner to firm, FVOC=BV recorded in by Firm. Sec 55 stipulates that Cost of Acquisition of Immovable property acquired on or b4 01.04.2001 shall be ...
Source- ICAI MCQ Booklet Q.17.3 For calculating Depreciation on computers, shouldn’t we capitalise the interest expenditure incurred between 15.05.2021-15.10.2021, coz asset was purchased on 15.05.2021; & interest to be expensed off to P/L should be the interest incurred from 15.04.2021 to ...
Source- ICAI MCQ Booklet Ans to MCQ no 39.4 is option (c). But since STT is paid at the time of sale & purchase & 112A is applicable, then why can’t we take benefit of FMV on 31.1.2018 ie why ...
Source: ICAI MCQ BOOKLET & RTP NOV 21 MCQ no 32.2 Deduction u/sec 80M as per RTP NOV’21 is 13lakhs & as per updated ICAI MCQ Booklet ans is 7lakhs. Pls guide as to why the ans is 7lakhs?
Appeal against the final order passed u/s 144C can be directly filed before ITAT. Also assessee can file objection b4 DRP against draft assessment order. Moreover, sec 246A specifically mentions that appeal can be made b4 CIT(A) against orders passed in specified ...
Source: ICAI MCQ Booklet Why can’t the ans to the 1st MCQ be option (c)? Although receipts in cash do not exceed 5% of total receipts but the payments do exceed the limit of 5%.Hence, the limit of 5 cr for the ...
Ans to above MCQ is option (a) which is computed by calculating the deduction of both depreciation & VRS( 30lakhs/5=6 lakhs) in the ratio of no of days. But Sec 35 DDA stipulates that in case reorganisation, VRS expenditure is allowed ...