New Exam Prep
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New Exam Prep
English 5 leveled MCQs Free
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10 marks Long answer
From the following particulars compute the amount of depreciation for the P.Y. 2024-25: Residential house for employees (WDV: Rs. 6,00,000, Additions: Rs. 2,00,000, Rate: 5%), Furniture and fittings (WDV: Rs. 40,000, Additions: Rs. 10,000, Rate: 10%), Books (WDV: Rs. 6,000, Rate: 40%).
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Depreciation = (6,00,000 + 2,00,000) * 5% + (40,000 + 10,000) * 10% + 6,000 * 40%.
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10 marks Long answer
How will you determine the residential status of an individual?
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Residential status is determined based on physical presence in India during the previous year and preceding years.
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10 marks Long answer
Compute the taxable income from salary for the AY 2025-26 based on the following emoluments: Monthly salary: Rs. 10,000; Monthly dearness allowance: Rs. 2,000; Rent free house at Chennai owned by the company; Tuition fees for children: Rs. 20,000; Small car facility for personal use: Rs. 22,000; Domestic servant salary paid by the employer: Rs. 18,000; Gas connection in the name of company: Rs. 6,000; Reimbursement of medical expenses: Rs. 40,000; Telephone at residence: Rs. 36,000; Leave travel concession: Expenditure: Rs. 12,000; Books for office use: Rs. 5,000; Free lunch (Rs. 55 × 250): Rs. 13,750.
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Taxable income from salary = Total emoluments - Deductions.
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4 marks Medium answer
Describe the various types of assessee using voluntary return on income.
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Types of assessees include individuals, Hindu Undivided Families (HUF), companies, and firms.
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2 marks Short answer
From the following particulars, ascertain the GAV: Municipal value : Rs. 72,000 p.a. Fair rental value : Rs. 78,000 p.a. Standard rental value : Rs. 84,000 p.a. Actual Rent : Rs. 90,000 p.a. Date of completion 31.05.2024; Date of letting : 01.08.2024.
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GAV is determined as the higher of municipal value, fair rental value, or standard rental value, subject to actual rent.
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