TMI Short Notes

TMI Short Notes on various issues

1151. Whether separate accounting code will be there for Swachh Bharat Cess

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1152. Whether SBC would be required to be mentioned separately in invoice?

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1153. How will the SBC be calculated?

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1154. Where will the money collected under SBC go?

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1155. Why has SBC been imposed?

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1156. Whether SBC would be leviable on exempted services and services in the negative list?

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1157. What is the date of implementation of SBC?

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1158. What is Swachh Bharat Cess (SBC)?

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1159. STEPS NEED TO BE TAKEN AFTER APPROVAL ADVANCE PRICING AGREEMENT(APA)?

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1160. What is the limit of PANCARD regarding payment to Life Insurance company ?

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1161. What is the basic monetary limit required for PANCARD for amount deposit in mutual fund and shares?

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1162. What is the basic limit for PANCARD for payment to foreign country?

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1163. Whether PANCARD is require for opening account in bank?

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1164. What is the limit of PANCARD for amount depositing in securities.?

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1165. Is PANCARD is required for time deposit exceed a time of ₹ 5 lakhs?

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1166. What is the Basic limit of PANCARD for sale purchase of immovable property?

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1167. Is Permission is Required For Filing Of Revised Return?

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1168. How Much Time Revised Return Can Be Revised?

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1169. Can Revised Return Substitute Original Return?

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1170. Is It Possible To File Auditor Report With Revised Return?

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1171. Whether Assessment Made Under Section 143(1) Would Be Considered as Assessment For Revised Return?

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1172. X Ltd., closely held company issues 1,000 shares to Mr. A (resident) whose face value is 10, issue price is 40 and fair market value is 42. What is the taxability of X Ltd.? Would your answer be different if the fair market value is 31 instead of 42?

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1173. X Ltd., closely held company receives shares of A Ltd. (a listed public company) for 10,000 whose fair market value is 5,00,000. What is the taxability of X Ltd.?

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1174. Example: 3) X gets by way of gift a plot of land in Pune from a partnership firm. The partnership firm has only two partners– father of X and Mrs. X. The stamp duty value of the plot of land is 19,00,000.

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1175. Example: 2) X gets a gift of 43,000 from C, who is cousin of his father and he also gets a gift of 20,000 from D, who is elder brother of his grandfather.

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1176. Example: 1) X purchases a house property situated in Nagpur from A on 31st March, 2013. The purchase price is 28,00,000. However, the stamp duty value is 45,00,000. Would your answer be the same if X purchased the above property on 1st April, 2013?

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1177. Example:- Loan Taken on 01-05-2006 of ₹ 5,00,000. Construction ends on 07-09-2012. Rate of interest is 1%. Calculate interest for pre-acquisition period?

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1178. Example: 4) The details of House property are as follows: Municipal value: 80,000, Fair rent: 78,000, Standard Rent: 85,000, Annual rent: 72,000, Property remains vacant for 3 months and loss due to vacancy: 18,000. What is the Gross Annual value?

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1179. Example: 3) The details of House property are as follows: Municipal value: 60,000, Fair rent: 65,000, Standard Rent: 63,000, Annual rent: 72,000, Property remains vacant for 5 months and loss due to vacancy: 30,000. What is the Gross Annual value?

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1180. Example: 1)The details of House property are as follows: Municipal value: 60,000, Fair rent: 68,000, Standard Rent: 62,000, Annual rent: 66,000, Unrealised Rent: 6,000. What is the Gross Annual value?

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1181. Example: 2) The details of House property are as follows: Municipal value: 60,000, Fair rent: 68,000, Standard Rent: 62,000, Annual rent: 66,000, Unrealised Rent: 2,000. What is the Gross Annual value?

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1182. What does building or land appurtenant includes?

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1183. Mr. Ram annually earns ₹ 3,00,000 (after all deductions) and pays an annual rent of ₹ 1,50,000.

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1184. Deduction if donation deducted from Salary and donation receipt certificate is on the name of employer?

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1185. Documentation required for claiming deduction U/s. 80G?

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1186. Whether donations made to foreign trusts qualify for deduction under this section?

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1187. What are the specified diseases and ailments for the purpose of deduction under section 80DDB?

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1188. I have a handicapped dependent who is my cousin ( Daughter of my mother’s sister). She is completely dependent on me and every month I spend 10,000. She is suffering from 85 % Blindness and mental problem. Whether I can claim tax benefit under 80DD?

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1189. Mr. X is a pensioner and his pension is less than his son’s salary. His daughter is a disabled dependent with 85% disability. She is dependent on his brother (Mr. X’s son). Can his son get rebate under section 80DD? If Assessing Officer says that Mr. X is getting pension; so his son cannot claim deduction. Is it true?

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1190. What is considered as disability and Severe Disability?

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1191. Who can be your disabled dependent?

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1192. Can somebody having invested the amount from income exempt from tax or by taking loan, claim deduction u/s 80D?

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1193. If office deducts salary for medical insurance for employee and his family, whether the employee can claim deduction u/s 80D?

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1194. Part contribution ?

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1195. An individual assessee pays (through any mode other than cash) during the previous year medical insurance premium, out of his taxable income, as under: a. 12,000/- to keep in force an insurance policy on his health and on the health of his wife and dependent children; b. 17,000/- to keep in force an insurance policy on the health of his parents.

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1196. Mr A, new retail investor has invested in listed equity share/units of equity oriented fund of Rajiv Gandhi Equity Savings Scheme. Calculate the amount of deduction u/s 80CCG for the following years.

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1197. X deposit 1,10,000 in PPF & made a contribution of 410,000 to annuity policy of LIC (eligible for deduction u/s 80CCC).

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1198. X deposit 41,000 in PPF & made a contribution of 1,10,000 to annuity policy of LIC (eligible for deduction u/s 80CCC).

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1199. Suppose Mr. has paid premium of 25,000 for policy A taken on 30th June 2011 (sum assured 2,00,000) and 12,000 for policy B taken on 1st August 2013 (sum assured 1,00,000). Calculate the amount of deduction Mr. X can claim u/s 80C.

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1200. I and my wife both paid for education of our one child. My wife paid 70,000 and I paid 1,60,000 can we both claim deduction?

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