Tax queries

This query is : Resolved

Guest

Guest (Querist)

26 May 2012 Hello Friends,

While studying today I got stuck in a few MCQs in which your help is required.

1. An employee who was not entitled to gratuity, got 30% of his total pension commuted in the past. He wishes to commute another 25% of his total pension in the previous year. He shall be allowed exemption to the extent of:

A. NIL

B. 20%

C. 25%

2. R, had acquired a license to operate telecommunication service in the previous year 2007-08 for 2 Crores and it has a life of 20 years. Part of the license is sold in the previous year 2011-12 for 1 Crore. R shall be allowed deduction to the extent of:

A. 3.75 Lakhs per year for the remaining 16 years

b. Entire 60 Lakhs in the PY 2011-12.

3. Under section 44AB, specified date means ______ of the AY.

4. The additional depreciation in respect of new building constructed in Financial year 2009-10 at a cost of 25 Lakhs for maufacturing garments will be Rs. _________

prateek aanchalia

prateek aanchalia (Expert)
Follow

26 May 2012 Hi Disha

1
2 B
3 30 sep of the relevent AY.
4. additional dep. only allow on plant & machinery ( newly purchase for manufacture)

Guest

Guest (Querist)

26 May 2012 Also I am unable to understand the concept behind commuting only 20% the second time. I know that 1/2 of the total commuted pension is allowed as a deduction, but 20% ??

You need to be the querist or approved CAclub expert to take part in this query .
Click here to login now

Similar Resolved Queries

Unanswered Queries

Popular
Recent

Trending Online Classes

Direct Tax Laws & International Taxation May 26,Sept 26 & Jan 27

CA Arvind Tuli

Enroll Now
Audit Fast Track Recorded Batch For May 26,Sept 26 & Jan 27

CA Aarti Lahoti

Enroll Now
DT & Audit (Exam Oriented Fastrack Batch) - For May 26 Exams and onwards Full English

CA Bhanwar Borana & CA Shubham Keswani

Enroll Now

view all classess

Meet our CAclubindia PRO Members

George Innocent

SUBHASH SAHA

Narendra

Krishnaveni karur

KRK

Subscribe Now

Tax queries

Similar Resolved Queries

Trending Online Classes

Meet our CAclubindia PRO Members

Quick Links

Browse by Category

Latest Job Openings

GST CONSULTANCY

CA Final

Accountant

GST CONSULTANT

Senior Executive

Manager- Finance and Compliance