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PLEASE GIVE ME THE ANS IN TAX

Tax queries 1171 views 3 replies

WHICH IS TRUE OF FALSE

1)  Deduction in respect of MAINTENANCE INCLUDING medical treatment of a dependent who is person of disability shall be allowed to a non resident in India

2)  Only 35% of income from growing and manufacturing of rubber is liable to tax

3) A business loss can be set off against income from speculation business but loss in respect of  speculation business can only be set-off against income of another speculation business

Replies (3)

WHICH IS TRUE OF FALSE

1)  Deduction in respect of MAINTENANCE INCLUDING medical treatment of a dependent who is person of disability shall be allowed to a non resident in India

No. U/s 80DD it is allowed to Residents only.

Residents include both type of residents.

WHICH IS TRUE OF FALSE

3) A business loss can be set off against income from speculation business but loss in respect of  speculation business can only be set-off against income of another speculation business

Ans. True

WHICH IS TRUE OF FALSE

2)  Only 35% of income from growing and manufacturing of rubber is liable to tax

Yes.  35% of income  is taxable income in such cases. 

In case of tea  and coffee frowers 40% income is treated as non- agriculture income and that's why it is taxable


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