Classical

Advanced Questions - Section 1

21:  

Residential status to be determined for

A.

Previous year

B.

Assessment year

C.

Accounting year

D.

None of the above

 
 

Option: A

Explanation :

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22:  

R, a chartered accountant is employed with R Ltd., as an internal auditor and requests the employer to call the remuneration as internal audit fee. R shall be chargeable to tax for such fee under the head.

A.

Income from salaries

B.

Profit and gains from Business and Profession

C.

Income from other sources.

D.

None of the above

 
 

Option: A

Explanation :

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23:  

Business loss can be set off against salary income.

A.

True

B.

False

C.

Cannot be said with certainty

D.

Is decided by the Assessing Officer

 
 

Option: B

Explanation :

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24:  

Certain revenue and capital expenditure on scientific research are allowed as deduction in the previous year of commencement of business even if these are incurred

A.

Five years immediately before the commencement of business

B.

3 years immediately before the commencement of the business

C.

Any time prior to the commencement of the business

D.

None of the above

 
 

Option: B

Explanation :

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25:  

R Ltd., is registered in U.K. The control and management of its affairs is situated in India .R Ltd. shall be

A.

Resident in India

B.

Non-resident

C.

Not ordinarily resident in India

D.

None of the above

 
 

Option: B

Explanation :

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SHAJEEM MC said: (8:07am on Sunday 30th April 2017)
A company is resident in India if:(i) it is an India company, or(ii) during the previous year, control and management of its affairs is situated wholly in India. here he control and management of its affairs is situated in India so R ltd fulfilling second condition so it shall be resident
SHAJEEM MANDODICHALIL said: (11:31am on Friday 5th May 2017)
a. An Indian company is always resident in India.b. A foreign company is resident in India only if, control and management of its affairs, during the relevant previous year, is situated wholly in India.c. A foreign company is non-resident in India, if control and management of its affairs, during the relevant previous year, is situated –· wholly out of India or· partly in India or partly outside India.he control and management of its affairs is situated in India .R Ltd. shall be resident

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