Where a partner transfers any capital asset into the business of firm ,the sale consideration of such asset to the partner shall be
| A. | Market value of such asset on the date of such transfer |
| B. | Price at which it was recorded in the books of the firm |
| C. | Cost of such asset to the partner |
| D. | None of the above |
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Option: B Explanation : Click on Discuss to view users comments. |
R Ltd., is an Indian company whose entire control and management of its affairs is situated outside India. R Ltd., shall be
| A. | Resident in India |
| B. | Non-resident in India |
| C. | Not ordinarily resident in India |
| D. | None of the above |
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Option: A Explanation : Click on Discuss to view users comments. jyoti said: (2:35pm on Tuesday 26th September 2017)
In that previous year the company shoulb be non-resident because entire control and management must be in india for resident comapny besides registration???please answer me.
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A person leaves India permanently on 15-11-2008. The assessment year for income earned till 15-11-2008 in this case shall be
| A. | 2007-08 |
| B. | 2008-09 |
| C. | 2009-10 |
| D. | None of the above |
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Option: B Explanation : Click on Discuss to view users comments. |
Interest on capital of or loan from partner of a firm is allowed as deduction to the firm to the extent of
| A. | 18% p.a. |
| B. | 12% p.a. even if it is not mentioned in partnership deed |
| C. | 12% p.a. or at the rate mentioned in partnership deed whichever is less. |
| D. | None of the above |
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Option: C Explanation : Click on Discuss to view users comments. |
