One of kind colourful amendment book for Direct Tax CA final old and New Course with dissecting of provisions through ease to refer charts along with snippets for last day revision and thorough analysis of each amendment. The provisions are supplemented by ample comprehensive questions capturing amendments. All FA 2018 amendments and circulars till October 2018 are captured. Authored by CA Prerna Peshori. The book is available at nominal price of 200. Grab ur copy today by sending emails at prernapeshori@hotmail.com
International Tax by CA Prerna Peshori pinned «One of kind colourful amendment book for Direct Tax CA final old and New Course with dissecting of provisions through ease to refer charts along with snippets for last day revision and thorough analysis of each amendment. The provisions are supplemented by…»
What an amazing budget for middle class and Modi Government has really delivered its promise of curbing black money, ease of doing business, rationalising. IT Act boasts of being highly compliant with global standards especially in light of BEPS.
1. Rebate for individual taxpayers having taxable income upto 5 Lac
2. Standard deduction u/s 16 from 40K to 50K now
3. No DLOP for second Self occupied property
4. No notional rent for SIT unsold for builders for 2 yrs from earlier 1 year.
5. 194A TDS on interest on deposits limit raised from 10000 to 40000
6. 194I TDS limit on rent raised from 1.8 L to 2.4 L
7. 80IBA extended for 1 more year for affordable housing.
8. Benefit u/s 54 for LTCG on residential HP extended to 2 Residential HP if LTCG upto Rs. 2 Cr. One time opportunity.
Amazing Budget.
1. Rebate for individual taxpayers having taxable income upto 5 Lac
2. Standard deduction u/s 16 from 40K to 50K now
3. No DLOP for second Self occupied property
4. No notional rent for SIT unsold for builders for 2 yrs from earlier 1 year.
5. 194A TDS on interest on deposits limit raised from 10000 to 40000
6. 194I TDS limit on rent raised from 1.8 L to 2.4 L
7. 80IBA extended for 1 more year for affordable housing.
8. Benefit u/s 54 for LTCG on residential HP extended to 2 Residential HP if LTCG upto Rs. 2 Cr. One time opportunity.
Amazing Budget.
Direct Taxss Case laws of ICAI presented by CA Prerna Peshori in lucid language in ICAI format with easy to remember pointers and student notes.
A bought 1000 unit of MF on 2.5.18 @20₹ p.u. record date for 1:1 bonus is 9.5.18 and bonus was declared on 30.4.18 A sold 1800 units (original 1000 on 11.11.18 & bonus 800 on 15.11.18) for ₹9 p.u. determine capital gain/loss on bonus unit sold
Anonymous Poll
31%
A. Zero
40%
B. (1600)
24%
C. 7200
5%
D. (11000)
International Tax by CA Prerna Peshori
A bought 1000 unit of MF on 2.5.18 @20₹ p.u. record date for 1:1 bonus is 9.5.18 and bonus was declared on 30.4.18 A sold 1800 units (original 1000 on 11.11.18 & bonus 800 on 15.11.18) for ₹9 p.u. determine capital gain/loss on bonus unit sold
Answer is B
Provision of bonus stripping apply i this case
STCL on original 1000 shares is ₹11000 (20-9)*1000
this loss would be considered as cost of bonus share held as on sale of original share
So cost of 1000 bonus share would be 11000
On 15.11.18 800 bonus share sold for ₹9 p.u.
Sales consideration 800*9= 7200
Cost of acquisition 11000/1000*800= 8800
STCL = 1600
Provision of bonus stripping apply i this case
STCL on original 1000 shares is ₹11000 (20-9)*1000
this loss would be considered as cost of bonus share held as on sale of original share
So cost of 1000 bonus share would be 11000
On 15.11.18 800 bonus share sold for ₹9 p.u.
Sales consideration 800*9= 7200
Cost of acquisition 11000/1000*800= 8800
STCL = 1600
Forwarded from CA Demystified
X Ltd having
unab. dep. of 35cr past year losses 20cr LTCL 7cr HP loss 2cr it want to amalgamate with Y ltd. & fulfils 72A terms. Y ltd have PGBP profit 120cr LTCG - 15cr HP income (computed) 5cr calculate total income of Y after amalgamation
unab. dep. of 35cr past year losses 20cr LTCL 7cr HP loss 2cr it want to amalgamate with Y ltd. & fulfils 72A terms. Y ltd have PGBP profit 120cr LTCG - 15cr HP income (computed) 5cr calculate total income of Y after amalgamation
Anonymous Poll
43%
A. 85cr
47%
B. 76cr
5%
C. 90cr
5%
D. None of the above
Answer is A
as per section 72A only unab. Dep and pgbp losses are allowed to resulting entity (y ltd)
So income of Y
120+15+5=140cr
Less chapter VI adjustment
Dep. + pgbp losses 55cr
Total income - 140-55= 85cr
as per section 72A only unab. Dep and pgbp losses are allowed to resulting entity (y ltd)
So income of Y
120+15+5=140cr
Less chapter VI adjustment
Dep. + pgbp losses 55cr
Total income - 140-55= 85cr
A is a practicing CA bought a car in june16 for 3.50 lakh for his profession
He sale the said car to B for 2.45 lakh in June18
In 2019-20 he bought back same car for 2.55lakh. Calculate car "actual cost" after buy back
He sale the said car to B for 2.45 lakh in June18
In 2019-20 he bought back same car for 2.55lakh. Calculate car "actual cost" after buy back
Anonymous Poll
14%
A. 214944
48%
B. 252875
23%
C. 245000
16%
D. 255000
Section 43(1) explanation 4
Actual cost shall be lower of
1. Wdv at the time of transfer by assessee
2. price for which asset is reacquired
1.So 3.50 lakh - 2 yr dep @ 15% = 252875
2. 255000
So 252875 is answer
Actual cost shall be lower of
1. Wdv at the time of transfer by assessee
2. price for which asset is reacquired
1.So 3.50 lakh - 2 yr dep @ 15% = 252875
2. 255000
So 252875 is answer
Mr. K purchased a residential house
property @ ₹45 lakhs on 1.4.17 he took
housing loan of ₹35 lakh from bank @11% int. Calculate eligible deduction under IT act for AY 19-20. Entire loan was outstanding as on 31.3.19
property @ ₹45 lakhs on 1.4.17 he took
housing loan of ₹35 lakh from bank @11% int. Calculate eligible deduction under IT act for AY 19-20. Entire loan was outstanding as on 31.3.19
Anonymous Poll
59%
A. 200000
5%
B. 50000
20%
C. 250000
15%
D. 385000
International Tax by CA Prerna Peshori
Mr. K purchased a residential house
property @ ₹45 lakhs on 1.4.17 he took
housing loan of ₹35 lakh from bank @11% int. Calculate eligible deduction under IT act for AY 19-20. Entire loan was outstanding as on 31.3.19
property @ ₹45 lakhs on 1.4.17 he took
housing loan of ₹35 lakh from bank @11% int. Calculate eligible deduction under IT act for AY 19-20. Entire loan was outstanding as on 31.3.19
Some more information :-
loan sanctioned on 28.3.17
Assesee don't own any other house apart from this
It is self occupied property
Total deduction need to be calculate whether from any head or chapter VI-A
loan sanctioned on 28.3.17
Assesee don't own any other house apart from this
It is self occupied property
Total deduction need to be calculate whether from any head or chapter VI-A