For an industrial undertaking fulfilling the conditions, additional depreciation in respect of a machinery costing Rs.10 lakh acquired and installed on October 3, 2005 is *
Rs.75,000
Rs.1,50,000
Rs.1,00,000
None of the above
This is a required question
Assessment under section 143(3) for assessment year 2019-20 shall be made within a period of months from the end of the relevant assessment year. *
24 months
36 months
12 months
18 months
This is a required question
Surcharge of 10 per cent is payable by an individual where the total income exceeds: *
Rs.7,50,000
Rs.8,50,000
Rs.10,00,000
None of the three
Income from Salary includes --------------- *
Monetary and non-monetary benefits due from employer to employee
Monetary and non-monetary benefits paid to employee by the employer
Monetary and non-monetary benefits paid by partnership firm to its partners
all of the above
Mr. X has started has business from 1st Sept '16 and does not have any other source of income. His first previous year will start from *
1st April '16
1st Sept '16
Any of the above
None of the above.
Notice under section 143(2) (i.e. notice of scrutiny assessment) should be served within a period of from the end of the financial year in which the return is filed. *
six months
one years
two years
eighteen months
Additional surcharge (education cess) of 3% per cent is payable on *
Income tax
Income tax plus surcharge
Surcharge
Totally chargeable to tax
Mr Y is given Rs 6000 pm as additional amount along with basic salary for the purpose of meeting the cost of travel between the office and his residence. Rs 72000/- should be shown as------------------ *
Perquisite
Allowance
Bonus
salary
For an employee in receipt of hostel expenditure allowance for his three children, the maximum annual allowance exempt under section 10(14) is *
Rs.10, 800
Rs.7,200
Rs.9,600
Rs.3,600
Answers
here are the explanations for each of the questions:
For an industrial undertaking fulfilling the conditions, additional depreciation in respect of a machinery costing Rs.10 lakh acquired and installed on October 3, 2005 is Rs.1,50,000.
Additional depreciation is a tax benefit available to businesses in India for certain categories of depreciable assets. It is an additional amount of depreciation that can be claimed over and above the normal depreciation rate specified in the Income Tax Act. The amount of additional depreciation that can be claimed is generally fixed at a percentage of the cost of the asset and is specified in the Act. In this case, the correct answer is Rs.1,50,000, which is the additional depreciation that can be claimed on a machinery costing Rs.10 lakh.
Assessment under section 143(3) for assessment year 2019-20 shall be made within a period of 12 months from the end of the relevant assessment year.
Additional surcharge (education cess) of 3% per cent is payable on income tax plus surcharge. Education cess is an additional tax that is levied on the income tax payable by an individual in India. The education cess is levied at the rate of 3% of the income tax plus surcharge. Therefore, it is payable on the total of the income tax and surcharge payable by an individual.
Income from Salary includes monetary and non-monetary benefits due from employer to employee.
Mr. X has started has business from 1st Sept '16 and his first previous year will start from 1st Sept '16.
Notice under section 143(2) (i.e. notice of scrutiny assessment) should be served within a period of six months from the end of the financial year in which the return is filed.
Additional surcharge (education cess) of 3% per cent is payable on income tax plus surcharge.
Mr Y is given Rs 6000 pm as additional amount along with basic salary for the purpose of meeting the cost of travel between the office and his residence. This should be shown as an allowance.
For an employee in receipt of hostel expenditure allowance for his three children, the maximum annual allowance exempt under section 10(14) is Rs.3,600. This exemption is available for hostel expenditure allowance provided by an employer to an employee for the education of his children in a hostel. The maximum annual allowance that is exempt is Rs.300 per month per child, up to a maximum of two children. Therefore, the maximum annual exemption for three children would be Rs.300 x 12 x 3 = Rs.10,800, but this amount is reduced to Rs.3,600 if the allowance is for three or more children.
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