Income Tax Question for Today:- XYZ Ltd. has two units, one unit at Special Economic Zone (SEZ) and other unit at Domestic Tariff Area (DTA). The unit in SEZ was set up and started manufacturing from 12.3.2015 and unit in DTA from 15.6.2018. Total turnover of XYZ Ltd. and Unit in DTA is Rs. 8,50,00,000 and Rs. 3,25,00,000, respectively. Export sales of unit in SEZ and DTA is Rs. 2,50,00,000 and Rs. 1,25,00,000, respectively and net profit of Unit in SEZ and DTA is Rs. 80,00,000 and Rs. 45,00,000, respectively. XYZ Ltd. would be eligible for deduction under section 10AA in respect of PY 21-22 for -
(a) Rs. 38,09,524
(b) Rs. 19,04,762
(c) Rs. 23,52,941
(d) Rs. 11,76,471

The correct answer to above question would be (b). Export profits of SEZ unit = 80L x 250L / 525L
= Rs. 38,09,524
Since it is 7th year of operation, only 50% of export profits shall be exempt u/s 10AA. Hence Exemption u/s 10AA shall be Rs. 19,04,762/-

GST Question for Today:- Mr. Ram has just started his operations of selling footwear on 1st April 2020 in Haryana. His aggregate turnover during FY 2020-21 upto 31st October 2020 is just Rs. 15 lacs. Inspired by the growth of e-commerce in India, he registered himself with Flipkart (an electronic commerce operator) and sold goods worth Rs. 1,50,000 from Flipkart on 15th November 2020. On 1st December 2020, he made further supply of goods amounting to Rs. 6,00,000. He is confused about taxability under GST law. Which of the following is true about his GST liability and compliance:-
a) He is not required to get registration since threshold limit is Rs. 40 lacs in Haryana
b) He becomes liable to get registration on 1st December 2020 since the applicable threshold limit is Rs. 20 lacs which was crossed on 1st December 2020.
c) He becomes liable to get registration on 1st April 2020 i.e. date on which his business operations were started
d) He becomes liable to get registration on 15th November 2020 i.e. date on which he makes supply of goods through Flipkart

Hi guys
Hope you all are preparing well for Nov 22 exams.

A few days ago, I forwarded a document containing MCQ Question Bank for Income Tax. And GST Question Bank was already shared during classes

I have been getting requests for discussion on Case Scenario Based MCQs. So just posting this poll to get an idea from you guys

Gst test scheduled for today is being shifted to 3rd Oct & full syllabus test of taxation will be on 5th oct.

Income Tax Question for Today:- Mr. Krishna, a resident Indian aged 61 years, maintains a saving account with a co-operative land development bank and he earns Rs. 20,000 as interest on saving account for the Financial Year 2021-22. Mr. Krishna also maintains a fixed deposit and recurring deposit account with Mani Finance (A Non-Banking Finance Company) and earns Rs. 25,000 and Rs. 10,000 as interest on fixed deposit and recurring deposit, respectively. What would be the deduction allowable to Mr. Krishna under Chapter VI-A if he does not opt for the section 115BAC for the A.Y. 2022-23?
(a) Rs. 55,000
(b) Rs. 10,000
(c) Rs. 20,000
(d) Rs. 50,000

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