Income Tax Question for Today:- X Ltd. credits a sum of Rs. 45,000 as commission to Y Ltd., an Indian company on 25.06.2022 without deducting tax at source. Y Ltd. paid its entire tax liability on its income by way of advance payment of tax during P.Y. 2022-23 and filed its return of income for A.Y. 2023-24 on 15.07.2023. X Ltd. also has a certificate in Form No. 26A from a chartered accountant. Compute the amount of deduction that shall be allowed to X Ltd. in respect of the commission credited to Y Ltd. for PY 22-23 assuming that X Ltd. follows mercantile system of accounting.
(a) Rs. 45,000
(b) Nil
(c) Rs. 13,500
(d) Rs. 31,500

Law Question for Today:- Mr. X is a shareholder of Mark Pvt Ltd. He transferred his shares to his daughter Ms. D, in the month of
February. Registration of such instrument of transfer is still pending by the Company. In this scenario,
Companies Act, 2013 state certain provisions which have to be kept in mind by the Company. Which provision
mentioned below in this regard is correct?
a) Company has to transfer the dividend in relation to such shares to the Unpaid Dividend Account;
b) Company has to transfer the dividend in relation to such shares in the name of transferee;
c) Company has to issue fully paid-up bonus shares in the name of transformer;
d) Company has to issue fully paid-up bonus shares in the name of transferee;

Income Tax Question for Today:- Mr. X, a retailer, acquired furniture on 10th May 2022 for Rs. 10,000 in cash and on 15th May 2022, for Rs. 15,000 and Rs. 20,000 by a bearer cheque and account payee cheque, respectively. Depreciation allowable for A.Y. 2023-24 would be –
(a) Rs. 2,000
(b) Rs. 3,000
(c) Rs. 3,500
(d) Rs. 4,500

Law Question for Today:- Prince delivers his car to Manoj, a garage owner for repair. Who is the bailor in this case?
a) Manoj
b) Prince
c) None of the above
d) Both Manoj and Prince

Income Tax Question for Today:- Suman is a Chartered Accountant practicing in Mumbai since September, 1994. She transfers her practice to another Chartered Accountant Smita on 19.06.2022 and charges Rs. 14,50,000 towards goodwill. Determine the tax implications that may arise in the hands of Neha on account of transfer of her practice to Smita. CII for FY 22-23 is 331:-

(a) Rs.14,50,000 shall be charged to tax as capital gains
(b) Rs.14,50,000 shall be charged to tax as income from other sources
(c) Rs.14,50,000 shall be charged to tax as income from profession
(d) No tax implications shall arise

Income Tax Question for Today:- A building was acquired on 1.4.1995 for Rs. 20,00,000 and sold for Rs. 80,00,000 on 01.06.2022. The fair market value of the building on 1.4.2001 was Rs. 25,00,000. Its stamp duty value on the same date was Rs. 22,00,000. Determine the capital gains on sale of such building for the A.Y. 2023-24? CII for F.Y. 2001-02: 100; F.Y. 2022-23: 331
(a) Rs. 7,18,000
(b) Rs. 13,80,000
(c) Rs. 60,00,000
(d) (Rs. 2,75,000)

Law Question for Today:- A bill of exchange is payable 180 days after sight. As per the provisions of the Negotiable Instruments Act, 1881,
how many days of grace shall be provided in such a case:
a) 1 day
b) 2 days
c) 3 days
d) 5 days

It seems there is Some issue with the link of GST Marathon Part B...Uploading it again

Income Tax Question for Today:- Mr. Vikas received a gold ring worth Rs. 60,000 on the occasion of his daughter’s wedding from his best friend Mr. Vishnu. Mr. Vishnu also gifted a gold chain to Kavya, daughter of Mr. Vikas, worth Rs. 80,000 on the said occasion. Would such gifts be taxable in the hands of Mr. Vikas and Ms. Kavya?
(a) Yes, the gift of gold ring and gold chain is taxable in the hands of Mr. Vikas and Ms. Kavya, respectively
(b) Such gifts are not taxable in the hands of Mr. Vikas nor in the hands of Ms. Kavya
(c) Value of gold ring is taxable in the hands of Mr. Vikas but value of gold chain is not taxable in the hands of Ms. Kavya
(d) Value of gold chain is taxable in the hands of Ms. Kavya but value of gold ring is not taxable in the hands of Mr. Vikas

Law Question for Today:- When there is a conflict between two or more statute or two or more parts of a statute and both of them need
to be honoured, then which rule of interpretation is to be applied
a) Rule of Harmonious construction
b) Rule of Literal construction
c) Rule of Beneficial construction
d) Rule of exceptional construction