Hi all
Here's Part B of Income tax revision marathon that covers Chapter 10 to 17...
Hence Entire Income tax syllabus has been discussed comprehensively in 22 hour marathon...Use these videos extensively to have multiple revision of provisions

All the Best

CARO 2020.pdf

This PDF contains notes for CARO,2020. CARO, 2020 is a very important topic for ca inter audit exam and heavily expected in the next attempt. These last time revision notes would help students to refresh the concept.

Today's test of Income tax will be uploaded on CA Knowledge Portal app at 4:00 pm instead of 2:30 pm.

Students who will come for offline test plz come accordingly.

Hi all
Here's the Updated Question Bank of Income Tax MCQs for CA-Inter May 23

It contains all ICAI MCQs as well as additional MCQs for practice

Detailed Solution of every MCQ has been provided as per Updated Provisions of Finance Act 2022

From 2moro, we will start with daily practice of MCQs on our Telegram group.

2 MCQ questions will be posted everyday in form of Poll

Till exam, we will be able to practice more and more MCQs through telegram

Income Tax Question for Today:- During the P.Y. 2022-23, Mr. Samar, a non-resident, received Rs.75,00,000 on account of sale of agricultural land in Mauritius. The money was first received in Mauritius and then remitted to his Indian bank account. Is the sum taxable in India?
(a) No, as agricultural income is exempt u/s 10(1).
(b) No, as the income has accrued and arisen outside India and is also received outside India.
(c) Yes, since it is remitted to India in the same year.
(d) Yes, as agricultural income earned outside India is not exempted in India in the hands of a non-resident

The correct answer to above question would be (B). Any capital gains arising from transfer of an agricultural land is not covered in definition of Agricultural income and hence exemption u/s 10(1) shall not be applicable. However, since the land is located outside India, such capital gain would be considered as accrued as well as received outside India which can’t be taxed in hands of NR

Income Tax Question for Today:- Ms. Sowmya has three farm buildings situated in the immediate vicinity of a rural agricultural land. In the P.Y.2022-23, she earned
- Rs. 3 lakh from letting out her farm building 1 for storage of food grains,
- Rs. 10 lakh from letting out her farm building 2 for storage of dairy products and
- Rs. 15 lakh from letting out her farm building 3 for residential purposes of Mr. Sumanth, whose food grain produce is stored in farm building 1.

What is the amount of agricultural income exempt from income-tax?
(a) Nil
(b) Rs. 3,00,000
(c) Rs. 13,00,000
(d) Rs. 18,00,000