GST Income Tax Question for Today:- M/s. Vishu Megamart, operating a store located and registered in Rajasthan, has come out with big discount offers at the time of Diwali on various gift items. In order to attract more customers, it has decided to supply a gift pack containing 5 packets of Haldiram’s Namkeen (200 gram each) taxable @ 12%, 1 packet of Roasted Smoked Almonds (100 gram) taxable @ 18%, 1 packet of Bournville Chocolate (50 mg) taxable @ 28% and 1 bottle of Real Fresh Juice (1 litre) taxable @ 18% in a single basket for a single price of Rs. 1,000/. State the type of supply and the tax rate applicable on the same.
a) Composite supply; Tax rate of the principal item, i.e. Namkeen @18%
b) Composite supply; Highest tax rate out of all items, i.e. 28% applicable to chocolates
c) Mixed supply; Tax rate of principal item, i.e. Namkeen @18%
d) Mixed supply; Highest tax rate out of all items, i.e. 28% applicable to chocolates

The correct answer to above question would be (D). Since the products are not naturally bundled in ordinary course of business and single consideration is charged, it would qualify as Mixed Supply. Further, As per Sec 8, highest rate rule shall apply to determine their taxability

Income Tax Question for Today:- Anirudh stays in New Delhi. His basic salary is Rs. 10,000 p.m., D.A. (60% of which forms part of pay) is Rs. 6,000 p.m., HRA is Rs. 5,000 p.m. and he is entitled to a commission of 1% on the turnover achieved by him. Anirudh pays a rent of Rs. 5,500 p.m. The turnover achieved by him during the current year is Rs. 12 lakhs. The amount of HRA exempt under section 10(13A) is –
(a) Rs. 48,480
(b) Rs. 45,600
(c) Rs. 49,680
(d) Rs. 46,800

GST Question for Today:- Mr. Avishkar is a painter registered under GST in Delhi. He sends his artwork for exhibition in Mumbai. At what point of time, supply is considered to have been made under GST?
(a) When painting is completed.
(b) When painting is sent for exhibition in Mumbai.
(c) When painting is displayed at the exhibition in Mumbai.
(d) When painting is purchased by one of the visitors in the exhibition

The correct answer to above question would be (D). As per CBIC circular, in case painter sending artwork to exhibition, supply will not place since there is no transfer of title and no consideration involved. Supply would take place when visitors purchase any of the artwork and title has been transferred from artist to such visitor

Income Tax Question for Today:- Mr. Arpit, an employee of MNO Ltd. has contributed Rs. 1,61,280 towards NPS and similar amount is contributed by his employer. His basic salary is Rs. 80,000 p.m. and dearness allowance is 40% of basic salary which forms part of retirement benefits. He also paid Rs. 55,000 towards LIC premium for himself and his wife and medical insurance premium of Rs. 35,000 by crossed cheque for his mother, being a senior citizen during the previous year 2022-23. How much deduction is available under Chapter VI-A while computing total income of Mr. Arpit for the A.Y. 2023-24?
(a) Rs. 3,46,280
(b) Rs. 3,69,400
(c) Rs. 3,19,400
(d) Rs. 3,96,280

GST Question for Today:- Mr. Dev Anand is engaged in providing services of facilitating sale and purchase of securities to various clients. He is also engaged in trading of securities. His turnover details are as follows:
Trading of securities Rs. 40,00,000/-
Brokerage on account of facilitating transactions in securities Rs. 30,00,000/-
You are required to ascertain aggregate turnover of Mr. Dev Anand under GST:
(a) Rs.30,00,000/-
(b) Rs.40,00,000/-
(c) Rs. 70,00,000/-
(d) Rs.NIL.

The correct answer to above question would be (A). Trading in securities is not supply since securities are neither goods nor services. Hence, Aggregate turnover shall include only brokerage received for facilitating transaction in securities

Income Tax Question for Today:- Mr. Ashutosh purchased his first dream home in Bangalore on 16.8.2022. He applied for home loan of Rs. 40 lakhs from IDFC bank on 15.7.2022, the same was sanctioned by bank on 20.7.2022. The stamp duty value of the said house was Rs. 44 lakhs. The interest due on the said home loan is Rs. 3,75,000 for the financial year 2022-23. Due to liquidity issues, Mr. Ashutosh could only pay Rs. 3,26,000. Compute the total interest deduction Mr. Ashutosh can claim for the A.Y. 2023-24, assuming Mr. Ashutosh doesn’t opt for the tax rates under the new scheme.
(a) Rs. 3,26,000
(b) Rs. 2,00,000
(c) Rs. 3,75,000
(d) Rs. 3,50,000

GST Question for Today:- Mr. Manjot Singh Sidhu is a trader supplying goods from his firm M/s. Singh Traders. The office of the firm is located in Delhi whereas the godowns are located in the State of Uttar Pradesh, Punjab and Jammu & Kashmir (J & K).
M/s. Singh Traders made intra-State supplies from different States during the period from 1-Jul-2022 to 31-March-2023 as follows
(i) Delhi-Taxable supplies: Rs. 21,00,000/-.
(ii) Punjab–Exempted supplies: Rs. 6,00,000/-.
(iii) Uttar Pradesh–Taxable and exempted supplies: Rs. 3,00,000/- each respectively.
(iv) J & K–Taxable and exempted supplies: Rs. 8,00,000/- and Rs. 3,00,000/- respectively.

Being a GST expert, Mr. Manjot Singh Sidhu seeks your advice to correctly ascertain the States in which he is required to take registration under GST:
a) Delhi, Punjab, Uttar Pradesh and J & K
b) Delhi, Uttar Pradesh and J & K
c) Delhi and Uttar Pradesh
d) Delhi

The correct answer to above question would be (B). Since Punjab is exclusively engaged in making exempt supplies, it shall not be required to take any registration as per Sec 23. Remaining branches have to mandatorily get registration since ATO exceeds threshold limit