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If you have scored exemption or Rank and studied DT from BB Sir;
We request you to mail us
1. photo of yourself
2. your marksheet photo
3. Address with your name and contact no. and email id
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Bhanwar Borana (BB)- Direct Tax
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Mr. Ram, born on 1.4.1963, has a GTI of ₹ 2,90,000 for A.Y.23-24. He pays electricity bills of ₹ 10,000 PM. He made a visit to Melbourne in Feb,23 for which he incurred exps of ₹ 2 lakhs. Is Mr. Ram required to file ROI for A.Y.23-24, and if so, why?
Anonymous Quiz
11%
No, Ram is not required to file his return of income
20%
Yes, since his gross total income/total income exceeds the basic exemption limit
37%
Yes, since he pays electricity bills of ₹ 10,000 PM, which exceeds the prescribed annual threshold
32%
Yes, since he has incurred foreign travel expenditure exceeding ₹ 1 lakh
Mr. A, aged 59 years, won ₹ 9 lakh and Mr. B, aged 50 years, won ₹ 8 lakh from lotteries. TDS u/s 194B was duly deducted. Assuming that this is the only income of Mr. A and Mr. B for A.Y.23-24, are Mr. A and Mr. B liable to pay advance tax for that year?
Anonymous Quiz
53%
No, Mr. A and Mr. B are not liable to pay advance tax as TDS u/s 194B has been fully deducted
27%
Yes, Mr. A and Mr. B are liable to pay advance tax
16%
Mr. A is liable to pay advance tax but Mr. B is not liable to pay advance tax
4%
Mr. B is liable to pay advance tax but Mr. A is not liable to pay advance tax
Bhanwar Borana (BB)- Direct Tax
Mr. A, aged 59 years, won ₹ 9 lakh and Mr. B, aged 50 years, won ₹ 8 lakh from lotteries. TDS u/s 194B was duly deducted. Assuming that this is the only income of Mr. A and Mr. B for A.Y.23-24, are Mr. A and Mr. B liable to pay advance tax for that year?
Tax on income from lottery will have to pay flat 30 per cent of the winning amount and there isno basic exemption limit. Particulars A B
Tax on lottery income @30%. 270000 (30% of 900000) 240000 (30% of 800000)
HEC@4% 10,800 9,600
Total 2,80,800 2,49,600
Less: TDS 2,70,000 2,40,000
Net Tax Payable 10,800 9,600
Advance tax applicable for A because tax amount is more than 10,000.
Tax on lottery income @30%. 270000 (30% of 900000) 240000 (30% of 800000)
HEC@4% 10,800 9,600
Total 2,80,800 2,49,600
Less: TDS 2,70,000 2,40,000
Net Tax Payable 10,800 9,600
Advance tax applicable for A because tax amount is more than 10,000.
Mr. Mahesh is found to be the owner of two gold chains of 50 gms each (value of which is ₹ 1,45,000 each) which are not recorded in his BOA and he could not offer satisfactory explanation. As per sec 115BBE, Mr. Mahesh would be liable to pay tax of –
Anonymous Quiz
17%
₹ 1,80,960
52%
₹ 2,26,200
19%
₹ 90,480
11%
₹ 1,23,958
Mr. Ganguly, a resident aged 60 years, earned PGBP ₹ 1,45,000, winning ₹ 1,50,000 (gross). He also has interest of ₹ 40,000 on FD & ₹ 9,000 on savings A/c with bank. He deposited ₹ 1,50,000 in PPF. What is the NTI for P.Y.22-23, assuming not opted 115BAC?
Anonymous Quiz
30%
₹ 1,45,000
35%
₹ 1,50,000
28%
₹ 1,85,000
7%
₹ 1,90,000
Y Ltd. purchased computers for ₹ 10 lakhs on 5th October, 2022, installed the same in its office and put the said computers to use on the same date. The depreciation allowable under section 32 for A.Y.2023-24 is respect of the said computers is –
Anonymous Quiz
14%
₹ 1.5 lakhs
8%
₹ 3 lakhs
14%
₹ 4 lakhs
64%
₹ 2 lakhs
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"PQ" (E-commerce Operator) and "ST" (E-commerce Participant), the buyer purchased goods worth ₹ 10 lakhs on e- com website of "PQ" and he makes such payment through the payment Gateway of "MNO". Who is the person require to deduct TDS and Amount ?
Anonymous Quiz
68%
PQ required to deduct tax at source of ₹ 10,000
11%
PQ required to deduct tax at source of ₹ 7,500
6%
PQ required to deduct tax at source of ₹ 37,500
15%
ST required to collect tax at source of ₹ 1,000