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Income Tax Question for Today:- Mr. Ashutosh purchased his first dream home in Bangalore on 16.8.2021. He applied for home loan of Rs. 40 lakhs from IDFC bank on 15.7.2021, the same was sanctioned by bank on 20.7.2021. 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

Law Question for Today:- Angel Infrastructures Pvt. Ltd. with a paid up capital of Rs.45 Lacs and annual turnover of Rs.175 Lacs, is a wholly
owned subsidiary of Almightly Infrastructure Development Ltd. A listed company. Can Angel Infrastructures be
called a small company?
a) Yes. The paid up capital and annual turnover of Angel Infrastructure Pvt. Ltd. is not exceeding the limit as
specified under the definition of Small company.
b) No. Because Angel Infrastructure Pvt. Ltd. is a wholly owned subsidiary company.
c) No. Because Angel Infrastracture Pvt. Ltd. is not a subsidiary of a listed company.
d) No. Because the paid up capital is Rs. 45 lacs less than prescribed limit of Rs. 50 Lacs but its turnover is
exceeding Rs.100 Lacs.

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A little correction made in this question...Pls consider the changes and then re-evaluate your answer

Important Topics for EIS

Income Tax Question for Today:- Mr. Vikas took a loan of Rs. 15,00,000 @10% p.a. on 1-4-2020 for the construction of residential house for self-occupation. The construction of the house began in June, 2020 and was completed on 30-6-2022. He has not repaid any amount of loan so far. The amount of interest deduction u/s 24(b) for A.Y. 2023-24 is –
(a) Rs. 1,50,000
(b) Rs. 1,80,000
(c) Rs. 2,00,000
(d) Rs. 2,10,000

Law Question for Today:- Ajay Private Limited made private placement offer to identified people. It was clearly stated that such people
have no right of renunciation. Company received share application money within given period of time however
could not allot shares within 60 days from receipt. Now it is duty of Ajay Private Limited to repay the share
application money. Company will be liable to pay interest if they fail to do so. Within how many days Company
has to repay the share application money to avoid interest payment?
a) 15 days
b) 30 days
c) 60 days
d) 90 days

Income Tax Question for Today:- APM Ltd. is a pioneer company in textile industry. At the end of F.Y. 2022-23, it decided to distribute deposit certificates (without interest) to its shareholders (preference as well as equity shareholders). Total value of accumulated profits of APM Ltd. was Rs. 25 lakhs. Mr. A is an equity shareholder of APM Ltd. holding 10% of share capital. During F.Y. 2022-23, Mr. A received deposit certificates (without interest) valuing Rs. 5,00,000 from APM Ltd. Comment upon taxability of receipt of deposit certificates in the hands of Mr. A.
(a) Deposit Receipts (without interest) are taxable to the extent of Rs.2,50,000 under Income from other sources.
(b) Deposit Receipts (without interest) are fully taxable under Income from other sources.
(c) Deposit Receipts (without interest) are exempt since DDT is payable by the company.
(d) Deposit Receipts (without interest) are fully taxable and shall be included in Gross total income. But such receipt shall be allowed as deduction under Chapter-VI A