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CA Inter Income Tax: Computation under Alternative Tax Regimes — practice questions — page 2

Explore 60 free Income Tax: Computation under Alternative Tax Regimes questions in CA Inter Taxation. Open each question or exercise to read its content, reference answers and available explanation.

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Income Tax: Computation under Alternative Tax Regimes questions and exercises with answers

Showing questions 31–60 of 60.

Under 115BAC(3), the barred earlier loss and depreciation areRead the answer and worked solution →For the IFSC Unit rule, the term Unit is defined in which Act?Read the answer and worked solution →When must a taxpayer without business income file the 115BAC option?Read the answer and worked solution →Someone running a business must exercise the 115BAC option by which time?Read the answer and worked solution →A business-income taxpayer's option, once exercised, applies toRead the answer and worked solution →How often can a business-income taxpayer withdraw the option?Read the answer and worked solution →After withdrawal, a business taxpayer can opt again only whenRead the answer and worked solution →Unabsorbed block depreciation is adjusted to WDV as on which date?Read the answer and worked solution →For a special economic zone unit, is a section 10AA deduction usable under 115BAC?Read the answer and worked solution →In which Budget was the New Tax Regime announced for individuals and HUFs?Read the answer and worked solution →What is the general trade-off for the reduced rates of the new regime?Read the answer and worked solution →Which Budget cut both the slab count and rates of the New Tax Regime?Read the answer and worked solution →Agricultural income is exempt from tax under which section?Read the answer and worked solution →Which section defines agricultural income?Read the answer and worked solution →Which of these is agricultural income under section 2(1A)?Read the answer and worked solution →For mixed agricultural and business activities, which shares are treated as business income?Read the answer and worked solution →Advance tax due on or before 15 June is what share of the liability?Read the answer and worked solution →Three-quarters of the advance tax liability must be paid by which date?Read the answer and worked solution →Advance tax is paid in instalments when the tax bill exceedsRead the answer and worked solution →Which section lets a taxpayer file a return after the original due date?Read the answer and worked solution →Which section allows correcting an omission in a return already filed?Read the answer and worked solution →A defect flagged under section 139(9) must be rectified withinRead the answer and worked solution →Misreporting of income under 270A draws a penalty equal to what share of tax?Read the answer and worked solution →What share of tax is the 270A penalty when income is merely under-reported?Read the answer and worked solution →The penalty for concealment under section 271(1)(c) ranges overRead the answer and worked solution →Which section covers scrutiny assessment?Read the answer and worked solution →Which section provides for best judgement assessment?Read the answer and worked solution →Interest paid on a student loan is deductible under which section?Read the answer and worked solution →Which section allows a deduction for health insurance premium?Read the answer and worked solution →Donations to charity qualify for deduction under which section?Read the answer and worked solution →

Worked practice questions

Under 115BAC(3), the barred earlier loss and depreciation are

  1. Carried forward 8 years
  2. Carried forward 4 years
  3. Allowed against salary
  4. Deemed fully given effect
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Correct answer: D. Deemed fully given effect

Sub-section (3) deems such loss and depreciation already given full effect, so no later deduction arises.

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For the IFSC Unit rule, the term Unit is defined in which Act?

  1. Companies Act, 2013
  2. SEZ Act, 2005
  3. Customs Act, 1962
  4. SEBI Act, 1992
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Correct answer: B. SEZ Act, 2005

The Explanation borrows the meaning from clause (zc) of section 2 of the Special Economic Zones Act, 2005.

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When must a taxpayer without business income file the 115BAC option?

  1. With the 139(1) return
  2. Before 31 March
  3. By filing Form 3CD
  4. Within three years
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Correct answer: A. With the 139(1) return

Clause (ii) of sub-section (5) ties the option to the return furnished under section 139(1) for that year.

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