The employer has provided him a car of 1.6 ltr capacity. Total expenses and driver’s salary incurred by employer i.e. Rs. 18,000. Car is used for both private and official purpose.
See Answer →Mr. Sanjeev Kant is manager in Roadways. He gets salary @ 25,000 p.m., value the perquisites of car under the following different circumstances:
See Answer →Determine the total income of Shri kaushal Kumar from the following particulars for the year ending on 31st March 2022.
| RS | ||
| 1 | Interest received on 7% bonds of UP Govt. | 5,000 |
| 2 | Income from house property | 24,000 |
| 3 | Dividend received on preference shares of Indian company | 10,000 |
| 4 | LTC Loss (Related to the year 2019-20) | 7,000 |
| 5 | LTC Gain | 5,000 |
| 6 | STC Gain | 6,000 |
| 7 | STC Loss | 2,000 |
See Answer →
Explain Bond washing Transactions? How is tax avoided through such transactions?
See Answer →Define annual value and state the deductions that are allowed from the annual value in computing the income from house property.
See Answer →Mr. Ashutosh retired from an Indian company after serving for 34 years 4 months on 31st December, 2021. The company paid him Rs. 8, 00,000 as gratuity under the Payment of Gratuity Act, 1972. His monthly salary and D.A. at the time of retirement was Rs. 58,000 and Rs. 5,800 respectively. Compute the exempted gratuity U/S 10(10) (ii) of Income Tax Act.
See Answer →When is an individual treated as a ‘ordinary resident’ in India? (10+10)
See Answer →Job Costing
See Answer →Integral Accounting
See Answer →Issue of Materials
See Answer →Cost Centre
See Answer →Define overheads. What are the various methods of classifying overheads?
See Answer →Calculate the inventory turnover ratio for the year 2023 from the following information and express the same in number of days the average inventory is consumed for each material and comment on the purchasing procedure.
| Material X | Material Y | |
| Rs. | Rs. | |
| Opening stok | 4,000 | 60,000 |
| Purchases during the period | 2,80,000 | 80,000 |
| Closing stock | 20,000 | 40,000 |
See Answer →
Distinguish between centralised purchasing and decentralized purchasing.
See Answer →Define ‘Cost Accounting’. State its main objects. Differentiate between Cost Accounting and Financial Accounting.
See Answer →Creation of credit
See Answer →The Velocity of Money
See Answer →Objectives of the International Monetary Fund
See Answer →Money market
See Answer →Distinguish between the spot and forward foreign exchange markets. Why are transactions in forward foreign exchange markets done?
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