PGBP Part 1

During the P.Y.2023-24, Mr. Aakash has Rs. 80 lakhs of short-term capital gains taxable u/s 111A, Rs. 70 lakhs of long-term capital gains taxable u/s 112A and business income of Rs. 90 lakhs. Which of the following statements is correct?

• Surcharge@ 25% is leviable on income-tax computed on total income of Rs. 2.40 crore, since the total income exceeds Rs. 2 crore

• Surcharge@15% is leviable on income-tax computed on total income of Rs. 2.40 crore

• Surcharge@15% is leviable in respect of income-tax computed on capital gains of Rs. 1.50 crore, since such income exceeds Rs. 1 crore but is less than Rs. 2 crore; in respect of business income of Rs. 90 lakhs, surcharge is leviable@25% on income-tax, since the total income exceeds Rs. 2 crore

• Surcharge@15% is leviable in respect of income-tax computed on capital gains of Rs. 1.50 crore, since such income exceeds Rs. 1 crore but is less than Rs. 2 crore; in respect of business income of Rs. 90 lakhs, surcharge is leviable@10% on income-tax, since such income exceeds Rs. 50 lakhs but is less than Rs. 1 crore

Mr. Akash is engaged in the business of running motor cars on hire. His brother, Mr. Vikas, is a dentist. Mr. Akash and Mr. Vikas each purchased a motor car of the value of Rs. 5 lakh on 1.11.2019 for their business/profession and put the same to use immediately. The written down value of motor cars as on 1.4.2019 may be taken as Rs. 50 lakh for Mr. Akash and Nil for Mr. Vikas. What is the depreciation allowable in respect of motor cars to Mr. Akash and Mr. Vikas under section 32 for A.Y.2022-23, assuming that both of them have not opted for the special provisions of section 115BAC?

• Rs. 11,73,750 and Rs. 69,375, respectively

• Rs. 7,89,188 and Rs. 58,970 respectively

• Rs. 8,30,906 and Rs. 89,250, respectively

• Rs. 12,24,375 and Rs. 1,27,500, respectively

Mr. Rajesh is engaged in the profession of technical consultancy and his gross receipts for the P.Y.2021-22 is Rs. 45 lakhs. He does not maintain books of account. He is also a partner of a firm, M/s. Rajesh & Co., which carries on the profession of technical consultancy. The gross receipts of the firm during the P.Y.2021-22 is Rs. 48 lakhs. Which of the following statements is correct?

• Mr. Rajesh and M/s. Rajesh & Co. have to pay entire advance tax on or before 15th March, 2022

• Mr. Rajesh does not have to pay advance tax. However, M/s. Rajesh & Co. has to pay the entire advance tax on or before 15th March, 2022

• Mr. Rajesh does not have to pay advance tax. However, M/s. Rajesh & Co. has to pay advance tax in four instalments

• Mr. Rajesh has to pay entire advance tax on or before 15th March, 2022 and M/s. Rajesh & Co. has to pay advance tax in four instalments

Y Ltd. purchased computers for Rs. 10 lakhs on 5th October, 2021, 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.2022-23 is respect of the said computers is –

• Rs. 1.5 lakhs

• Rs. 3 lakhs

• Rs. 4 lakhs

• Rs. 2 lakhs

Mr. Arvind, engaged in the business of wholesale trade, has a turnover of Rs. 90 lakhs for P.Y.2020-21 and Rs. 210 lakhs for P.Y.2021-22. In the P.Y.2021-22, he paid salary of Rs. 3 lakhs to Mr. Hari, a resident, without deduction of tax at source and commission of Rs. 51 lakhs to Mr. Rajesh, a resident, without deduction of tax at source. The disallowance under section 40(a)(ia) while computing business income of A.Y.2022-23 would be

• Rs. 54,00,000

• Rs. 16,20,000

• Rs. 15,30,000

• NIL