Income Tax And Corporate Tax - Study Mode
[#611] Return of income is submitted under which Section of Income Tax Act?
Correct Answer
(C) Section 139(1)
[#612] Expected rent shall be higher of:
Correct Answer
(D) Municipal value and fair rent
[#613] The term previous year means
Correct Answer
(D) Financial year just before assessment year
[#614] Following are the information for a house property: Municipal value : Rs. 4,50,000 Fair rental value : Rs. 5,00,000 Standard rent : Rs. 4,80,000 Actual rent : Rs. 4,20,000 What is the gross annual value of the house property?
Correct Answer
(A) Rs. 4,80,000
Explanation
Solution: To determine the gross annual value (GAV) of a house property, we consider the following values: Municipal Value: Rs. 4,50,000 Fair Rental Value: Rs. 5,00,000 Standard Rent: Rs. 4,80,000 Actual Rent Received: Rs. 4,20,000 Step-by-Step Calculation: Step 1: Compare the Municipal Value and the Fair Rental Value and take the higher value. Higher Value (Municipal vs. Fair Rental): Rs. 5,00,000 Step 2: Compare the value obtained in Step 1 with the Standard Rent and take the lower value. Lower Value (Higher Value from Step 1 vs. Standard Rent): Rs. 4,80,000 Step 3: Compare the value obtained in Step 2 with the Actual Rent Received and take the higher value. Higher Value (Lower Value from Step 2 vs. Actual Rent): Rs. 4,80,000 Therefore, the gross annual value of the house property is Rs. 4,80,000 .
[#615] On fulfilling certain conditions, for an undertaking set up in special economic zones, deduction under section 10 AA of the Income Tax Act is allowed for
Correct Answer
(C) 15 years