Lalit presents you following details related to his tax liability for Assessment Year 2022-23: Tax liability as per section 115JC ₹18 lakhs Tax liability as per regular provision of Income tax Act ₹23 lakhs AMT credit br
CS Executive · Tax Laws · PYQS · June 2022
Lalit presents you following details related to his tax liability for Assessment Year 2022-23: Tax liability as per section 115JC ₹18 lakhs Tax liability as per regular provision of Income tax Act ₹23 lakhs AMT credit brought forward from Assessment Year 2021-22 ₹8 lakhs What shall be the tax liability of Lalit for Assessment Year 2022-23? (Assessee has not opted for section 115BAC)
Answer & Explanation:
Correct Answer: Option (B)
Official answer key: (B). Official source note: Lalit presents you following details related to his tax liability for Assessment Year 2022-23: Tax liability as per section 115JC ₹ 18 lakhs Tax liability as per regular provision of Income tax Act ₹ 23 lakhs AMT credit brought forward from Assessment Year 2021-22 ₹ 8 lakhs What shall be the tax liability of Lalit for Assessment Year 2022-23? (Assessee has not opted for section 115BAC) (A) ₹ 23 lakhs (B) ₹ 18 lakhs (C) ₹ 15 lakhs (D) ₹ 10 lakhs
Topics: Income Tax Act, 1961
Related Questions in this Topic
- Which of the following criteria would make a foreign company to have its active business outside India? (i) Passive inco...
- Crow Ltd is engaged in export of articles and things eligible for deduction under section 10AA of the Income Tax Act, 19...
- Raghu retired on 31st October, 2022 after rendering service for 32 years in a listed company. He received ₹23,00,000 as ...
- Dave & Co. made a turnover of ₹160 lakh during the financial year 2022-23. It received ₹90 lakh by way of RTGS and n...
- Laxmi received ₹30,000 per month by way of family pension (consequent to demise of her husband, who died in April, 2019)...