John Miller & Co. of UK is maintaining and operating a branch in India for sale of its garment products. The adjusted total income of the Indian branch for the year ended on 31-03-2021 was of ₹80 lakh after charge of
CS Executive · Tax Laws · PYQS · December 2021
John Miller & Co. of UK is maintaining and operating a branch in India for sale of its garment products. The adjusted total income of the Indian branch for the year ended on 31-03-2021 was of ₹80 lakh after charge of H.O. expenses of ₹20 lakh. The Indian branch intends to claim the maximum amount of H.O. expenses which is being allowable while computing its income to be declared in the return for A.Y. 2021-22. The amount of HO expenses allowable shall be:
Answer & Explanation:
Correct Answer: Option (D)
Official answer key: (D).
Topics: Income Tax Act, 1961
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