Ping Pong is a Proprietorship firm of Pinga, resident in India having turnover from manufacturing and sale of Steel balls for the year 2018-19 of ₹148 lakh which is inclusive of amount of ₹42 lakh received through electr
CS Executive · Tax Laws · PYQS · December 2019
Ping Pong is a Proprietorship firm of Pinga, resident in India having turnover from manufacturing and sale of Steel balls for the year 2018-19 of ₹148 lakh which is inclusive of amount of ₹42 lakh received through electronic clearing system/RTGS/NEFT. The accounts are not properly maintained by Pinga and therefore he wants to pay tax on the income computed under section 44AD of Act. Advise Pinga, how much income he will be required to pay tax for A.Y. 2019-20 as per section 44AD :
Answer & Explanation:
Correct Answer: Option (C)
Official answer key: (C).
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)...