Ascertain the tax payable by Rust Ltd. on the Total income of the Financial year 2020-21. Ignore MAT Provisions & provisions of section 115BAA. (Refer to the information provided in Question 1(A)(1) for Total Income
CS Professional · Direct Tax Law & Practice · PYQS · June 2021
Ascertain the tax payable by Rust Ltd. on the Total income of the Financial year 2020-21. Ignore MAT Provisions & provisions of section 115BAA. (Refer to the information provided in Question 1(A)(1) for Total Income calculation).
Answer & Explanation:
Computation of Tax Liability Particulars Amount (₹) Amount (₹) Tax 15% on dividend of ₹5,50,000 from specified Foreign Company 82,500 Tax @ 30% on the balance total income of ₹83,33,000 24,99,900 25,82,400 Add : Surcharge (As total income is less than 1 Crore) Nil Add : Health & Education Cess (4% on 25,82,400) 1,03,296 Total Tax Liability (Round Off) 26,85,700
Topics: Income Tax Act, 1961
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