ABC limited engaged in the business of growing and manufacturing tea in India deposited ₹80 lakh in the "Special Account" during the previous year 2018-19 and claimed the same as deduction under section 33AB (40% of busi
CS Executive · Tax Laws and Practice · PYQS · December 2020
ABC limited engaged in the business of growing and manufacturing tea in India deposited ₹80 lakh in the "Special Account" during the previous year 2018-19 and claimed the same as deduction under section 33AB (40% of business profits of ₹200 lakh). During the previous year 2019-20, company withdrawn ₹40 lakh from the "Special Account" which was utilized as (i) ₹30 lakh on 31st December, 2019 for the scheme framed by the Tea Board (ii) ₹4 lakh on 25th January, 2020 for other purposes and ₹6 lakh was not utilized till 31st March, 2020. The amount chargeable to tax in assessment year 2020-21 shall be
Answer & Explanation:
Correct Answer: Option (C)
Official answer key: (C).
Topics: Profits and Gains of Business or Profession
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