Sandeep during the previous year 2019-20 receives royalty on books of ₹1,00,000 at a rate of 17% and incurs ₹10,000 as expenditure for earning the amount of royalty. The books are covered under section 80QQB and the enti
CS Executive · Tax Laws and Practice · PYQS · December 2020
Sandeep during the previous year 2019-20 receives royalty on books of ₹1,00,000 at a rate of 17% and incurs ₹10,000 as expenditure for earning the amount of royalty. The books are covered under section 80QQB and the entire royalty was to be received from UK. ₹50,000, however shall be remitted to India till 30th September, 2020 out of the total amount of Royalty of ₹1,00,000. Deduction under section 80QQB for the assessment year 2020-21 available to Sandeep is ______.
Answer & Explanation:
The official key records 'C*'. This question is excluded from automatic grading because the source does not supply an unambiguous valid choice. Official source note: Correct option is C i.e. 40000 (50000 -10000). However, while calculating deduction proportinate expendiutre is deducted, thus, no options are correct.
Topics: Deductions from Gross Total Income
Related Questions in this Topic
- A deduction of an amount of ______ under section 80EEA in respect to interest paid on home loan for acquisition of resid...
- An individual resident senior citizen tax payer can claim an amount of ______ as deduction in respect of specified incom...
- The maximum amount which can be donated in cash for claiming benefit of deduction under section 80G of the Act is ______...
- Rama Farm Pvt Ltd is a producer company as specified under section 581A(i) of the Companies Act, 1956. In order to avail...
- Kamal has established in the previous year 2018-19 two industrial undertakings, one in a SEZ and one in a normal DTA. Th...