Vinod & Co. is an AOP consisting of three members E, F and G. The concern paid interest on capital to member E ₹1,05,000 @ 15% per annum. It also received interest from the member E ₹90,000 on the amount advanced @ 1
CS Executive · Tax Laws and Practice · PYQS · December 2019
Vinod & Co. is an AOP consisting of three members E, F and G. The concern paid interest on capital to member E ₹1,05,000 @ 15% per annum. It also received interest from the member E ₹90,000 on the amount advanced @ 18% per annum. The total income of the AOP after including interest receipt and deducting interest payment to E is ₹4,85,000. Its total income liable for income-tax assessment would be :
Answer & Explanation:
Correct Answer: Option (B)
Official answer key: (B).
Topics: Income Tax
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