Palak employed in a private company acquired a generator to be let out on hire for marriages and social functions. He received hire charges of ₹8,50,000 and paid on 1st day of every month, salary to operator @ ₹35,000 by
CS Executive · Tax Laws and Practice · PYQS · December 2019
Palak employed in a private company acquired a generator to be let out on hire for marriages and social functions. He received hire charges of ₹8,50,000 and paid on 1st day of every month, salary to operator @ ₹35,000 by cash. He also paid interest in cash to SBI towards loan for acquisition of generator of ₹1,52,000. The income of Palak from the said activity liable to tax would be (without considering 44AD) :
Answer & Explanation:
Correct Answer: Option (B)
Official answer key: (B).
Topics: Income Tax
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