Kayal engaged in trading activity reported turnover of ₹210 lakh for the previous year 2017-18 and ₹190 lakh for the previous year 2018-19. She paid brokerage of ₹40,000 to Padmaja in October, 2018. Both the party are re
CS Executive · Tax Laws and Practice · PYQS · December 2019
Kayal engaged in trading activity reported turnover of ₹210 lakh for the previous year 2017-18 and ₹190 lakh for the previous year 2018-19. She paid brokerage of ₹40,000 to Padmaja in October, 2018. Both the party are resident for tax purpose. The amount of tax deductible by Kayal on the brokerage paid would be :
Answer & Explanation:
Correct Answer: Option (C)
Official answer key: (C).
Topics: Income Tax
Related Questions in this Topic
- Senthil employed in a nationalized bank incurred ₹60,000 towards medical expenditure of his parent who is a senior citiz...
- Income tax assessment of Kuber was completed on 15-12-2018 for the assessment year 2016-17. There is an error apparent i...
- Income tax assessment of Ajay was completed determining the income at ₹8,40,000 as against the returned income of ₹5,40,...
- A resident having transaction with a non-resident who has filed form 35D for advance ruling, can withdraw the applicatio...
- When the Advance Pricing Agreement (APA) has been entered into, it is valid for not more than __________ consecutive pre...