Balu paid ₹1,00,000 to Raj for purchase of standing crop (paddy). He harvested the produce, i.e., paddy by incurring expenditure of ₹25,000. He sold the said paddy for ₹1,80,000 to a trader. His other income for the year
CS Executive · Tax Laws and Practice · PYQS · June 2016
Balu paid ₹1,00,000 to Raj for purchase of standing crop (paddy). He harvested the produce, i.e., paddy by incurring expenditure of ₹25,000. He sold the said paddy for ₹1,80,000 to a trader. His other income for the year ended 31 st March, 2016 was ₹4,60,000. The total income of Balu is —
Answer & Explanation:
Correct Answer: Option (B)
Official answer key: (B).
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...