X Marine Lines Inc., a Singapore company engaged in shipping business collected ₹150 lakh towards carrying goods from Chennai Port. Its presumptive income chargeable to tax in India would be

CS Executive · Tax Laws and Practice · PYQS · December 2015
X Marine Lines Inc., a Singapore company engaged in shipping business collected ₹150 lakh towards carrying goods from Chennai Port. Its presumptive income chargeable to tax in India would be
(A) ₹15 lakh
(B) ₹11.25 lakh
(C) ₹12 lakh
(D) Nil.

Answer & Explanation:

Correct Answer: Option (B)

Official answer key: (B).

Topics: Income Tax Act, 1961

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