The residential status of Thomas for the previous year 2019-20 is of a resident but not ordinarily resident (R&NOR). He has following income during the year and asks you to explain by giving brief reasons as per prov
CS Professional · Advanced Tax Laws and Practice · PYQS · December 2020
The residential status of Thomas for the previous year 2019-20 is of a resident but not ordinarily resident (R&NOR). He has following income during the year and asks you to explain by giving brief reasons as per provisions of the Income Tax Act, 1961 whether the same be taxable in the assessment year 2020-21: (b) Dividend of ₹ 55,000 from an Indian Mutual Fund company on the MF Units as specified under section 10(23D) of Act.
Answer & Explanation:
Income received by way of dividend of ₹ 55,000 in respect of Units of a Mutual Fund specified u/s 10(23D) is exempt from tax u/s 10(35) of the Income Tax Act, 1961.
Topics: Income Tax Act, 1961
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