Final PN-15 DIT Quiz 5

1. Mr. Amit, a property dealer, sold a flat in Kolkata, the stamp duty of which is Rs.3 crores for Rs.2.6 crores to his friend Mr. Biswajit, a Photographer. Mr. Amit had purchased the flat one and a half Year back for Rs.2.0 crores and the stamp duty value on that date was also Rs.2.0 crores. What are the tax implications of such sale?

2. Income Tax Appellate Tribunal can rectify its own order if it is

3. MLC Ltd. earned Rs. 20 lakhs by way of transfer of carbon credit. The tax liability in respect of carbon credit is     

4. Nirmal Fertilisers P Ltd., is a manufacturer. A factory building has been constructed for Rs.40 lakhs and occupied on 12.02.2025. Additional depreciation allowable for the said factory building is

5. For Murli Ltd. there was an outstanding interest payment due to a nationalized bank of Rs.200 lakhs, which was converted into 8% Debentures on 12-03-2025. How much of interest due to the bank would be deemed as paid and allowable under section 43B by issue of 8% debentures?

6. The relief where there is no Avoidance of Double Taxation Agreement, is

7. Alpha Ltd. has distributed on 30.6.2025, dividend of Rs. 130 lakhs to its shareholders. During the F.Y.2024-25, Alpha Ltd. has received dividend of Rs. 108 lakhs (Net of TDS) from domestic companies and Rs. 30 lakhs (gross) from a foreign company in which it has 5% shareholding. What is the deduction, if any, available to Alpha Ltd. in respect of such dividend?

8. Which model of DTAA, does Government of India generally follow in its treaty with other countries?

9. Subham, engaged in the business of wholesale trade, has a turnover of Rs.80 lakhs for P.Y.2023-24 and Rs.240

lakhs for P.Y.2024-25. In the P.Y.2024-25, he paid salary of Rs.3 lakhs to Mr. Rohit, a resident, without deduction of tax

at source and commission of Rs.61 lakhs to Mr. Pramod, a resident, without deduction of tax at source. The disallowance under section 40(a)(ia) while computing business income of A.Y.2025- 26 would be

10. Rajiv Industries is engaged in manufacture of leather products. It was set up in backward area and became eligible for subsidy @ 25% for the generator, to be used in guest house, acquired by it for Rs.12 lakhs on 15.12.2024. It received the subsidy in March 2025. The amount of depreciation for the year at the applicable rate would be

11. The time limit for passing an order by Transfer pricing officer is within

12. How much is the minimum tax effect that should be involved to invoke GAAR provisions?

13. Mohan & Co paid Rs.5 lakhs to Elite Inc. a foreign company not having a PE in India towards online digital advertisement charges. How much is the amount payable by Mohan & Co as equalisation levy for the payment made?

14. Equalization levy is applicable if the aggregate amount of consideration for specified transactions exceeds

15. Mr. Smith, a resident individual made an advertisement in a website (owned by a non-resident company) for sale of his house property at Kolkata for which he paid Rs.2,35,000. How much is the amount to be deducted by way of equalisation levy by Mr. Smith?

16. Mr. Rahul has income of Rs.52 lakhs under the head “Profits and gains of business or profession”. One of his businesses is eligible for deduction@100% of profits u/s 80-IA for A.Y.2024-25. The profit from such business included in the business income is Rs.35 lakhs. What would be the tax liability (rounded off) of Mr. Rahul for A.Y.2025-26, assuming that he has no other income during the P.Y.2024-25 and exercises the option to shift out of the default tax regime u/s 115BAC

17. Mr. Sumit had bought a laptop for Rs. 50,000 on 01.04.2022 for his personal use. He started using this laptop for his business purposes only since 02.05.2024. On that date, the market value of the laptop was Rs.40,000. What is the amount of depreciation allowable to him under the Income Tax Act, 1961 for the financial year 2024-25 assuming the rate of depreciation to be 40%.

18. A computers was purchased for Rs.8 lakhs on 4th October, 2024, it was installed & put to use in office on same date. The depreciation allowable under section 32 for A.Y.2025-26 is respect of the said computers is

19. Rounding off of tax in respect of which interest is to be calculated to nearest multiple of:

20. X Ltd. filed its return of income for AY 2025-26 on 30th September, 2025. The return is selected for regular assessment under section 143(3). The time limit for service of notice u/s 143(2) in this case is

21. Foreign Institutional Investor or a Qualified Foreign Investor made investments in municipal debt securities for which interest of Rs.5,00,000 is payable. TDS to be deducted on such interest payments is

22. XYZ Ltd. set up a manufacturing unit in Durgapur on 15 July 2024. It invested Rs.30 lakhs in new plant and machinery on 15 July 2024. It invested Rs.50 lakhs in new plant and machinery on 20 Dec 2024, out of which Rs.10 lakhs was second hand assets. What is the amount of depreciation allowed u/s 32 for the AY 2025 26?

23. Royalty of Rs.10 lakhs received by a foreign company from an Indian concern in pursuance of an agreement approved by the Central Government in the previous year 2024-25. How much is the income tax payable on royalty income for AY 2025-26?

24. Mediterranean cargo Inc., a company based in Malaysia operating its ships to and fro Mumbai port, collected freight of Rs.85 lakhs, demurrage of Rs.5 lakhs and handling charges of Rs.2 lakhs in respect of goods shipped at Mumbai port. It incurred expenses of Rs.35 lakhs during the year for operating its fleet. In respect of goods shipped at Dublin, Ireland, it received Rs.50 lakhs in India. Its tax liability (rounded off) for the A.Y.2025-26 is –

25. Nirvi Ltd. has received Rs.99 lakhs (net of TDS) as dividend from a domestic company on 31st Dec 2024. It has distributed Rs.105 Lakhs as dividend to its shareholders on 31st July 2024. What is the amount of deduction available to Nirvi Ltd. in respect of such dividend?