Taxation Law- AILET, 2021
tax ailet beginner pyq_discussionQuestion was: "Which of the following is exempted from Income-tax as per the provisions of the Income-tax Act, 1961? a) Capital gains on sale of equity shares b) Income from a non-resident company c) Interest on bonds d) Income from sale of a self-occupied property"
Tricky part was option 'c') - you can't be sure if the bonds are Govt bonds or not. Govt bonds are exempt but it's not stated explicitly.
Correct approach is: Read carefully, eliminate options which have a clear NO (d - income from self-occupied property is exempt). Then think about the exemptions - what are the conditions? Govt bonds are exempt, but the question doesn't specify. So, option c) was the correct answer but don't be sure, it's a tricky one.
2 Comments
Yaar, I disagree with the answer provided for Q 18 on AILET 2021. According to my knowledge, Section 56(2)(viib) is applicable when the consideration is in the form of stock or shares, not just any other asset. Can someone throw more light on this? Let's discuss.
Tumhare liye sabse zaroori sections yaad rakho: 115, 24, 25, 54, 56. Bilkul focus karo tax liability of foreign entities aur exemptions under 10(1) & 11. Vah sab questions aati hain jismein income of foreign companies ka concept hota hai. Aur don't forget section 44AD aur 44AE, ye sab questions aate hain jismein cash vs accrual method kya hota hai.