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Income Tax Calculation Test Paper

This document contains 5 questions related to computation of tax liability and income tax concepts for the Assessment Year 2022-23. Question 1 and 2 ask to compute tax liability for individuals with total income of Rs. 51.5 lakhs and Rs. 5.02 crores respectively. Question 3 asks to calculate marginal relief for a company with total income of Rs. 1.01 crores. Question 4 addresses whether a taxpayer can carry forward business losses and unabsorbed depreciation after filing a return of loss in response to a notice. Question 5 asks about making fresh claims before the Assessing Officer through a revised return.

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Akanksha Upadhyay
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62 views1 page

Income Tax Calculation Test Paper

This document contains 5 questions related to computation of tax liability and income tax concepts for the Assessment Year 2022-23. Question 1 and 2 ask to compute tax liability for individuals with total income of Rs. 51.5 lakhs and Rs. 5.02 crores respectively. Question 3 asks to calculate marginal relief for a company with total income of Rs. 1.01 crores. Question 4 addresses whether a taxpayer can carry forward business losses and unabsorbed depreciation after filing a return of loss in response to a notice. Question 5 asks about making fresh claims before the Assessing Officer through a revised return.

Uploaded by

Akanksha Upadhyay
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© © All Rights Reserved
We take content rights seriously. If you suspect this is your content, claim it here.
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Download as PDF, TXT or read online on Scribd

EKATVAM ACADEMY

CA/CMA FINAL TEST PAPER 1


BASICS OF INCOME TAX CALCULATION + RETURN OF INCOME
QUESTION 1
Compute the tax liability of Mr. Raja (aged 42 years), having total income of ₹ 51.5 lakhs for the Assessment Year
2022 – 23. Assume that his total income comprises of salary income, income from house property and interest from
saving bank account. Also, assume that Mr. Raja has not opted for the provisions of section 115BAC.

QUESTION 2

Compute the tax liability of Mr. Rajesh (aged 57 years), having total income of ₹ 5,02,00,000 for the Assessment Year
2022 – 23. Assume that his total income comprises of salary income, income from house property and interest on fixed
deposit account. Assume that Mr. Rajesh has not opted for the provisions of section 115BAC.

QUESTION 3

Compute the marginal relief available to X Ltd., a domestic company, assuming that the total income of X Ltd. is ₹
1,01,00,000 for A.Y. 2022 – 23 and the total income does not include any income in the nature of capital gains. Assume
that the company has not exercised option under section 115BAA or 115BAB.

[Note – The gross receipts of X Ltd. for the P.Y. 2019 – 20 is ₹ 402 crore]

QUESTION 4
The Assessing Officer issued a notice under section 142 (1) on the assessee on 24th April, 2022 calling upon him to file
return of income for Assessment Year 2021 – 22. In response to the said notice, the assessee furnished a return of loss
and claimed carry forward of business loss and unabsorbed depreciation. State whether the assessee would be entitled
to carry forward as claimed in the return.

QUESTION 5
Discuss the correctness or otherwise of the following proposition in the context of the Income – tax Act, 1961:
A fresh claim before the Assessing Officer can be made only by filling a revised return and not otherwise.

CA VIJAY SARDA | 8956784251/52/53 [Link]

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