Income tax and practice core set second question paper review

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  1. Define previous year & assessment year. Explain under what circumstances
    the income of a previous year is taxable in the previous year itself? Also define
    person under section 2(31) of the income tax act 1961.

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  3. 1. Ms.Rajshree Das is a citizen of UAE. She left India during 1984 and got permanently settled
    there. She was born in India in 1968 and her husband was also born in India in 1966.Her parents
    were born in UK prior to 1947, however they migrated to India in 1963 and got permanently
    settled in Delhi. Ms Rajshree came to India on 29
    January 2020 and stayed for 101 days. Prior
    to that also she had been coming to India for 100 days during every previous year 1987. For the
    previous year 2019-20, she earned the following incomes/loss.
    (a) Income from salaries of services rendered in UAE, received there Rs.7, 96,000.
    (b) Income from house property in India received in UAE Rs.2, 84,000.
    (c) Loss from a business in India ( controlled from UAE) Rs.1,10,000
    (d) Income from a business in Srilanka ( controlled from India) Rs.1,90,000
    (e) Interest on bank deposit in UAE subsequently remitted to India Rs.2,64,000
    (f) Interest on bank deposits (FDR) in India received in USA Rs.4,60,000
    Compute her total income and also calculate her tax liability for the assessment year
    2020-21, assuming that she is not entitled to any deduction under section 80 C to 80U.


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