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BUSINESS QUIZ FOR PGPSE

PARTICIPANTS

by :
DR. T.K. JAIN
AFTERSCHO☺OL
centre for social entrepreneurship
sivakamu veterinary hospital road
bikaner 334001 rajasthan, india
www.afterschoool.tk
mobile : 91+9414430763

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WHAT IS CAPITAL RECEIPT?

Receipt which are of the nature of fixed capital


are called capital receipt

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Making coffee

Rule 7(b) – 40% is taxable

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WHAT IS AOP AS PER
INCOME TAX???
Association of persons’ has not been defined in
the Income-tax Act. However in the case of
CIT v. Indira Balkrishna [(1960) 39 ITR 546]
the Supreme Court has defined it as:
“Association of persons” means an association
in which two or more persons join in a
common purpose or common action to produce
income, profits or gains.
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BCTT?

Banking cash transaction tax

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What is revocable transfer?
1. it contains any provision for the re-
transfer directly or indirectly of the whole or
any part of the income or assets to the
transferor; or
2. it, in any way, gives the transferor a right
to reassume power directly, or indirectly over
the whole or any part of the income or assets.
(sec.63)

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FBT

Fringe benefit tax

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WHAT IS REVENUE RECEIPT?

Receipts which are of the nature of circulating


capital are called capital receipt
Circulating capital is that part of the capital
which is turned over in the business and which
ultimately results in profit or loss.

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Machinery in the hands of a
manufacturer is ....

Fixed capital

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WHAT IS VRS PAYMENT –
CAPITAL OR REVENUE?

Any compensation received for termination of


employment or modification of the terms of
employment would fall within the meaning of
a profit in lieu of salary and consequently
taxable as salary income. - so it is revenue
receipt

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profits and gains arising from the
sale or other transfer of a capital
asset are taxable as

Capital gain tax

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Subsidies and grants received
from the government would be

Revenue receipt

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Compensation for termination of a
sole selling agency is a

Capital receipt

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For debenture holder the premium
on redemption or the discount on
issue of the debentures by the
company would be a

Capital receipt

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Royalties are taxable as

Income from other sources

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Any compensation received for termination of managing agency or
other contractual relationship in relation to the management of whole
or substantially the whole of the affairs of a company or the
modification of the terms and conditions relating thereto would be
taxable as

Income from business

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Section 28 (ii)(c) is about

Income from agency buesiness

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An employee director of a company was paid
Rs. 1,75,000 as a lump sum consideration for
not resigning from the directorship.

Revenue receipt

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What is sec. 2(9)

Assessment year

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What is 2(24)?

Definition of income

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instead of receiving royalty year
by year, we received it in advance
in lump sum ..

It is still revenue receipt

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What is section 294?

Levy of income tax

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Sales-tax collected from the buyer
of goods.

Revenue receipt

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We received Rs. 2,00,000 as compensation
from CD & Co. for premature termination of
contract of agency.

Capital receipt

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Value of perqs or profit in lieu of
salary is taxable under which
section?

Section 17 (3)

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Payment of Rs. 50,000 as compensation for cancellation of a contract
for the purchase of a machinery with a view to avoid an unnecessary
expenditure.

Capital receipt

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What was law before income tax
act 1962

income tax act 1922

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Income from trade business is as
per section no...

28

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DEEMED PROFIT IS AS PER
SECTION...

41 & 59

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THANKS....

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