Lecture 6 (Pgbp)

Question 1

Section 44C

Answer 1

Head office expenses of a foreign company’s branch. Limited to 5% of adjusted total income.

Question 2

Section 14A

Answer 2

Expenses related to exempt income (under section 10) are disallowed.

Question 3

Section 44AA

Answer 3

Maintenance of books of accounts

Question 4

Section 44AB

Answer 4

Audit

Question 5

Section 44B

Answer 5

Presumptive income non resident’s shipping business 7.5%

Question 6

Section 172

Answer 6

Presumptive shipping recovery mechanism tax rate 40%

Question 7

Section 44BBA

Answer 7

Presumptive income non resident aircraft 5%

Question 8

Section 44AD

Answer 8

Business income presumptive 8%

Question 9

Section 44ADA

Answer 9

Presumptive income profession 50%

Question 10

Section 44AE

Answer 10

Presumptive income plying and hiring