Day: March 5, 2018

Question 5. Write brief notes on the following: iv) Provisions Regarding set–off of Losses Solution: Concept of set-off of losses In simple words, “Set-off” means adjustment of losses against the profits from another source/head of income in the same assessment year. If losses cannot be set-off in the same year due to inadequacy of eligible … Read more

Question 5. Write brief notes on the following: iii) Interest on Securities Solution: Interest on Securities if charged under the head ‘income from other sources’ means the following : Interest on any security of the Central or State Government; Interest on debentures or other securities for money issued by or on behalf of a local … Read more

Question 5. Write brief notes on the following: ii) Provident Fund. Solution: Provident fund scheme is a scheme intended to give substantial benefits to an employee at the time of his retirement. Under this scheme, a specified sum is deducted from the salary of the employee as his contribution towards the fund. The employer also … Read more

Question 5. Write brief notes on the following: i) Valuation of Rent Free House Solution: In some cases, the Accommodation is Rent Free to the Employee i.e. No Rent is liable to be paid by the Employee. It is a benefit given to the employee in kind and therefore form a part of perquisites and … Read more