hitechpathshala

Q. 1

X Ltd. files its return of loss for the A.Y. 2024-25 on 01.12.2024. The following data is taken from return submitted by the company:
Business Loss for P.Y. 2023-24 (before depreciation) ₹1,70,000
Depreciation ₹30,000
Short term capital loss ₹45,000
Long term capital gain ₹10,000
Income from other sources ₹23,000
Unabsorbed deprecation pertaining to A.Y. 2022-23 and A.Y. 2023-24 which has been determined in pursuance of return filed ₹75,000
Compute the amount of loss that can be carried forward by X Ltd.

₹1,05,000

₹ 30,000

₹2,87,000

Nil

Q. 2

Operations on 19.10.2023 and 30.09.2023, respectively. The cloth business loss upto 19.10.2023 for P.Y. 2023-24 was ₹ 8,000 and speculative business loss upto 30.09.2023 for P.Y. 2023-24 was ₹ 40,000. Out of total bad debts of ₹ 1,00,000 that were claimed by Mr. Kumar in respect of a particular debtor of cloth business, ₹ 60,000 was allowed by the Assessing Officer in P.Y. 2022-23. On 29.01.2024, Mr. Kumar received a sum of ₹ 68,000 from the debtor in full and final settlement. How much amount would be taxable in the hands of Mr. Kumar for A.Y. 2024-25?

₹ 28,000

₹ 20,000

₹ 60,000

₹ 68,000

Q. 3

During the A.Y. 2024-25, Mr. Kabir has a loss of ₹ 6 lakhs under the head “Income from house property”, loss of ₹ 5 lakhs from business of profession and income of ₹ 3 lakhs from long term capital gains. He filed his return of income for the A.Y. 2024-25 on 31.12.2024. Determine the total income of Mr. Kabir for A.Y. 2024-25 and the amount of loss which can be carried forward in a manner most beneficial to him?

Total income Nil; loss of ₹ 4,00,000 from house property and loss of ₹ 4,00,000 from business or profession

Total income ₹ 1,00,000; loss of ₹ 4,00,000 from house property.

Total income Nil; No loss is allowed to be carried forward.

Total income Nil; loss of ₹ 6,00,000 from house property

Q. 4

Mr. Rajan incurred loss of ₹ 5.3 lakh in the P.Y.2023-24 in toy business. Against which of the following income earned during the same year, can he set-off such loss?

profit of ₹ 2 lakh from wholesale cloth business

speculative business income of ₹ 80,000

long-term capital gains of ₹ 1.20 lakhs on sale of land

All of the above

Q. 5

The details of income/loss of Mr. Kumar for A.Y. 2024-25 are as follows:
Particulars Amt. (in ₹)
Income from Salary (Computed) 5,20,000
Loss from self-occupied house property 95,000
Loss from let-out house property 2,25,000
Loss from specified business u/s 35AD 2,80,000
Loss from medical business 1,20,000
Long term capital gain 1,60,000
Income from other sources 80,000
Compute gross total income of Mr. Kumar for A.Y. 2024-25:

₹ 4,40,000

₹ 3,20,000

₹ 1,60,000

₹ 4,80,000

Aggregation of Income, Set-off and Carry forward of losses

Marks: 5