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CA Inter Income Tax Laws Case Scenario 1 Online MCQs

Attempt MCQs Based on CA Intermediate Income Tax Laws Case Scenario 1

Mr. Shashikant, aged 35 years, is an Indian citizen and a member of the crew of a Singapore bound Indian ship engaged in carriage of passengers in international traffic departing from Chennai port on 29th May, 2020.

Particulars Date
Date entered into the Continuous Discharge Certificate in respect of joining the ship by Mr. Shashikant 29th May, 2020
Date entered into the Continuous Discharge Certificate in respect of signing off the ship by Mr. Shashikant 19th December, 2020

He stayed in India in the last 4 previous years preceding the P.Y. 2020-21 for 400 days and for a period of 750 days in the last 7 previous years preceding to P.Y. 2020-21. He received salary of Rs 7,20,000 in his NRE account maintained with State Bank of India, Chennai Branch.

He also furnished details of other income earned during the previous year 2020-21:

S.no Particulars Amount (Rs )
1. Dividend declared and received in the month of April, 2020 from X limited, an Indian company 90,000
2. Agriculture income from land in Pakistan received in India 2,50,000
3. Rental income from house property in Chennai 3,60,000

Based on the facts of the case scenario given above, choose the most appropriate answer to the following questions:

What is Mr. Shashikant’s residential status for the P.Y 2020-21?

What would be the total income of Mr. Shashikant for A.Y. 2021-22 assume that he does not opt to pay tax under section 115BAC?

Assume for the purpose of answering this question that Mr. Shashikant has transferred his house property in Chennai to his minor son on 1st April, 2020 and his wife is a housewife and does not have any income. In such case, his total income would be -

Mr. Shashikant would like to minimize his tax liability and consulted you to compute the amount of same for the P.Y. 2020-21. Accordingly, his tax liability would be -

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