FIN623 GDB Solution Spring 2019
Answer briefly the following questions
- A & B are working in a local company at an annual gross income of Rs. 1 million each. For the FY2018, their employer deducted income tax at the rate of 10% of their income. During the FY2019, their salaries got an annual increment of 20% and this time, the company deducted tax at the rate of 12%. Identify the tax structure followed by the company.
Ans: – A& B Company are followed by progressive tax
- M Ltd. ends its accounting year on September 30 each year. Determine the tax year of this company for the income year starting on Aug. 1, 2017 and ending on Sept. 30, 2018.
Ans: – Special tax year 2019
- Zee Ltd. is a chartered accountancy firm registered under the Partnership Act, 1932. Briefly state, with reason(s) and relevant section(s) whether XYZ Ltd. will be assessed a company for the tax year 2019?