1. Interest on capital payable to the partner is:
2. Find out the book profit as prescribed u/s 40(b):
3. Salary to working partner deductible u/s 40(b):
4. An assessee purchases furniture worth ₹ 80,000 on 05.09.2025 and makes the payment of ₹ 45,000 by account payee cheque and ₹ 20,000 in cash on the same date. Balance ₹ 15,000 is paid by the assessee by bearer cheque on 06.09.2025 when the furniture is delivered in his office. Compute the amount of actual cost of furniture to the assessee.
5. X Ltd credits a sum of ₹ 45,000 as commission to Y Ltd, an Indian company on 25.06.2025 without deducting TDS. Y Ltd paid its entire tax liability on its income by way of advance payment of tax during PY 25-26 and filed its return of income for AY 26-27 on 15.07.2026. X Ltd also has a CA Certificate in Form No 26A. Compute the deduction available to X Ltd during AY 26-27 in respect of the commission credited to Y Ltd assuming that X Ltd follows mercantile system of accounting.
6. Sumit acquired a commercial building for ₹ 15 lakh in June 2023 in addition to the cost of ₹ 3 lakh in respect of the land on which the building is situated. It was used for personal purposes until he commenced business in June 2025 and since then it was used for business purposes. Depreciation available for AY 26-27 is:
8. Mr Dinesh owns 7 goods vehicle and declares profit on presumptive basis u/s 44AE for AY 2026-27. He is:
10. A, a resident individual, is engaged in the business of money lending. For the purpose of lending money to various persons, A borrows money from other persons. As a part of his business, A took a loan from B of an amount of ₹ 10 lacs. B is a non-resident. On the said loan, A paid an amount of ₹ 1 lakhs as interest during PY 2025-26 to B in India. A did not deduct tax at source while crediting/paying the interest amount to B. A is of the view that the amount of ₹ 1 lakhs shall be allowed to him as a deduction under the Income Tax Act, 1961. Whether A’s view is correct?
12. Ms Rimjhim (aged 32 years), an interior decorator, has professional receipts of ₹ 25,60,000 for PY 2025-26. She also earned ₹ 1,25,000 as dividend & ₹ 4,65,000 as interest income on fixed deposits. She incurred expenses of ₹ 13,00,000 for her profession and ₹ 30,000 as interest on loan for making investment in shares on which she received dividend. What would be her total income for AY 2026-27, assuming that she wishes to make maximum tax savings without getting her books of account audited?
13. Mr Kumar, engaged in wholesale business of clothes and speculative business, discontinued its operations on 19.10.2025 and 30.09.2025, respectively. The cloth business loss upto 19.10.2025 for PY 2025-26 was ₹ 8,000 and speculative business loss upto 30.09.2025 for PY 2025-26 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 PY 2024-25. On 29.01.2026, 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 AY 2026-27?
15. K is a working partner in a firm on behalf of his HUF and the HUF has contributed ₹ 3,00,000 as its capital contribution. Apart from this, K has given a loan of ₹ 50,000 to the firm in his individual capacity. The firm pays interest as per market rate of 15% pa on capital as well as loan. Compute the amount of interest that shall be allowed to the firm while calculating its business income assuming that the interest is authorized by the partnership deed.
