1. Mr X, acquires an asset which was previously used for scientific research for ₹ 2,75,000. Deduction u/s 35 was claimed in PY 2019-20. The asset was brought into use for the business of Mr X in PY 2024-25 after the research was completed. The actual cost of the asset to be included in the block of assets is:
2. Mr X, a retailer, acquired furniture on 10th May 2024 for ₹ 10,000 in cash and on 15th May 2024 for ₹ 15,000 & ₹ 20,000 by bearer cheque and account payee cheque, respectively. Depreciation allowable for AY 2025-26 would be :
3. An assessee purchases furniture worth ₹ 80,000 on 05.09.2024 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 06.09.2024 when the furniture is delivered in his office. Compute the amount of actual cost of furniture to the assessee.
4. X Ltd credits a sum of ₹ 45,000 as commission to Y Ltd, an Indian company on 25.06.2024 without deducting TDS. Y Ltd paid its entire tax liability on its income by way of advance payment of tax during PY 24-25 and filed its return of income for AY 25-26 on 15.07.2025. X Ltd also has a CA Certificate in Form No 26A. Compute the deduction available to X Ltd during AY 25-26 in respect of the commission credited to Y Ltd assuming that X Ltd follows mercantile system of accounting.
5. Sumit acquired a commercial building for ₹ 15 lakh in June 2022 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 2024 and since then it was used for business purposes. Depreciation available for AY 25-26 is:
7. Mr Dinesh owns 7 goods vehicle and declares profit on presumptive basis u/s 44AE for AY 2025-26. He is:
9. 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 2024-25 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 2024-25. 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 2025-26, 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 19.10.2024 and 30.09.2024, respectively. The cloth business loss upto 19.10.2024 for PY 2024-25 was ₹ 8,000 and speculative business loss upto 30.09.2024 for PY 2024-25 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 2023-24. On 29.01.2025, 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 2025-26?
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.
