Under Section 44AD of the Income-tax Act, 1961, what is the presumptive rate of deemed business profit for eligible turnover received through account payee cheque, bank draft, or electronic clearing system?

Under Section 44AD of the Income-tax Act, 1961, what is the presumptive rate of business profit for an eligible resident assessee whose turnover is received through account payee cheque, bank draft, or electronic clearing system (ECS)?

Analyze the impact of amalgamation on the shareholders of the companies involved.

8. AMT liability are not attracted to: Choose the correct answer from the following:

Question 1 Mr. Raman, a resident individual aged 62 years, is engaged in the business of manufacturing and sales of spare parts for motor bikes, as a proprietor. He prepares his accounts on mercantile basis. This business is carried out on the ground floor of a two storied commercial building owned by him, the written down value of which is ₹ 8 lakhs as on April 1, 2023. He prepares his accounts on accrual basis. The Statement of Profit and Loss for the previous year ended on March 31, 2024 shows a net profit of ₹ 9.25 lakhs (before taxation and depreciation) after debiting/crediting the following items: (i) Travelling expenses includes ₹ 2,40,000 being expenditure incurred on a foreign tour to Taiwan for attending a business exhibition and meeting with vendors, out of which ₹ 40,000 is incurred in Indian currency and ₹ 2,00,000 in foreign currency. Mr. Raman has spent 10 days in Taiwan, out of which 4 days were utilized by him for attending marriage ceremony of a vendor's son. (ii) Administrative expenses include ₹ 9,525 paid towards interest on delay in deposit of GST. (iii) General expenses include a sum of ₹ 3,88,000 paid to a non-resident as fee for technical services without deduction of tax at source. (iv) Fire insurance premium of ₹ 66,000 for the entire building remained unpaid till 31st March, 2024. (v) Expenditure of ₹ 75,000, was paid to a scientific research association approved under section 35. Out of ₹ 75,000, ₹ 50,000 was utilised towards the purchase of land by the research association. (vi) He let out first floor of his commercial building to Mr. Aman on April 1, 2023 and received rent of ₹ 35,000 per month. Municipal taxes ₹ 20,000 relating to the building were paid equally by both Mr. Raman and Mr. Aman. Rent received was credited and municipal taxes of ₹ 10,000 (relating to ground floor) was debited to the statement of profit and loss. (vii) He sold a piece of land for ₹ 44 lakhs on 12th April, 2023. He had acquired the land for 40 lakhs on 1stJanuary, 2022. The gain of 4,00,000 is credited to the statement of profit and loss. (CII for F.Y. 2021-22-317; F.Y. 2023-24-348) Additional Information: (i) Mr. Raman purchased raw material from M/s. Paul Industries, a micro enterprise, for ₹ 49,000 on March 10, 2024. However, the payment to M/s. Paul Industries was made on April 5, 2024 by cheque. No written agreement for payment existed between M/s. Paul Industries and Mr. Raman. Another supplier M/s. Kal Industries, a small enterprise, with whom also no written agreement existed for payment, was paid ₹ 1,34,000 in cash on April 5, 2024 for purchase of raw material on March 31, 2024. Both M/s. Paul Industries and M/s. Kal Industries follow mercantile system of accounting. (ii) Mr. Raman acquired a registered trademark on July 15, 2023 for ₹ 2,00,000. Mr. Raman started using this trademark for his business from January 15, 2024. Mr. Raman omitted to enter any transaction relating to this trademark in his books of accounts. (iii) Mr. Raman bought a car for personal use on 12th April, 2020 for ₹ 5,40,000. He started using this car for business purposes from 01.04.2023. As on that day, the market value of the car was ₹ 2,10,000. Assume the rate of depreciation to be 15%. (iv) He incurred ₹ 2,50,000 on the purchase of a new machinery to be used in the production of spare parts for motor bikes on May 15, 2023. (v) He has paid tuition fees of ₹ 25,000 for the education of his daughter to a college. (vi) During the year, Mr. Raman has incurred ₹ 9,500 in cash for preventive health check-up where ₹ 5,000 was for himself and ₹ 4,500 was for his parents who are super senior citizens. (vii) Donation paid to a registered political party by way of cheque ₹ 20,000. Compute the total income and tax payable for assessment year 2024-25 by Mr. Raman under default tax regime and optional tax regime as per normal provisions of the Act. Which option is advantageous to Mr. Raman? (15 Marks)

Question 6 (a) M/s. T is a registered dealer of Andhra Pradesh trading in different types of machinery and its related different types of services. Their aggregate turnover for the preceding financial year 2022-23 for sale of machinery was ₹ 1.32 crores, it was first year so they had not started for providing service related to machinery. From FY 2023-24 they are planning to provide repair and maintenance service of ₹ 6.25 lakh for which they have to purchase some raw material of ₹ 5 lakh from the other State (till date they are purchasing within State only). From the information given above, examine whether M/s. T can opt for composition scheme under Section 10(1), 10(2A) or 10(2) of the CGST Act, 2017 for FY 2023-24? (5 Marks) (b) (i) Garima having its permanent residence in Bhavnagar, Gujarat purchased car from Kiara Motors of Jaipur, Rajasthan to take the advantage of lower registration charges and road tax. Garima took the delivery of the car from Jaipur and returned with car to her residence in Bhavnagar, Gujarat. Address of Garima recorded in the invoice issued by Kiara Motors mentions only the name of the State i.e. Gujarat. Garima is an unregistered person whereas Kiara Motors is a registered person under GST. Determine the place of supply for supply made by Kiara Motors to Garima. (2 Marks) (ii) Aakar Advertisement Agency, a registered person in Nagpur, Maharashtra, wants to display the products of its client's at most prominent places in different States. It took on rights to use the space on hoardings mounted on fixed surface attached to earth, situated in Udaipur, Rajasthan and in Gwalior, Madhya Pradesh from G.N. Enterprise registered in State of Chhattisgarh. Aakar Advertisement Agency has an exclusive right to use the space and also to manage the advertisements on the hoardings. What will be the place of supply of services provided by the G.N. Enterprise to the Aakar Advertisement Agency? (3 Marks)

What is the primary objective of amalgamation of companies?