HSK, an LLP has taken keyman insurance policy on the life of its managing partner. The policy got matured on 13th September 2017 and an amount of rupees 75 lakhs was paid by the insurers to the Managing partner. The amount so received on maturity of the policy a. fully exempt under section 10(10D) b. 50% of rupees 75 lakh is exempt c. rupees 75 lakh is taxable d. rupee 25 lakh is exempt and Rs 50 lakh is taxable

HSK, an LLP has taken keyman insurance policy on the life of its managing  partner. The policy got matured on 13th September 2017 and an amount of rupees 75 lakhs was paid by the insurers to the Managing partner. The  amount so received on maturity of the policy
a. fully exempt under section 10(10D)
b. 50% of rupees 75 lakh is exempt
c. rupees 75 lakh is taxable
d. rupee 25 lakh is exempt and Rs 50 lakh is taxable
by

1 Answer

Answer :

c. rupees 75 lakh is taxable
by

Related questions

Raman & Co., a Partnership firm, received Rs.5 lakh from Insurance Company under Keyman Insurance Policy consequent to demise of Partner Pramod. The amount of premium of Rs.230000 paid earlier was claimed as deduction u/s 37 by the firm. a) Tax-free u/s 10(10D) b) Fully taxable as Income c) Rs.270000 is taxable d) Rs.230000 is taxable

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Last Answer : d) Rs.230000 is taxable

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Opening WDV off the block of assets was Rs 15 lakh. During the year, asset was acquired under this block on 15 January 2018 amounting to rupees 10 lakh. One of the assets falling within the block was sold for rupees 5.5 lakh on 14 January 2018. Rate of depreciation of block is 10%. Calculate the amount of depreciation available during the previous year. a. rupees 1.95 lakh b. rupees 2.5 lakh c. rupees 2.25 lakh d. Rs 1.45 lakh

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A purse contains one-rupee, 50 paise ad 25 paise coins in the ratio 4:3:6. fi the total amount in the purse is Rs 28, then find the number of 50 paise

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While computing the actual cost of any asset falling within a block, portion of cost of asset which has been met directly by the central government or a state government or any authority under any law or any other person, in the form of a subsidy or grant : a) Added to purchase price b) Subtracted from purchase price c) Added to WDV d) Claimed as Revenue Expenditure

Description : While computing the actual cost of any asset falling within a block, portion of cost of asset which has been met directly by the central government or a state government or any authority under any law ... price b) Subtracted from purchase price c) Added to WDV d) Claimed as Revenue Expenditure

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Description : Sale of Goods and rendering of services are recognized under: a) ICDS-X b) ICDS-IV c) ICDS-V d) ICDS-VIII

Last Answer : b) ICDS-IV

In National Savings Certificates, investment up to ________ per annum qualifies for IT Rebate under section 80C of Income Tax Act. A. Rs.10 lakh B. Rs.2 lakh C. Rs.5 lakh D. Rs.1 lakh

Description : In National Savings Certificates, investment up to ________ per annum qualifies for IT Rebate under section 80C of Income Tax Act. A. Rs.10 lakh B. Rs.2 lakh C. Rs.5 lakh D. Rs.1 lakh

Last Answer : D. Rs.1 lakh Explanation: There is no maximum limit for investment. Certificates can be kept as collateral security to get loan from banks. Investment up to INR 1,00,000/- per annum qualifies for ... Tax Act. Trust and HUF cannot invest. Rate of interest effective from 1st April 2016 is 8.10%

A bag contains 25p coins, 50p coins and 1 rupee coins whose values are in the ratio of 8:4:2.If the total values of coins is X and the total amount in rupees is Y,then which of the following is true A) X = 840; Y = 360 B) X = 966; Y = 345 C) X = 840; Y = 280 D) X = 740; Y = 260 E) None of these

Description : A bag contains 25p coins, 50p coins and 1 rupee coins whose values are in the ratio of 8:4:2.If the total values of coins is X and the total amount in rupees is Y,then which of the following is true A) X = 840; Y = 360 B) X = 966; Y = 345 C) X = 840; Y = 280 D) X = 740; Y = 260 E) None of these

Last Answer : Answer: A Value is given in the ratio 8:4:2. By option, (8x*0.25) + (4x*0.5) + (2x*1) = 840. So X=840 Y=360

Bharathi started a business with Rs.50000 and after 4 months, sathya joined him with Rs.120000. Bharathi received Rs.116000 including 20% of profit as commission for managing the business. What amount did sathya receive? A) 112484. B) 145826. C) 134972. D) 112540

Description : Bharathi started a business with Rs.50000 and after 4 months, sathya joined him with Rs.120000. Bharathi received Rs.116000 including 20% of profit as commission for managing the business. What amount did sathya receive? A) 112484. B) 145826. C) 134972. D) 112540

Last Answer : Answer: A) Ratio of the profits = 50000 12 : 120000 8 = 5:8 Let the total profit = x. Then Bharathi received 20x/100 = x/5 as commission for managing the business Remaining profit = x- x/5 = 4x ... =x/5+4x/13=116000 =33x/65=116000 => x = 228484 Sathya 's share = 228484 - 116000 = 112484