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Assertion (A): If the interest is payable outside India, tax must be deducted at source.
Reason (R): If tax has not been deducted at source, the amount paid as interest will not be allowed as a deduction in computing business income.
Select the correct answer:

Assertion (A): If the interest is payable outside India, tax must be deducted at source.
Reason (R): If tax has not been deducted at source, the amount paid as interest will not be allowed as a deduction in computing business income.
Select the correct answer: Correct Answer Both (A) and (R) are correct and (R) is the correct explanation of (A)

Related Questions

A passage is given with five questions following it. Read the passage carefully and select the best answer to each question out of the given fouralternatives. Just as space permeates everything in the universe, love permeates every part, every aspect of creation. If there is one answer to the question, “How and why doesthis world exist?” the answer, in one word, is Love. Rather, the answer is Pure Love, since the word love has lost its meaning. Your very existence is an expression of pure unconditional love of the Source (you may call it Consciousness, Creator, God, Divine Self). This is the truth of your being.True love transcends both love and hatred. It is unconditional, unquestioning, boundless, unchanging love. It is overflowing love of the Source for the Source throughall of creation. True love is way beyond the personalized love that two or more individuals assert on one another. Personalized love, though apparently selfless, is rooted in desiresand conditional satisfaction. We have been brought up in a society that judges love based on conditions. We have been made to believe that we can receive love only when we fit into peoplesexpectations. If we are not good enough, we will be deprived of love. These beliefs have influenced the collective psyche of families, groups, communities, and societies since generations to such an extent that love has been reduced tofear of denial. We need to shift from the paradigm of false conditional love to the essence of pure unconditional love . The experience of true love comes with surrender of the false I, in letting go of the feeling of separateness. Without this sacrifice, it is not possible to attain divinelove. When this separate I is discarded, you embrace everything in oneness and catch a glimpse of pure love. True love can be experienced only through giving, not by demanding. People who exist in your life are not here to love you. They are here to remind you that you arethe Source of Love. By knowing that you are the Source of love, you can love yourself, instead of waiting to receive love from the world. Ask yourself, “Why do I need an agent to love myself?” Waiting for the world to love you, is like hiring an agent to love yourself! It is time for you to honor yourself as the Source of love. You have undertaken this human journey to realize and express the boundless love that you truly are. What does source refers to in the last line of the second para of the passage?
A passage is given with five questions following it. Read the passage carefully and select the best answer to each question out of the given fouralternatives. Just as space permeates everything in the universe, love permeates every part, every aspect of creation. If there is one answer to the question, “How and why doesthis world exist?” the answer, in one word, is Love. Rather, the answer is Pure Love, since the word love has lost its meaning. Your very existence is an expression of pure unconditional love of the Source (you may call it Consciousness, Creator, God, Divine Self). This is the truth of your being.True love transcends both love and hatred. It is unconditional, unquestioning, boundless, unchanging love. It is overflowing love of the Source for the Source throughall of creation. True love is way beyond the personalized love that two or more individuals assert on one another. Personalized love, though apparently selfless, is rooted in desiresand conditional satisfaction. We have been brought up in a society that judges love based on conditions. We have been made to believe that we can receive love only when we fit into peoplesexpectations. If we are not good enough, we will be deprived of love. These beliefs have influenced the collective psyche of families, groups, communities, and societies since generations to such an extent that love has been reduced tofear of denial. We need to shift from the paradigm of false conditional love to the essence of pure unconditional love . The experience of true love comes with surrender of the false I, in letting go of the feeling of separateness. Without this sacrifice, it is not possible to attain divinelove. When this separate I is discarded, you embrace everything in oneness and catch a glimpse of pure love. True love can be experienced only through giving, not by demanding. People who exist in your life are not here to love you. They are here to remind you that you arethe Source of Love. By knowing that you are the Source of love, you can love yourself, instead of waiting to receive love from the world. Ask yourself, “Why do I need an agent to love myself?” Waiting for the world to love you, is like hiring an agent to love yourself! It is time for you to honor yourself as the Source of love. You have undertaken this human journey to realize and express the boundless love that you truly are. According to the passage, whom to honour as the source of love?
Which of the following components are true about tax planning?
1. Tax planning is the process of analyzing a financial plan or a situation from a tax perspective.
2. The objective of tax planning is to make sure there is tax efficiency. With the help of tax planning, one can ensure that all elements of a financial plan can function together with maximum tax-efficiency.
3. Reducing tax liability and increasing the ability to make contributions towards retirement plans are critical for success.
4. Tax planning comprises various considerations such as size, the timing of income, timing of purchases, and planning are concerned with other kinds of expenditures.
5. The chosen investments and the various retirement plans should go hand-in-hand with the tax filing status as well as the deductions in order to create the best possible outcome.
Which of the following is not an agreement in restraint of trade?
1. A sells the goodwill of his business with an agreement not to carry on a similar business within specified local limits, so long as the buyer carries on a similar business.
2. A sells the goodwill of his business with an agreement not to carry on a similar business within India, so long as the buyer carries on a similar business.
3. A sells the goodwill of his business with an agreement not to practice the same trade for 25 years.
4. A sells the goodwill of his business with an agreement not to engage in any business competing or liable to compete in any way with the business for the time being carried on by the buyer.
An assertion and a reason are given below. Assertion: The phenomenon of nuclear fission generates great energy. Reason: The process in which a nucleus is broken into two parts is called nuclear fission. Choose the answer. A. Both Assertion and Reason are true and Reason is the correct explanation of Assertion. B. Both Assertion and Reason are true but Reason is not the correct explanation of Assertion. C. Both Assertion and Reason are false. D. Assertion is true but Reason is false.
A passage is given with five questions following it. Read the passage carefully and select the best answer to each question out of the given fouralternatives. Just as space permeates everything in the universe, love permeates every part, every aspect of creation. If there is one answer to the question, “How and why doesthis world exist?” the answer, in one word, is Love. Rather, the answer is Pure Love, since the word love has lost its meaning. Your very existence is an expression of pure unconditional love of the Source (you may call it Consciousness, Creator, God, Divine Self). This is the truth of your being.True love transcends both love and hatred. It is unconditional, unquestioning, boundless, unchanging love. It is overflowing love of the Source for the Source throughall of creation. True love is way beyond the personalized love that two or more individuals assert on one another. Personalized love, though apparently selfless, is rooted in desiresand conditional satisfaction. We have been brought up in a society that judges love based on conditions. We have been made to believe that we can receive love only when we fit into peoplesexpectations. If we are not good enough, we will be deprived of love. These beliefs have influenced the collective psyche of families, groups, communities, and societies since generations to such an extent that love has been reduced tofear of denial. We need to shift from the paradigm of false conditional love to the essence of pure unconditional love . The experience of true love comes with surrender of the false I, in letting go of the feeling of separateness. Without this sacrifice, it is not possible to attain divinelove. When this separate I is discarded, you embrace everything in oneness and catch a glimpse of pure love. True love can be experienced only through giving, not by demanding. People who exist in your life are not here to love you. They are here to remind you that you arethe Source of Love. By knowing that you are the Source of love, you can love yourself, instead of waiting to receive love from the world. Ask yourself, “Why do I need an agent to love myself?” Waiting for the world to love you, is like hiring an agent to love yourself! It is time for you to honor yourself as the Source of love. You have undertaken this human journey to realize and express the boundless love that you truly are. According to the passage, which of the following statement is not TRUE?
Statement I): If the tax liability has been reduced within the legal framework, it is tax planning. Statement II): If tax liability has been reduced to get the benefit of deduction available under the income tax, it is called tax evasion. In the context of the above two statements, which one of the following codes is correct?
Statement (I): If the tax liability has been reduced within the legal framework, it is tax planning.
Statement (II): If tax liability has been reduced to get benefit of deduction available under the income tax, it is called tax evasion.
In the context of the above two statements, which one of the following is correct?
A passage is given with five questions following it. Read the passage carefully and select the best answer to each question out of the given fouralternatives. Just as space permeates everything in the universe, love permeates every part, every aspect of creation. If there is one answer to the question, “How and why doesthis world exist?” the answer, in one word, is Love. Rather, the answer is Pure Love, since the word love has lost its meaning. Your very existence is an expression of pure unconditional love of the Source (you may call it Consciousness, Creator, God, Divine Self). This is the truth of your being.True love transcends both love and hatred. It is unconditional, unquestioning, boundless, unchanging love. It is overflowing love of the Source for the Source throughall of creation. True love is way beyond the personalized love that two or more individuals assert on one another. Personalized love, though apparently selfless, is rooted in desiresand conditional satisfaction. We have been brought up in a society that judges love based on conditions. We have been made to believe that we can receive love only when we fit into peoplesexpectations. If we are not good enough, we will be deprived of love. These beliefs have influenced the collective psyche of families, groups, communities, and societies since generations to such an extent that love has been reduced tofear of denial. We need to shift from the paradigm of false conditional love to the essence of pure unconditional love . The experience of true love comes with surrender of the false I, in letting go of the feeling of separateness. Without this sacrifice, it is not possible to attain divinelove. When this separate I is discarded, you embrace everything in oneness and catch a glimpse of pure love. True love can be experienced only through giving, not by demanding. People who exist in your life are not here to love you. They are here to remind you that you arethe Source of Love. By knowing that you are the Source of love, you can love yourself, instead of waiting to receive love from the world. Ask yourself, “Why do I need an agent to love myself?” Waiting for the world to love you, is like hiring an agent to love yourself! It is time for you to honor yourself as the Source of love. You have undertaken this human journey to realize and express the boundless love that you truly are. Which of the following statement(s) is/are TRUE about pure love?
Direction-The question have two statements.
One is labelled as Assertion (A) and the other as Reason (R). You have to examine both the statements carefully and decide whether Assertion (A) and Reason (R) separately are true and if so then reason is the correct explanation of the assertion. Mark these items on the answer sheet.
Assertion (A): Interest payable on working capital should be treated as an item of operating expenses.
Reason (R): Interest is the cost of capital used in the business.