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AAFM GLO_CWM_LVL_1 Exam - Topic 7 Question 92 Discussion

Actual exam question for AAFM's GLO_CWM_LVL_1 exam

Question #: 92
Topic #: 7

[All GLO_CWM_LVL_1 Questions]

Deduction under section 80QQB is allowed in respect of royalty income to:

Aan individual who is an author of a book

Ban individual who is resident in India and who is an author of a book

Can individual who is resident in India who is either an author of a book or a joint author of the book

DNone of These

Show Suggested Answer

Suggested Answer: B

by Michael at Sep 19, 2024, 07:47 AM

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Quinn

8 months ago

Wait, can it really be none of these? Sounds off.

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Ilene

8 months ago

Agree with C, more inclusive for authors!

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Ashleigh

8 months ago

Surprised it's not just A, seems too limiting!

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Val

9 months ago

I think it's actually C, covers joint authors too.

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Lavonna

9 months ago

Definitely B, authors need that support!

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Howard

9 months ago

I thought it was just for individuals who are authors, but now I'm confused about the residency requirement.

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Cyril

9 months ago

I feel like option C sounds right, but I can't recall if it specifically mentions joint authors.

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Dominga

9 months ago

I remember practicing a question similar to this, and I think it was about authors being residents in India to qualify for the deduction.

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Sabina

10 months ago

I think section 80QQB is specifically about authors, but I'm not sure if residency matters for the deduction.

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Trina

10 months ago

The question is testing my knowledge of tax deductions, which is an important topic. I'll make sure to review this section thoroughly before the exam.

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Lorean

10 months ago

Okay, I think I know the answer. It's about who can claim deduction for royalty income, and the key is that the individual has to be a resident of India.

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Steffanie

10 months ago

Hmm, I'm a bit unsure about the specifics of section 80QQB. Let me re-read the question carefully.

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Elouise

10 months ago

This question seems straightforward, I'm pretty confident I can figure it out.

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Ruthann

10 months ago

I'm a little confused by the wording of the options. I'll need to think through each one to determine the correct answer.

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Vallie

10 months ago

I'm a bit confused on this one. The question mentions 3% and 2.5% of profit, but I'm not sure which one the company recognizes. I'll need to re-read and make sure I understand the difference between the two percentages.

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Glory

1 year ago

Option C is the winner! I guess the tax authorities want to encourage book writing in India, as long as you're a resident. Looks like I need to get my pen and paper ready.

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Cecilia

1 year ago

Definitely, it's a win-win situation for both authors and the literary community.

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Dyan

1 year ago

I think it's a good incentive for authors to continue writing and publishing books.

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Avery

1 year ago

Yes, it's great to see the government supporting creativity through tax deductions.

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Boris

1 year ago

I agree, option C seems to be the most beneficial for authors in India.

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Stefania

1 year ago

Ha! This reminds me of that time I tried to write a book and ended up with a blank page. Clearly, I'm no author. But for those who are, option C seems like the way to go.

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Clement

1 year ago

Yeah, it's good that the deduction is available for both individual authors and joint authors.

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Claudio

1 year ago

I agree, option C seems to cover both scenarios for authors.

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Lonna

1 year ago

I'm not sure, but I think the answer is C) an individual who is resident in India who is either an author of a book or a joint author of the book.

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Dell

1 year ago

I agree with Casie, because the deduction under section 80QQB is specifically for authors who are residents in India.

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Avery

1 year ago

Hmm, this one's tricky. I was leaning towards option B, but C makes more sense. As long as the individual is a resident of India and an author or co-author, they should be eligible for the deduction.

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Jerry

1 year ago

I think option C is the correct answer. The question specifically mentions royalty income, and section 80QQB allows deduction for individuals who are resident in India and either authors or joint authors of a book.

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Earnestine

1 year ago

I think we can confidently go with option C as the correct answer.

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Polly

1 year ago

I'm not sure, but it does seem like option C covers all the necessary conditions for deduction under section 80QQB.

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Dulce

1 year ago

Yes, I think so too. It makes sense based on the criteria mentioned in the question.

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Dottie

1 year ago

I agree, option C seems to be the most accurate choice.

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Casie

1 year ago

I think the answer is B) an individual who is resident in India and who is an author of a book.

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