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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:

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Suggested Answer: B

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

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Quinn
5 months ago
Wait, can it really be none of these? Sounds off.
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Ilene
5 months ago
Agree with C, more inclusive for authors!
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Ashleigh
5 months ago
Surprised it's not just A, seems too limiting!
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Val
6 months ago
I think it's actually C, covers joint authors too.
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Lavonna
6 months ago
Definitely B, authors need that support!
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Howard
6 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
6 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
6 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
7 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
7 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
7 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
7 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
7 months ago
This question seems straightforward, I'm pretty confident I can figure it out.
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Ruthann
7 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
7 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
10 months ago
Definitely, it's a win-win situation for both authors and the literary community.
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Dyan
11 months ago
I think it's a good incentive for authors to continue writing and publishing books.
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Avery
11 months ago
Yes, it's great to see the government supporting creativity through tax deductions.
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Boris
11 months 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
12 months ago
Yeah, it's good that the deduction is available for both individual authors and joint authors.
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Claudio
12 months 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
12 months ago
I think we can confidently go with option C as the correct answer.
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Polly
12 months 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
12 months 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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