What is the maximum penalty for late filing of an Income Tax Return (ITR) under section 234F for a person with income above Rs 5 lakhs? MCQ with Answer and Explanation

Explanation:
Trading on equity (financial leverage) means using fixed-cost debt to increase the earnings per share for equity shareholders when return on assets exceeds interest costs.

Explanation:
Ind AS 116 is the standard for Leases. It introduced a single lessee accounting model, requiring lessees to recognize a right-of-use asset and a corresponding lease liability for all leases (with minor exceptions). Both are correct.

Explanation:
Section 13(d) of Partnership Act allows interest at 6% p.a. on partner's loan in absence of agreement.