CAT Questions

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A deposit in transit is cash (currency, coins, checks, electronic transfers) that a company has received and is rightfully reported as Cash on its balance sheet, but does not appear on the bank statement until a later date.

Reflection is what which looks back but can't see.

Sociology of religion is the study of the beliefs, practices and organizational forms of religion using the tools and methods of the discipline of sociology.

Hence, Sociological analysis of religion is concerned with patterns of religious activity and their effect on social life.

Domestic policy is the decisions made by a government regarding issues that occur within the country.

The Clean Air Act NATO program is an example of domestic policy.

Yakshagana is a traditional Indian dance drama form developed in Karnataka state of India.

Capital Gains Tax on Property:

1. Short term,

2. Long term

Short Term Capital Gain on property is considered as a gain from selling a property which was held by you for less than 36 months. As a taxpayer, you are liable to pay tax on short term capital gain on property as per your applicable marginal income tax slab.

* Current Short Term Capital Gains tax rate is 30%.

Long Term Capital Gain

When you sell your property that is owned by you for more than three years, any gain arising from such sale will be considered as long term capital gain. Long term capital gain is calculated as the difference between net sales consideration and indexed cost of property.

* Current Long Term Capital Gains tax rate is 20%.