CA IPCC
Tax Paper Nov.2013
Solution by Prudential Classes, Indore (CA. Manish Dafria)
Q No.
|
Particulars
|
Answer
|
Imp. Points/Assumptions
|
Q.1 (a)
|
Total Income
|
235750
|
i.
Gift recd. not
taxable being less then Rs. 50000.
ii.
No
depreciation.
iii.
No deduction
for Municipal Taxes as no payment by assessee.
iv.
Minor
income clubbed Rs. 8500
v.
Chap.
VI-A Deduction- 80DD Rs. 1,00,000 80E Rs. 10000
|
Q.1 (b)
|
Tax
Payable
|
148320
|
Assumptions
:
i. “Other
Receipts” are against taxable services.
ii. No
other services provided prior to March 13 and as such Rs. 10,00,000 exemption is available
against taxable services of March 13.
iii.
Education cess given in Question is 1% but
taken as 2% since as per law it is 2%.
|
Q.1 ( c)
|
Net
VAT Liability
|
10752
|
|
Q.2(a)
|
Net Income
|
41352
|
i.
G.A.V. Rs. 1,08,000.
ii.
No deduction for Light & Water Charges,
Insurance Charges and Painting Expenses
|
Q2 (c)
|
Excess Credit C.F.
|
(-)15000
|
|
Q.3 (a)
|
Salary Chargeable To Tax
|
546166.3
|
Basic
Salary 302500, DA 45375, Bonus 41250. PF Taxable 20872.50, Tel. Allowance
Taxable 12000. House Perq. Taxable @15% 60168.75. Medical Reimb. Taxable
25000. House Keeper 24000. Car - :
36600 - (1800 x12)= 15000
Gift
voucher not taxable as less then Rs. 5000.
Assumption
: Value of free lunch does not exceed
Rs. 50 per meal
|
Q.4 (a)
|
Long Term Capital Gains Chargeable
|
1248000
|
LTC
Gain from Land 1348000 (after
indexation)
STC
Loss from house -100000
|
Q.4 (b)
|
i.
Interest taxable under Income From Other
Sources 48000 (50% deduction is allowed)
ii.
Rent for Agri. Land for movies shooting-
taxable under Income From Other Sources –Rs. 72000
|
||
Q.4 ( c)
|
i.
Yes
ii.
Yes
|
||
Q. 5 (b)
|
Depreciation
|
10.1 lacs
|
No
additional dep. Allowed on Colombo plant as it is a 2nd hand
plant.
Add.
Dep. Allowed on computer as installed in generation wing.
|
Q.5 ( c)
|
Value
of taxable service – 58 lacs
Tax
payable – 7,16,880.
e-filing
of return – mandatory for all.
Assumption:
Amounts are exclusive of service tax
|
||
Q.6 (a)
|
Total Income
|
283000
|
Plot
capital gains is Short Term hence no indexation.
All
dividends are exempt (assumed to be from Indian company)
80C
deduction Rs. 100000 for House Loan repayment.
|
Q 7 (b)
|
Business Income
|
2. 8 Lacs
|
Ded.
For SEZ income – Rs. 12 Lacs.
|
For detail solution of any
question, you may mail to naeemshake@gmail.com or pru.class@gmail.com. Call 9826046463
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