Answer to ca-ipcc taxation exam may 2012

Q. No. 1(a)

Business Income 920200/-

House Property  57820/-

Other Sources  15800/-

Total Income 983820/-

Tax Payable 153620/-

Q. No. 1(b)

Value of Taxable Services 855000/-

Service Tax 88065/-

Q. No. 1(c)

a) 20 Lac

b) 45000/-

c) 80000/-

Q. No. 2 (a)(i)

YES

Q. No. 2 (a)(ii)

15000/-

Q. No. 2 (b)

a) 850000/-

    (assuming 50000/- excluding ST)

b) 87550/-

Q. No. 3 (a)

24531/-

Q. No. 3 (b)

a) False

b) False

c) False

d) False

e) False

f) True

g) False

h) False

Q. No. 3 (c)

a) False

b) False

c) False

d) True

e) False

f) False

g) False

h) True

Q. No. 4(a)

1064000/-

Q. No. 4(b)

91052/- (92700/-)

Q. No. 4(c)

515350/-

Q. No. 5(a)

Mr. A 260500/-

Mrs. A 240000/-

Minor Son 20000/-

Q. No. 6(a)

20 Lac

Q. No. 6(b)

625567/-

Q. No. 6(c)

11544/-

(Assuming Dealer is Registered in Kerala)

Q. No. 7(a)

265300/-

HRA Exempt 53700/-