Ipcc tax paper may 2012 solutions

Pankaj Saraogi (Faculty - Tax Laws) (611 Points)

10 May 2012  

Solutions - IPCC Tax paper May 2012......for detailed solutions, visit www.saraogi.co.in (downloads section)

Q. No.

 

Answer

1(a)

 

Total income = 9,83,820, Tax = 1,50,530

1(b)

 

Tax payable  = 88,065

1(c)

 

Net VAT payable = 80,000

2(a)

(i)

Yes he is reuired to file ROI

 

(ii)

15,000

2(b)

 

Value of taxable services = 8,45,330, Tax = 87,069

3(a)

 

24,531

3(b)

 

False, False, False, False, False, True, False, False

3(c)

 

False, False, False, True, False, False, False, True

4(a)

 

Total income = 10,64,000

4(b)

 

Service tax = 91,052

4(c)

 

Tax payable = 5,15,350

5(a)

 

Mr. A = 2,60,500, Mrs. A = 2,40,000, Minor child = 20,000

6(a)

 

20 lacs

6(b)

 

6,25,567

6(c)

 

10,488

7(a)

 

2,65,300