Pcc tax paper review and answers(no ipcc please)

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M. N. JHA

8316 Points Joined June 2009

I think todays Pcc TAXATION paper was standard and too lengthy also. . . . What urs opinion and pls share ur answer. . . .

Replies (8)

Kanhaiya

Treasury

245 Points Joined February 2010

yes paper was lengthy and very time consuming.

Kanhaiya

Treasury

245 Points Joined February 2010

i leave 14 marks paper

M. N. JHA

8316 Points Joined June 2009

Cover all topics except Advance tax and Charitable trus. . . . .

Kamal

article

165 Points Joined April 2011

Yaar its toooo lenghty n i leave for 4 marks......vo bhi aata tha bt pata hi nai chala ques reh gya;(

Pankaj Saraogi

Faculty - Tax Laws

611 Points Joined August 2010

IPCC NOVEMBER 2011 TAXATION PAPER

ANSWERS TO NUMERICAL QUESTIONS

Income-tax portion

Q. No.		Answer
1(a)	(i)	4,90,000
	(ii)	3,84,000
1(b)		Madan – TI – 3,80,500, Tax – 19,620; Hema – TI – 1,75,000, Tax – Nil
2(a)		10,17,000
3(a)		LTCG AY 2011-12 – 33,75,986.50, Tax consequences AY 2012-13 – STCG 40,00,000
4(a)	(i)	Not allowed
	(ii)	Depreciation @ 25% on 20,00,000 for full year
	(iii)	Allowed 8,00,000 x 200%
	(iv)	Allowed bad debts of5,00,000
	(v)	Not allowed
	(vi)	Not allowed
	(vii)	Not allowed as PGBP expense, but shall be allowed as deduction u/s 80GGB
	(viii)	Taxable
5(a)		Total Income – 2,90,000
6(a)	(i)	RNOR
	(ii)	2,50,000
7(a)	(i)	Hotel, Hospital, Cold chain, warehousing, pipeline
	(ii)	(a) 4,200 (b) No TDS
	(iii)	(a) Disagree (b) Disagree

VAT & ST portion

Q. No.		Answer
1(c)		15,14,053
1(d)		1,50,000
3(b)		1,44,742
4(c)	(i)	True
	(ii)	False
	(iii)	False
	(iv)	False
5(c)		5,38,000
7(b)		56,21,034
7(c)		GPV – 12,000, CV – 2,000

Detailed solutions to numerical questions will be posted asap on www.saraogi.co.in

Guest

Saraogi Sir Answer for 1a Should be Book Profit 550000 ( 7 lkh - Dep 150 ) then further calculations for 40b. Interest to partners will be calculated @ 12% on Capital Balance (as Indiacted) Rs 5 Lkhs Int Rs 60000/- from Book profit. as above & Balance after Interest shall qualify for Remuneration @ 90% of 1st 300000/- & 60% on balance.

1b. Income of Mr Madan Gross 380500/- 330500 Normal Taxable & 50000/-LTCG Tax = 9050/-+ 10000 LTCG tax + Cess & Sec 2% of Tax & High sec Cess 1% of Tax. Income for Hema is 175000/- No tax being Resident Female Assessee ( Limi is 190000/-)

Full Paper Solved I will post by 20th of this Month after all Exams get over

Till such time if any one needs any clarification or some specific answer on any question of the TAX / Accs / Costing - FM you can send your request on cacoachingclasses @ gmail.com

Pankaj Saraogi

Faculty - Tax Laws

611 Points Joined August 2010

Respected sir,

appreciated ur efforts and indication.....depreciation correction being made........i would like to add that book profit is after interest to partners. Further Madan age is 67 yrs therefore slab rate of 2,40,000 shall apply