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Pcc tax paper review and answers(no ipcc please)
yes paper was lengthy and very time consuming.
i leave 14 marks paper
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
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
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