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Posibility of practicle question in ipcc service tax peper

CA Vivek Kumar (Practicing CA And GST Content writer for legalfilings.in) (660 Points)

04 October 2012

Hello everyone... m going to nov'12 attempt.....Hv anyone any idea that in service tax, from which topics practicle question may b asked by institute....! Also provide me practicle qustion on point of taxation.... Thanks in advance vivek tiwari

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CS RAJESH C.CHOUDHARY (ASSISTANT MANAGER) (14607 Points)
Replied 04 October 2012

Dear Vivek,

GENERAL PAPER PATTERN OF IPCC TAX

TOTAL 7 Questions

INCOME TAX : 50 marks SERVICE TAX : 25 marks VAT : 25 Marks

INCOME TAX : Out of 50 marks ,Generally Theory is around 5 to 10 marks & balance is Practical

SERVICE TAX : Out of 25 marks ,Generally Theory is around 10 to 15 marks & balance is Practical

VAT : Out of 25 marks ,Generally Theory is around 10 to 15 marks & balance is Practical

Total Theory : Generally 25 mark to 40 marks

a)Theory Q are generally Direct Question & not calculation based /opinion based

b) May also contain True/False type of Q with/without reasons

Total Practical : Generally 60 marks to 75 marks

Q 1

: 20 marks

COMPULSORY Q

Divided into 3 parts

a) Income Tax : 10 marks

b) Service Tax : 5 marks

c) VAT : 5 marks

Q 2 to Q 7 Each 16 marks Attempt any 5 Q out of 6 Q from Q2 to Q7

Divided into 3 parts

a) Income Tax : 8 Marks

b) Service Tax : 4 Marks

c) VAT : 4 Marks

20 Precautions while solving TAX PAPER

1. Working notes form part of the answer so make them Neatly with proper presentation.

2. Working notes can be made under the following approach

a) 1st main answer than working notes

b) 1st working notes & than main answer 1st approach is preferable

3. In Tax assumptions are to be clearly specified for eg Nothing if given about the age of assessee & tax is to be calculated than we will assume Non senior citizen but the assumption should be clearly mentioned.

4. There is difference between TAX LIABILITY & TAX PAYABLE. For eg .Mr.Sushil(age 30 yrs) wins a lottery of 1,00,000 Tax on 1,00,000 @ 30% = 30,000 Add : 3% Education cess = 900 Tax Liability 30,900 Less : TDS u/s 194B = 30,000 Tax Payable = 900

5. Q says calculate Net Income it mean Gross Total Income less Deduction u/s 80C to 80U. TOTAL INCOME = NET INCOME = TAXABLE INCOME

6. In True & False questions ,start by mentioning ‘The statement is Correct/Incorrect’ & then give reasons if Q requires it.

7. In a theory Q don’t quote wrong section. If u don’t remember the section u can answer by mentioning ‘As per Income tax Act ……”.

8. Amendments are very important therefore go through them very carefully

9. Q papers of last 4 to 5 attempts should be seen so that u can get a brief idea about the level of your preparedness.

10. Solve atleast 1 mock test before the exam.

11. Sequence of questions can be changed but solve all sub parts of the same question together.

12. It is preferable to start a new Q on a new page

13. Use of pencils is not allowed .Carry 2 to 3 good quality blue ball point pen.

14. Headings must be given in a solution..For eg. Q says calculate total income of X for A/Y 12/13…than heading will be given as ‘Computation of Total Income of Mr.X for A/Y 12/13’

15. Avoid using short forms like IHP, PGBP etc. Instead write Income from House property or Profit or Gains from Business or Profession.

16. Don’t forget to add 3% Education cess ( 2% Primary Education cess + 1% Secondary & Higher Education cess in all cases.

17. Rounding off is done for Total Income & not for each head. As per Sec 288A : The amount of total income shall be rounded off to the nearest multiple of ten rupees and for this purpose any part of a rupee consisting of paise shall be ignored and thereafter if such amount is not a multiple of ten, then, if the last figure in that amount is five or more, the amount shall be increased to the next higher amount which is a multiple of ten and if the last figure is less than five, the amount shall be reduced to the next lower amount which is a multiple of ten For eg. Total Income is 2,55,556.56 than Rounded off to 2,55,560.00 Similarly Rounded off is done of TAX PAYABLE i.e after levying Education cess & deducting advance tax,TDS etc As per Sec 288B : Any amount payable, and the amount of refund due, shall be rounded off to the nearest multiple of ten rupees and for this purpose any part of a rupee consisting of paise shall be ignored and thereafter if such amount is not a multiple of ten, then, if the last figure in that amount is five or more, the amount shall be increased to the next higher amount which is a multiple of ten and if the last figure is less than five, the amount shall be reduced to the next lower amount which is a multiple of ten. A/Y 12/13 Foe eg : Tax on 1,95,500 is 1,550.00 Add : 3% Education cess : 46.50 Tax Liability : 1,596.50 Less : Advance tax/TDS : 1,000.00 (assumed) Tax Payable : 600.00 (Rounded off ) 18. Generally Cost Inflation index is Given in Questions based on Capital gains but sometimes it may be not be given Options : a) Remember the Cost inflation index numbers( VERY DIFFICULT) b) Take an assumption for the cost inflation Index

19. If u are stuck in one question , leave it and proceed to the next question as more the Questions answered the more possibility of marks

20. In theory questions Quality matters not Quantity.

Regards,

RAJESH CHOUDHARY

CA Vivek Kumar (Practicing CA And GST Content writer for legalfilings.in) (660 Points)
Replied 04 October 2012

thank u sir..for ur reply... Cn u also tell me that in service tax frm which topics practicle qst can be asked...Bcoz taxble servics has been delted frm sylbus...then nw what z imp in service tax frm practicle point of view...??

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Posibility of practicle question in ipcc service tax peper

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INCOME TAX : 50 marks SERVICE TAX : 25 marks VAT : 25 Marks

INCOME TAX : Out of 50 marks ,Generally Theory is around 5 to 10 marks & balance is Practical

SERVICE TAX : Out of 25 marks ,Generally Theory is around 10 to 15 marks & balance is Practical

VAT : Out of 25 marks ,Generally Theory is around 10 to 15 marks & balance is Practical

Total Theory : Generally 25 mark to 40 marks

a)Theory Q are generally Direct Question & not calculation based /opinion based

b) May also contain True/False type of Q with/without reasons

Total Practical : Generally 60 marks to 75 marks

Q 1

: 20 marks

COMPULSORY Q

Divided into 3 parts

a) Income Tax : 10 marks

b) Service Tax : 5 marks

c) VAT : 5 marks

Q 2 to Q 7 Each 16 marks Attempt any 5 Q out of 6 Q from Q2 to Q7

Divided into 3 parts

a) Income Tax : 8 Marks

b) Service Tax : 4 Marks

c) VAT : 4 Marks

20 Precautions while solving TAX PAPER

1. Working notes form part of the answer so make them Neatly with proper presentation.

2. Working notes can be made under the following approach

a) 1st main answer than working notes

b) 1st working notes & than main answer 1st approach is preferable

3. In Tax assumptions are to be clearly specified for eg Nothing if given about the age of assessee & tax is to be calculated than we will assume Non senior citizen but the assumption should be clearly mentioned.

4. There is difference between TAX LIABILITY & TAX PAYABLE. For eg .Mr.Sushil(age 30 yrs) wins a lottery of 1,00,000 Tax on 1,00,000 @ 30% = 30,000 Add : 3% Education cess = 900 Tax Liability 30,900 Less : TDS u/s 194B = 30,000 Tax Payable = 900

5. Q says calculate Net Income it mean Gross Total Income less Deduction u/s 80C to 80U. TOTAL INCOME = NET INCOME = TAXABLE INCOME

6. In True & False questions ,start by mentioning ‘The statement is Correct/Incorrect’ & then give reasons if Q requires it.

7. In a theory Q don’t quote wrong section. If u don’t remember the section u can answer by mentioning ‘As per Income tax Act ……”.

8. Amendments are very important therefore go through them very carefully

9. Q papers of last 4 to 5 attempts should be seen so that u can get a brief idea about the level of your preparedness.

10. Solve atleast 1 mock test before the exam.

11. Sequence of questions can be changed but solve all sub parts of the same question together.

12. It is preferable to start a new Q on a new page

13. Use of pencils is not allowed .Carry 2 to 3 good quality blue ball point pen.

14. Headings must be given in a solution..For eg. Q says calculate total income of X for A/Y 12/13…than heading will be given as ‘Computation of Total Income of Mr.X for A/Y 12/13’

15. Avoid using short forms like IHP, PGBP etc. Instead write Income from House property or Profit or Gains from Business or Profession.

16. Don’t forget to add 3% Education cess ( 2% Primary Education cess + 1% Secondary & Higher Education cess in all cases.

19. If u are stuck in one question , leave it and proceed to the next question as more the Questions answered the more possibility of marks

20. In theory questions Quality matters not Quantity.

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