Solution of pcc tax paper may 2012....

1 a) Total Income of Rs. 223000

1 (a) Total Income Rs. 223000/-

1 (b) (i) Taxable

         (ii) Not Taxable

         (iii) Don't know

         (iv) Taxable

         (v) Dont't know

 1 (c)  Particulars                        House I     House II     House III     House IV     House V

           Gross Annual Value       180000     240000      120000       108000        78000

1 (d)  Vat Output    550000

          Vat Input        310000

         Vat Liability    240000

2 (a)  Particulars       Mr. Ramesh        Mr. Suresh

          Total Income    334500                384000

2 (b) (i) Revised return may be filed within 90 days from the date of filing of original return. Return can be revised even 

              if  the original  return is filed belatedly.

2 (b) (ii) Even if services are not Provided nil return should also be filed within the prescribed time limit.

               For Delay in Filing Returns Late Fees is payable as follows

               Period of Delays                                                 Late Fees

               Upto 15 Days                                                       Rs. 500

               16 Days to 30 Days                                            Rs. 1000

               More than 30 days                                              Rs. 1000 plus Rs. 100 per day ( from 31st day) till the date of

                                                                                              filing returns ( Max Rs. 20000).

3 (a) Taxable Income  Rs. 898350

4 (a) Relief U/s 89 is Rs. 6700

4 (c) Service Tax                                                         Rs. 108794

         Education Cess                                                Rs. 2176

         Secondary & Higher Education Cess          Rs. 1088__

                                                                                      Rs. 112058

        Due Date For Payment is 5th November

5 (a) Total income Nil

5 (b) There are generally four rate 0%,1%,  4%, & 12.5% but at state level vat rate is more than 20.

6 (a) Capital Gain  Rs. 2807688

6 (b) Depreciation  Rs. 78750

         WDV as on 31st march 2012 of Rs. 446250.

6 (c) Long Term Capital Gain on Reverse mortgage transaction is not taxable.

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