Tax Exam May 2011(PCC)

students say :- very easy.

very easy paper...bt it was too specific..!!

n i did stupid stupid blunders.  which might jst cost me exemption :((

like-the 44ae question i had taken 4500 per truck instead of 5000 :( bt can i claim discontinued loss against 44ae income?? coz law says 44ae loss can be set-off only against 44ae bt doesnt say tat othr business loss cant be set-off against 44ae income..hope i get one mark if its correct..!

loss from house property in 2(a)-sop i had taken the 24(b) amt as 50,000 instead of 30,000!! n medical insurance preimuim in 80c instead of 80d!! hw stupid..!!

bt i hav some questions here...lip paid for married daughter?? allowed?? i wrote nt allowed :((

investment in name of major son is allowed u/s 80c right?? cpz if he gets int on tat investment it will be taxed in fathers hand only (doctrine of overiding title)

more mistakes :

7(a)(ii)(b) i knew tat its md, if nt md thn ny director bt forgot tat cs cannot sign only a holder of poa can sign :(

(c):it was an amendment !! i told to my frnd n i did it wrong argh..!!

(d):equally for 5 yrs :(( took whole 5 yrs :(

6(c) amendment again... cost of land nt to be taken :( i hav taken it :( hw many marks wil i get ???

there were like 20 marks from amendments..!!

hw do others feel ??

I had given ipcc tax not pcc

@ Raunak

In my opinion LIP for married daughter is allowed u/s 80C..nthng specifically has been mentioned for any treatment otherwise...nd w.r.t. the investment in tax saver deposit, dnt think that such investment in nationalised bank is eligible for deduction..

All in all the paper was decent...harder than what i had expected...made a couple of mistakes of my own bt with decent checking hoping to secure a good total..lost out on some of the ammendment related questions tho...

the paper was too lengthy..............................................

paper was kinda lenghty...bt jst fine

@ ankit married daughter u can claim..got to kno...u can surely claim tax saver in nationlised bank..checked online..

Premium paid on a policy on the life of a married daughter is deductible u/s 80C

Circular :  No. 574, dated 22-8-1990. 

I also do agree with Abdul... i also claim deduction....

Deduction for married daughter can be taken as it is applicable for any child as mentioned in d act which wud also include married child.

and for the investment in d name of major son accrdng 2 me nt allowd.. as far as i have checked losses can b set off from 44ae income..

paper wsnt tough actly bt dis tym ICAI is focussing on small neglected chapters dat students mostly leave and den obvsly find d paper tough.. 

xpectin d same for d rest of d papers as wl..

nwz if any1 has d solution of dis paper plz upload it.

no buddy...........LIP payment of married daughter not allowable as deduction under section 80C

@ Raunak

I think the deduction for investment in a tax saver deposit could have only been claimed if it was in the assessee's name...

Paper was very tough.. i omit 20 marks... and made very careless mistake in servicetax. Hopin for the best... Tax and costing itself this much tough.. i'm so scared abt Info and sm... 

@ ankit no no bro..if the assessee pays out of his pocket thn he can claim deduction for d simple reason tat income on such investment  is taxed in fathers hand not son..i have done this case in my office..tats y am sayin tat...

@ others who are sayin married daughter lip cannot be claimed..ur wrong yar..!1 80c says ANY CHILD..!! CBDT has clarified in some 1990 circular tat minor child, or child of also 50 yrs (ie ny age) can claim lip premium..!!

and act says only abt tat 44ae loss against 44ae income..tat doesnt mean 44ae income cannot be utilised for discontinued business...so wats if its presumptive income..the carry forward of loss says unabsorbed business loss against ny profit or gain of business (which includes 44ad or 44ae)

Guys can anyone upload the pcc tax paper.