Dimple Kotak
(Accounts & Tax )
(185 Points)
Replied 09 November 2011
It wz easy.... both direct & indirect
Pankaj Saraogi
(Faculty - Tax Laws)
(611 Points)
Replied 09 November 2011
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
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