How was INCOME TAX today

Page no : 2

VUELVE (CA- Student) (351 Points)
Replied 12 May 2010

Did anyone get correct answers in PCC for question no's 2, 3, 4, 7 ? please share your answers..!!

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AAYUSH BANSAL (ca aspirant) (92 Points)
Replied 12 May 2010

what are the ans for q4(A)

Anuj Arora (CA) (55 Points)
Replied 12 May 2010

Can anyone please upload the IPCE tax paper...

VUELVE (CA- Student) (351 Points)
Replied 12 May 2010

i got the following answers, which i feel are wrong 100% but still wants to know if anyone in the following are correct ?

2. Tax payable - 77,080, HP - 222,401

3.(a) Income from business - 390,000 and tax liablity -135,960

3.(b) Dep claim - 60,000 and chargable cap gain - 2,15,000

4.(a) not sure of any answer

4.(b) LTCG 387,500, STCG (100,000) and other total income 386,000

7. ST payable 1,03,000

pls share your answers... all my above answers are wrong to the best of my knowledge... but pls share your answers...!!

Ashfaq (B.Com, ACA, [MBA]) (80 Points)
Replied 12 May 2010

Ques 4 (b)

Attached File : 34 4 b .xlsx downloaded: 388 times

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VUELVE (CA- Student) (351 Points)
Replied 12 May 2010

mera 4(b) gaya....!!

AAYUSH BANSAL (ca aspirant) (92 Points)
Replied 12 May 2010

i dont have ms excel can anybody post the ans here???

Ashfaq (B.Com, ACA, [MBA]) (80 Points)
Replied 12 May 2010

4(a)

Attached File : 43 4 a .xlsx downloaded: 294 times

(Guest)

in service tax q ...we have to do anything with 50000 or leave it?

CA Ruben Balooni (Professionalism ™) (1324 Points)
Replied 12 May 2010

Originally posted by : VUELVE
	mera 4(b) gaya....!!

this is the rite solution...

loss of non-speculation business can be set-off against gain of speculation business...

Attached File : 50 solution.xlsx downloaded: 229 times

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Kritesh Tiwari (CFP) (109 Points)
Replied 12 May 2010

In quest no- 7

service tax rate.... is it 10.3 or 12.36

In quest no 2 ...

I made three ... Blunder mistakes... 1) Senior citizen ka rate lagaya.. 2) horse race ko... Busin income mi le liya.. 3) NP from Eq sh.. Business income mai l liya.. .

How much marks should i get..????

Quet no 3(a)

kya karna tha...

3(b)

122825+200000=322825-322825=0

par maine saath mai.. capital gain bhi nikal diya... 400000-10000=390000

Please some one tell me??????????????

m so tensed........ Paaaaaaaaagal ho raha hu.. ....

Because paper.. aate hue bhi sillllllly Mistakes ke maine... M so duffer.... i hate ma self...:-(

student (.) (76 Points)
Replied 12 May 2010

hey aayush here, it is...

Particulars Amount Amount Income from HP

House 1 36,000.00

House 2 (20,000.00)

House 3 60,000.00

76,000.00

Income from Business

Textile Business 200,000.00

Automobile (200,000.00) -

Speculation 200,000.00

Capital Gains LTCG - Shares - Exempt 10(38)

LTCG - Building 200,000.00

STCL - Building (100,000.00)

100,000.00

OS: Gift - Friend 60,000.00

Gift -Grand Father's Brother 100,000.00

160,000.00

Total Income 536,000.00

student (.) (76 Points)
Replied 12 May 2010

4(a)

(i) 194 -D	10%
(ii) 194 - C	1%	Assumed that the firm is subject to tax audit
(iii)	TDS not Applicable. As it is only a cash discount
(iv) 194- B	30%	Circular: No. 264 [F. No. 275/58/79-IT(B)], dated 11-2-1980.

Ashfaq (B.Com, ACA, [MBA]) (80 Points)
Replied 12 May 2010

Sorry , this is the correct solution for 4(b). Sec 71 is applicable

Attached File : 8 revised 4 b .xlsx downloaded: 278 times

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student (.) (76 Points)
Replied 12 May 2010

Particulars	Amount	Amount
Income from HP

House 1	36,000.00
House 2	(20,000.00)
House 3	60,000.00	76,000.00

Income from Business

Textile Business	200,000.00
Automobile	(300,000.00)
Speculation	200,000.00	100,000.00


Capital Gains
LTCG - Shares - Exempt 10(38)
LTCG - Building	200,000.00
STCL - Building	(100,000.00)	100,000.00

OS:

Gift - Friend	60,000.00
Gift -Grand Father's Brother	100,000.00	160,000.00

Total Income		436,000.00