How was INCOME TAX today

Page no : 3

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

Originally posted by : neha.
	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.

194 C its 2 % ... 1% is applicable to Individual or Huf others 2%

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

3(b)

Attached File : 56 3 b .xlsx downloaded: 237 times

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

hey, aayush..revised sol by ashfaq....
same as of ans givn by gunmaster

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)
   (100,000.00)
Speculation u/s 71   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

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

ans of 3(b): WDV on 01/04/08		144500
Less: Depreciation @ 15%		21675
WDV on 01/04/09	122825
Add: Purchase of Plant on 10/12/09	200000
	322825
Less: Sale Consideration restricted to 3,22,825	322825
WDV on 31/03/10		NIL



Computation of STCG

Sale Proceeds of Plant Y		400000
Less: Deductions u/s 50(1)
Expenses on Transfer	10000
WDV of Plant X & Plant Y	122825
Cost of Plant Y	200000	332825

STCG		67175

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

Originally posted by : kritesh tiwari
	Originally posted by : neha. 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. 194 C its 2 % ... 1% is applicable to Individual or Huf others 2%

IT depends on the payee and not not the payer. As Mr.Ravi is an Individiual only 1% has to be deducted and not 2%

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

mera toh doobgaya... saarae answers wrong hai... muje hi kyun sab kuch wrong aaaya ? and what is the answer for 2nd quesn ?

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

Originally posted by : ashfaq
	Originally posted by : kritesh tiwari Originally posted by : neha. 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. 194 C its 2 % ... 1% is applicable to Individual or Huf others 2% IT depends on the payee and not not the payer. As Mr.Ravi is an Individiual only 1% has to be deducted and not 2%

ohhhhhh sh*t crap... here tooooooo i made mistake....................... Now m gonna hit maself.....

CA.Aditya Malik (CA) (183 Points)
Replied 12 May 2010

pl 3(a) n 2nd ques ka ans bta do??????????????

chetan jain (cj) (203 Points)
Replied 12 May 2010

@ kritesh don't worry yaar, tumne sahi kiya h... capital gain bhi nikalega bt ye nai pata ki capital gain kaise nikalega coz no cost of acquisiton of plant Y is given...!!!

the acquisition cost of both da plant X n Y is given...??? not individually given..!!!

Prachi Jindal (CA-Article-Final-Student) (129 Points)
Replied 12 May 2010

any body plz tell ki...ques 2 mein partial integration lagega kyaa...maine nahi lagaya...as non agricultural taxable income was less than exemption limit...n poultry farming agricultural income haina..??