I PCC Tax Exam analysis and solution to practical questions

sir..its a loophole ....d amt. forfeited(bayana) by d previous owner is not taxable becoz  d bare act clearly says dat d amt. forfeited by d assessee is taken in2 consideration n here d preceding owner is not d assessee...its a tool of tax planning

with respect to advance amout received and then refunded after due date it shall be taxable since the amount is refunded after due date of service tax... the amount shall be taxable and the service tax thereupon shall be refunded to the credit of the Central Govt.

Where any amount has been recieved as service tax which ought to not to be received it shall be transferred to the credit of the central govt....

hence the amount of service tax charged shall be refunded to the credit of the central govt 

transfer by way of gift is not regarded as transfer.. hence the LTCG with respect to Question no.1(a) does not arise....

with respect to all others there is only STCG/L...

views expressed are my own......

and in 1(a)  sir y is cost of acquisition nil in d third case???i guess i got dat 1 wrong..so just askin

Originally posted by : zahid
	transfer by way of gift is not regarded as transfer.. hence the LTCG with respect to Question no.1(a) does not arise.... with respect to all others there is only STCG/L... views expressed are my own......

y is d third case stcg asper ur opinion???i dont reely know its answer so m just rechekin myself

advance recieved from prospective employers for conducting campus interviews in colleges shall be taxable since  its supply of manpower  and service tax is charged on amount received.... so ur solution to q.1(c) is wrong

in 2(a)(i) although ur answer is correct but d reason seems wrong ....d reason is dat technical fees has been paid 2 an nr whose services were used in a business or proffesion in india...hence its not a case of business connenction but a case of technical fees

Originally posted by : anuj
	Originally posted by : zahid transfer by way of gift is not regarded as transfer.. hence the LTCG with respect to Question no.1(a) does not arise.... with respect to all others there is only STCG/L... views expressed are my own...... y is d third case stcg asper ur opinion???i dont reely know its answer so m just rechekin myself

stcg in other cases is because period of holding does not exceed 12 moths

in 2(a)(ii) i have an opinion dat paymnet 2 opq college will b subject 2 100% deduction since its not approved....

Originally posted by : zahid
	Originally posted by : anuj Originally posted by : zahid transfer by way of gift is not regarded as transfer.. hence the LTCG with respect to Question no.1(a) does not arise.... with respect to all others there is only STCG/L... views expressed are my own...... y is d third case stcg asper ur opinion???i dont reely know its answer so m just rechekin myself stcg in other cases is because period of holding does not exceed 12 moths

dude...but in d third case...d poh exceeds 12 months i guess...its d original shares...dey werre held fr more dan 12 months

with regard to q.2(a)ii... scientific expenditure to OPQ College does not qualify for 175% scince it is not an approved college as nper the question... hence ur answer is wrong.....

and above all the deductoion is not calculated in the manner u have depicited... if 35lakh is weighted amount 20lakh shall be deducted from 35 and that amount is available for deduction

Originally posted by : zahid
	with regard to q.2(a)ii... scientific expenditure to OPQ College does not qualify for 175% scince it is not an approved college as nper the question... hence ur answer is wrong..... and above all the deductoion is not calculated in the manner u have depicited... if 35lakh is weighted amount 20lakh shall be deducted from 35 and that amount is available for deduction

no buddy....dat's correct d deduction available is actually 175% not 75 %

sir interest on capital as per my opinion is income from other sources... 

Originally posted by : anuj
	Originally posted by : zahid with regard to q.2(a)ii... scientific expenditure to OPQ College does not qualify for 175% scince it is not an approved college as nper the question...   no buddy....dat's correct d deduction available is actually 175% not 75 %

brother 175% is available for approved scientific researcg institutes only as per sec 35.....

in 3 (a) intrest on capital will b added only 2 d extent of 120000 rs as only 12% deduction is available 2 a partnership firm ....but u ve added 150000