plz anyone post the solution for dt nov 14 final.
12 Replies
S.RAJENDRAN
(Proprietor)
(40 Points)
Replied 30 November 2014
Q.NO.5 (A)
1.INCOME FROM HOUSE PROPERTY
GAV 3,00,000.00
LESS Municipal Taxes 1,85,000.00
1,15,000.00
Less:Deduction U/S 24
30% Of NAV-115000*30% 34,500.00
Int on Loan 1,50,000.00
Loss from H.Property (69,500.00)
Add:Arrears Rent 30000*70% 21,000.00
(48,500.00)
II.Income From Capital Gain
Sale consideration 30,00,000.00
(390000/13*100) which is higher
than sale cnsideration ie-2500000
Less Indexed cost of acquisition
25000/223*939 1,05,269.00
28,94,731.00
Less:Exptn-54 15,00,000.00
" 54EC 10,00,000.00
3,94,731.00
Total Income 3,46,231.00
(394731-48500)
Q.NO.4 a-44AD
Book Profit 3,00,000.00
44AD 8% OF rS.35,00,000
280000 which is less than the
book profit hence B.Profit taken
Less:partners Interest
600000*12% 72,000.00
Less Remuneration
40(b) least 3000*3*12 1,08,000.00
Taxable Income of the firm 1,20,000.00
------------------
S.RAJENDRAN
(Proprietor)
(40 Points)
Replied 01 December 2014
friend iam in madurai
the given answer may correct or not
S.RAJENDRAN
(Proprietor)
(40 Points)
Replied 01 December 2014
friend iam in madurai
the given answer may correct or not
CA Rahul Soni
(Account Executive)
(175 Points)
Replied 01 December 2014
its seems u did it correct,, u too has givn exm??
S.RAJENDRAN
(Proprietor)
(40 Points)
Replied 01 December 2014
Yes,except the two sums others i have done more mistakes i think i wl get 45 marks in this subject
S.RAJENDRAN
(Proprietor)
(40 Points)
Replied 01 December 2014
2nd case law question i hve not done properly
S.RAJENDRAN
(Proprietor)
(40 Points)
Replied 02 December 2014
As per my answer
4(b)
1.Mr.X purchased residential house for a consideration of Rs.90,00,000 on 20.06.2013 TDS is 1% (90,00,000*1%=90000)is to deducted by x since the value exceed Rs.50,00,000 from 01.06.2013 and no tds for Plot acquired for Rs.49,50,000 bcoz value not excced Rs.50,00,000,No TDS for rural agriland and house property acquired purchased on 30.04.2013 the provisions not applicable since it is applicable from 01.06.2013.
2.10% to be deducted 50000*10%=5000 by XYZ LTD.
3. P gave the car without collecting TDS ,Hence P marketing to be paid @ 30% on car value 400000*30%=120000.
4.AB LTD is liable to deduct TDS on individual Tax rate
45000*12= 540000.00
Int on H.L= 80000.00
460000.00
Tax- 26000.00
Less:87A 2000.00
TDS 24000.00
TDS 24000/12=Rs.2000PM
S.RAJENDRAN
(Proprietor)
(40 Points)
Replied 02 December 2014
As per my answer
4(b)
1.Mr.X purchased residential house for a consideration of Rs.90,00,000 on 20.06.2013 TDS is 1% (90,00,000*1%=90000)is to deducted by x since the value exceed Rs.50,00,000 from 01.06.2013 and no tds for Plot acquired for Rs.49,50,000 bcoz value not excced Rs.50,00,000,No TDS for rural agriland and house property acquired purchased on 30.04.2013 the provisions not applicable since it is applicable from 01.06.2013.
2.10% to be deducted 50000*10%=5000 by XYZ LTD.
3. P gave the car without collecting TDS ,Hence P marketing to be paid @ 30% on car value 400000*30%=120000.
4.AB LTD is liable to deduct TDS on individual Tax rate
45000*12= 540000.00
Int on H.L= 80000.00
460000.00
Tax- 26000.00
Less:87A 2000.00
TDS 24000.00
TDS 24000/12=Rs.2000PM
Recent Topics
- NRO Interest - Taxed at source and in Foreign Coun
- Clarity needed on effective date
- Income Tax Refund Deadline Shortened to Five Years
- Rectification Applications for Past GST Demands
- Where can I find a trusted provider to hire a skip
- GST Invoices Series
- FILING OF ITR AY 20-21
- CLAIMING OF U CLAIMED RCM
- Building construction works
- REGARDING GSTR-9 F.Y 2023-24
Related Threads
CAclubindia
