Kanhaiya
(Treasury)
(245 Points)
Replied 09 November 2011
yes paper was lengthy and very time consuming.
M. N. JHA
(CA)
(8316 Points)
Replied 09 November 2011
Kamal
(article)
(165 Points)
Replied 09 November 2011
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
Saraogi Sir Answer for 1a Should be Book Profit 550000 ( 7 lkh - Dep 150 ) then further calculations for 40b. Interest to partners will be calculated @ 12% on Capital Balance (as Indiacted) Rs 5 Lkhs Int Rs 60000/- from Book profit. as above & Balance after Interest shall qualify for Remuneration @ 90% of 1st 300000/- & 60% on balance.
1b. Income of Mr Madan Gross 380500/- 330500 Normal Taxable & 50000/-LTCG Tax = 9050/-+ 10000 LTCG tax + Cess & Sec 2% of Tax & High sec Cess 1% of Tax. Income for Hema is 175000/- No tax being Resident Female Assessee ( Limi is 190000/-)
Full Paper Solved I will post by 20th of this Month after all Exams get over
Till such time if any one needs any clarification or some specific answer on any question of the TAX / Accs / Costing - FM you can send your request on cacoachingclasses @ gmail.com
Pankaj Saraogi
(Faculty - Tax Laws)
(611 Points)
Replied 09 November 2011
Respected sir,
appreciated ur efforts and indication.....depreciation correction being made........i would like to add that book profit is after interest to partners. Further Madan age is 67 yrs therefore slab rate of 2,40,000 shall apply
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