‘21 -Assessee company engogedtin the business of bio-technology incuedl an expenditare of R510,00,000 on scent research which includes cost of and ‘FR 200,000. Compute the amount of deduction avalable. °s800,000 Rs. 1000000 © Rs. 1200000 °s.200,000 Rs. 600000 .2 Mich ofthe flowing is atinclued in tava income Income rom leg atity Proft on sale of equty shares of unlisted company Royalty ceived by an authr of Book © reimbursement ot expenses Caen gis eceved trom non rites ul be taken as cost of accuisition ofthe undertaking so transfered {@.3:-In computing capital gains in case of slump sale Book Value market vaue © Net worth Ftv on 1-4-2000 wov (@.4 :-MAT credit can be carry forward for how long. 3 Years 5 Years 8 Years 10 Years 0 15 Years Q.5:-As per GST ACt, Supply includes- © Above all Sale Exchange Rental Disposal{26 sich ofthe folowing section provides tax holy fr new established undertaking in Fre Trade Zone? © sec10 14) 0 801) see 801A (18) See10 (8) seo 908 (07 :-Arosdentil hous is sld fr Rs 90 lakh ad the long-torm capita gains computed ae. 50 ath. The assessoe bought two residents house for s.30lath and Rs.20 lh respective, The ancunt eligible fer exompton us Bé woul bo- tak NoDecuetion © soLakh 20a 0k 12.8 -Plsce of supply incase of installation of elevators Where the movement of elevator commences from the supplier's pace Wher the delivery of alowatoris taken © Wihere the instalation of elevator is made hers address ofthe recipients mentioned inthe invoice Any whore as por Buyor's wish 9 -¥here an asset used for scientific research for more than tvee years is sold without having been used for other purposes, then the sale proceeds to the fentet ofthe costo the asset already allowed as deduction under section 35 inthe past shall be treated as ~ Exempted incomes Asset © Business Income ure stee {210 -Rrecoves Vouchers for Rs. 10,000 on 10.72.2018 fem a Arrow Shits Ld forward supply of sis. Hoge these Vouchers toh end G on this birth so that he can buy shirts of his chico. 6 exchanged the gift veuchers on S-1-2019 and got tre sis on 812018, What wil be te time of supply of shins? 12010 sor2010 ano 032019 © vo122018‘at :-The manager of TC Lt, Kolkata (not egisterod under GST] ar glven ono Wook Waning in Munnar, by nfsys Lid. Bangalore, fora sum of RE 10 Lakhs, Payment given at Mumbsi, The pace of supply af service i © Munnar Bangalore Anyplace Munbsi ota (@.12:-A gift from a non-reatve fs reported in Income Tax Return as git from a Relative and as Agricultural Income, What kind of Transaction sit? Tax Payment ‘Tax Avoidance ‘Tax Management © texevasion ) Taxelanning 213 :-A professor earned Rs. 8,00,000 from a foreign country whore no DTAA exists with that country and tax deducted at source is Rs. 60,000. The assessee isan Indian citizen and resides in Ina. His other income in India are Rs 2,67,000. Tax reli under section 9 wil be- © 50,000 62,000 65,000 67666 50,000 (2.14 :-Which ofthe following i true with regards to See B01? © Deduction in respect of Profits of Industrial Undertaking located in backward State or District. Deduction allowed is either 100% and /or 30% for 10 years depending upon case to case. Where the aross total ncome of an assessee being a sthedkled bank, of, any bankincorporsted by oF under the ls of a country outside Inc; anc having an Offshore Banking Unit ina Special Economic Zone Allof the Above. Profits rom Indusval Undertaking locate in the specified States, States are State of Jammu & Kashmir, Himachal Pradesh, Uttaranchal and North Eastern States, Deduction alowed is 100% of such prof. is sot up ay part of india forthe generation or generation and dstrbuton of power it begins to generate power at anytime duing the period beginning on the et day of Api, 1903 and ending on the Bet day of March, 2070.{Q,15 :-The incidence of tax on taxis called © Taxcascading ‘Tox pyramiding ‘Tx evasion Indirect tax Double taxation (216t-The APA shall be vaid_as may be specified in the agreament © For such period not exceeding 5 consecutive previous years For such period not exceeding 3 consecutive previous years For sich period not exceeding 8 consecutive previous years For such period not exceeding 6 consecutive previous years For such period not exceeding 10 consecutive previous years (217 Transport allowance given by the emplyer tothe emplayesis exempt upto 00 PM © fs. 1600m 3600 PA s:4000 Pm 5.24000 PA (@19:-Suman, has rendered services in India and retired in 2018. He then shifted and settled in Singapore. The pension received by him for such services WOUE Bn? Deemed to acerue or arise outside india © Deemed to accrue or arise in India Deemed to accrue or aris in India nly when is received in india Deemed to accrue or arise in Inca only when itis recived outside India Exempted Income 119 Tex havens. a place where — “Texrates are not uniform Te rates ae very high “Therein taxon income Taxratos ae vory low © Thereis no taxon income ortox ates ae very aw(220:-Princpal ented for input tax cect on inputs sent or job wor (0 goods sent ae etumed within one year goods een ar etumed within thee years goods sent ar etured within six months If goods sent are retumed within nine months If goods sent are retured within Two years (0.28 :-Deprcibie assets on 1-4-2016 on wich the depreciation is vale the same rate of 20% Asset) 100,000, asset (2)Rs. 200,000 ase (8) 8.300000 tht wile ca5Ra no sitn 2017-18 Asset (esl ors. 120000 a9 raw ase (2) purchased fo Rs. 2.50000 ) Rs. 450000 Rs. 70,000 © ocopial cain or Loss (0.22 Proper means the fllowing capital Assets of the Assassee- “Lier property 3. Jewolery 4. Motor Car & scrnery 5. sculptures ony) maa (0,2) na) “0 © recor a) {.24:-incom fom the head of POBP Rs, 750,000 fr the year 2018-10 Following ‘are the loses tem previous yor \Unabsorbed Depreciation, 150,000 8/F Business Lose Rs 210000 Expenditure on Scenic Reseuch and Fai Planing Rs. 315.000, What wi be taxable income fcrtet year deprecation sR. 180,000 © Taxabic income hil and CIF WIA Depreciation Rs. 105,000 780000 5.105000 45000 {No Taxable come(0.28 -What willbe the tox aby if (7 Re, § 78,000 which includes LTC Rs, 33000 and STO Re. 15,000, “Tax Rat is 25% on GT plus 4% ess 00 136,250 Regma © 140568 No Tax Libity 0.26 :-Examples of 100% Tax free Exempted Income u/s 10- 2. Sel Employed Agricultural Income bincome of a member of HUF «Voluntary Retirement Compensation <4. Amount withdrawn fram PF «, Govt, Compensation for damages due to disaster Alincomes (e-e) oniya onlyaae Alewepte &e © Alincomes except'e? 0.27 :-Folowing Taxes subsumed in GST 4. Centra Excise Duty 2, State VAT 3. Luxury Tax 4, Purchase Tax 5. Export Oty Doyouagree? nly is subsumed Only" subsummed (Only 1 and 2 are subsumed All are subsummed except © Alare subsummed except's* .28:-A tem const of thee partners A, and C wth equal prot sharing rato. ‘Tay nave contrbuted Rs. 200,000 each as eit, the oofis of the Busines before interest on capital ang remuneration to partners 7s. 100,000, What wit be the tax payable amount of Partner A, irate of Taxis 30% plus 4% cess and Remuneration to each partner Re, 120000 PA 140000 on Rs, 94,000 174,000 Rs, 190960,(0.29 =7 Lid provides the flowing particulars relating to goods sod by itt ¥ Lt List rice of the goods Rs, 10.00.00 “Tox levied by Municipal Authority Rs. 100,000 ‘8ST chargeable on the aocds 8s 200.880 Packing charges (not included in Price above) Rs 20000 2 Ltd received Rs 40,000 as a subsidy from NGO on sale of such goods. The pice ‘Rs. 10,00,000 af the goods is ater considering such subsidy. ZL. offers 2% scount on the ist pice ofthe goods ‘What tbe the value of taxable supply made by Z Ltd Rs. 12,10,000 fs. 12,40,000, Rs, 1190,000 © Fs.1140,000 Rs, 190,000 1.30 An incvcual resident of nail has the flowing incomes cng the PY 2018-19 ‘Business income ininaia Rs. 720,000 2. Business neome In Foreign Country wth which iaa doesnot have DTAA Re 2.40000, 2. Tax pid on foreign neome Rs. 48,000, 4, Deposited in PPF Rs. 60.000, ‘Compute Tax Lsbiy. Rs. 96,200, Rs. 25653, © fs. 70547 Fs. 60.000, 0.31 :-¥nat willbe the balanes of TC? Amount of on aczoUntot COST avallable in ECL forthe month of June Re. 00,000 (06ST Payable forthe month Rs. 182.500 1ST Payable forthe menth Rs. 240,00 ‘S65 Payable for the month Rs. 75.00 is 317500 © 7500 Nt Rs. 75000 Rs. 28001.32 ZTE Ld isa domestic company in which pbc ace substan nerested, The folowing are the particulars of icore a respect of tha PY 2016-18 Incest on Gov. Secuties Rs, 20000 Income tom Business §00:000, Tf 15,000 Lica, 93000 Dividend rom nian Co. Rs. 10,000 Dd from Forelgn Co. Re, 1,000, Book profits ws 1518 Rs 990000, What wl be ta tiny? 142.960 rs. A8 864 165.500 © Fs.173160 rs. 5,73000