ERRORLESS TAXATION BY CA PRANAV CHANDAK @ PRANAV CHANDAK ACADEMY, PUNE

QUESTION BANK
PQ5. Mr. Vidyasagar, Resident Individual (age 64) is a Partner in Oscar Musicals & Co, a Partnership Firm. He also runs a
wholesale business in medical products. The following details are made available for PY 2019-20:
Particulars Rs. Rs.
1. Interest on Capital received from Oscar Musicals & Co. 1,50,000
2. Interest from Bank on Fixed Deposit (Net of TDS of Rs. 1,500) 13,500
3. Income Tax Refund received relating to AY 2018-19 34,500
4. Net Profit from Wholesale Business 5,60,000
Amount debited to P&L A/c includes the following:
- Depreciation as per books of A/c 34,000
- Motor Car Expenses 40,000
- Municipal Taxes for Shop (For 2 half years, payment for one half year made on 7,000
12.06.2020 & for other on 14.11.2020)
- Salary to Manager 21,000
5. WDV of Assets (as on 1.4.2019 used in above business)
- Computers 1,20,000
- Motor Car (20% used for personal use) 3,20,000
6. LIP paid for major son 60,000
- PPF of his wife 70,000
- NSC 30,000
Other Points:
1. Income Tax refund included interest of Rs. 2,300.
2. Salary to manager was paid in cash.
3. Rate of Interest on Capital received from Oscar Musicals & Co was 15%.
Compute Total Income of the Assessee for AY 2020-21. Compute WDV of Blocks of Assets as on 31.03.2020. [MAY 11]
Solution: Computation of Total Income
Particulars Rs. Rs. Rs.
I Income u/h ‘PGBP’
Net profit as per P&L A/c 5,60,000
Add: Expenses not deductible u/h ‘PGBP’ but debited to P&L A/c
1. Depreciation as per books of A/c 34,000
2. Muncipal taxes paid on 14.11.2020 (Disallowed u/s 43B since 3,500
paid after DD of RoI)
3. Motor Car expenses used for personal purpose [40,000 × 20%] 8,000
4. Salary paid to manager in cash [Disallowed u/s 40A(3)] 21,000 66,500
Add: Income taxable u/h ‘PGBP’ but not credited in P&L A/c
1. Interest on capital (Rs. 1,50,000 x 12% ÷ 15%) [Note 1] 1,20,000 1,20,000
Less: Expenses deductible but not debited to P&L A/c
1. Depreciation as per Income Tax Act [WN 2] 86,400 (86,400) 6,60,100
II Income u/h ‘IFOS’
1. Interest from Fixed Deposits (after grossing up) (13,500 + 1,500) 15,000
2. Interest on Income Tax Refund 2,300 17,300 17,300
Gross Total Income 6,77,400
Less: Deductions under Chapter VI-A:
Section 80C: LIP for Major Son 60,000
Section 80C: NSC 30,000
Section 80C: Contribution to PPF for his wife 70,000 1,60,000 (1,50,000)
Total (taxable) Income 5,27,400

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 ERRORLESS TAXATION BY CA PRANAV CHANDAK @ PRANAV CHANDAK ACADEMY, PUNE

Working Notes:
1. Interest upto 12% is deductible in the hands of firm. Interest above 12% is disallowed in the hands of firm u/s 40(b).
As per sec 28, Remuneration/Interest is taxable in the hands of Partner to the extent it is deductible to firm.
2. Computation of WDV
Particulars Computer (40%) Motor Car (15%)
Opening WDV as on 01.04.2019 1,20,000 3,20,000
Less: Depreciation for PY (1,20,000 x 40%) = Rs. 48,000 (3,20,000 x 15%) = Rs. 48,000
Closing WDV as on 31.03.2020 Rs. 72,000 Rs. 2,72,000
Total Depreciation for PY = Rs. 48,000 (computer)+ 80% of Rs. 48,000 (Car)= Rs. 86,400. 20% of Depreciation on Motor
Car used for Personal Purpose is not allowed as deduction.
PC Note: Depreciation Rate of 30% is available only if motor car is acquired during 23.8.2019 - 31.3.2020 & put to use
on/before 31.3.2020. In this case, since it was purchased earlier, depreciation will be available @15% only.
3. Income Tax Refund: It is not taxable. However, Interest on Income Tax Refund is taxable u/h “IFOS”.

PQ6. Mr. Raghu, a Resident Individual (age 35 years), furnished following information from his P&L A/c for PY 2019-20:
 Net Profit as per books of A/c was Rs. 6,50,000.
 Following Incomes were credited in the P&L A/c.
 Interest on Government Securities: Rs. 25,000.
 Dividend from a Foreign Company: Rs. 50,000.
 Gold Coins worth Rs. 55,000 received as Gift from his father.
 Interest on Loan amounting to Rs. 68,000 was paid i.r.o Capital borrowed for purchase of New Asset which has not
been put to use till 31st March 2020.
 General Expenses included:
 Compensation of Rs. 4,500 paid to an Employee while terminating his services in Business Unit.
 He contributed the following amounts by Cheque:
 Rs. 20,000 to the Swachh Bharat Kosh set up by the Central Government.
 Rs. 28,000 towards Premium for Health Insurance & Rs. 2,500 for Preventive Health Check up for Self & his wife.
 Rs. 35,000 on Medical Expenses of his father (Age 82 yrs) [No Insurance had been taken on health of his father]
You are required to compute the Total Income of Mr. Raghu. [Mod. Nov 16]
Solution: Computation of Taxable Income & Tax Liability of Mr. Raghu
Particulars Rs. Rs. Rs.
I Income u/h ‘PGBP’
Net profit as per P&L A/c 6,50,000
Add: Expenses not deductible u/h ‘PGBP’ but debited to P&L A/c
1. Interest on Loan [Disallowed u/s 36(1)(iii)] [Note 1] 68,000 68,000
Less: Income which are taxable under other heads or Exempt
Incomes but credited to P&L A/c
1. Interest on Government Securities (considered u/h ‘IFOS’) (25,000)
2. Dividend from Foreign Company (considered u/h ‘IFOS’) (50,000)
3. Gold Coins from Father (considered u/h ‘IFOS’) (55,000) (1,30,000) 6,20,000
II Income u/h ‘IFOS’
1. Interest on Government Securities 25,000
2. Dividend from Foreign Company (Taxable since received from foregin company) 50,000
3. Gold Coin from Father (not taxable since received from Relative) Nil 75,000
Gross Total Income 6,72,500
Less: Deductions under Chapter VI-A
Section 80D: Health Insurance Premium for Assessee & Spouse [Max. of Rs. 25,000] (25,000)
Section 80D: Medical Expense of his Father (82 Yr) [Senior & thus Max. Limit is Rs. 50,000] (35,000)
Section 80G: Contribution to Swach Bharat Kosh [100% deduction allowed without restriction] (20,000) (80,000)
Total (taxable) Income
Notes:
1. As per Sec. 36(1)(iii), Interest on Capital borrowed for the purchase of asset, paid from the date on which the capital was
borrowed upto the date such asset was first put to use, shall not be allowed as a deduction.
2. Compensation to Employees for Termination is incurred for business & thus allowed u/s 37.

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 ERRORLESS TAXATION BY CA PRANAV CHANDAK @ PRANAV CHANDAK ACADEMY, PUNE

PQ7. Mr. Rajiv (age 50) Resident Individual & Practicing CA gives you Receipts & Payments A/c for PY 2019-20:
Receipts Rs. Payments Rs.
Opening Balance: Staff Salary, Bonus & Stipend to Articled Clerks 1,50,000
Cash in Hand & Bank 12,000 Other Administrative Expenses 48,000
Fee from Professional Services 9,38,000 Office Rent 30,000
Car Loan @ 9% p.a from Bank 2,50,000 Housing Loan repaid to SBI (Including Interest of Rs. 88,000) 1,88,000
Rent 50,000 Life Insurance Premium 24,000
Motor Car (acquired in January 2020) 4,25,000
Medical Insurance Premium (for Self & Wife) 18,000
Books bought of Annual Publications 20,000
Computer acquired on 1.11.2019 (Professional use) 30,000
Domestic Drawings 2,72,000
Public Provident Fund subscription 20,000
Motor Car Maintenance 10,000
Closing Balance: Cash in Hand & Bank 15,000

Following further information is given to you:

1. He occupies 50% of the building for his own residence & 50% is let-out for business use at a monthly rent of Rs. 5,000.
Building was constructed during PY 1998-99.
2. Motor Car was put to use both for Official & Personal purpose. 1/5th Motor Car use is for personal purpose. No Interest
is paid during PY on Car Loan.
3. WDV of Assets on 1.4.2019 are as follows:
 Furniture: Rs. 60,000;
 P&M (AC, Photocopiers): Rs. 80,000;
 Computers: 50,000.
Mr. Rajiv follows regularly Cash System of Accounting. Compute the Total Income for AY 2020-21. [May 11]
Solution: Computation of Taxable Income & Tax Liability of Mr. Rajiv
1 Loss from House Property (WN 1) (39,000)
2 Profits & Gains from Business or Profession [Receipts – Expenditures]
A. Receipts Taxable u/h ‘PGBP’
1. Fees from Professional Services 9,38,000
B. Expenditures deductible u/h ‘PGBP’
1. Staff Salary, Bonus & Stipend paid to Articled Clerks (1,50,000)
2. Other Administrative Expenses (48,000)
3. Office Rent (30,000)
4. Depreciation [WN 2] (103,000)
5. Motor Car Maintenance [10,000 x 4/5] (8,000) 5,99,000
Gross Total Income 5,60,000
Less: Deductions under Chapter VI-A
Section 80C: Housing Loan Repayment (Principal Portion = 1,88,000 - 88,000) 1,00,000
Life Insurance Premium 24,000
Contribution to PPF 20,000
Section 80D: Medical Insurance Premium (Self & Wife) 18,000 (1,62,000)
Total (Taxable) Income 3,98,000

Calculation of Tax Payable.

 Tax on Rs. 3,98,000 = (Rs. 3,98,000 – Rs. 2,50,000) x 5% = Rs. 7,400.
 Less: Rebate u/s 87A: (Lower of Tax Payable or Rs. 12,500): Rs. 7,400
 Tax Payable = Nil.

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 ERRORLESS TAXATION BY CA PRANAV CHANDAK @ PRANAV CHANDAK ACADEMY, PUNE

Working Notes:
1. Income from House Property:
A. 50% Self Occupied
Net Annual Value Nil
Less: Deduction u/s 24(b) - Interest on Borrowed Capital (88,000/2 = 44,000)
(Since Construction is prior to 01.04.1999, Maximum Interest allowable is Rs. 30,000) (30,000) (30,000)
B. 50% Let-Out
Gross Anuual Value = Actual Rent (since no information about MV, FR, SR is given) 50,000
It can be assumed that house was vacant for 2 months during PY. Because Rent should
have been Rs. 5,000 x 12 = Rs. 60,000. But in R&P A/c, only Rs. 50,000 is shown)
Less: Municipal Taxes (Nil)
Net Annual Value 50,000
Less: Standard Deduction u/s 24(a): 30% of Net Annual Value (15,000)
Less: Deduction u/s 24(b): Interest on borrowed Capital = (Rs. 88,000/2) (44,000) (9,000)
Income from House Property (39,000)

2. Computation of Depreciation:
Particulars Rs.
(a) Books bought of Annual Publication: RoD = 40%; Rs. 20,000 x 40% 8,000
(b) Furniture & Fitting: RoD = 10% Rs. 60,000 x 10% 6,000
(c) Plant & Machinery: RoD = 15% Rs. 80,000 x 15% 12,000
(d) Computers: RoD @ 40%
Opening WDV = Rs. 50,000 Rs. 50,000 x 40% 20,000
+ Additions during PY (< 180 days): Rs. 30,000 Rs. 30,000 x 40% x ½ 6,000
(e) Motor Car: RoD @ 30% (To the extent of Official Use only i.e 4/5th) Rs. 4,25,000 x 30% x ½ x 4/5 51,000
Total Depreciation for the PY 1,03,000

3. Motor Car Loan is not considered since it is a Capital Receipt. Interest is not paid during the year. Since the Assessee
follows Cash Basis of Accounting, it is not considered in the Profits & Gains of Business or Profession.
4. Domestic Drawings is not considered since it is a Personal Expenditure.

PQ8. Mr. Y carries on his Own Business. An analysis of his Trading & P&L A/c for PY 2019-20 revealed following information:
 Net Profit as per P&L A/c was Rs. 1,11,20,000.
 Following incomes were credited in the Profit & Loss Account:
 Dividend from UTI Rs. 2,20,000.
 Interest on Debentures Rs. 1,75,000.
 Winnings from Races Rs. 1,50,000
 It was found that some Stocks were omitted to be included in both Opening & Closing Stocks, the value of which
were: Opening Stock: Rs. 80,000 & Closing Stock: Rs. 1,20,000.
 Rs. 10 lacs were debited in P&L A/c being contribution to a University approved & notified u/s 35(1)(ii).
 Salary includes Rs. 2,00,000 paid to his brother which is unreasonable to the extent of Rs. 25,000.
 Advertisement Expenses include 15 packets of dry fruits of 10,000 per piece presented to important Customers.
 Total Expenses on Car = 7,80,000. Car was used for Business & Personal purposes. 3/4th is for Business.
 Miscellaneous Expenses included 30,000 paid to A & Co., a Goods Transport Operator in Cash on 31.1.2020 for
distribution of the Company's Product to the Warehouse.
 Depreciation debited in the Books was Rs. 5,50,000. Depreciation allowed as per IT Rules was Rs. 7,50,000.
 Drawing Rs. 1,00,000.
 Investment in NSC Rs. 1,50,000.
Compute the Total Income of Mr. Y for AY 2020-21. [MAY 12]

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 ERRORLESS TAXATION BY CA PRANAV CHANDAK @ PRANAV CHANDAK ACADEMY, PUNE

Solution: Computation of Taxable Income & Tax Liability

Particulars Rs. Rs. Rs.
I Income u/h ‘PGBP’
Net profit as per P&L A/c 1,11,20,000
Add: Expenses not deductible u/h ‘PGBP’ but debited to P&L A/c
1. Amount paid to Approved University u/s 35(1)(ii) 10,00,000
2. Salary to Brother [unreasonable amount disallowed u/s 40A(2)] 25,000
3. Car Expenses disallowed (Personal use) - (7,80,000 x 1/4) 1,95,000
4. Depreciation as per Books of A/c 5,50,000
5. Drawings disallowed being personal in Nature 1,00,000
6. Investment in NSC 1,50,000 20,20,000
Less: Income which are taxable under other heads or Exempt
Incomes but credited to P&L A/c
1. Dividend Received from UTI (Exempt) (2,20,000)
2. Interest on Debentures (considered u/h “IFOS”) (1,75,000)
3. Winning from Races (considered u/h “IFOS”) (1,50,000) (5,45,000)
Less: Admissible Expenses not credited to P&L A/c
1. Depreciation as per IT Act (7,50,000)
2. Deduction u/s 35(1)(ii) [150% of Rs. 10 Lacs] (15,00,000) (22,50,000)
Less: Undervalued Opening Stock (Earlier omitted, to be included) (80,000) (80,000)
Add: Closing Stock (Earlier omitted, to be included) 1,20,000 1,20,000 1,03,85,000
II Income u/h ‘IFOS’
1. Dividend from UTI – Exempt u/s 10(35) Nil
2. Interest on Debentures 1,75,000
3. Winnings from Races 1,50,000 3,25,000
Gross Total Income 1,07,10,000
Less: Deductions under Chapter VI-A: Sec 80C – Investment in NSC (1,50,000)
Total (taxable) Income 1,05,60,000
Notes:
1. As per Sec. 40A(3), any payment in Cash made to any Transporter for the purpose of plying, hiring or leasing goods
carriage shall be disallowed if it exceeds Rs. 35,000 on any day. In the given case, assessee makes a payment of Rs. 30,000
in cash to A & Co., a Transport Operator on 31.01.2020. It is an allowable expenditure.
2. Advertisement Expense is incurred for purpose of Business & hence allowed u/s 37. So, no adjustment is required to be
made for the same.

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 ERRORLESS TAXATION BY CA PRANAV CHANDAK @ PRANAV CHANDAK ACADEMY, PUNE

PQ9. Mr. X, a Chartered Accountant & has prepared the following income & expenditure account as on 31.03.2020.
Expenditure Amount Income Amount
Office expenses 12,000 Professional fee 65,00,000
Employee’s salary 20,000 Consultancy Fee 55,000
Magazines & newspapers 800 Dividend from Indian co. 8,500
Entertainment Expenses (Personal) 17,500 Profit on sale of debentures (STCG) 8,450
Donation for a charity show 600 Gift from father in-law 6,050
Interest on loan for professional purpose 800
Income Tax (advance tax) 5,000
Car Expenses 2,500
Purchase of books 2,000
Stationery 21,000
Diwali gift to employees 1,000
Rent of own building 60,000
Municipal tax 1,000
White washing & Painting of building 2,000
Expenses incurred on opening ceremony 3,000
You are required to compute his Total Income for AY 2020-21 considering the following points -
1. The car is used equally for official & personal purposes.
2. Rs. 1,500 for domestic servant’s salary is included in employee’s salary.
3. Books were purchased on 01.09.2019 & were put to use on the same date.
4. Payment of stationery Rs. 20,500 was made by a bearer cheque & Rs. 500 was paid in cash.
5. Mr. X is owner of a building. Opening WDV = Rs. 90,000. Building is used for official purposes. No depreciation is claimed.
6. Furniture having WDV of Rs. 30,000 as on 1.4.2019 is also used for profession. Office chairs & tables were purchased &
put to use on 30.03.2020 for the purpose of a new office which has been inaugurated on 31.03.2020. No depreciation
has been debited to the profit & loss account. Actual cost: Rs. 20,000.
7. Employee’s salary includes bonus of Rs. 5,000 which was paid to one of the employees on 1.7.2020.
Solution: Computation of professional income as per Income & Expenditure A/c
1 Profits & Gains from Business or Profession [Receipts – Expenditures]
A. Receipts Taxable u/h ‘PGBP’
Fees from Professional Services 65,00,000
Consultancy Fee 55,000
B. Expenditures deductible u/h ‘PGBP’
Office expenses (12,000)
Employee’s salary [20,000 – 1500] (18,500)
Magazines & newspapers (800)
Interest on loan for professional purpose (800)
Car Expenses [Rs. 2,500 x ½] (1250)
Diwali gift to employees (1,000)
Municipal tax (1,000)
White washing & Painting of building (2,000)
Expenses incurred on opening ceremony (3,000)
Depreciation on building (Rs. 90,000 @ 10%) (9,000)
Depreciation on books (2,000 @ 40%) (800)
Depreciation on furniture (Rs. 30,000 @ 10%) + (Rs. 20,000 @ 5%) (4,000) 65,00,850
2 Income from other sources
Dividend from Indian company – Exempt u/s 10(34) Nil
Gift from father in-law – Not taxable since received from Relative Nil Nil
3 Income u/h ‘Capital Gains’: STCG on sale of debentures 8,450
Gross Total Income 65,09,300
Note: Expenses on opening ceremony are allowed u/s 37(1).

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 ERRORLESS TAXATION BY CA PRANAV CHANDAK @ PRANAV CHANDAK ACADEMY, PUNE

*PQ10. From the following P & L A/c of Mr. X for PY 2019-20, compute his total income for AY 2020-21:
Debits Rs. Credits Rs.
Opening Stock 9,50,000 Sales 101,06,000
Purchases 80,50,000 Closing Stock 3,60,000
Salaries 7,00,000 LTCG on sale of house property 36,000
Rent, rates & taxes 1,25,000 Dividends from foreign company 12,000
Miscellaneous Expenses 21,000 Winnings of a lottery (gross) 5,00,000
Provision for Income Tax 31,000
Provision for gratuity 24,000
Provision for GST 45,000
Salary to Mrs. X 48,000
Purchased a computer on 1.11.2019 & put to 40,000
use on the same date
Net Profit 9,38,000
Additional information:
(i) Purchases include -
(a) Purchase of Rs. 1,00,000 from a relative (market price Rs. 80,000) & payment was made in cash.
(b) Purchase of Rs. 25,000 being the products manufactured without aid of power in a cottage industry & payment was
made to its producer & payment was made in cash.
(c) Purchases of Rs. 35,000 from a person residing in village having no bank & payment was made in cash.
(ii) Opening & closing stock were overvalued by 10%.
(iii) Salary includes Rs. 25,000 being bonus paid to the staff on 1.11.2020 on the occasion of Diwali.
(iv) Rent, rates & taxes include Municipal tax paid on 1.11.2020: Rs. 30,000
(v) Provision for Gratuity is on actuarial basis.
(vi) Mrs. X is a housewife & payment is excessive by Rs. 48,000.
Mr. X has not opted for presumptive taxation of Income u/s 44AD.
Solution:
Net profit as per profit & loss A/c 9,38,000
Add: Expenses debited to P & L A/c but not allowable
Deposit in NSC (not an expenditure) 42,000
Provision for income tax 31,000
Provision for GST 45,000
Salary to Mrs. X [Sec 40A(2)] 48,000
Purchase of computer (capital expenditure) 40,000
Purchase from relative [Sec 40A(2)] 20,000
Payment in cash [Sec 40A(3)] 80,000
Adjustment for overvalued Opening stock (9,50,000 x 10/110) 86,363
Bonus paid after due date (Sec 43B) 25,000
Municipal tax paid after due date (Sec 43B) 30,000 4,47,363
Less: Permissible Expenses
Depreciation on computer (40,000 x 40% x ½) (8,000)
Closing stock overvalued (3,60,000 x 10/110) (32,727) (40,727)
Less: Incomes taxable under other head but not u/h PGBP
Long term capital gain (36,000)
Dividend from foreign company (12,000)
Winnings of lottery (5,00,000) (5,48,000)
Income u/h ‘PGBP 7,96,636
Income from Other Sources
Dividend from foreign company 12,000
Winnings from lottery 5,00,000 5,12,000
Income u/h ‘Capital Gains’: LTCG on sale of House (taxable @ 20%) 36,000
Gross Total Income 13,44,636

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 ERRORLESS TAXATION BY CA PRANAV CHANDAK @ PRANAV CHANDAK ACADEMY, PUNE

PQ11. Mr. PC submits the profit & loss account for the year ending 31.03.2020 as under:
Debits Rs. Credits Rs.
Household expense 20,000 Gross Profit 5,28,500
Interest on loan taken from Mrs. X 2,000 Income tax refund 3,000
Income tax 12,000 Interest on income tax refund 300
Interest on loan for payment of income tax 1,200 GST refund 1,000
Contribution to Unrecognised Provident Fund 4,000 Interest on GST refund 400
Expenditure on advertisement (revenue) 25,000 Bad debts recovered 5,000
Public provident fund contribution 7,000 Dividends from foreign company 3,000
Investment in post-office saving bank account 12,000
Purchase of car (A/c payee cheque) 2,45,000
Purchase of Computer (By A/c payee cheque) 35,000
Purchase of plant (By A/c payee cheque) 23,000
Net Profit 1,55,000
Note: Car, Computer, P&M were purchased on 1.10.2019 & were put to use on same date. Compute TI of PC for AY 20-21.
Solution: Computation of Total Income
Net Profit as per profit & loss account 1,55,000
Add: Inadmissible Expenses
Household expenses 20,000
Income tax 12,000
Interest on loan for payment of income tax 1,200
Contribution to Unrecognised provident fund 4,000
Contribution to public provident fund 7,000
Investment in post office saving bank account 12,000
Purchase of car 2,45,000
Purchase of computer 35,000
Purchase of plant 23,000 3,59,200
Less:
Income tax refund (3,000)
Interest on Income tax Refund (300)
Dividends (3,000)
Depreciation on car (2,45,000 x 30% x ½) [Used for less than 180 days] (36,750)
Depreciation on computer (35,000 x 40% x ½) [Used for less than 180 days] (7,000)
Depreciation (23,000 x 15% x ½) on plant [Used for less than 180 days] (1,725) (51,775)
Income under the head Business/Profession 4,62,425
Income under the head Other Sources
(i) Interest on Income tax Refund 300
(ii) Dividends from foreign company 3,000 3,300
Gross Total Income 4,65,725
Less: Deductions u/s 80C – Contribution to PPF (7,000)
Total Income 4,58,725

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