Thursday, 5 June 2014

CA IPCC Taxation Paper held on 2-6-2014 fully solved.

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14 comments:

  1. Q1. (B) clearly stat the its all some received (Exclusive of service tax) so topic 4 processing of raw material should be liable to service tax, there is not need to make further assumption to its amount not received,

    ReplyDelete
    Replies
    1. May be you are right. It can be said Rs. 6,35,000 is received in Jan where he has provided the services in Jan itself. And Rs. 2,13,000 is received but services shall be provided in May 2014. If this is the case answer should be changed.

      Delete
  2. sir u have taken question 1(A) under head salary salary to servant provided by Employer taxable rupees
    12000. but this is provision of service provided by employer to employee which is not taxable only taxable to specified employees under saction 17(2)(iii) so Kamal is not specified employee and not taxable.

    ReplyDelete
  3. sir u have not considered input vat paid on input purchased raw material B for rupees 7,60,000/- which vat is paid @ 1% which is utilized for production of vatable goods which is chargeable under VAT @ 0% is liable for input rebate. it is not exempted goods Y. Question 1(C).

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  4. in question no.5(C) in vat provision composite delar is not allowed to issue tax invoice(under which rate or vat is sepratelly shown with amount in explicit manner which is help full for claiming input tax rebate.) to purchasing delar or to the end consumer,or to those user who purchase for personal use of goods. and even registered delar not liable to issue tax invoice(not bill.) to end consumer. so answer is FALSE.tax invoice issue by registered delar to purchasing delar who use it for input tax rebate claim in future

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  5. In Q 1A his salary exceeds Rs 50,000 therefore he is a specified employee.
    0% means goods are exempted goods.
    Composition dealer are allowed to issue tax invoice. However it invoice should show NON VATABLE.
    Thanks.

    ReplyDelete
  6. sir in this paper Q4(A) interest on loan borrowed for repairs shall not be allowed for SOP(Self Occupied Property)AS IT IS ONE OF THE CONDITION FOR AVAILING DEDUCTION FOR INTEREST PAYMENT FOR SOP

    ReplyDelete
    Replies
    1. Why it won't be allowed. Certainly it is allowed.

      Delete
  7. Answer to Ques. 7 (A), (2)(A) is wrong. Since Mr. Vineet is an individual, last date for filing ROI is 31st July. His original return is filed late thus he cannot revise it.

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  8. Correct shreyas, i notices this mistake in afternoon. We shall correct it and upload the correct version, His last date of filing of return is 31-7 since his only income is from house property and other sources. Thanks again for bringing out the mistake.

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  9. uploaded the corrected version.

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  10. sir, in Q.2(C), VAT rate is 12.5%, so it should amount to Rs.625, not Rs.600

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