QbResidential Status
1 marks hard
Case: Mrs. Shruti is an Indian citizen, currently in employment with an overseas company located in UAE. During the previous year 2021-22, she comes to India for 157 days. In previous financial years: 200 days (2017-18), 100 days (2018-19), 76 days (2019-20), 45 days (2020-21).
Mrs. Shruti is an Indian citizen, currently in employment with an overseas company located in UAE. During the previous year 2021-22, she comes to India for 157 days. She is in India for 200 days, 100 days, 76 days and 45 days in the financial years 2017-18, 2018-19, 2019-20 and 2020-21 respectively. Her annual income for the previous year 2021-22 is as follows: Income from salary earned and received in UAE: ₹ 2,00,000; Income earned and received from a house property situated in UAE: ₹ 5,00,000; Income deemed to be accrued and arise in India: ₹ 5,00,000; Income from retail business (accrued and received outside India, controlled from India): ₹ 10,00,000; Income accrued and arise in India: ₹ 3,00,000; Life insurance premium paid by cheque in India: ₹ 1,50,000. Determine the residential status of Mrs. Shruti for the assessment year 2022-23. (Support your Answer with computation)
QcUnexplained money/Gold ownership
2 marks easy
The assessee is found to be the owner of the gold (market value of which is ₹ 50,00,000) during the financial year ending 31-03-2022 but he recorded to have spent ₹ 10,00,000 in acquiring the same. Explain how the assessing officer will deal with the issue.
Q1Income computation, tax calculation, tax deductions
0 marks easy
Case: Mrs. Nisha with life insurance premium deposits and residential property acquisition
You are required to compute the total income and tax payable by Mrs. Nisha for the assessment year 2022-23. (Ignore the provisions of Section 115BAC). Give brief note wherever necessary.
Facts: (xii) She deposited a sum of ₹50,000 with life insurance Corporation of India every year for the maintenance of her mother aged 70 years. (xiii) She purchased a residential house during the previous year and paid stamp duty and registration fee ₹1,55,000 to get registered the property in her name.
Q2Tax deduction at source, TDS liability, Income Tax Act 1961
0 marks hard
Discuss the liability of tax deduction at source under the Income Tax Act, 1961 in respect of the following cases with reference to A.Y. 2022-23.
Q2cHUF - partition, property transfer, house property
4 marks medium
Mr. Sarthak is a member of HUF. It consists of himself, his wife Jahi and his major son Arjun and his minor daughter Aditi. Mr. Sarthak transferred his house property acquired through his personal income to the HUF without any consideration. On 01-10-2021, HUF is partitioned and such property being divided equally. Net annual value of the property for the Previous Year 2021-22 is ₹ 1,00,000. Determine the tax implications.
Q3Income computation, loss carry forward, capital gains, busin
0 marks easy
Case: Mr. Harsh with various income sources, losses, and capital gains
Mr. Harsh furnishes the following details for the year ended on 31-03-2022. Compute the total income and allow the item eligible for carry forward of Mr. Harsh for the assessment year 2022-23.
Particulars: Salary received from partnership firm (the same was allowed to the firm): ₹8,50,000 | Loss on sale of shares listed in stock exchange held for 18 months and STT paid on the sale and acquisition: ₹6,00,000 | Long-term capital gain on sale of land: ₹5,00,000 | Brought forward business loss of assessment year 2014-15: ₹6,00,000 | Loss of the specified business covered in Section 35AD: ₹3,50,000 | Loss from house property: ₹2,50,000 | Income from betting (gross): ₹50,000 | Loss from card games: ₹25,000
Q3aGifts, dealers, capital gains, property transactions
8 marks hard
Mr. Lalit, a dealer in shares and securities, has entered into following transactions during the previous year 2021-22: (i) Received a motor car of ₹ 5,00,000 as gift from his friend Sunil on the occasion of his marriage anniversary. (ii) Cash gift of ₹ 21,000 each from his four friends. (iii) Land at Jaipur on 1st July, 2021 as a gift from his friend Kabra, the stamp duty value of the land is ₹ 6 lakhs as on the date. The land was acquired by Mr. Kabra in the previous year 2001-2002 for ₹ 2 lakhs.
Q4(a)Income Computation
6 marks hard
Case: Mr. Suresh, aged 53 years, a resident Indian for the previous year ended March 31, 2022, with multiple income sources including capital gains from land sale, SEZ industrial undertaking, interest income, crossword puzzle income, and tuition fees for children.
From the following particulars furnished by Mr. Suresh aged 53 years, a resident Indian for the previous year ended March 31, 2022, you are requested to compute his total income and the probable loss for the Assessment Year 2022-23. (Assuming he do not opt for the Section 115BAC): (i) He sold his vacant land on 09.12.2021 for ₹ 15 lakhs. The Stamp Duty Value (SDV) of land at the time of transfer was ₹ 19 lakhs. The fair market value of the land as on 1st April 2001 was ₹ 6 lakhs (SDV is ₹ 5,00,000). This land was acquired by him on 05.08.1996 for ₹ 3.40 lakhs. He had incurred registration expenses of ₹ 15,000 at that time. The cost of inflation index for the year 2021-22 and 2001-02 are 317 and 100 respectively. (ii) He owns an industrial undertaking established in a Special Economic Zone (SEZ) and which had commenced operation during the financial year 2019-20. Total turnover of the undertaking was ₹ 300 lakhs, which includes ₹ 120 lakhs from export turnover. This industrial undertaking fulfils all the conditions of Section 10AA of the Income-tax Act, 1961. Profit from this industrial undertaking is ₹ 30 lakhs. (iii) He has income of ₹ 10,000 from crossword puzzles and ₹ 15,000 interest from bank fixed deposit. (iv) Tuition fees of ₹ 36,000 for his three children to a school. The fees being ₹ 12,000 p.a. per child.
Q7Capital gains, shares, house property, stock-in-trade, capit
10 marks hard
Mr. Lalit purchased from his friend Mr. Abhishek, who is also a dealer in shares, 1000 shares of ABC Ltd. @ ₹ 400 each on 19th June, 2021 the fair market value of which was ₹ 600 each on that date. Mr. Lalit sold these shares in the course of his business on 23rd June, 2021. Further, on 1st November, 2021, Mr. Lalit took possession of his residential house booked by him two years back at ₹ 30 lakh. The stamp duty value of the property as on 1st November, 2021 was ₹ 32 lakh and on the date of booking was ₹ 24 lakh. He had paid ₹ 1 lakh by account payee cheque as down payment on the date of booking. He received a shop (building) of the fair market value of ₹ 1,50,000 and cash ₹ 50,000 in distribution from the ABC (P) ltd at the time of liquidation process of the company in proportion of his share capital. The balance in general reserve of the company attributable to his share capital is ₹ 1,25,000. On 1st March, 2022, he sold the plot of land at Jaipur for ₹ 8 lakh. The value of the cost inflation index is 100 and 317 for the previous year 2001-2002 and 2021-22 respectively. Compute the income of Mr. Lalit chargeable under the head "Income from other sources" and "Capital Gains" for A.Y. 2022-23.
Q12GST calculation - minimum GST payable, input tax credit
0 marks easy
Case: Various supplies with following GST rates - Composition supplies: 0.5% CGST, 0.5% SGST, blank IGST; Bus: 5% CGST, 5% SGST, blank IGST; 14% CGST, 14% SGST, 28% IGST; Raw material: 6% CGST, 6% SGST, 12% IGST; Washing Machines & Mixer Grinders: 9% CGST, 9% SGST, 18% IGST. Opening Balances of Input Tax Credit as on 01/09/2021 - CGST: ₹20,000, SGST: ₹5,000, IGST: ₹95,000. Bus purchased from registered dealer in Talamgarh, Jharkhand, bus used to ferry 25 workers to and from factory: ₹12,00,000.
Calculate the amount of net minimum GST payable in Cash by Zeon Ltd. for the month of September, 2021.
Q13GST - taxable supply valuation, inclusions and exclusions
0 marks easy
Determine the value of taxable supply made by XYZ Pvt. Ltd. under GST law.