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Past papers/ Cost & Mgmt/ November 2019
Paper 11 Qs
Suggested Answers · November 2019

CA Inter Cost & Mgmt

This page contains all 11 questions from the CA Inter Cost & Management Accounting Suggested Answers for the November 2019 attempt cycle, sourced from VSI Jaipur.

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Q.b 05 marks medium GST - COST Act Section 39(9), rectification of errors/omissi ⚡ Try this Q →
Discuss the provisions of Section 39(9) of the COST Act, 2017, relating to rectification of errors / omissions in GST returns already filed and also state its exceptions. State the time limit for making such rectification.
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Worked Solution

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Note: The question refers to the 'COST Act, 2017', which is clearly a typographical error for the CGST Act, 2017 (Central Goods and Services Tax Act, 2017). The answer is accordingly based on Section 39(9) of the CGST Act, 2017.

Section 39(9) of the CGST Act, 2017 — Rectification of Errors/Omissions in Returns

A registered person who has furnished a return under Section 39 and subsequently discovers any omission or incorrect particulars therein may rectify such omission or incorrect particulars in the return to be furnished for the tax period during which such omission or incorrect particulars are noticed. In other words, the correction is not made by revising the original return but is carried out in the return of a subsequent period when the error/omission is discovered.

This provision enables taxpayers to self-correct mistakes such as under-reporting of output tax, excess claim of input tax credit, incorrect place of supply, wrong tax rate, etc., without waiting for any departmental action.

Time Limit for Rectification

Such rectification must be made no later than the earlier of the following two dates:
1. The return for the month of September following the end of the financial year to which such details pertain (i.e., GSTR-3B for September, due in October of the subsequent year); OR
2. The actual date of furnishing of the Annual Return (GSTR-9) for that financial year.

Whichever of the two above dates falls earlier is the cut-off for rectification.

Illustration: For an error in the return of March 2025 (FY 2024-25), the rectification must be made by the return for September 2025 or the date of filing GSTR-9 for FY 2024-25, whichever is earlier.

Exceptions — When Rectification is NOT Permitted

Rectification under Section 39(9) is not allowed in the following cases:
1. Where the omission or incorrect particulars have already been noticed by the proper officer before the registered person furnishes such rectification. This means that once the department has detected the discrepancy through scrutiny, audit, inspection, or enforcement activity, the taxpayer loses the right to self-rectify under this provision.
2. After the expiry of the prescribed time limit (the earlier of: September return of the subsequent year or the date of filing the annual return), no rectification can be made in returns.

Liability to Pay Interest

Where the rectification results in an additional tax liability (i.e., the taxpayer had under-declared output tax or over-claimed ITC), interest under Section 50 of the CGST Act, 2017 is payable on the differential tax amount from the original due date until the date of actual payment.

Summary

AspectProvision
MethodCorrect in the return of the period in which error is noticed
Time LimitEarlier of: September return (next FY) OR date of Annual Return filing
Exception 1Error noticed by proper officer before rectification
Exception 2After expiry of time limit
InterestApplicable under Section 50 on additional tax, if any
PLAN

Write it like this

Time target 9 min

1The skeleton

- Start with 'Section 39(9) of the CGST Act, 2017 permits…' — write the full act name and section in line 1, because the examiner's checklist literally ticks off 'correct section cited' before reading anything else.
- **State the mechanism in one crisp line: correction goes into the subsequent return, not a revised original — this is the core rule and most students bury it; put it second so the examiner sees it without hunting.
-
Give the time limit as a two-point 'earlier of' structure — write both conditions (September return of next FY + date of filing GSTR-9) and then explicitly say 'whichever is earlier'; skipping either limb loses a dedicated half-mark.
-
List exceptions as a numbered sub-list under a bold heading 'Exceptions' — ICAI answers always call these out separately; a single flowing sentence gets you partial credit at best.
-
End with interest under Section 50 in one line** — this is a 'bonus clincher' that 80% of students miss; it rounds off 5-mark answers and shows you know the downstream consequence, not just the procedure.

2Examiner-rewarded phrases

“the return for the month of September following the end of the financial year to which such details pertain”“omission or incorrect particulars noticed by the proper officer”“whichever is earlier”

3Common trap

Don't fall for this

The single deadliest mistake is writing 'the return can be revised' — Section 39(9) has NO revision; the correction is made in the return of the period in which the error is *noticed*, not by amending the original. If you use the word 'revise' anywhere, the examiner marks you down even if the rest is correct.

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Q.1 00 marks easy Income Tax Computation - Multiple Sources of Income ⚡ Try this Q →
Case: A person is working part-time with True Care Hospitals (P) Ltd. with salary details: Basic Pay ₹ 13,000 p.m., Transport Allowance ₹ 2,000 p.m., Total ₹ 15,000 p.m. During P.Y. 2018-19, she had undergone medical treatment in True Care Hospitals (P) Ltd. free of cost. The hospital would have charged ₹ 60,000 for similar treatment. She owns a residential house. Ground floor is self-occupied by her while first floor has been rented out since 01/10/2018. The construction of the house started on 01-04-2018 and was completed on 30-09-2018. The monthly rent is ₹ 10,000. The tenant deposited ₹ 3,000 p.…
You are required to compute her net taxable income and net tax liability for the Assessment Year 2019-20.
CTTP

Worked Solution

✓ Verified

Note: The case scenario as provided does not include the net profit figure from the clinic's Profit & Loss account, which would be needed to complete the PGBP head. The solution below covers all computable heads fully and clearly identifies PGBP adjustments.

ASSESSMENT YEAR 2019-20 — COMPUTATION OF NET TAXABLE INCOME

A. Income from Salaries

Basic Pay: ₹13,000 × 12 = ₹1,56,000. Transport Allowance: ₹2,000 × 12 = ₹24,000 (fully taxable for AY 2019-20 — transport allowance exemption withdrawn by Finance Act 2018). Medical treatment in employer's own hospital: NIL [exempt under Section 17(2)(ii)(a) of the Income Tax Act, 1961 — medical treatment provided in hospital maintained by employer is not a perquisite]. Gross Salary = ₹1,80,000. Less: Standard Deduction u/s 16(ia) = ₹40,000 (introduced by Finance Act 2018 for AY 2019-20). Income from Salaries = ₹1,40,000.

B. Income from House Property

The house has two portions: Ground Floor (Self-Occupied) and First Floor (Let Out from 01/10/2018). House loan taken 01-04-2018; construction completed 30-09-2018 (during PY 2018-19 itself). Since the loan was taken on 01-04-2018, which is AFTER 31-03-2018 (i.e., after the end of the PY preceding the completion year), there is no pre-construction interest period. Total interest = ₹60,000 + ₹40,000 = ₹1,00,000 (all current-year interest). This is apportioned equally (50:50) between SOP and let-out portions.

Self-Occupied Portion (Ground Floor): Annual Value = NIL. Less: Interest u/s 24(b) = 50% × ₹1,00,000 = ₹50,000 (limit ₹2,00,000 for loans after 01-04-1999, completion within 5 years — satisfied). Loss from SOP = (₹50,000).

Let-Out Portion (First Floor): Let-out period = 6 months (Oct 2018–Mar 2019). Rent = ₹10,000 × 6 = ₹60,000 (Gross Annual Value). Power charges ₹3,000 × 6 = ₹18,000 excluded — collected as pass-through for tenant's electricity, not rent. Municipal taxes deductible (actual payment basis during PY 2018-19): ₹5,000 (FY 2017-18) + ₹5,000 (FY 2018-19) = ₹10,000 total for house; let-out portion = 50% × ₹10,000 = ₹5,000. NAV = ₹60,000 − ₹5,000 = ₹55,000. Less: 30% standard deduction u/s 24(a) = ₹16,500. Less: Interest u/s 24(b) = 50% × ₹1,00,000 = ₹50,000. Income/(Loss) from let-out = (₹11,500).

Total Income from House Property = (₹61,500). (Loss is within ₹2,00,000 set-off cap u/s 71(3A), hence fully set-offable.)

C. Income from Business/Profession (Clinic) — Adjustments

Net profit from books of account is not provided. Key adjustments to be made once the P&L figure is known: (i) Conveyance ₹12,000 for commuting to True Care Hospitals in relation to employment — disallowed (personal/employment-related, not a clinic business expense). (ii) Power & fuel ₹6,000 (generator fuel) — allowable. (iii) Administrative expenses including Municipal Taxes ₹10,000 for clinic premises — allowable as business expense. (iv) Cash purchase of clinic equipment ₹25,000 on 28-08-2018 — disallowed: under Section 43(1) first proviso, where payment for acquisition of an asset exceeds ₹10,000 in cash, such amount is not included in actual cost. Hence WDV for depreciation = ₹1,00,000 (opening WDV only). (v) Depreciation u/s 32 on clinic equipment: ₹1,00,000 × 15% = ₹15,000 (asset in use for more than 180 days, full depreciation applicable). The ₹25,000 cash purchase also cannot be claimed as revenue deduction.

D. Chapter VI-A Deductions

Section 80C: Tuition fees of ₹40,000 for grand-daughter — NOT eligible. Section 80C(2)(xvii) allows tuition fees only for the assessee's own children (maximum two children). Grand-daughter does not qualify. Deduction = NIL.

Section 80E: Interest on education loan for son's higher education = ₹25,000 — eligible (son is a 'child' within the meaning of Section 80E). Principal repayment ₹50,000 is NOT deductible under Section 80E (only interest qualifies). Deduction = ₹25,000.

E. Tax Computation (based on available data)

Income from Salaries: ₹1,40,000. Income from House Property: (₹61,500). Income from PGBP: Not computable (P&L data absent). Gross Total Income (partial) = ₹78,500. Less: Section 80E = ₹25,000. Total Income (partial) = ₹53,500. Since ₹53,500 is below the basic exemption limit of ₹2,50,000 (for individual below 60 years, AY 2019-20), in the absence of PGBP income, Net Tax Liability = NIL. Health and Education Cess (4%) = NIL. If PGBP income is provided (say ₹X), taxable income = ₹53,500 + ₹X, and tax is computed at slab rates: Nil up to ₹2,50,000; 5% from ₹2,50,001 to ₹5,00,000; 20% from ₹5,00,001 to ₹10,00,000; plus 4% H&E Cess. Rebate u/s 87A (₹2,500) available if total income ≤ ₹3,50,000.

PLAN

Write it like this

Time target 28 min 48 sec

1The skeleton

- Lead with a clean table header showing all heads — write 'Computation of Net Taxable Income for A.Y. 2019-20' and list all five heads (Salary, HP, PGBP, CG, IFOS) upfront even if some are NIL; examiners award 'presentation marks' only when the structure is visible at a glance.
- Tackle Salary first and flag the Transport Allowance trap explicitly — write 'Transport Allowance: fully taxable w.e.f. A.Y. 2019-20 (Finance Act 2018 withdrew exemption)' so the examiner sees you know the law change, not just the number.
- Split the house property working into two clearly labelled sub-sections (SOP / Let-Out) — label them, compute NAV for let-out separately, and then show the 50:50 interest apportionment in a single line; this one layout move prevents the examiner from hunting for your logic.
- Write a dedicated 'Disallowances' working for PGBP — list cash purchase u/s 43(1) disallowance, conveyance to hospital disallowance, and depreciation on opening WDV only as numbered points; examiners scan for section citations here and award step marks per point.
- Call out rejected deductions explicitly in Chapter VI-A — write '80C: Tuition fees for grand-daughter — NOT eligible (only own children qualify)' as a line item; a blank or skipped line looks like you forgot it, but a stated NIL with reason gets you the reasoning mark.
- End with a tax slab workings box and explicitly check 87A rebate eligibility — state total income vs ₹3,50,000 threshold and add 4% H&E Cess as a separate line; the cess rate changed in AY 2019-20 and forgetting it costs you the final computation mark.

2Examiner-rewarded phrases

“medical treatment provided in a hospital maintained by the employer is not a perquisite as per section 17(2)(ii)(a) and hence not included in salary”“since the loan was taken after 01-04-1999 and construction was completed within 5 years from the end of the financial year in which the loan was taken, the interest deductible u/s 24(b) for the self-occupied portion shall not exceed ₹2,00,000”“as per the provisions of section 43(1), where the actual payment for acquisition of an asset exceeds ₹10,000 in cash, such amount shall not be included in the actual cost of the asset”

3Common trap

Don't fall for this

The single biggest killer here is treating the ₹60,000 pre-construction period interest as a separate 1/5th instalment — don't do it. The loan was taken on 01-04-2018 and construction finished on 30-09-2018, both in the same P.Y., so there is zero pre-construction period; all ₹1,00,000 is current-year interest. Candidates who split it lose 3–4 marks on the entire HP working.

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Q.2(a) 07 marks hard Income Tax - Non-resident Individual, Foreign Income, House ⚡ Try this Q →
Case: Mr. Jagdish, aged 61 years, has set-up his business in Thailand and is residing in Thailand since last 20 years. He owns a house property in Bangkok, half of which is used as his residence and half is given on rent (such rent received, converted in INR is ₹ 6,00,000). The annual value of the house in Thailand is ₹ 50,00,000 i.e. converted value in INR.
[Question instruction not fully visible on provided pages]
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Worked Solution

✓ Verified

Residential Status of Mr. Jagdish

Mr. Jagdish has been residing in Thailand for the last 20 years and has set up his business there. He would not satisfy the condition of being present in India for 182 days or more during the previous year, nor would he meet any of the alternative conditions under Section 6(1) of the Income Tax Act, 1961. Therefore, Mr. Jagdish is a Non-Resident (NR) for Indian income tax purposes.

Scope of Total Income for a Non-Resident — Section 5(2)

As per Section 5(2) of the Income Tax Act, 1961, the total income of a non-resident includes only:
(i) Income received or deemed to be received in India; and
(ii) Income that accrues or arises, or is deemed to accrue or arise, in India.

Income accruing or arising outside India is expressly excluded from the scope of income of a non-resident.

Taxability of House Property Income in Bangkok

Mr. Jagdish owns a house property situated in Bangkok, Thailand (i.e., outside India). The property is partly self-occupied (½) and partly let out (½), generating rent of ₹6,00,000 (INR equivalent). The annual value of the entire property is ₹50,00,000 (INR equivalent).

Since the property is situated outside India, the income from this property — whether from the let-out portion or the self-occupied portion — neither accrues nor arises in India, nor is it received in India. Accordingly, this income falls outside the scope of total income of Mr. Jagdish under Section 5(2) and is not taxable in India.

Computation of Income from House Property (for academic completeness)

Even though the income is not taxable, the computation under Section 22 and Section 24 of the Income Tax Act, 1961, if it were taxable, would be:

Let-out portion (½ of property):
- Gross Annual Value is the higher of expected rent (½ × ₹50,00,000 = ₹25,00,000) and actual rent received (₹6,00,000). Gross Annual Value = ₹25,00,000.
- Less: Municipal taxes paid (assumed NIL / not given).
- Net Annual Value (NAV) = ₹25,00,000.
- Less: Standard deduction under Section 24(a) @ 30% of NAV = ₹7,50,000.
- Income from let-out portion = ₹17,50,000.

Self-occupied portion (½ of property):
- The annual value of a self-occupied property is taken as NIL under Section 23(2) of the Income Tax Act, 1961.
- Income from self-occupied portion = NIL.

Total income from house property (if taxable) = ₹17,50,000.

However, since Mr. Jagdish is a Non-Resident and the property is located outside India, the income from house property is NIL for Indian income tax purposes. There is no tax liability in India in respect of this Bangkok property.

PLAN

Write it like this

Time target 12 min 36 sec

1The skeleton

- Lead with Section 6(1) — establish NR status in 2 lines — examiners allocate marks here first; if you bury it after the computation, you've already lost the flow.
- Quote Section 5(2) verbatim next — write the two limbs (received in India / accrues in India) as a numbered list; this is the legal anchor that makes everything downstream logical and mark-worthy.
- Apply Section 5(2) to Bangkok property explicitly — say 'the property is situated outside India, income neither accrues nor arises in India' — don't just imply it, say it word for word because examiners tick this sentence.
- State the conclusion before the computation — write 'income is NOT taxable in India' as a standalone line; many toppers lose marks because they hide this conclusion inside the calculation.
- Still show the full computation under Sections 22/23/24 — pick GAV as higher of expected rent (₹25L) vs actual rent (₹6L), deduct 30% SD, show self-occupied = NIL; this earns 3–4 marks even though the final answer is zero taxable income.
- End with a crisp closing line — 'Since Mr. Jagdish is a Non-Resident, income from property situated outside India is outside the scope of his total income under Section 5(2)' — this callback signals to the examiner you've connected all the dots.

2Examiner-rewarded phrases

“income neither accrues nor arises in India, nor is it received in India”“outside the scope of total income of a non-resident under Section 5(2)”“the annual value of the self-occupied portion shall be taken as NIL under Section 23(2)”

3Common trap

Don't fall for this

Heads up — the killer mistake here is skipping the computation entirely because 'it's not taxable anyway.' ICAI's model answer always shows the full GAV → NAV → 30% SD working, and that's where 3–4 marks sit. Zero taxable income ≠ zero marks for computation.

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Q.5 00 marks easy Income Tax - Residential Status and Income Computation ⚡ Try this Q →
He purchased a flat in Pune during F.Y. 2014-15, which has been given on monthly rent of ₹ 27,500 since 01.07.2017. The annual property tax of Pune flat is ₹ 40,000 which is paid by Mr. Jagdish whenever he comes to India. Mr. Jagdish has visited India in 2017. He has taken a loan from Union Bank of India for purchase of the Pune flat amounting to ₹ 15,00,000. The interest on such loan for the F.Y. 2018-19 was ₹ 84,000. However, interest for March 2019 quarter has not yet been paid by Mr. Jagdish. He had a house in Jaipur which was sold in May 2014. In respect of this house he received arear of rent of ₹ 96,000 in Feb. 2019 (not taxed earlier). He also derived some other incomes during F.Y. 2018-19 which are as follows: Profit from business in Thailand ₹ 2,75,000 Interest on bonds of a Japanese Co. ₹ 45,000 out of which 50% was received in India. Income from Apple Orchid in Nepal given on contract and the yearly contract fee of ₹ 3,00,000, for F.Y. 2018-19 was deposited directly by the contractor in Kathmandu branch of Union Bank of India in Mr. Jagdish's bank account maintained with Union Bank of India's Pune Branch. Compute the total income of Mr. Jagdish for Assessment Year 2019-20 chargeable to income tax in India.
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Q.6 07 marks hard Tax Deduction at Source (TDS) - Implications and Applicabili ⚡ Try this Q →
Examine and explain the TDS implications in the following cases along with reasons thereof, assuming that the deductees are residents and having a PAN which they have duly furnished to the respective deductors
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Q.6 06 marks hard GST - Composition Levy Scheme Eligibility ⚡ Try this Q →
Mr. Zafar of Assam, provides the following information for the preceding financial year 2018-19. You are required to find the aggregate turnover for the purpose of eligibility of composition levy scheme and determine whether he is eligible for composition levy scheme or not, for the F.Y. 2019-20.
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Q.6 04 marks hard GST - Time of Supply for Services ⚡ Try this Q →
Know & Grow Publishers, a registered dealer in India, paid an advance ₹ 50,000 to Mr. Ganatra, an author, for the copyright covered under Section 13(1) (a) of the Copyright Act, 1957, of his original literary work on 5-9-2018. It made the balance payment ₹ 1,50,000 on 12-12-2018. You are required to determine the time of supply, if Mr. Ganatra raised the invoice on:
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Q.7 05 marks hard GST - Registration Requirements ⚡ Try this Q →
Explain the registration requirements under GST law in the following independent cases:
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Q.7 05 marks medium GST - E-way Bill Procedure ⚡ Try this Q →
Mr. Shah, a consignor is required to move goods from Ahmedabad (Gujarat) to Nadiad (Gujarat). He appoints Mehta Transporter for movement of goods. Mehta Transporter moves the goods from Ahmedabad (Gujarat) to Kheda (Gujarat). For completing the movement of goods from Kheda (Gujarat) to Nadiad (Gujarat), Mehta Transporter hands over the goods to Parikh Transporter. Explain the procedure regarding e-way bill to be followed by consignor and transporter as per provisions of GST law and rules made thereunder.
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Q.8 05 marks medium GST - Concessional Tax Rate @ 3% ⚡ Try this Q →
Explain in brief the conditions to be fulfilled by a registered person under GST law for availing the option to pay concessional tax @ 3% (effective rate 6%) under GST as per the proviso of notification number 2/2019 CTR) dt. 7-3-2019 as amended, with effect from 1st April, 2019.
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Q.9 05 marks medium AUC2 - Tax implications of share transactions ⚡ Try this Q →
Determine the tax implications of the above transaction in the hands of company, assuming it is the only transaction made during the year
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