QbGST - COST Act Section 39(9), rectification of errors/omissi
5 marks medium
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.
Q1Income Tax Computation - Multiple Sources of Income
0 marks easy
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.
Q2(a)Income Tax - Non-resident Individual, Foreign Income, House
7 marks hard
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.
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Q5Income Tax - Residential Status and Income Computation
0 marks easy
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.
Q6Tax Deduction at Source (TDS) - Implications and Applicabili
7 marks hard
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
Q6GST - Composition Levy Scheme Eligibility
6 marks hard
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.
Q6GST - Time of Supply for Services
4 marks hard
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:
Q7GST - Registration Requirements
5 marks hard
Explain the registration requirements under GST law in the following independent cases:
Q7GST - E-way Bill Procedure
5 marks medium
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.
Q8GST - Concessional Tax Rate @ 3%
5 marks medium
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.
Q9AUC2 - Tax implications of share transactions
5 marks medium
Determine the tax implications of the above transaction in the hands of company, assuming it is the only transaction made during the year