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CA IPCC : Question Paper (with Answers) - TAXATION May 2014

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CA IPCC
Tilak Vidyalaya Higher Secondary School (TVHSS), Kallidaikurichi

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PAPER 4 : TAXATION Question No.1 is compulsory. Attempt any five questions from the remaining six questions. Working notes should form part of the answer. Wherever necessary, suitable assumptions may be made and stated clearly by way of note. All questions pertaining to Income-tax relate to assessment year 2014-15, unless stated otherwise in the question. Question 1 (A) From the following details compute the total income of Kamal, a resident individual aged 54 years for the year ended 31-3-2014. Tax payable need not be calculated. ` 1 Salary including dearness allowance 5,00,000 2 Bonus 15,000 3 Salary to servant provided by employer 12,000 4 Bill paid by employer for gas, electricity and water provided free of cost at his flat 14,500 5 Cost of laptop provided by the employer (Used both for official and personal purposes) 40,000 Following additional information is provided: (1) Kamal purchased a flat in a Cooperative Housing Society in Delhi for ` 10,75,000 in April, 2010 by taking loan from State Bank of India amounting to ` 5,00,000 @ 15% per annum interest, ` 65,000 from his own savings and a deposit from a Nationalized Bank to whom this flat was given on lease for 10 years at a monthly lease rental of ` 5,500. The outstanding amount of loan is ` 1,60,000. (2) Municipal taxes paid by Kamal ` 4,500 p.a. (3) Insurance in respect of the said flat ` 1,275 (4) Kamal earned a profit of ` 15,000 in shares speculation business and incurred a loss of ` 20,200 in speculation business of cotton. (5) In the year 2008-09, he had gifted ` 50,000 to his wife and ` 30,000 to his son who was aged 11 years then. These amounts were advanced to Mr. Mohan @ 15% per annum interest. The Suggested Answers for Paper 4: Taxation are based on the provisions of tax laws as amended by the Finance Act, 2013 and applicable for A.Y. 2014-15 (in the case of Incometax), which is the assessment year relevant for May, 2014 examination. The Institute of Chartered Accountants of India

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