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CA IPCC : Sample / Mock Test Paper (with Model Answers) - TAXATION Oct 2014

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

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Test Series: October, 2014 MOCK TEST PAPER 2 INTERMEDIATE (IPC): GROUP I PAPER 4: TAXATION Time Allowed 3 Hours 1. Maximum Marks 100 (a) Mr. Mahendra (aged 38) owned 6 heavy goods vehicles as on 01.04.2013. He acquired 2 more heavy goods vehicles on 1.7.2013. He is solely engaged in the business of plying goods vehicles on hire since financial year 2008-09. He did not opt for presumptive provision contained in section 44AE for the financial year 2012-13. His books were audited under section 44AB and the return of income was filed on 5.8.2013. He has unabsorbed depreciation of Rs. 70,000 and business loss of Rs. 1,00,000 for the financial year 2012-13. Following further information is provided to you: (i) Deposited Rs. 20,000 in Tax Saver Deposit with UCO Bank in the name of married son. (ii) Paid medical insurance premium of Rs. 23,000 for his parents (both aged above 70) by means of bank demand draft. (iii) Paid premium on life insurance policy of his married daughter Rs. 25,000. The policy was taken on 1.04.2012 and the minimum sum assured is Rs. 2,00,000. (iv) Repaid principal of Rs. 40,000 and interest of Rs. 15,000 to Canara Bank towards education loan of his daughter, who completed B.E. two years ago. She is employed after completion of her studies. Assuming that Mr. Mahendra has opted for presumptive provision contained in section 44AE of the Income-tax Act, 1961, compute the total income of Mr. Mahendra for the assessment year 2014-15. (10 Marks) (b) Amiro Bank Ltd. furnishes the following information relating to services provided and the gross amount received (excluding service tax): Particulars Amount (Rs.) 5,00,000 6,00,000 10,00,000 6,00,000 Interest on overdraft Interest on loans with a collateral security Interest on corporate deposits Administrative charges (over and above interest) on loans, advances and deposits Sale of foreign exchange to general public 15,00,000* Service charges relating to issuance of Certificates of Deposit (CDs) 20,00,000 The Institute of Chartered Accountants of India

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