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

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

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Test Series: September, 2014 MOCK TEST PAPER 1 INTERMEDIATE (IPC): GROUP I PAPER 4: TAXATION Time Allowed 3 Hours 1. (a) Maximum Marks 100 Compute the taxable income and tax liability of Mrs. Sudha Sharma for the A.Y. 2014-15 from the following detail: (i) Smt. Sudha Sharma was born on 01.07.1950. She is a Deputy Manager in a Company in Mumbai. She is getting a monthly salary and D.A. of Rs.45,000 and Rs. 12,000 respectively. 50% of DA forms part of pay. She also gets a House Rent Allowance of Rs. 6,000 per month. She is a member of Recognised P.F. wherein she contributes 15% of her salary of Rs. 51,000 p.m. (45,000 + 6,000, being 50% of DA). Her employer also contributes an equal amount. (ii) She is living in the house of her minor son in Mumbai. (iii) During the previous year 2013-14, her minor son has earned an income of Rs. 30,000 (computed) as rent from a House Property, which had been transferred to him by Smt. Sudha Sharma without consideration a few years back. (iv) During the previous year 2013-14, she sold Government of India Capital Indexed Bonds for Rs. 1,50,000 on 30.09.2013, which she purchased on 01.07.2001 for Rs. 80,000 (Cost inflation index F.Y. 2001-2002: 426 and for the F.Y. 2013-14: 939). (v) Her employer gave her an interest free loan of Rs. 1,50,000 on 01.10.2013 to one of her son s wife for the purchase of an Alto Maruti Car. Nothing has been repaid to the company towards the loan. The lending rate on SBI for a similar loan is 8% p.a as on 01.04.2013. (vi) During the previous year 2013-14 she paid Rs. 15,000 by cheque to GIC towards Medical Insurance Premium of her dependent mother. (10 Marks) (b) Star Professionals Ltd. is engaged in providing services which became taxable with effect from August 01, 2013. Compute the service tax payable by Star Professionals Ltd. on the following amounts (inclusive of service tax wherever applicable) received in the month of March, 2014:Particulars Amount (Rs.) Services performed in July, 2013 (Amount received from the client is full and final) 5,00,000 The Institute of Chartered Accountants of India

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