Taxation - May 2019

From the following particulars of Shri Jagdish (aged 59 years) for the Assessment Year 2019-20, you are required to find out his taxable income and net tax liability : (i) Basic Salary @ ` 51,000 per month, Dearness allowance @ ` 10,000 per month (Part of salary for retirement benefits), House rent allowance ` 4,000 per month and rent paid for house in Mumbai is ` 7 ,000 per month. (ii) He owns a commercial building at New Delhi, which…

(a) The following are the incomes of Shri Subhash Chandra, a citizen of India, for the previous year 2018-19 : (i) Income from business in India ` 2,00,000. The business is controlled from London and ` 60,000 were remitted to London. (ii) Profits from business earned in Japan ` 70,000 of which ` 20,000 were received in India. This business is controlled from India. (iii) Untaxed income of ` 1,30,000 for the year 2016-17 of a business in England which…

(a) Mr. Madhvan is a finance manager in Star Private Limited. He gets a salary of ` 30,000 per month. He owns two houses, one of which has been let out to his employer and which is in tum provided to him as rent free accommodation. Following details (annual) are furnished in respect of two house properties for the Financial Year 2018-19. House 1 Fair rent Actual rent Municipal Valuation Municipal taxes paid Repairs Insurance premium on building Ground rent…

(a) Ms. Geeta, a resident individual, provides the following details of her income/losses for the year ended 31.03.2019: Particulars Amount (i) Income from salary (computed) 41,20,000 (ii) (iii) Rent received from house property situated in Delhi Interest on loan taken for purchase of above property. Loan was taken from a friend 5,00,000 7,50,000 (iv) (v) Rent received from house property situated in Jaipur Interest on loan taken for house property in Mumbai, which is selfoccupied. Loan was taken from PNB…

Mr. Himanshu, a registered supplier of chemicals, pays GST under regular scheme. He is not eligible for any threshold exemption. He has made the following outward taxable supplies for the month of September 2018: Intra-State supply of goods ` 25,00,000 Inter-State supply of goods ` 5,00,000 He has also made the following inward supply : Intra-State purchase of goods from registered dealer ` 14,00,000 Intra-State purchase of goods from unregistered dealer ` 2,00,000 Inter-State purchase of goods from registered dealer…

Scheduled Commercial Bank has furnished the following details for the month of August, 2018: Particulars Extended Housing Loan to its customers Processing fees collected from its customers on sanction of Commission collected from its customers on bank guarantee Interest income on credit card issued by the bank Interest received on housing loan extended by the bank Minimum balance charges collected from current account and saving account holder Amount ` in Crores (Excluding GST) 100 20 30 40 25 01 Compute…

(a) Examine the following independent cases of supply of goods and services and determine the time of issue of invoice under each of the cases as per the provisions of CGST Act, 2017: (i) Sakthi Enterprises, Kolkata entered into a contract with Suraj Enterprises, Surat for supply of goods on 31 st October, 2018. The goods were removed from the factory at Kolkata on 11th October, 2018. As per the agreement, the goods were to be delivered by 31st October…

(a) Enumerate the persons who are not eligible to opt for Composition Scheme under section 10(2) of the CGST Act, 2017. (5 Marks) Answer either 8(b) or 8(c) but not both (b) List out the situations in which a Credit note/Debit note may be issued under the CGST Act, 2017. (5 Marks) (c) Answer the following questions with respect to casual taxable person under the CGST Act, 2017 : (i) Who is a casual taxable person? (ii) Can a casual…