Taxation - November 2019

Mrs. Mitul, a resident individual, aged 63 years, is a qualified medical practitioner. She runs her own clinic. Income & Expenditure A/c of Mrs. Mitul for the year ending March 31st 2019 is as under : Expenditure Income To Salary to Staff 1,20,000 By Consultation Fees 12,00,000 To Administrative Exp. 2,90,000 By Salary received from True Care Hospitals (P) Ltd. 1,80,000 To Conveyance Expenses 24,000 By Rental Income from House Property 78,000 To Power & Fuel 24,000 By Dividend Companies…

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. He purchased a flat in Pune during F.Y. 2014-15, which has been given on…

(a) Mr. Prakash is in the business of operating goods vehicles. As on 1st April, 2018, he had the following vehicles : Vehicle A B C Gross Vehicle Weight (in Kgs.) 8500 13000 Date of Purchase 2-4-2017 15-5-2017 4-8-2017 Put to use during F.Y. 2018-19 No (as under repairs) PAPER – 4 : TAXATION 73 During P.Y. 2018-19, he purchased the following vehicles : Vehicle Gross Vehicle Weight (in Kgs.) Date of Purchase Date on which put to D 11000…

(a) Mr. Mahadev, a noted bhajan singer of Rajasthan and his wife Mrs. Dariya furnish the following information relating to the Assessment Year 2019-20. 1 Income of Mr. Mahadev - professional bhajan singer (computed) 5,65,000 2 Salary income of Mrs. Dariya (computed) 3,80,000 3 Loan received by Mrs. Dariya from Ramu & Jay (Pvt) Ltd. (Mrs. Dariya holds 35% shares of the Co. The Co. has incurred losses since its inception 2 years back) 2,50,000 4 Income of their minor…

M/s. Grey, a registered taxable person under regular scheme provides following information in respect of supplies made by it during the month of April, 2019: (All amount in rupees) (i) Inter-state supply of goods 1,00,000 (ii) Intra-state supply of 500 packets of detergent @ ` 400 each alongwith a plastic bucket worth ` 100 each with each packet, being a mixed supply. (Rate of GST on detergent is 18% and on plastic bucket is 28%) (iii) Supply of online educational…

Mr. Zafar of Assam, provides the following information for the preceding financial year 2018-19. You are required to find out 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. Particulars Amount (` in lakh) Value of taxable outward supplies (out of above, ` 10 lakh was in course of inter-state transactions). 50.00 Value of exempt supplies (which include ` 30 lakh…

(a) Explain the registration requirements under GST law in the following independent cases: (i) Mr. Ahmad of Jammu engaged in the business of supplying tobacco based Pan Masala with an aggregate turnover of ` 24 lacs. (ii) Mr. Lepcha of Mizoram is engaged in the supply of papers with an aggregate turnover of ` 13 lacs. Will your answer be different if Mr. Lepcha is located in Meghalaya ? (5 Marks) (b) Mr. Shah, a consignor is required to move…

(a) 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 provisions of notification number 2/2019 CT(R) dated 7-3-2019 as amended, with effect from 1st April, 2019. (5 Marks) (b) Discuss the provisions of Section 39(9) of the CGST Act, 2017,relating to rectification of errors/omissions in GST returns already filed and also state its exceptions. State the…