Taxation - November 2023

Mr. Pramod, a resident aged 55 years, is a retail trader; he furnished the following information for A.Y. 2023-24: Trading and Profit and Loss Account for the year ended on 31.03.2023: To Opening Stock Purchases 1,15,000 55,40,000 Transport charges 1,20,000 Gross Profit c/f 15,15,000 By Sales Closing Stock 72,90,000 To Salaries Rates and Taxes 70,80,000 2,10,000 72,90,000 3,40,000 24,000 By Gross Profit b/f Rent from H. Property 15,15,000 1,80,000 Administrative Expenses Depreciation 3,25,000 80,000 Rent from furniture 1,20,000 Net Profit…

(a) State (Yes/No) whether the following transactions can be treated as income deemed to accrue or arise in India: (1) Hire charges paid outside India for the use of machinery situated in India. (2) Income of a non-resident and non-citizen of India from the shooting of cinematograph film in India. (3) Capital gain arising through a transfer of a house property situated in India, the place of registration and the place of payment of consideration being outside India. (4) Allowances…

(a) Mr. Aryan, a resident individual aged 58 years, sells (unlisted) shares in a private sector company on May 17, 2022 for ` 10,00,000. The shares were bought on 01.08.2012 for a consideration of ` 2,00,000. Mr Aryan paid ` 2,000 as brokerage on sale of shares. Mr. Aryan deposited ` 5,00,000 in Capital Gain Account Scheme on 15.06.2023 (Before filing the return of income for the Assessment Year 2023-24). On April 30, 2024 he withdraws ` 4,50,000 and purchases…

(a) Mr. Jai, a resident individual, furnishes the following particulars of his income and other details for the previous year 2022-23: Income from the activity of owning and maintaining race horses 40,000 Income from crossword puzzle solving 30,000 Income from Agricultural land in Haryana 25,000 Dividend Income from domestic company (gross) 15,000 (Expenditure incurred in collecting the aforesaid dividend) 2,500 Income from cycling business 1,50,000 Loss from warehousing facility for storage of edible oils Share of loss form PR associates…

Miss Nitya, proprietor of M/s. Honest Enterprise, a registered supplier of taxable goods and services in the state of West Bengal, pays GST under regular scheme. It is not eligible for any threshold exemption. It provided the following information for the month of De cember 2022: S. Particulars No. Amount (`) OUTWARD SUPPLY: Intra-state supply of goods to M/s. Natural & Sons i. 7,00,000 ii. Intra-state transfer of goods to its branch office in the state of West Bengal. Both…

(a) Mr. Dhanwan, an individual registered supplier of Ahmedabad (Gujarat), received the following amount towards rendering of the intra-state supply of various services in the month of January 2023: S. No. Particulars I. Consideration received from security and housekeeping services provided to “Holy Foundation”, an educational institution providing services by way of pre-school education, outside the school premises on its annual day function. 60,000 II. Amount received as an honorarium for participation as guest anchor on “Apna TV” in relation…

(a) Mr. Venaram proprietor of M/s. Lalit Kirana Stores is registered as a composition dealer in the Jodhpur district of Rajasthan. He has not furnished the statement for payment of self assessment tax in the form GST CMP-08 for two consecutive quarters. He placed an order for purchase of taxable goods worth ` 5,50,000 with M/s. Bob & Sons (a partnership firm), a registered dealer in the Bikaner district of Rajasthan. M/s. Bob & Sons has been regularly filing its…

(a) Briefly explain the provisions relating to reversal of input tax credit in case of non -payment of tax by the supplier and re-availment thereof? Explain the procedure for revocation of cancellation of registration where the registration of a person is cancelled suo-motu by the proper officer as per the provisions of CGST Act, 2017. (5 Marks) (b) Mr. Sameer, a registered person under GST, is unable to tile GSTR-1 on the reason being shown that tax payable under GSTR-1…