ANATION.

SEMESTER-5 (ALLTYPE
OF
SUMS)

31-01-2024
TIME:6P.M ONWARDS
GOBIND KUMAR JHA 9874411552

B.Com. (Semester – V)
Taxation Suggestions
Exam Time Discussion

1. The particulars of income of Mrs. Madhumita Chakraborty, aged 58 years, for the financial year 2021-
22 are as under:
a) Net salary Rs. 7,22,000 after deduction of tax at source Rs. 8,000.
b) Income from business owner by her Rs. 3,00,000 and allowable expenses Rs. 1,80,000.
c) Long-term capital gain on sale of building Rs. 1,80,000 and Short-term capital gain on sale of
gold Rs. 30,000.
d) Dividend from TATA Motors Rs. 18,000.
e) Interest on fixed deposits with SBI Rs. 8,400.
f) Interest on Govt. Securities Rs. 24,000.
g) Winning from lottery (net) Rs. 68,800 (TDS @ 31.2%).
h) She deposited in PPF Rs. 80,000 during the year.
i) Premium paid on Life Insurance on her own life taken on 15.07.2018 Rs. 36,000 (Policy Value
Rs. 3,00,000).
j) Donation to National Defence Fund Rs 30,000.
k) Paid Rs. 25,000 to Rama Krishna Mission.
l) Paid premium on Mediclaim Insurance Policy on own health by cheque Rs. 24,000.
Compute her total income and tax liability for the assessment year 2022-23. She does not exercise
option u/s 115BAC.

2. A and B are partners of Gopal & Co., a registered professional firm, sharing profit and loss equally.
Their income and expenditure account for the year ended 31.3.2023 is given below:-
Particulars ₹ Particulars ₹
To Salaries 75,000 By Consultancy Fees 3,30,000
To Depreciation 20,000 By Bank Interest 14,000
To Office Expenses 58,000
To Rent 12,000
To Provision for Bad Debts 5,000
To Salary to A 54,000
To Salary to B 72,000
To Commission to B 9,000
To Interest on Capital @ 20% p.a.
A 8,000
B 7,000
To Share of Profit
A 12,000
B 12,000
3,44,000 3,44,000
Additional Information:-
a) Office expenses include penalty to customs – Rs. 5,000.

1
GOBIND KUMAR JHA 9874411552

b) Depreciation as per Income Tax Rule – Rs. 17,000.

Compute the total income of the firm. Also compute Tax Payable by the firm.

3. From the following information, compute interest payable u/s 234A:

a) Due date of filing return 31.07.2023
b) Date of filing return 25.12.2023
c) Tax on assessed income Rs. 80,000
d) Advance Tax paid Rs. 30,000
e) Self-assessment tax paid on 25.12.2023 Rs. 10,000

4. Prof. Lala (aged 45 years) submitted his return of income on November 15, 2023 (due date – July 31,
2023) showing total income of Rs. 6,75,000 for the assessment year 2023-24. Assessment is completed
on February 22, 2024 on income of Rs. 7,20,000. The particulars of payment of taxes are as follows:
Payment of advance tax Rs. 30,000
Tax deducted at source Rs. 20,500
Payment of Self-assessment tax u/s 140A Rs. 20,570
Calculate interest u/s 234A.

5. Sonu submits his return of income on 21st December, 2023 (due date: October 31, 2023) for the
assessment year 2023-24. Income declared and assessed Rs. 16,35,000. He paid advance tax of Rs.
2,04,000. Calculate the amount of interest payable u/s 234A (Tax including Cess on assessed income of
Rs. 16,35,000 is Rs. 3,15,120).

6. From the following information, find out the amount of interest payable u/s 234A:
a) Due date of filing return July 31, 2023
b) Date of filing return December 15, 2023
c) Tax on assessed income Rs. 25,000
d) Advance Tax paid during the financial year 2022-23 Rs. 15,000
e) Tax deducted at source during the year 2022-23 Rs. 1,000
f) Self-assessment tax paid u/s 140A Rs. 5,000
g) Date of payment of Self-assessment tax October 10, 2023

7. The following particulars are furnished by Mr. Ranjan for the financial year 2022-23:
Tax Payable on assessed income ₹ 2,06,700
Advance Tax paid ₹ 1,68,000
Tax deducted at source ₹ 16,700
Due date of return 31/07/2023
Date of assessment order 23/12/2023
Compute the interest payable u/s 234B.

8. Total tax liability for the financial year 2022-23 is Rs. 1,00,000 and advance tax were paid as follows:
On or Before Total Advance Tax paid
15th June, 2022 5,000
th
15 September, 2022 25,000
15th December, 2022 35,000
th
15 March, 2023 50,000
Compute Interest u/s 234C.

2
GOBIND KUMAR JHA 9874411552

9. Mrs. Sila working in X Ltd. furnished the following, compute the tax to be deducted at source by X Ltd.
Taxable Salary Rs. 5,60,000
Loss from House Property Rs. 5,000
Investment in PPF Rs. 10,000

10. The estimated income of Mr. Jha (aged 54 years) a resident individual for the year 2022-23 are as
follows:
Income from House Property Rs. 59,500
Income from Profession Rs. 7,63,000
Income from other sources Rs. 35,700
Mr. Jha is entitled to deduction u/s 80C and 80G amounting to Rs. 72,100 and Rs. 10,500 respectively.
Tax deducted at source during the year is Rs. 10,325. Calculate the amount of advance tax payable by
Mr. Jha.

11. Tax payable on total income of Mr. X as declared in the return for the assessment year 2022-23 is ₹
2,47,300. He paid advance tax of Rs. 30,200 during the previous year 2021-22. Tax of Rs. 12,400 has
been deducted at source. Interest u/s 234A, 234B and 234C calculated as per provisions of the Act
amounted to Rs. 10,400; Rs. 15,900 and Rs. 8,700 respectively.
Calculate self assessment tax payable by Mr. X u/s 140A.

12. State with reason GST Payable in the following cases:-

a) X Ltd. supplied 10 Laptops to B Ltd. under an inter-state supply. Each laptop is supplied with
Windows 10 & MS Office installed in the Laptop. Laptop is given with laptop bag. Each laptop
is supplied for a consolidated price of Rs. 70,000. Applicable rate of IGST on:- Laptop – 18%,
Windows 10 – 12%, MS Office – 12% and Laptop bag – 5%. (Composite)
b) A supplied 20 packets each consisting of canned foods, sweets, chocolate, cakes, dry fruits and
fruit juices to B for a single price of Rs. 850 and out of different items in the package, the
applicable CGST rate on: canned foods – 18%, sweets – 5%, chocolates – 12%, cakes – 12%,
dry fruits – 5% and fruit juices – 12%. (Mixed)

13. From the following details pertaining to Gopal, a registered dealer engaged in purchase and sale of
goods, ascertain the GST liability (SGST/CGST/IGST) for the month of September, 2023:
Particulars Rs.
Sale price charged to customers within State (excluding GST) 12,50,000
Commission charged to buyers 12,000
Packing and forwarding expenses incidental to sale 18,000
Weighment charges, shown separately in invoices 9,500
Prompt payment discount indicated in invoice 1%
CGST 9%
SGST 9%

14. Sanju, a registered supplier of goods, provides the following information:

a) Outward taxable supplies in the month of December, 2023:
Inter-state supply of goods Rs. 15,00,000
Inter-state supply of goods Rs. 10,00,000
b) Purchases made by Sanju in the month of December, 2023:

3
GOBIND KUMAR JHA 9874411552

Inter-state purchase of goods Rs. 5,00,000

Inter-state purchase of goods Rs. 3,00,000
c) Input Tax Credit balance in electronic credit ledger as on 01.12.2023:
IGST Rs. 1,44,000
CGST Rs. 40,000
SGST Rs. 70,000
d) Rate of CGST, SGST and IGST to be 6%, 6% and 12% respectively.
e) Both inward and outward supplies are exclusive of taxes.
f) All the conditions necessary for availing ITC have been fulfilled.
Compute the GST Payable by Sanju for the month of December, 2023 and the balance of ITC, if any, to
be carried forward.

15. State the nature of supply and applicable GST Rate in case of the following supplies:
a) A mobile company supplies Mobile Phone (GST 18%) along with charger (GST 12%) and USB
Cable (GST 12%).
b) A mobile company supplies Mobile Phone (GST 18%) along with charger (GST 12%) and
Headphone (GST 24%).
c) A trader supplies Diwali Gift box comprises dry fruits (GST 5%), Cakes (GST 12%) and fruit
juices (GST 18%).

16. Determine whether the following supplies amount to composite supplies:-

a) A hotel provides 3 nights – 4 days package wherein the facility of breakfast and dinner is
provided along with the room accomodation.
b) A toothpaste company has offered the scheme of free toothbrush of Rs. 15 along with the
toothpaste tube of Rs. 100.

17. In the following cases based on information given and the query, give your comments on the taxability
under GST and the rate of GST Applicable, if any:
a) Space Bazar offers a free bucket with detergent powder. It is a composite supply or mixed
supply? Assume rate of GST for detergent @ 28% and bucket @ 18%.
b) Mr. A booked a Rajdhani Train ticket, which includes meal. It is composite supply or mixed
supply?
c) Mr. Pushpa being a dealer in laptops, sold a laptop bag along with the laptop to a customer for
Rs. 55,000. CGST and SGST for laptop @ 18% and for laptop bag @ 28%. What would be the
rate of tax leviable? Also find the GST liability.

18. Mr. Mohan sold goods to Mr. Sohan worth Rs. 5,00,000. The invoice was issued on 15th November. The
payment was received on 31 st October. The goods were supplied on 20th November. Find the time of
supply of goods. Previous year turnover of Mr. Mohan was Rs. 72 Lakhs.

19. Determine the place of supply of goods/services in the following cases as per the provisions of the IGST
Act, 2017:
a) Mr. Raj of Mumbai, Maharashtra sells 10 TV sets to Mr. Sanjay of Kolkata.
b) Mr. Sanjay of Kolkata sells 30 TV sets to Mr. Vinod of Mumbai.
c) Anand in Lucknow buys goods from Mr. Raj in Kolkata. The buyer requests the seller to send
the goods Nagpur (Maharashtra).
d) X Ltd. Of Mumbai assembles its machinery for Z of Chennai at Bengaluru.

4
GOBIND KUMAR JHA 9874411552

e) JJ Paints Ltd., exported paints to London from Ahmedabad.

20. From the following information, state the nature of GST applicable in case of the following supplies:
a) A of Kolkata supplied goods to B of Durgapur.
b) C of Bihar supplied goods to D of Tamilnadu.
c) F of Chandigarh supplied goods to G of Chandigarh.

21. Determine the Time of Supply in the below mentioned case of supply of goods:-
a) Date of Receipt of Goods – 14th October
b) Date of Payment – 19th December
c) Date of Invoice – 1st November
d) Date of entry in books – 18th October

22. State the provisions relating to ‘Time of Supply ‘ of goods in case of forward charge and calculate time
of supply from the information given below:
Barun, a registered person supplied certain goods to Tarun. Following are the details available for a
transaction:
Date of removal of goods 15.03.2023
Date of issue of invoice 18.03.2023
Date of payment entered in the books of accounts 25.03.2023
Date of credit in bank account 28.03.2023

23. From the following information, determine the time of supply of goods:
Date of removal of goods 23.03.2023
Date of issue of invoice 20.03.2023
Date of payment entered in the books of accounts 28.03.2023
Date of credit in bank account 31.03.2023

24. Compute the assessable value and custom duty payable from the following information:
F. O. B value of machine 8,000 UK Pounds
Freight paid (air) 2,500 UK Pounds
Design and development charges paid in UK 500 UK Pounds
Commission payable to local agents @ 2% of F. O. B
Date of bill of entry (Rate of BCD – 12%; Exchange Rate as 24.10.2023
notified by CBIC – Rs. 68 per UK Pound)
Date of entry inward (Rate of BCD – 18%; Exchange Rate as 20.10.2023
notified by CBIC – Rs. 70 per UK Pound)
IGST Payable 18%
Insurance Charges actually paid but details not available

25. M/s Impex Ltd. imported goods from USA.

• FOB value of the goods – US $ 1,0000
• Insurance – US $ 100
• Freight fare (air) – US $ 300
• Designing charges paid in USA – US $ 500

5
GOBIND KUMAR JHA 9874411552

• Date of bill of entry – 28.09.2021 (when BCD Rate was 20%)

• Date of entry inward – 10.10.2021 (when BCD Rate was 18%)
• IGST Payable is 12%
• Social Welfare Surcharge is 10%
• Exchange Rates were as follows:-
On 28.09.2021 On 10.10.2021
Notified by CBIC ₹ 73.50 / US $ ₹ 75.10 / US $
Compute the assessable value and custom duty payable by M/s Impex Ltd.