Tax Book 2023

Chapter 21 ___Solved Past Papers Income Tax Numericals of CA Module C - (2001 to 2022)

Computation of tax liability:

Hamid

NOTES

N-1 Dividend covered under FTR, so not included in taxable income.

N-2 Tax depreciation excluding depreciation of typewritter^ 14,000

Income is below the taxable limit, so no tax shall be charged.

He has a speculation loss which is set off only against speculation profit. So nothing shall be included from

share from AOP.

Conceptual Approach to Taxes ___ 575

14,000

Add: depreciation on typewritter @ 10% 1,800

15,800

N-2 Tax depreciation excluding depreciation of typewritter

Conceptual Approach to Taxes ___ 575