Chapter 30 Solved Past Papers Income Tax Numericals of ICMAP Stage IV - (2003 to 2018)
Higher of (B) or (C) 1,000
1,000
Tax liability under FTRTax on dividend U/S 150 @ 15% 2,625
Tax on profit on PLS account U/S 151 [Rs. 20,000 x 15%] 3,000
5,625
Total tax liability 6,625
Less: Tax deducted at sourceOn dividend income 2,625
On profit on PLS account 3,000
Tax deducted on professional fee 1,000
Tax deducted u/s 149 60,000
66,625
Balance tax refundable (60,000)Summer - 2003 Q. 5828___ Conceptual Approach to Taxes
Summer - 2003 Q. 5Payments Rs. Receipts Rs.Rent of clinic 24,000 Consultation fees 450,000
Household expenses 96,000 Visiting fees 100,000
Purchase of motor car 300,000 Remuneration from articles
Purchase of surgical equipments 40,000 published in magazines 12,000
Advance income tax 60,000 Rental income 72,000
Salary to assistant 36,000 Gifts from patients 30,000
Car running expenses 30,000
Property tax 12,000
Depreciation of motor car 80,000
Stationery 5,000
Utilities 25,000Required:i) Two-third of car running expenses are in connection with personal use.Dr.A.A.Qureshiamedicalpractitioner,furnisheshisReceiptandPaymentAccountfortheperiod
1st July, 2022 to 30th April, 2023 (Tax year, 2023).Compute the income for the relative tax year and tax thereon after taking into account the following
facts:i) Two-third of car running expenses are in connection with personal use.
ii) Depreciation on car should be charged according to the rules.
iii) Investment in Defense Saving Certificates at Rs. 30,000.828___ Conceptual Approach to Taxes