Tax Book 2023

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

Rs.

(i) Gross sales (including sale of imported goods and export sales) 20,000,000

Sales of imported goods after manufacturing 2,000,000

Export sales 3,000,000

Agency commission 1,000,000

Sale of fixed assets 200,000

Dividend income 1,000,000

Miscellaneous income 1,500,000

(ii) Gross Tax Liability 1,200,000

Tax on export sales 30,000

(^566) ____ ___ _Conceptual Approach to Taxes
Tax on export sales 30,000
Tax on Import of goods for manufacuring 108,000
Tax on dividend income 150,000
The projected turnover and taxes expected to be withheld at source are as follows:-
All figures are for the quarter ended September 30, 2023
(i) Gross sales 5,000,000
Sale of imported goods after manufacturing 500,000
Export sales 1,000,000
Dividend income Nil
Miscellaneous income 500,000
(ii) Tax collection/deduction:

• U/s 148 – on goods imported for sale after manufacturing 24,000


• U/s 153 – on sale of imported goods after manufacturing 95,000


• U/s 154 – on export sales 10,000

Solution of Q.NO. 4 Autumn 2003

Rs. Rs.

Advance Tax Payable

240,000

119,000

121,000

NOTES

N-1 Latest assessed tax under NTR

Gross Tax Liability 1,200,000

Less: Tax on export 30,000

Balance tax payable during the quarter

(Latest assessed tax under Normal tax regime (N-1) / Latest tax

year turnover under NTR (N-2) x Actual turnover for the

September quarter (N-3)) (Rs. 1,020,000 / 17,000,000 x

4,000,000)

Less: tax deducted u/s 148 & 153 on sale of imported goods

after manufacturing

Less: Tax on export 30,000

150,000 180,000

Net tax 1,020,000

Gross sales 20,000,000

Less: Export sales 3,000,000

Net sales 17,000,000

N-3 Actual turnover for the quarter

Gross sales 5,000,000

Less: Export sales^ 1,000,000

1,000,000

4,000,000

Q.NO.4 (a) Spring 2003

Mercury and Co. has provided you the following data:

Tax on dividend (assumed on shares to be taxed @ 15%)

N-2 Latest tax year turnover under NTR

Fair value of leased asset Rs.225,000

Interest rate 20.50%

Security Deposit paid 10% of fair value

Depreciation of leased asset 33% per annum

Term of lease 3 years

Yearly rental in arrears Rs.96,890

Required:

Solution of Q.NO.4 (a) Spring 2003

Income year ended : June 30, 2023

Mercury and Co. has provided you the following data:

Name of Taxpayer : Mercury & Co.

YouarerequiredtocomputetheamountavailablefordeductionfromthetaxableincomeofMercuryandCo

for each year. Please show proper working.

National Tax Number :

Tax Year : 2023

(^566) ____ ___ _Conceptual Approach to Taxes