IPCC TEST

Subjects: Tax Marks : 30 Date : 22-05-2011 Time : 1 Hrs

1. 2. 3. 4.

Section 43B Additional depreciation Section 35 ABB Mr. X is a resident individual. His Profit is below Debit Rs. General Charges 1,06,950 Insurance 10,500 Staff Salary 3,37,680 Donation to Political Party 3,000 Depreciation 3,76,968 Administrative expenses 1,27,500 Advance Tax 51,000 Net Profit 10,41,882

5 Marks 5 Marks 5 Marks and Loss Account for the year ending 31st March 2011

Credit Rs. Gross Profit 15,77,580 Commission 20,400 Rent Received 1,12,500 Interest on Debentures 75,000 (Net Amount Rs. 67,500 plus TDS Rs. 7,500) 1,35,000 Agricultural Income 87,000 Short-Term Profit on sale on 48,000 Investment Dividend from Indian Company Total 20,55,480 Total 20,55,480 1. Depreciation has been calculated as per the Income Tax Rules at Rs. 2,25,000. 2. He has deposited Rs. 1,05,000 in a notified scheme under Post Office Time Deposit Rules, 1981 for five year time. 3. One of his life insurance policies matured on 14.6.2010. the sum assured was Rs. 3,00,000 and amount received on maturity was Rs. 4,88,550. 4. Donation to the Political Party represented the contribution made to a Political Party registered under Sec. 29A of the Representation of the People Act, 1951 5. Income Tax Department refunds Rs. 1,27,740 (including interest of Rs. 4,410) which was directly credited in his Personal Savings Account. 6. Bad debts of a business which was discontinued in earlier years, recovered during the year Rs. 45,000. Compute Total Income and Tax Payable thereon by Mr. X for the Assessment Year 2011-2012. 15 M

IPCC TEST
Subjects: LAW Marks : 15 Date : 22-05-2011 Time : 1 Hrs

1. Proper Authority to call meeting ? 2. What is an exception regarding statutory meeting with other meetings ? 3. Procedure of serving notice through post and requirement of days ?

5 Marks 5 Marks 5 Marks