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Revision WS (Taxation) - PreMid

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77 views

Revision WS (Taxation) - PreMid

Uploaded by

pallavi.tpathak
Copyright
© © All Rights Reserved
We take content rights seriously. If you suspect this is your content, claim it here.
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Download as DOCX, PDF, TXT or read online on Scribd
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Revision Worksheet – Taxation

1. A retailer buys an air conditioner for Rs 40,000 from a whole-seller at a


discount of 20% on the printed price and sells it to a consumer at the printed
price. The sales are intra-state and the rate of G.S.T is 12%.
Based on above information, answer the following questions:
(i) The G.S.T paid by the retailer
(ii) The G.S.T paid by the consumer
(iii) The price including G.S.T, at which air conditioner was bought by the
retailer
OR
The price at which the consumer bought the air conditioner.

2. A product is sold from Kota (Rajasthan) to Gwalior (M.P) for ₹ 8,000 and then
from Gwalior to Indore (M.P). If the rate of tax under GST system is 18% and
the profit made by the dealer in Gwalior is ₹ 3,000, find net GST payable by
the dealer in Gwalior.

3. Manufacturer A sells a washing machine to a dealer B at a price of Rs 75000.


Dealer B sells it to a consumer at a profit of ₹ 1,500. If the sales are intra- state
and the rate of GST is 12 %, find:
(i) the amount of tax (under GST) paid by the dealer B to the Central
Government,
(ii) the amount that the consumer pays for the machine

4. In financial year 2019-20 Mr. Narendra Kumar Mani's (age 55 years) income
from salary was ₹ 1500000 (exclusive of HRA) and income from interest on
saving account was 18600. He deposited 15000 per month in GPF and paid
57000 as LIC premium. He donated 100000 in Prime Minister's National relief
fund. He paid 31600 as interest on education loan for higher studies of his
daughter. He also paid 212500 as interest on home loan and 763450 as
principal of home loan. Find his income tax by showing all deductions and
exemptions.
5. Calculate the income tax payable by following individuals for the assessment
year 2020-21:

Sridevi Swathi
Date of Birth 14.9.1972 13.8.1995
Total income which includes: ₹ 2,43,000 ₹ 2,75,000
a. Long –term Capital gains ₹ 16,000 ₹ 16,000
b. Net – agricultural incomes: ₹ 18,000 ₹ 18,000

6. In
financial year 2019-20 the income of Mr Ashwani Kumar is ₹ 9, 70,000
inclusive of HRA. His savings and donations are given below:

SAVINGS
• Contribution towards Provident Fund ₹ 8700per month
• Contribution towards LIC premium: ₹ 42,000
• Investment in National Savings Certificate: ₹ 15, 000

DONATIONS:
• To Prime Minister’s Relief Fund: ₹10,000 (eligible for 100% tax exemption).
• To religious institutions: ₹8000 (eligible for 50% tax exemption)

OTHER DETAILS:
• He took home loans of ₹24, 00,000 from the State Bank of India, Bhawanipur,
Kolkata and paid ₹76,000 as interest on home loans and ₹20,000 as principal of
home loan.

If a sum of ₹4,000 per month was deducted every month towards income tax
from his salary for the first 11 months of the year. (a) Calculate the taxable
income (b) Calculate Mr. Kumar’s income tax liability in the last month of the
year. (Apply other applicable rules for calculating the income tax liability)

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