Taxation - January 2025

Mr. Rohit, a resident individual, aged 65 years, is a qualified medical practitioner. He runs his own clinic. Income & Expenditure A/c of Mr. Rohit for the year ending March 31st 2024 is as under : Expenditure Income To Salary to Staff 8,20,000 By Consultation Fees 22,00,000 To Administrative Expenses 5,90,000 By Salary received from Care Hospital Pvt. Ltd. 1,80,000 To Conveyance Expenses 24,000 By Rental Income from House Property 78,000 To Power & Fuel 24,000 By Dividend from Foreign…

(a) Mr. Paras has a proprietary business since P.Y. 2015-16. He has transferred this business on 01.04.2023 by way of a slump sale for a total consideration of ` 40 Lakh. The fair market value of his capital assets as on 01.04.2023 is ` 35 Lakh. He has incurred expenses for this deal of ` 1,50,000. His Balance Sheet as on 31.03.2023 is given below: Liabilities Assets Own Capital 20,00,000 Building 18,00,000 Bank Loan 5,00,000 Debtors 5,00,000 Unsecured Loans 2,50,000…

(a) (A) What is the meaning of Micro arid Small Enterprise u/s 43B of Income Tax Act, 1961? (B) Mr. Prem has following assets as on 01.04.2023 : (i) A machinery costing ` 4 lakh, which was used for scientific research related to business and deduction u/s 35 was allowed ` 40,000. (ii) A laptop received as a gift from his friend costing ` 60,000. It was purchased on 01.04.2022 by his friend. (iii) A temporary wooden structure costing `…

(a) Mr. Rakesh furnishes the following details for year ended 31.03.2024: Particulars Short Term Capital Gain 2,80,000 Loss from Speculative Business 1,20,000 Long Term Capital Gain on Sale of Land 60,000 Long Term Capital Loss on Sale of shares (STT not paid) 2,00,000 Income From Business of Textile (after allowing current year Depreciation) 1,00,000 Income From Salary (Computed) 2,00,000 Loss from Let - Out House Property 80,000 Share of Loss from Firm 1,60,000 Investment in PPF 21,000 Medical Insurance Premium…

Cube Private Ltd., a registered person in Bharuch, Gujarat, engaged in various lines of business, provided the following details regarding its transactions made during the month of May 2024: Outward / Inward Transactions: Amount Supplied a latest technology laptop with touch screen option to Managing Director's friend (Open market value as well as sale to unknown customers was at ` 90,000) 60,000 Supplied printed letter cards to M K Industries, a registered person in Gandhinagar, Gujarat. Logo design was supplied…

(a) Nootan Ltd., a registered person in Indore, Madhya Pradesh, provides details of the following transactions carried out during the month of June 2024: Sr. No. Particulars Amount in ` 1. Paid remuneration to Mr. Madan, for the services rendered by him in the capacity of Director. Company deducted TDS under section 192 (Salary) and 194J (Professional or Technical services) of Income-Tax Act, 1961. Gross payments made were ` 8,50,000 and ` 11,50,000 respectively for Salary and Professional services. (Intra-State…

(a) Rameshwar Industries is engaged in the manufacturing semi-conductors in the State of Assam. It makes only intra-State outward supplies. Following details have been made available by Rameshwar Industries: Date of commencement of business March 14, 2024 Date when turnover exceeded ` 10 lakh March 29, 2024 Date when turnover exceeded ` 20 lakh April 15, 2024 Date when turnover exceeded ` 40 lakh April 28, 2024 Date, of application for registration as per the May 15, 2024 provisions of…

(a) CBIC has issued a recent clarification on Time of Supply in respect of supply of services of construction of road and maintenance thereof of National Highway Projects of National Highway Authority of India (NHAI) in Hybrid Annuity Mode (HAM) model. Briefly discuss the said clarification. (5 Marks) (a) Explain briefly about the exemption available under the CGST Act, 2017 in respect of services provided by an Old Age Home. (5 Marks) (b) (i) Rule 138E of CGST Rules, 2017…