CS Professional Programme Solution June Paper - 6 Module-III Advanced Tax Laws and Practice Part-A

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1 CS Professional Programme Solution June Paper - 6 Module-III Advanced Tax Laws and Practice Part-A Answer: June [1] (a) (i) Ch-14 The statement is True. As per Section 115 BBD, dividend from specified foreign company to be taxed at the rate of 15%. Here, specified foreign company means a foreign company in which the Indian company hold 26% or more in nominal value of the equity share capital of the company [Section 115 BBD (3) (ii)]. Thus, no deduction is allowed from dividend received from specified foreign company. Answer: June [1] (a) (ii) Ch-14 The statement is False. As per Section 2 (22) (e), dividend does not include, inter-alia, any advance or loan to a shareholder or specified concern by a company in the ordinary course of its business, where the lending of money is a substantial part of the business of the company. Here, Ordinary course of business shall mean that the loan or advance should be given to such shareholder at the same rate and terms as it is given to other borrowers. Answer: June [1] (a) (iii) Ch-14 The statement is True. The Delhi High Court, in Praveen Soni v. CIT (2011) held that the provisions contained in section 80IB, nowhere stipulated any condition that such a claim to be made in the first year failing which there would be forfeiture of such claim in the remaining years. Therefore, the deduction under Section 80IB should be allowed to the assessee for the remaining years up to the period for which his entitlement would accrue, provided the conditions mentioned under Section 80IB are fulfilled. Answer: June [1] (a) (iv) Ch-14 The statement is True. Because appeal to Commissioner (Appeals) against the order of Assessing Officer can be preferred by the taxpayer only and not by the Department of Income Tax. Answer: June [1] (a) (v) Ch-14 The statement is False. Because if appeal is not disposed of within 180 days, then the period of stay may be extended. The total period of initial stay & extended period(s) cannot exceed 365 days. Extension is possible only if delay is not attributable to the assessee. 1

2 Answer: June [1] (b) S.N. Particulars Asset Not an Asset (i) A commercial complex. o (ii) (iii) A building occupied by the assessee for business purposes. Aircrafts owned and used by the assessee for business purposes. o o (iv) (v) Land owned by the assessee situated outside a municipality but within a notified area. Jewellery, bullion and utensils made of precious metals. [except held as stock in trade] o o Answer: June [2] (a) Ch-2 Computation of Tax Liability of Renuka Limited for Assessment Year (a) Computation of book profits : ` Net Profit as per Profit & Loss A/c 90,00,000 Add : Non-admissible Expenditure : Provision for Income-tax 5,00,000 Provision for deferred tax 3,00,000 Proposed dividend 7,50,000 Depreciation 60,00,000 Provision for diminution 70,000 76,20,000 Less : Inadmissible Incomes & Admissible Expenditure : Depreciation allowed 40,00,000 (40,00,000) BOOK PROFITS 1,26,20,000 2

3 (b) Computation of Taxable Income ` ` Profit as per Profit & Loss A/c Add : Inadmissible Expenditure, if debited to Profit & Loss Account : Provision for Income tax 5,00,000 Provision for deferred tax 3,00,000 Proposed dividend 7,50,000 Provision for diminution 70,000 Depreciation as per A/c s 60,00,000 76,20,000 Less : Depreciation as per income tax (assumed same amount excluding depreciation on revaluation) 40,00,000 (40,00,000) GROSS TOTAL INCOME 1,26,20,000 Less : Deduction on Profit from SEZ unit (80,000) TAXABLE INCOME 1,25,40,000 Tax Liability as per the provisions of MAT 18.5% on ` 1,26,20,000 23,34,700 Add : 5% 1,16,735 Add : Education 2% & 1% 73,543 Total Tax Liability 25,24,978 Tax Liability as per normal tax 30% on ` 1,25,40,000 37,62,000 Add : 5% 1,88,100 Add : Education 2% & 1% 1,18,503 Total Tax Liability 40,68,603 Here, the tax liability as per MAT provisions is less than the tax liability as per normal tax provisions, therefore, the Tax payable shall be ` 40,68,603. Answer: June [2] (b) (i) Ch-3 It is Tax Planning because depositing money of ` 60,000 in PPF and taking deduction under Section 80C is as per the provisions of Law. Answer: June [2] (b) (ii) Ch-3 It is Tax Evasion, if such installation is not as per the term of employment. Answer: June [2] (b) (iii) Ch-3 The issue of credit note for ` 40,000 as commission to reduce the tax liability of company is tax evasion. 3

4 Answer: June [2] (b) (iv) Ch-3 It is Tax Planning because residing in India for less than 182 days will reduce his tax liability and it is in accordance with the provisions of tax laws. Answer: June [2] (b) (v) Ch-3 It is Tax Evasion because fails to deposit the collected TDS shows that undue benefit is taken by not complying tax provisions. Answer: June [2] (b) (vi) Ch-3 It is Tax Avoidance because as per Section 60 of the Act, transfer of debenture to C and income thereon for reducing the tax liability shall not to be clubbed in the hands of B as the asset is also transferred along with the income. Answer: June [3] (a) Ch-3 (a) Computation of Total Income and Income Tax Payable for Assessment Year As per the normal provisions of the Act ` Profits & gains of business of profession (Total) 80,00,000 Less : Deduction under section 80-IA 32,00,000 Total Income 48,00,000 Tax 30% 14,40,000 Add : 2% & 1% 43,200 Tax Payable 14,83,200 (b) Computation of Alternate Minimum Tax (AMT) ` Profits & Gains of business or profession 48,00,000 Add : Deduction under section 80IA 32,00,000 Adjusted Total Income 80,00, % 14,80,000 Add: 20% & 1% 44,400 AMT Payable 15,24,400 Here, as per Section 115JC, since the income tax payable as per normal provisions of the Income Tax Act is less than the AMT, the LLP would be liable to pay ` 15,24,400 as tax. Answer: June [3] (b) (i) Ch-4 In this case, the gross total income of Mr. Anthony aged 82 years before deduction under section 80C is ` 6,20,000, which exceeds the basic exemption limit of ` 5,00,000. Therefore Mr. Anthony has to furnish his return of income for the A.Y Answer: June [3] (b) (ii) Ch-4 4

5 As per Notification No. 9/2012, dated , the individual is exempted from filing return of income whose total income does not exceed ` 5,00,000 provided the total income consists only of salary and/or interest from savings bank account (not exceeding ` 10,000), subject to fulfillment of certain conditions. Thus, in this case, Mr. Robert has earned interest on fixed deposits and his total income exceeds ` 5,00,000. Consequently, he will have to submit his return of income. Answer: June [3] (b) (iii) Ch-4 A notified infrastructure debt fund is exempt from tax under section 10 (47) but it is required to file a return of income under section 139 (4C) as the income without giving exemption under section 10 (47) exceeds the exemption limit, i.e., ` 2,00,000 for the Assessment Year Answer: June [3] (c) Ch-4 Yes, transfer pricing provisions are applicable to transaction covered by Section 40A (2) relating to payment of an expenditure to close associates/relatives. The Finance Act, 2012 has inserted a proviso to Section 40A (2) wherein it is provided that no disallowance, on account of any expenditure being excessive or unreasonable having regard to the fair market value, shall be made in respect of a specified domestic transaction referred to in Section 92BA, if such transaction is at arm s length price as defined in clause (ii) of Section 92F. Section 92BA has been inserted to provide applicability of transfer pricing regulations to transaction entered between related resident parties for the purpose of computation of income, disallowance of etc. of such parties. These related transaction known as Specified Domestic Transaction. As per Section 92BA, the provisions which are applicable for international transactions shall also apply to specified domestic transactions. Specified Domestic Transaction in case of an assessee means any of the following transactions, not being an international transaction, namely :- (i) any expenditure in respect of which payment has been made or is to be made to a person referred to in clause (b) of sub-section (2) of Section 40A; (ii) any transaction referred to in Section 80A; (iii) any transfer of goods or services referred to in sub-section (8) of Section 80-IA; (iv) any business transacted between the assessee and other person as referred to in sub-section (10) of Section 80-IA; (v) any transaction, referred to in any other section under Chapter-VI-A or Section 10AA, to which provisions of sub-section (8) or sub-section (10) of Section 80-IA are applicable; or (vi) any other transaction as may be prescribed. And where the aggregate of such transactions entered into by the assessee in the previous year exceeds a sum of 5 crore rupees. 5

6 Answer: June [4] (a) Ch-14 Part-B Ans - 4 (a) (i) (b) Entry 97 of List I Ans - 4 (a) (ii) (a) Special Economic Zone Ans - 4 (a) (iii) (b) Section 12 Ans - 4 (a) (iv) (d) Cannot be withdrawn Ans - 4 (a) (v) (b) Additional Customs Duty (CVD) Answer: June [4] (b) Ch-14 (i) Excise Control Code Number (ii) Captive Consumption (iii) ` 5,000 (iv) Conveyance (v) Adhoc Exemption / exemption by special order Answer: June [4] (c) Ch-6 According to Rule 2 (e) of Cenvat Credit Rules (as inserted w.e.f ) Exempted Service means : (1) taxable service which is exempt from the whole of the service tax leviable thereon; or (2) service, on which no service tax is leviable under Section 66B of the Finance Act; or (3) taxable service whose part of value is exempted on the condition that no credit of inputs and input services, used for providing such taxable service, shall be taken; but shall not include a service which is exported in terms of rule 6A of the Service Tax Rules, Answer: June [4] (d) (i) Ch-7 No, since the additional amount of duty accepted by the applicant does not exceed ` 3,00,000. Answer: June [4] (d) (ii) Ch-7 6

7 No, according to Section 127B, application can not be entertained in respect of goods to which Section 123 of the Customs Act applies. Answer: June [4] (d) (iii) Ch-7 No, according to Section 127B of the Customs Act, no application shall be made for the interpretation of the classification of the goods under the Customs Tariff Act, Answer: June [5] (a) Ch-6 Computation of maximum refund admissible under Rule 5 of the CENVAT Credit Rules, 2004 : ` (i) Net CENVAT Credit taken (CENVAT Credit on inputs only minus credit reversed under Rule 3 (5C) 1,80,000 (ii) Export turnover without payment of duty 5,00,000 (iii) Total turnover (All exports + exempted + dutiable + inputs removed as such) 15,00,000 (iv) Maximum Refund Admissible under Rule 5 Refund amount = (Export turnover of goods Net CENVAT Credit ) / Total turnover ` 1,80,000 ` 5,00,000 / ` 15,00,000 60,000 Note : Computation has been made under Rule 5, as amended w.e.f , assuming all other conditions are fulfilled prescribed under Notification No. 27/2012 (N.T) dated Answer: June [5] (b) Ch-7 Computation of Assessable Value & Customs Duty Value (`) CIF value of machine inclusive of assessories CIF value in Indian Currency $ 1,50,000 x ` 50 Add: Landing 1% of CIF value Assessable value (AV) Add: Basic Customs Duty 10% on AV Total (AV + BCD) Add: Additional duty of customs under Section 3(1) i.e. CVD Equal to excise 12% on (AV+BCD) Total Add: 2% & 1% on (BCD+CVD) i.e. 17,57,400 Total US $ 1,50,000 75,00,000 75,000 75,75,000 7,57,500 83,32,500 9,99,900 93,32,400 52,722 93,85,122 Duties (`) 7,57,500 9,99,900 17,57,400 52,722 18,10,122 7

8 Notes: 1. Total duty payable generally comes to 28.85% w.e.f , Total customs duty payable w.e.f is 28.85% as excise duty rate is 12% [Earlier, the general excise duty rate was 10% during to During that time total customs duty payable was 26.85%.] 2. EC & SHEC on CVD has been exempted vide notification no. 13 & 14/2012- customs, both dated In case accessories are compulsorily supplied alongwith the machine, then in accordance with the Accessories (condition) Rules, 1963, the rate of duty on imported machinery shall equally apply for duty on such accessories. In this case, the acessories have been compulsorily supplied along with the machinery and their price is already included in the price of the machine hence, such accessories will also be chargeable with duty at the rate, applicable to the machinery i.e. 10% ad valorem. Answer: June [6] (a) Ch-6 As per circular no. 947/8/2011-CX dated , putting brand of school, security agency, company hotel, on readymade garments is not branding of readymade garments. Thus, M/s Tiptop Garments will be eligible for SSI exemption on clearance of uniforms to The Global School bearing the name and logo of the school. Note: This is correct since there is no trade in the goods by such school, hotel, airline, armed force, police force etc. This principle should apply to other goods also, though there are some contrary decisions, even of Supreme Court, on similar issues. Answer: June [6] (b) Ch-7 It was held in Kesoram Rayon v. CC (1986) 86 ELT 464 (SC) that goods which are not removed within the permissible period, are deemed to be improperly removed on the day it should have been removed. Thus, duty applicable on such date (i.e. last date on which the goods should have been removed) is applicable and not the date on which goods were actually removed. Therefore, in this case, the date of expiry of warehousing period, i.e., 20 th September, 2012 will be the date of deemed removal and rate of duty prevalent on that date shall be applicable on removal of goods. Further, as per Sec. 14, the assessable value is to be computed as the exchange rate in force on the date on which into bond bill of entry for warehousing is filed under Section 46 of the Act, hence, the rate of exchange in force on 14 th March, 2012 will be taken. Answer: June [6] (c) Ch-7 8

9 As per Sec. 28 E (b), advance ruling can be pronounced determining tax liability in relation to an activity which is proposed to be undertaken by the applicant. Conversely, when an existing activity, is sought to be varied, added to or expanded, that would not entitle the existing entity to seek an Advance Ruling under the Custom Act, In this case, import of hardware is only an expansion of existing business of software import. Thus, the application of advance ruling is not maintainable in law. The facts of the given case are similar to case of Oracle India Pvt. Ltd. (2012). Answer: June [7] (a) Ch-6 (i) As per rule 22 (3) of the Central Excise Rules, 2002, every assessee and first stage and second stage dealer are required to submit the records. (ii) These records should be submitted to the officer empowered under sub-rule (I) or audit party deputed by the Commissioner or the comptroller and Auditor - General of India or a Cost Accountant or Chartered Accountant nominated under Sec. 14A or Sec. 14 AA of the Central Excise Act, (iii) Following records etc. are to be submitted: (a) The records maintained or prepared by him in terms of sub-rule (2); (b) The cost audit reports, if any, under Sec. 233 B of the Companies Act, 1956 (1 of 1956) and (c) The income tax audit report, if any under Sec. 44 AB of the Income Tax Act, 1961 (43 of 1961). Answer: June [7] (b) Ch-7 As per Regulation 2 (1) (a) of the Customs (Provisional Duty Assessment) Regulations, 2011, an importer or an exporter, as the case may be, is unable to make selfassessment under sub-sec. (1) of Sec. 17 of the Customs Act, 1962 and makes a request in writing to the proper officer for assessment. As per Regulation (2) of Customs (Provisional Duty Assessment) Regulations, 2011, if the importer or the exporter, as the case may be, executes a bond in an amount equal to the difference between the duty that may be finally assessed or re-assessed and the provisional duty and deposits with the proper officer such sum not exceeding 20% of the provisional duty, as the proper officer may direct, the proper officer may assess the duty on the goods provisionally at an amount equal to the provisional duty. Any contravention of these regulations would attract penalty which may extend to ` 50,000. Answer [7] (c) - June 2013 Ch-6 In exercise of the powers conferred by Sec. 35 R of the Central Excise Act, 1944 made applicable to Service Tax vide Sec. 83 of the Finance Act, 1994 and Sec. 131 BA of the Customs Act, 1962 the Central Board of Excise & Customs (herein - after referred to as the Board) fixes the following monetary limits below which appeal shall not be filed in the Tribunal, High Court and the Supreme Court: 9

10 Sl. No. Appellate Forum Monetary Limit 1. CESTAT ` 5,00, High Court ` 10,00, Supreme Court ` 25,00,000 For ascertaining whether a matter would be covered within or without the aforementioned limits, the determinative element would be duty/tax under dispute. To illustrate it further in a case involving duty of ` 5 lakhs or below with equal penalty and interest, as the case may be no appeal shall be filed in the Tribunal. Similarly, no appeal shall be filed in the High Courts if the duty involved does not exceed ` 10 lakhs with or without penalty and interest. Further the Commissionerates shall not send proposal to the Board for filing Civil Appeal or special leave petition in the Supreme Court in a case involving duty up to ` 25 lakhs, whether with penalty and interest or otherwise. However, where the imposition of penalty is the subject matter of dispute and the said penalty exceeds the limit prescribed, then the matter could be litigated further. Similarly, where the subject matter of dispute is the demand of interest and the amount of interest exceeds the prescribed limit, then the matter may require further litigation. Answer: June [8] (i) Ch-10 Double Taxation Relief: Double taxation means taxation of same income of a person in more than one country. This results due to countries following different rules for income taxation. There are two main rules of income taxation i.e. (a) Source of income rule and (b) Residence rule. To mitigate the double taxation of income the provisions for double taxation relief were make. Following are the provision in India regarding double taxation relief. 1. Bilateral Relief [Sec. 90]: India has entered into agreement with many countries regarding avoidance of double taxation. Sec. 90 of the Income Tax Act deals with relief to be granted to the assessee who is involved in paying taxes in India as well as in a foreign country. Where the Government has entered into an agreement with the Government of any country for granting relief of tax or avoidance of double taxation, then the provision of Income Tax Act, 1962 shall apply to the assessee to the extent they are more beneficial to him. 2. Unilateral Relief [Sec. 91]: If any person who is resident in India in any previous year proves that, in respect of his income which accrued or arose during that previous year outside India (and 10

11 which is not deemed to accrue arise in India), he has paid in any country with which there is no agreement under Sec. 90 for the relief or avoidance of double taxation income tax by, deduction or otherwise under the law in force in that country, he shall be entitled to the deduction from the Indian income tax payable by him of a sum calculated on such doubly taxed income at the Indian rate of tax or the rate of tax of the said country whichever is lower, or at the Indian rate of tax if the both the rates are equal. Answer: June [8] (ii) Ch-10 Please refer Dec [8] (v) on page no. Answer: June [8] (iii) Ch-11 Application for Advance Ruling: 1. An application for obtaining an advance ruling shall be made in quadruplicate in form 34 C, 34 D or 34 E as the case may be and shall be verified in the manner as may be prescribed. 2. The application should state the question on which the advance rulings is sought. 3. The application should be accompanied by a fee of ` 10,000 or such fee as may be prescribed in this behalf whichever is higher (fixed amount of ` 2,500 upto ) in the form of a demand draft drawn in favour of authority for advance ruling. 4. It should be signed by a person mentioned in rule 44 E of the Income Tax Rules, 1962 or by his authorized representative. 5. Application must be addressed to the Secretary and submitted either in person or by registered post. 6. If application found to be defective then the Secretary may send the application for removing defect within such time limit as may allow. Parties affected by Advance Ruling: Advance ruling is binding on the following persons, therefore these are the persons which are affected by Advance Ruling: (a) The applicant who had sought it and only in respect of the transaction in relation to which the ruling had been sought; (b) on the Commissioner and the income tax authorities sub-ordinate to him, in respect of the applicant and the said transaction. For other persons, advance ruling carries only persuasive value. Answer [8] (iv) - June 2013 Ch-10 Computation of Taxable Income of Shilpa for assessment year `

12 Income from Salaries 60,00,000 Income from other sources 9,50,000 Gross Total Income 69,50,000 Less: Deduction under chapter VIA u/s 80C: Deposit in PPF 1,00,000 Total Income 68,50,000 Tax on ` 68,50,000 18,85,000 Add: Education 2% & 1% 56,550 19,41,550 Less: Relief u/s 91 12,00,000 Balance Tax Payable 7,41,550 Relief u/s 91: 1. Average rate of tax i.e. = (Tax on total Income/Total Income) x 100 = (19,41,550/68,50,000) x 100 = 28.34% 2. Average rate of foreign tax = (12,00,000/60,00,000) x 100 = 20% Hence, relief available shall be 28.34% or 20% of foreign income, whichever is less ` 60,00,000 x 20% = 12,00,000. Answer: June [8] (v) Ch-10 Please refer June [8] (iii) on page no. 12

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