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CA FINAL DIRECT TAX PAPER ANALYSIS OF PAST ATTEMPTS
|Attempt||Nov 10||May 11||Nov 11||May 12||Nov12||May 13||Nov 13||Average Marks|
|Basis of Charge||–||–||–||–||–||–||–||–||4||–||–||4||–||–||–||–||–||–||4||4||–||–||–||–||4||–||–||4||1||–||1||2|
|Sec 14 A||–||–||–||–||–||–||–||–||–||–||–||–||–||–||6||6||–||–||–||–||–||–||–||–||–||–||–||–||–||–||1||1|
|Deduction Sec 80||–||4||–||4||–||–||–||–||–||–||6||6||–||–||–||–||–||3||–||3||–||–||6||6||–||–||–||–||–||1||2||3|
|Avoidance of Tax and NR||–||3||–||3||–||–||–||–||–||4||6||10||–||4||–||4||–||4||–||4||–||6||–||6||–||–||7||7||–||3||2||5|
|MAT & ALP||–||3||9||12||–||6||–||6||–||6||–||6||–||–||–||–||–||–||–||–||–||–||8||8||–||–||–||–||–||2||2||5|
|Liability in Special cases||–||–||–||–||–||–||–||–||–||–||–||–||–||–||–||–||–||–||–||–||–||–||–||–||–||3||–||3||–||0||–||0|
|Provision to firms||–||4||–||4||–||–||–||–||–||–||–||–||–||–||–||–||5||–||4||9||–||–||–||–||4||–||–||4||1||1||1||2|
|Provision to Others||–||–||–||–||–||–||–||–||–||–||–||–||–||3||–||3||–||–||4||4||–||–||–||–||–||2||–||2||–||1||1||1|
|TDS , TCS & AT||–||–||–||–||–||–||–||–||4||–||7||11||8||5||–||13||4||–||15||19||–||–||–||–||4||–||6||10||3||1||4||8|
|Appeals & Revisions||–||–||–||–||–||–||–||–||–||3||–||3||–||–||–||–||–||–||–||–||–||4||–||4||–||–||–||–||–||1||–||1|
|Sec 269 SS & 269 T||–||–||7||7||–||–||–||–||–||–||–||–||–||–||–||–||–||–||–||–||–||–||–||–||–||–||–||–||–||–||1||1|
|Offenses & Prosecutions||–||–||–||–||–||–||–||–||–||–||–||–||–||–||–||–||–||–||–||–||–||–||–||–||–||–||–||–||–||–||–||–|
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HOUSE RENT ALLOWANCE
ALLOWANCES means a fixed sum paid to an employee for a specific purpose without confirming the end utilization. Under the income tax Act,1961,allowance is taxable on due or receipt basis, whichever is earlier.
Various types of allowances are as follows:-
¤House Rent Allowance, sec 10(13A) Rule 2A
¤Special Allowance, sec 10(14) Rule 2BB
-> Personal Allowance
-> Allowance for official duty
¤ Foreign Allowance, sec 10(7)
¤ Any other allowance HOUSE RENT ALLOWANCE SEC 10(13A) RULE 2A Payment by the employer to the employee in cash so that the employee may take a house on rent is called House Rent Allowance.
Example: If Mr. Kushal is employee in Big boss ltd. and Mr. Andy his employer has paid him ₹5000 p.m. for taking a house on rent, it will be called House Rent Allowance.
House rent allowance is exempt to the extent of the least of the following:-
i) House rent allowance received
ii) Rent paid over 10% of retirement benefit salary due to the accessee for the relevant period.
iii) 50% of retirement benefits salary in case of Bombay, Calcutta, madras and delhi. 40% of retirement benefits salary in case of any other place for valid relevant period.
Inhe bhi yaad rakho!!
* exemption is not available to an accessee who lives in his own house or in al house for which he has not incurred expenditure of rent.
* Relevant period means the period during which the said accommodation was occupied by the accessee during the previous year.
* Retirement Benefit Salary shall include :
1) Basic Pay
2) Dearness Allowance, if the terms of employment so provided.
3) Commission if it is paid as fixed percent of the turnover as decided in GESTETNER DUPLICATORS PVT. Ltd v CIT, (1979) 117 ITR 1 (SC)
*salary shall be computed on due basis i.e. Any arrear or advance shall not be included.
Example: Mr. Chulbul pandey is employed in dabangg ltd and is posted at agra. He is getting basic pay ₹30000 p.m. dearness allowance ₹20000 p.m. Where 40% of DA forms part of salary. Employer has also paid Mr. Chulbul pandey a bonus of ₹3000 p.m. and commission @ 3% on sale turnover of ₹5000000. House Rent Allowance is ₹20000 p.m. Whereas rent paid by mr. Chulbul pandey is ₹12000 p.m. Compute taxable salary of mr. Chulbul pandey for AY 13-14
Samadhaan: Calculation of taxable HRA :-
HRA will be exempted to the extent of the least of the following:
1) HRA RECIEVED =₹20000*12 =₹240000
2) RENT PAID OVER 10% OF RETIREMENT BENEFIT SALARY DUE TO ACCESSEE
=> Retirement benefit salary Basic pay 30000*12 = 360000
DA 40%(20000*12) = 96000
Commission 3%(5000000) 150000 = 606000
10% of RBS= 10%(606000) =₹60600
so, rent paid over 10% of RBS due to accessee =(12000*12) – (60600) =₹83400
3) 40% of RETIREMENT BENEFIT SALARY =40% (606000) = ₹242400
Therefore, HRA exempted = ₹83400
so, HRA RECIEVED 240000 (-) HRA EXEMPTED 83400 TAXABLE HRA 156600
CALCULATION OF GROSS SALARY:-
Basic pay 360000
Dearness allowance 240000
House rent allowance 156600
GROSS SALARY 942600
5) If there is any change in HRA, rent paid, retirement benefit salary or the place of posting during the year, there will be seperate calculation for each of such change.
Example: Mr. Khiladi is employed in Boss ltd. And is getting basic pay ₹20000 p.m. HRA ₹10000 p.m. He has paid rent ₹1000 p.m. from 1st april 2012 to 30th september 2012 and thereafter rent was paid at ₹3000 p.m. Compute the taxable portion of HRA.
Samadhaan: FROM 1-4-12 TO 30-9-12 Least of the following is exempt
a) ₹10000*6 =60000
b) (₹1000*6) – [10%(20000*6)] =₹6000 – ₹12000 =NIL
c) 40%(20000*6) =₹48000
Least = Nil
so, Rent recieved = ₹60000 (-)Exempt = NIL Taxable HRA = ₹60000
FROM 1-10-12 TO 31-3-13 Least of the following is exempted
a) ₹10000*6 =₹60000
b) (3000*6) – [10%(20000*6)] = ₹6000
c) 40%(20000*6) = ₹48000
Least = ₹6000
So, Rent recieved = ₹60000 (-) HRA exempted = (₹6000) Taxable HRA = ₹54000
Therefore, total taxable HRA for the AY 13-14 = ₹ (60000 54000) = ₹114000
Tips & Suggestions for CA Final Both Groups ( Only important topics which help you to get pass ) :
AS – 30, 31, 28,26,22, 17, 16, 7, 5,4 ,19 Valuation of Goodwill, EVA, Brand Valuation, Value Added Statement, Mutual Fund, Share based Payment, Bonus share and in last do amalgamtion and CFS.
In starting do Derivatives, Foex and Portfolio marks cover around 40-50.After that do Merger & Acquistion surely 8 marks question will be asked. Now do valuation of business and security marks covered 16-20. Mutual fund will surely asked minimum of 5 marks so prepare it well. For theroy do Practice Manual as many times it will be repeated. And its better if you solve practice manual of SFM its will be great to do so.
Advanced Auditing & Professional Ethics :
1. Do professional ethics Ques. 2 will of this topic of 16 marks.
2. Prepare CARO, Form 3 CD very well surely question will be asked of this topics and of around 16 marks.
3. Prepare AS & SA. As time we can’t remember all content of SA so just remember title of SA. Important AS -4,5,10.
4. Question from Due delligence, Audit of PSU and Management & Operational Audit.
5. Question from GIC & Banking will be in this attempt and Audit in CIS.
1. Start with Chapter Directors. Around 30 marks questions asked out of it.
2. Now do small topics like Accounts & Audit, Dividend, Inspection and Investigation marks covered 12-20.
3. Now do Prevention of opperssion and mismangement and winding up marks covered 10-12.
4. Now do Companies incorporated outside India & Compromise, Arragements and reconstruction marks covered 8-12.
5. Now do allied law – Important are SEBI, FEMA, SRFAESI Act, Competetion Act & Insurance.
Group 2 ( Only important topics which help you to get pass ) :
Advanced Management Accounting :-
1. Friends start with OR part ( Important topics are LPP ( Simplex ), PERTS, Learing Curve & Transportation . Marks covered minimum 30.
2. Now do theory part. Theory will be asked for 30 marks and even more. ( Important theory – Steps in simulation, ABC Costing, Backflushing, JIT, Pricing Decison – Pareto, Costing of service sector, Uniform Costing )
3. Now do tranfer pricing and standard costing. Marks covered around 20 questions will be surely asked out of both topics. Standard costing will be easy in comparison to transfer pricing.
4. Now do Decision Making & CVP. In compulsory question you will surely find 5 marks out of it. And later on one 8 marks ques. at least.
5. Now do remaining topics.
1. Start with chapter 5,6 & 7 most easiest chapter n cover 30-32 marks. ( Important Topics – Threats, Risk Assessment, Techniques for risk mitigation and delphi technique, Disaster and procedure, Types of system backup, BIA, software backup techniques, ERP & its characterstics, Challenges in implementation, Kinds of business risks ).
2. Now do chapter 10 surely 10 marks question will be asked out of it. So make sure u do it properly.
3. Now do chapter 1,2 & 3. Around 40 marks question will be asked out of this chapters they are long chapters just make lil analize and don’t read those topics which were in last attempt.
4. Now do remaining topics which are easy ones.
Direct Tax :
1. Staright forward do case laws and amendments which are issues by ICAI. Marks covered 30-32 miminum even more.
2. Now do Capital Gain & Gift. Marks covered by this topics 15.
3. Now do Assessment procedure marks covered by this topic 10-15. And question on due dates of ITR will be surely asked.
4. Now do Assessement of Trust and Companies. 8-10 marks question will be asked in exam.
5. Now do small topics like Assessment of NR, DTAA, TDS etc. marks covered by this topics 10-12.
6. Now time to do 4 heads of Income. I know you all thinking 5 heads in last to friends just once check previous paper not much questions asked out of it. Ques.2 of paper will be of PGBP but it contains all amendments so you can do PGBP from summary module.
Indirect Tax :
1. Again in IDT you should start with Case laws and amendments. Marks covered 40. Question no. 4 & 5 will be of case laws only. And Ques.2 is full of amendments.
2. Now do Valuation of Customs, Valuation of Excise in Ques. 1 both will be asked for 5 marks each and even 15 marks topics this is.
3. Now do service tax and VAT. Theory and practical both will be asked out of this topics. In Ques.1 2 parts will be of VAT & Service Tax.
4. Now do CENVAT Credit and Export Procedures under Central Excise Act.
5. Now do Refund and Remisson and destruction of goods.
6. Now do remaining topics as around 20-25 marks will be out of remaining syllabus.
* Do refer Practice Manual in ISCA & IDT ( Latest edition )
** For case laws and amendments buy supplementary book issued by ICAI & Amenements are provided in RTP.
Wish you all the best
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