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Q1. Mr. Fernandez has a portfolio of equity shares worth Rs. 2 crores by current market valuation. He had inherited the shares from his father 10 years ago. He has become extremely concerned about the introduction of 10% LTCG tax on equity shares in this year’s Union Budget. Not sure about the impact of this newly introduced tax, he is contemplating selling of all the shares before 31st March 2018, and escaping the taxation. He has sought your opinion on this. Prepare a detailed report citing the implications of the LTCG tax, and guide Mr. Fernandez in his decision making. (10 Marks)
Q2. ABC Ltd.’s profit before tax as per P&L account was Rs. 240 crores. The following information was available regarding ABC Ltd on scrutiny:
- During the year, it had paid royalty of Rs. 40 crores to a German company, but TDS was not deposited with the IT department till the time of filing income tax returns.
- For a bill of Rs. 30000, ABC Ltd made cash payment of Rs. 30000 to the vendor on 29th January 2018.
Critically analyze whether the above expenditures will be allowed or disallowed as deductions, with reasons, discussing the applicable sections. What will be the impact of such allowance / disallowance on the computation of Profits and Gains from Business or Profession of ABC Ltd for the AY 2018 – 19? (10 Marks)
Q3A) Harish, an Indian citizen, leaves India for the first time on May 22, 2015 for London and returns on April 9, 2017, and stays in the country thereafter.
Determine the residential status of Harish for the assessment year 2018-19? (5 Marks)
Q3B) During the assessment year 2018 – 19, Harish (the above mentioned person) had the following details of income: (5 Marks)
|Interest on UK Development Bonds (50% of the interest amount is received in India)||100000|
|Income from a business in Chennai||2000000|
|LTCG on sale of shares of an Indian company||200000|
|Dividend from an Indian Company||500000|
Compute the taxable income in the hands of Harish for the AY 2018 – 19. (5 Marks)
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