Tiêu đề Suggested Answer 4 (1).pdf ✅

[2] Visit Us: www.dheeratests.com (2 Marks) (b) TDS implications (i) Payment to transporter who has not furnished PAN Under section 194C, no tax is deductible in respect of payments to a transporter, who owns ten or less goods carriages at any time during the year and furnishes a declaration to th at effect along with his PAN to the person paying or crediting such sum. However, in this case, this exemption from TDS would not be available, since Ramesh has not furnished his PAN to XYZ Ltd. As per section 206AA, due to non-furnishing of PAN, tax would be deductible at a higher rate of 20% and not @1% provided under section 194C. Amount of tax to be deducted = ₹ 2,00,000 x 20% = ₹ 40,000 (ii) Amount of TCS to be collected is as follows: TCS @ 0.5% of ₹ 1 lakh in respect of remittance for son’s education; @ 20% of ₹ 2 lakhs in respect of remittance for son’s personal expenditure and 5% of ₹ 6 lakhs in respect of remittance for sister’s medical treatment. (4 Marks) 6 (a) Where a person, who has been allotted PAN and is required to intimate his Aadhaar number, has failed to intimate the same on or before the 31.3.2022, the PAN of such person shall become inoperative. Consequences of failure to intimate Aadhar Number A person, whose PAN has become inoperative, would be liable for further consequences till the date it becomes operative, namely – (i) refund of any amount of tax or part thereof, due under the provisions of the Act shall not be made; (ii) interest shall not be payable on such refund for the period, beginning with the date specified and ending with the date on which it becomes operative; (iii) where tax is deductible under Chapter XVIIB in case of such person, such tax shall be deducted at higher rate, in accordance with provisions of section 206AA; (iv) where tax is collectible at source under Chapter XVII-BB in case of such person, such tax shall be collected at higher rate, in accordance with provisions of section 206CC. If Mr. Vijay wants to intimate his Aadhaar number to the prescribed authority on 1.9.2024, he would be liable to pay a fee of ₹ 1,000 as specified under section 234H. His PAN would become operative within 30 days from the date of intimation of Aadhaar number and would not be liable for the above consequences once his PAN becomes operative. (Students can mention any two) (2 Marks) (b) (i) If an individual has total sales, turnover or gross receipts, as the case may be, in the business exceeding ₹ 60 lakhs during the previous year, he would be required to file a return of income, even if his total income does not exceed the basic exemption limit. Since Mr. Ankit’s turnover from the business is ₹ 65,00,000 for the P.Y. 2024-25, he is required to file his return of income for A.Y. 2025-26 on or before the due date under section 139(1). (ii) If an individual has incurred aggregate amount of expenditure exceeding ₹ 1 lakh towards consumption of electricity during the previous year, he would be required to file a return of income, even if his total income does not exceed the basic exemption limit. Since Mr. Suyash does not have total income exceeding the basic exemption limit and has incurred a total expenditure of ₹ 90,000 only in the P.Y.2024-25 towards consumption of electricity, he is not required to file his return of income for A.Y. 2025-26. (2 Marks)

Dheera test series INDIRECT TAX – CA INTER SUGGESTED ANSWERS TEST – 4 [2] Q. No 4 – C 1M Explanation: 5 years (Section 36). www.dheeratests.com