PCC Taxation compilers

Compilation of Suggested Answers Professional Competence Course( PCC) Taxation - (19-04-2010)

Dear Students, Compilation of Suggested Answers is a subject-wise compilation of answers to questions set in the Institute's examinations over a number of years. The compilation in the subject of "Taxation" covers a period of three years – May, 2007 to November, 2009 and contains compilation of suggested answers of six examinations. This compilation is divided into 10 chapters in Income-tax and 4 chapters in Service-tax and VAT in line with the study material. This will help you to correlate the compilation with the study material; and facilitate in complete revision of each chapter. It may be noted that though the questions relate to earlier assessment years, answers have been prepared based on the provisions as amended by the Finance (No.2) Act, 2009 and the notifications/circulars issued up to October 31, 2009. The answers for the questions on income-tax are based on the provisions applicable for A.Y.2010-11. This compilation would, therefore, be relevant for students appearing for May 2010 and November 2010 examinations. However, for November, 2010 examination, notifications/circulars issued between November 1, 2009 and April 30, 2010 should also be taken into consideration. The compilation will also serve as a useful and handy reference guide to you while preparing for Professional Competence Examination (PCE). Further, it will enhance your understanding about the pattern of questions set and the manner of answering such questions. It will enable you to solve the problems in the best possible manner and guide you to improve your performance in the examinations. It will also help you to work upon the grey areas and plan a strategy to tackle theoretical as well as practical problems. Students desirous of downloading the compilation are advised to use the following link: Compilation of Suggested Answers Professional Competence Course( PCC) Taxation - (08-04-2010) Part 1 CONTENTS CHAPTER 1 - BASIC CONCEPTS CHAPTER 2 - RESIDENCE AND SCOPE OF TOTAL INCOME CHAPTER 3 - INCOMES WHICH DO NOT FORM PART OF TOTAL INCOME CHAPTER 4 UNIT - 1: INCOME FROM SALARIES UNIT - 2: INCOME FROM HOUSE PROPERTY UNIT - 3: PROFITS AND GAINS OF BUSINESS OR PROFESSION UNIT - 4 : CAPITAL GAINS CHAPTER 5 - INCOME OF OTHER PERSONS INCLUDED IN ASSESSEE'S TOTAL INCOME CHAPTER 6 - SET OFF AND CARRY FORWARD OF LOSSES CHAPTER 7 - DEDUCTIONS FROM GROSS TOTAL INCOME CHAPTER 8 - COMPUTATION OF TOTAL INCOME CHAPTER 9 - PROVISIONS CONCERNING ADVANCE TAX AND TAX DEDUCTED AT SOURCE CHAPTER 10 - PROVISIONS FOR FILING RETURN OF INCOME Part 2 SERVICE TAX & VAT Happy Reading and Best Wishes for the forthcoming examinations! Vijay Kapur Director, Board of Studies 8th April, 2010 Noida