C.A. Kalpesh Sanghavi | Black Money Act -Page | F60-B . 1 |
EXEMPTIONS 10AA |
Question 1
R Ltd. furnishes the following particulars for the year.
Total sales of the above undertaking | 50,00,000 |
Export sales | 40,00,000 |
Domestic sales | 10,00,000 |
Money brought to India in convertible foreign exchange upto 30-9-AY | 36,00,000 |
Profit from the above undertaking | 5,00,000 |
Compute the deduction available from the total income under section 10AA.
Question 2
R & Co., a partnership concern, has established in special economic zone in a free trade zone. It furnishes the following particulars of its 2nd year of operations for the previous year:
| Rs. |
Total sales of business | 1,00,00,000 |
Export sales | 80,00,000 |
Profit of business | 10,00,000 |
Out of the total export sales, realization of a sale of Rs. 5,00,000 is difficult because of insolvency of buyer. Realisation of rest of the sales has been received in time. The plant and machinery used in the business has been depreciated @ 15% on SLM basis and depreciation of Rs. 3,00,000 is charged in profit & loss account. Compute the taxable income of R & Co.
Question 3 (Revision / Home work)
A company is engaged in SEZ. It has started a new undertaking for which approval as a 100% export oriented undertaking has been obtained from the CBDT. It furnishes the following data and requests you to compute the deduction allowable to it under section 10AA.
| (Rs. In lacs) |
Total profit of the company for the previous year | 50 |
Total turnover i.e. Export, Sales and Domestic Sales for the previous year | 500 |
Consideration received in respect of export of software received in convertible foreign exchange within 6 months of the end of the previous year | 250 |
Sale proceeds credited to a separate account in a bank outside India with the approval of R.B.I. | 50 |
Telecom and insurance charges attributable to export of software | 10 |
Staff costs and travel expenses incurred in foreign exchange to provide technical assistance outside India to a client | 40 |
Question 4 (Revision / Home work)
X Ltd. is a manufacturing and trading company. It owns 3 units. Unit A manufactures goods in a special economic zone for export purposes and qualified for exemption under section 10AA. Unit B is manufacturing unit and goods are sold in domestic market. It is not qualified for any tax holiday. Unit C owns retail outlets in different parts of country. From the information given below find out net income of X Ltd. for the year
| Unit A | Unit B | Unit C |
Net profit as per profit and loss account | 90 | -(40) | 10 |
Turnover | 1200 | 400 | 150 |
Out of which how much is export turnover | 1180 | 10 | - |
Amount remitted in convertible foreign exchange up to September 30, AY | 1002 | 2 | - |
Freight and insurance (charged over and above sale price from importers and included in amount remitted in convertible foreign exchange as well as turnover given above) | 10 |
- | - |
Question 5 (Revision / Home work)
X Ltd. has an undertaking (Unit X) in Special Economic Zone (SEZ) and another undertaking (Unit Y) in Free Trade Zone (FTZ) for manufacturing of computer software. It furnishes the following particulars of its 2nd year of operations ending March 31, 2018 –
Rs. (in Lakh)
| Unit X | Unit Y |
Total Sales | 180 | 120 |
Export sales (inclusive of Rs. 10 lakh onsite development of computer software outside India by Unit X) | 120 | 10 |
Profit earned (after claim of bad debts under section 36(1)(vii) in Unit X) | 63 | 36 |
Plant and machinery used in business has been depreciated at 15 percent on straight line method (SLM) basis and depreciation of Rs. 9 lakh was charged to Profit and Loss Account in the proportion of sales during the previous year. Rs. 100 lakh were realized out of export sales in time and balance of Rs. 20 lakh becomes irrecoverable due to bankruptcy of one of the foreign buyers in Unit X.
Compute the deduction under section 10AA and taxable income of X Ltd. for the assessment year 2018-19.
List of Important Question to be glanced for Revision before exam.
Ch-ID | Q-ID | Type of Question | Status |
F23 | 03 | Computation | V.Imp |
F23 | 04 | Computation (multiple units) | V.Imp |
F23 | 05 | Computation (multiple units) |
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Wishing You all the best for exams.