Finally examination was held today and ICAI held on to its reputation. Glad to see some toughness in examination paper though some questions were repeat of the past examination questions and some were from practice manual still I would say WELL DONE ICAI. Break up : In all there were 7 questions out of which Q1 was compulsory and out of rest 6 questions , 5 questions were to be attempted. (As expected and announced many times in class. Q4 didn’t had internal choice as it used to have earlier.) Q1) a) assessment of individuals (PGBP based) – 10 marks (practical question) Q1) b) service tax – 6 marks (practical question) – Air travel agent – calculation of liability if normal method is followed or if special method is followed—similar question was done in class… Q1) c) custom duty – 4 marks (practical question) – similar question was in practice manual published by ICAI Q2) a) Residential Status and calculation of total income – 8 marks (practical questions). Similar question has been in the examination on the past 2 occasions. I am sorry to say that question was repeated for third time in 4 years. Q2) b) service tax – 5 marks (practical question) – basic concepts were covered by examiner. Q2) c) central sales tax – 3 marks (practical question) – past examination question from old syllabus, it was done in the class and was also given in the practice manual. Q3) a) i) PGBP – 4 marks (Practical question) – concept of provisions for bad debts for banking company Q3) a) ii) charitable trust - 4 marks (Practical question) – concept covering use of 85% of income Q3) b) CCR – 4 marks (Practical question) – similar question was given in practice manual published by ICAI Q3) c) ED – 4 marks (Practical question) – similar question was given in practice manual published by ICAI Q4) a) Salary – 8 marks (Practical question)–covering retirement benefits, HRA, RPF and professional tax paid. Q4) b) ST – 4 marks (case study) – covering POT rules. Q4) c) VAT – 4 marks (Practical question) covering input tax credit Q5) a) i) PGBP – 4 marks (Practical question) – concept of depreciation in case of succession of business – 5th Proviso of section 32. Question was a repeat of past examination question. Till this stage in the examination there was not a single theory question ------- well done ICAI ----- touched the real weakness of almost every student. Q5) a) ii) PGBP – 4 marks (theory question) – concept of specified business u/s 35AD Q5) b) i) ST – 2 marks (theory question) – concept of employer and employee in service tax Q5) b) i) ST – 2 marks (theory question) – concept of employer and employee in service tax , analysis of situations. Q5) c) CST – 4 marks (theory question) – concept of inclusions and exclusions while calculating CST liability. Q6) a) i) Deduction from GTI – 4 marks (case study) – concept of section 80C and 80CCD Q6) a) ii) clubbing of income – 4 marks (practical question) – concept of income of minor children. Q6) b) ST – 5 marks (case study) – concept of mega exemption notification Q6) c) ED – 3 marks (case study) – concept of non excisable goods becoming excisable goods Q7) a) i) TDS – 4 marks (practical question) 4 different sections were covered. Q7) a) ii) ITR – 4 marks (theory question) section 80 and section 139(3) were covered. Q7) a) iii) ITR of Political Party– 4 marks (theory question) ITR of political party. Q7) b) ST – 4 marks (practical question) – calculation of interest in case of late payment of service tax. Past examination question was repeated. Q7) c) ED – 4 marks (case study) concept covering free samples. Detailed analysis: Examination was largely practical and concept based. Students relying on theory would have faced hell lot of problems. By giving small questions of 4 marks and 2 marks examiner was able to cover almost full syllabus and at the same time by giving some long questions of 10 marks and 8 marks examiner maintained the toughness as well. Income Tax for 50 marks : Assessment of individuals – 10 marks Residential status – 8 marks PGBP - 12 marks Charitable trust – 4 marks Salary – 8 marks Deductions – 4 marks Clubbing of incomes – 4 marks TDS – 4 marks ITR – 8 marks Total 62 marks Service tax – 28 marks Excise duty -11 marks Custom duty – 4 marks CST – 7 marks VAT - 4 marks CCR – 4 marks Total 58 marks Looking forward for batches of May and Nov 2015 examination and hoping ICAI would maintain this standard of examination.
Posted on: Mon, 24 Nov 2014 04:58:33 +0000