ICAI Announcement on Videos of Wrong Paper Evaluation

Mistakes in Tax Practice Manual Oct 2015 Edition:

Page 2.20: In answer to sub-part (iii) of question 16, in the column “Amount liable to tax” the figure“8,500” to be read as “Nil”.


Page 4.59: In the first line, the annual value of the Los Angeles House is to be read as “Rs. 12,00,000” in the place of “Rs. 9,00,000”.


Page 4.66 & 4.67: In the answer to Q. 10, the words “Annual letting value” in the first paragraph and in the Working Note to be read as “Expected rent”.


Page 6.3 In point no. (2) in the Q. 1, the bracketed portion, namely, “(before providing depreciation)” to be ignored.

 
Page 8.65-8.66: In working note no. 4 of answer to Q. 24, showing the working for “Deduction under Chapter VI-A” the amount of deduction of Rs. 1,32,500 has to be restricted to Rs. 1,23,500, being the amount of Gross Total Income (excluding long term capital gains).

Consequently, the total income in the hands of Mr. Pankaj for A.Y. 2016-17 would undergo a change i.e. Rs. 4,37,850 in place of Rs. 4,28,850. 

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