Test Series: August, 2017

MOCK TEST PAPER -1

INTERMEDIATE (IPC) – GROUP – I
PAPER – 4: TAXATION
SECTION – A: INCOME TAX
SUGGESTED ANSWERS/HINTS
1. Computation of total income of Mr. Akash for the A.Y.2017-18
Particulars Rs. Rs.
Profits and gains of business or profession
Income from wholesale business
Net profit as per books 5,60,000
Add: Depreciation as per books 34,000
Disallowance of municipal taxes paid for the second
half-year under section 43B, since the same was paid
after the due date of filing of return (Rs. 7,000/2) 3,500
Disallowance under section 40A(3) in respect of salary
paid in cash since the same exceeds Rs. 20,000 21,000
20% of car expenses for personal use 8,000 66,500
6,26,500
Less: Depreciation allowable (Note 1) 1,10,400
5,16,100
Income from firm
Interest on capital from partnership firm (Note 2) 1,20,000
6,36,100
Income from other sources
Interest on bank fixed deposit (Gross) 15,000
Interest on income-tax refund 2,300 17,300
Gross total income 6,53,400
Less: Deduction under Chapter VIA (Note 3) 1,30,000
Total Income 5,23,400

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 Notes:
(1) Depreciation allowable under the Income-tax Rules, 1962
Opening Rate Depreciation Closing
WDV WDV
Block 1 Computers 1,20,000 60% 72,000 48,000
Block 2 Motor Car 3,20,000 15% 48,000
Less: 20% disallowance for personal 9,600 38,400 2,81,600
use
1,10,400
(2) Only to the extent the interest is allowed as deduction in the hands of the firm, the
same is includible as business income in the hands of the partner. Maximum interest
allowable as deduction in the hands of the firm is 12% p.a. It is assumed that the
partnership deed provides for the same and hence is allowable to this extent in the
hands of the firm. Therefore, interest @12% p.a. amounting to Rs. 1,20,000 would be
treated as the business income of Mr. Akash.
(3) Deduction under Chapter VI-A
Particulars Rs. Rs.
Under section 80C
LIP for independent son 60,000
PPF paid in wife’s name 70,000
1,30,000
Since the maximum deduction under section 80C and
80CCE is Rs. 1,50,000, the entire sum of Rs. 1,30,000
would be allowed as deduction 1,30,000
Total deduction 1,30,000
2. Computation of business income of Mr. Subhash for the A.Y. 2017-18
Particulars Rs. Rs.
Net Profit as per profit and loss account 50,000
Add: Inadmissible expenses / losses
Under valuation of closing stock 18,000
Salary paid to brother – unreasonable [Section 2,000
40A(2)]
Printing and stationery paid in cash 23,200

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 [Whole amount of printing & Stationery paid in cash
would be disallowed, since amount exceeds
Rs. 20,000]
Depreciation (considered separately) 1,05,000
Short term capital loss on shares 8,100
Donation to public charitable trust 2,000 1,58,300
2,08,300
Less: Deductions items:
Under valuation of opening stock 9,000
Income from UTI [Exempt under section 10(35)] 2,400 11,400
Business income before depreciation 1,96,900
Less: Depreciation (See Note 1) 66,000
Business income 1,30,900
Computation of business income as per section 44AD -
As per section 44AD, where the amount of turnover is received inter alia by way of account
payee cheque before due date of filing of return of income under section 139(1), the
presumptive business income in respect of such turnover would be 6% of turnover i.e.,
Rs. 75,50,000 x 6 /100 = Rs. 4,53,000 and presumptive income in respect of balance
turnover would be 8% of turnover i.e., Rs. 36,61,500 (Rs. 1,21,11,500 - Rs. 75,50,000) x
8 /100 = Rs. 2,92,920
The business income under section 44AD is Rs. 4,53,000 + Rs. 2,92,920 = Rs. 7,45,920.
In this case, Mr. Subhash is eligible to opt for presumptive taxation under section 44AD,
since his turnover does not exceed Rs. 2 crore in the P.Y.2016-17. However, in his case,
business income as per the normal provisions of the Act is lower than the presumptive
income of Rs. 7,45,920 computed under section 44AD. Therefore, it is beneficial for him
to compute business income as per the normal provisions of the Act. However, since his
turnover exceeds Rs. 1 crore, he has to get his books of account audited under section
44AB, if he does not opt to declare his income as per the presumptive tax provisions of
section 44AD.
Further, if he declares income as per presumptive tax provisions of section 44AD this year
i.e., P.Y.2016-17, and he does not opt for presumptive taxation in any of the five
succeeding previous years (i.e., from P.Y.2017-18 to P.Y.2021-22), say, for instance, in
P.Y.2017-18, then he will not be eligible to opt for presumptive taxation for five assessment
years succeeding the A.Y. 2018-19 relevant to the P.Y. 2017-18.

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 Notes:
1. Calculation of depreciation
Particulars Rs.
WDV of the block of plant & machinery as on 1.4.2016 4,20,000
Add: Cost of new plant & machinery 70,000
4,90,000
Less: Sale proceeds of assets sold 50,000
WDV of the block of plant & machinery as on 31.3.2017 4,40,000
Depreciation @ 15% 66,000
No additional depreciation is allowable as the assessee is not
engaged in manufacture or production of any article.
2. Since sales-tax liability has been paid before the due date of filing return of income
under section 139(1), the same is deductible.
3. (a)
Taxable / Amount Reason
Not liable to
Taxable tax (Rs.)
(i) Taxable 7,50,000 As per section 9(1)(iii), salaries payable by the
Government to a citizen of India for service
rendered outside India shall be deemed to
accrue or arise in India. Therefore, salary paid
by Central Government to Mr. Deepak for
services rendered outside India would be
deemed to accrue or arise in India since he is a
citizen of India.
(ii) Taxable 5,00,000 As per section 9(1)(v)(c), interest payable by a
non-resident on moneys borrowed and used for
the purposes of business carried on by such
person in India shall be deemed to accrue or
arise in India in the hands of the recipient.
(iii) Partly Nil The interest on Post Office Savings Bank
Taxable Account, would be exempt under section
10(15)(i), only to the extent of Rs. 3,500 in case of
an individual account. The remaining
Rs. 8,500, being less than Rs. 10,000, would be

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 allowed as deduction under section 80TTA from
Gross Total Income.
(iv) Not Taxable - Royalty paid by a resident to a non-resident in
respect of a business carried outside India
would not be taxable in the hands of the non-
resident provided the same is not received in
India. This has been provided as an exception
to deemed accrual mentioned in section
9(1)(vi)(b).
(b) Computation of Capital Gains of Mr. Prakash for the Assessment Year 2017 -18
Particulars Rs. Rs.
Full value of consideration (deemed) (See Note – 1 & 22,00,000
2)
(Indexation benefit is available since land and buildings
are long-term capital assets)
Less: Indexed cost of land (Rs. 1,10,000  1125/100) 12,37,500
Indexed cost of building (Rs. 3,20,000  7,77,538 20,15,038
1125/463)
Long-term capital gain 1,84,962
Less: Brought forward short-term capital loss set off 75,000
(See Note - 4)
Amount to be invested in NHAI / RECL bonds 1,09,962
Notes:
(1) Where the consideration received or accruing as a result of transfer of a capital
asset, being land or building or both, is less than the value adopted or assessed by
any authority of a State Government (Stamp Valuation Authority) for the
purpose of payment of stamp duty in respect of such asset and the same is not
contested by the assessee, such value adopted or assessed shall be deemed to
be the full value of the consideration received or accruing as a result of such
transfer [Section 50C(1)]. Accordingly, the full value of consideration will be
Rs. 22 lakhs in this case.
(2) It is further provided in section 50C(3) that where the valuation is referred by the
Assessing Officer to Valuation Officer and the value ascertained by such
Valuation Officer exceeds the value adopted or assessed by the Stamp
Valuation Authority, the value adopted or assessed by the Stamp Valuation
Authority shall be taken as the full value of the consideration received or
accruing as a result of the transfer. Since the value ascertained by the valuation
officer (i.e. Rs. 26 lakhs) is higher than the value adopted by the stamp valuation

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 authority (i.e. Rs. 22 lakhs), the full value of consideration in this case is Rs. 22
lakhs.
(3) Cost of land which is acquired on partition of HUF is the cost to the previous
owner. Since date and cost of acquisition to the previous owner are not given,
fair market value as on 1.4.1981 is taken as the cost and indexed.
(4) Brought forward unabsorbed short term capital loss can be set off against any
capital gains, short term or long term, for 8 assessment years immediately
succeeding the assessment year for which the loss was first computed.
(5) As per section 54EC, an assessee can avail exemption in respect of long -term
capital gains, if such capital gains are invested in the bonds issued by the NHAI
/ RECL redeemable after 3 years. Such investment is required to be made within
a period of 6 months from the date of transfer of the asset. The exemption shall
be the amount of capital gain or the amount of such investment made, whichever
is less.
4. Computation of gross total income of Mr. Himesh for the A.Y. 2017-18
Particulars Rs. Rs.
Salaries
Salary including dearness allowance 6,50,000
Bonus 50,000
Conveyance allowance (Fully exempt under section
10(14)(i) read with Rule 2BB(1)(c), assuming that it is
granted to meet the expenditure actually incurred on Nil
conveyance in performance of duties of an office or
employment of profit).
Value of perquisites:
(i) Salary of servant [Rule 3(3)] 48,000
(ii) Free gas, electricity and water [Rule 3(4)] 82,000
(iii) Cost of free education provided by employer
(Rs. 2,500 x 12) is fully taxable, since the cost of
education exceeds Rs. 1,000 per month [Rule 3(5)]. 30,000 1,60,000
Income chargeable under the head “Salaries” 8,60,000
Income from house property
Let-out property (At Rohini)
Gross Annual Value (GAV) (Lease rental is taken as GAV 4,20,000
in the absence of other information) (Rs. 35,000 × 12)
Less: Municipal taxes paid 12,000

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 Net Annual Value (NAV) 4,08,000
Less: Deduction under section 24(a): 30% of NAV 1 (A) 1,22,400
(A) 2,85,600
Self-occupied property (At Dwarka)
Net Annual Value (NAV) [Since the property is self- Nil
occupied]
Less: Deduction under section 24(b)
Interest on loan from Bank of India @11% of Rs. 18,50,000
= Rs. 2,03,500 restricted to (2,00,000)
(B) (2,00,000)
Income from house property [A - B] 85,600
Income from Other Sources
(i) Interest earned by minor son from advances made out
of money gifted to him by his father, Mr. Himesh, is
includible in the hands of Himesh as per section
64(1A), since all income arising to a minor child is
includible in the hands of parent 2 whose total income
(before including the income of minor child) is greater 7,200
(Rs. 40,000 x 18%)
Less: Exempt under section 10(32) 1,500
5,700
(ii) Interest income earned by Himesh’s wife from
advances made out of money gifted to her by her
husband, Mr. Himesh, has to be included in the total
income of Mr. Himesh as per section 64(1) (Rs. 40,000 7,200
x 18%)
(iii) Gift received from two friends [taxable under section
56(2)(vii)] since the aggregate amount received during
the year exceeds Rs. 50,000 (Rs. 45,000 x 2) 90,000 _1,02,900
Gross Total Income 10,48,500
5. (a) Computation of Total Income of Mr. Krishna for A.Y. 2017-18
Particulars Rs. Rs.
Gross Total Income 7,75,000
Less: Deduction under section 80C

1
No separate deduction is allowable in respect of insurance.
2
It is assumed that Mr. Himesh’s total income before including the income of minor child is higher than his wife’s total income.

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 Life insurance premium paid for insurance of major
daughter (Maximum 10% of the assured value
Rs. 1,80,000, as the policy is taken after 31.3.2012) 18,000
Deduction under section 80CCC
LIC pension fund 60,000
Deduction under section 80D
Medical Insurance premium in respect of self and 26,000
spouse
(Since Mr. Krishna is a senior citizen, he is eligible for
deduction of actual premium paid subject to a maximum
of Rs. 30,000)
Deduction under section 80G (See Working Note
below) 91,050 1,95,050
Total income 5,79,950
Working Note:
Computation of deduction under section 80G
Particulars of donation Amount % of deduction Deduction
donated u/s 80G
(Rs.) (Rs.)
(i) National Children’s Fund 25,000 100% 25,000
(ii) Jawaharlal Nehru Memorial 25,000 50% 12,500
Fund
(iii) Approved institution for 40,000 100%, subject to 40,000
promotion of family planning qualifying limit
(iv) Public Charitable Institution 1,50,000 50% subject to 13,550
qualifying limit
(See Note
below)
91,050
Note - Adjusted total income = Gross Total Income – Amount of deductions under
section 80C to 80U except section 80G i.e., Rs. 6,71,000 (Rs.7, 75,000 – Rs.18,000
– Rs.60,000 - Rs. 26,000), in this case.
Rs. 67,100, being 10% of adjusted total income is the qualifying limit, in this case.
Firstly, donation of Rs. 40,000 to approved institution for family planning qualifying
for 100% deduction subject to qualifying limit, has to be adjusted against this amount.
Thereafter, donation to public charitable trust qualifying for 50% deduction, subject to
qualifying limit is adjusted. Hence, the contribution of Rs. 1,50,000 to public
charitable trust is restricted to Rs. 27,100 (being, Rs. 67,100 - Rs. 40,000), 50% of

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 which would be allowed as deduction under section 80G. Therefore, the deduction
under section 80G in respect of donation to public charitable trust would be
Rs.13,550, which is 50% of Rs. 27,100.
(b) (i) False: As per section 10(10D)(c), any sum received under an insurance policy
issued on or after 1.4.2003 but on or before 31.03.2012, in respect of which the
premium payable for any year during the term of the policy exceeds 20% of
actual capital sum assured, shall not be exempt from tax. Since one-time
premium of Rs. 11 lakh paid by him is in excess of 20% of the sum assured (i.e.
it exceeds Rs. 2.6 lakh, being 20% of Rs. 13 lakh), the amount of Rs.18 lakh
received from LIC is not exempt in the hands of Mr. Raja. Further, tax is
deductible @1% under section 194DA on such sum paid to Raja, since the same
is not exempt under section 10(10D) and the amount exceeds Rs. 1 lakh.
(ii) False: As per section 10(34), only income by way of dividend referred to in
section 115-O shall be exempt in the hands of shareholders. Dividend
distribution tax under section 115-O is not leviable on deemed dividend under
section 2(22)(e) and hence, such deemed dividend is not exempt under section
10(34), in the hands of Mr. Q.
6. (a) (i) As per the provisions of section 194J, a Hindu Undivided Family is required to
deduct tax at source on fees paid for professional services only if it is subject to
tax audit under section 44AB in the financial year preceding the current financial
year.
However, if such payment made for professional services is exclusively for the
personal purpose of any member of Hindu Undivided Family, then, the liability
to deduct tax is not attracted.
Therefore, in the given case, even if Sundar (HUF) is liable to tax audit in the
immediately preceding financial year, the liability to deduct tax at source is not
attracted in this case since, the fees for professional service to Dr. Rastogi is
paid for a personal purpose i.e. the surgery of a member of the family.
(ii) As per section 194-I, tax is to be deducted @ 2% on payment of rent for plant
and machinery, only if the payment exceeds Rs. 1,80,000 during the financial
year. Since rent of Rs. 1,50,000 paid by a partnership firm does not exceed
Rs. 1,80,000, tax is not deductible.
(iii) Section 194E provides that the person responsible for payment of any amount to
a non-resident sportsman for contribution of articles relating to any game or sport
in India in a newspaper has to deduct tax at source @ 20%. Further, since
Ricky Ponting, a Australian cricketer, is a non-resident, education cess @2%
and secondary and higher education cess @1% on TDS should also be added.
Therefore, tax to be deducted = Rs. 27,000 x 20.60% = Rs. 5,562.

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 (b) A return of loss is a return which shows certain losses. Section 80 provides that the
losses specified therein cannot be carried forward, unless such losses are determined
in pursuance of return filed under the provisions of section 139(3).
Section 139(3) states that to carry forward the losses specified therein, the return
should be filed within the time specified in section 139(1).
Following losses are covered by section 139(3):
 business loss to be carried forward under section 72(1),
 speculation business loss to be carried forward under section 73(2),
 loss from specified business to be carried forward under section 73A(2).
 loss under the head “Capital Gains” to be carried forward under section 74(1);
and
 loss incurred in the activity of owning and maintaining race horses to be carried
forward under section 74A(3)
However, loss from house property to be carried forward under section 71B and
unabsorbed depreciation can be carried forward even if return of loss has not been
filed as required under section 139(3).

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 SECTION B: INDIRECT TAXES
SUGGESTED ANSWERS/HINTS
1. (a) Computation of CENVAT credit available with Balaji Pvt. Ltd.
Particulars Rs.
Machine for manufacture of rubber soles [Note 1] 6,00,000
Rubber sheets for manufacture of slippers [Note 2] 5,00,000
Adhesives [Note 2] 50,000
Club membership fee of employees [Note 3] Nil
Expenses incurred on advertising the slippers on television [Note 4] 5,60,000
Total CENVAT credit available 17,10,000
Notes:
1. Since Balaji Pvt. Ltd. is not a SSI unit, CENVAT credit of only upto 50% of the
excise duty paid is available in respect of the eligible capital goods, in the year
of purchase [Rule 4 of CENVAT Credit Rules, 2004 (CCR)].
2. Raw material (rubber sheets) and consumables (adhesives) are eligible inputs.
3. Services used primarily for personal use or consumption of any employee are
excluded from the definition of input service.
4. Advertising service is an eligible input service. Credit of SBC is not available
since it is not CENVATable. Further, since Balaji Pvt. Ltd. is a manufacturer,
credit of KKC is also not available. So, credit of only service tax @ 14% is
allowed.
(b) The exemption available to transportation of passengers, with or without
accompanied belongings by, inter alia, a ropeway, cable car or aerial tramway vide
Mega Exemption Notification No. 25/2012 ST dated 20.06.2012 has been withdrawn
with effect from 01.04.2016.
Therefore, service tax is payable in case of transporting of pilgrims by cable car to
the holy shrine situated at the mountain top. It may be noted that service tax is
payable irrespective of the purpose of transport of the passengers i.e., religious or
otherwise.
2. (a) If a tax has been levied on sale or purchase of any declared goods inside a State and
the same goods are subsequently sold in the course of inter-state trade or commerce
and is subjected to tax under the CST Act, sales tax paid has to be reimbursed to the
dealer. However, sales tax paid within the state can be reimbursed only when the
CST has been paid subsequently and not otherwise.

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 Hence, in this case, Mr. Ram can claim refund of tax paid within the State after
payment of central sales tax in respect of such declared goods.
(b) In case of taxable service provided by a director of a company to said company,
service recipient is liable to pay service tax under reverse charge mechanism.
Further, rule 7 of Point of Taxation Rules, 2011 inter alia provides that in respect of
persons liable to pay service tax under reverse charge mechanism, the point of
taxation shall be the date on which payment is made subject to the condition that
payment is made within a period of three months of the date of invoice.
However, if payment is not made within a period of 3 months of date of invoice, point
of taxation will be first day that occurs immediately after expiry of said 3 months.
Since, in the present case, payment is made in February end, which is beyond 3
months of the date of invoice (invoice is issued in September), the point of taxation
would be the first day that occurs immediately after expiry of said 3 months.
3. (a) As per section 65B(44) of the Finance Act, 1994, only services provided by a n
employee to the employer are outside the ambit of services under service tax law;
services provided outside the ambit of employment for a consideration would be a
taxable service liable to service tax. In the present case, Mr. Ashu Gupta is hired as
a legal consultant, and hence Mr. Ashu Gupta is liable to pay service tax.
Further, Mr. Ashu Gupta has to register under service tax law, make quarterly
payment of service tax (since he is an individual) and file half yearly returns for the
half year ending on 30th September and 31st March.
(b) Mega exemption Notification No. 25/2012 ST dated 20.06.2012 exempts services by
an artist by way of a performance in folk or classical art forms of (i) music, or (ii)
dance, or (iii) theatre, if the consideration charged for such performance is not more
than Rs. 1,50,000. However, exemption will not apply to service provided by such
artist as a brand ambassador.
In view of the aforesaid provisions, services provided by Mayur Sartaaj are exempt
from service tax as consideration for the folk dance performance has not exceeded
Rs.1,50,000. Therefore, his service tax liability is nil.
(i) If the consideration charged for the said performance by Mayur Sartaaj is
Rs. 1,55,000, he will be liable to pay service tax on the same as although the
performance is by way of folk art form of dance, consideration charged for such
performance has exceeded Rs. 1,50,000. His service tax liability would,
therefore, be Rs. 23,250 (Rs. 1,55,000 × 15%).
(ii) If Mayur Sartaaj is a brand ambassador of a food product and aforesaid
performance is for the promotion of such food product, he will be liable to pay
service tax as aforesaid exemption is not applicable to service provided by an

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 artist as a brand ambassador. His service tax liability (including SBC & KKC)
would, therefore, be Rs.14,850 (Rs. 99,000 × 15%).
(iii) If Mayur Sartaaj gives a contemporary Hollywood style dance performance, such
performance will not be eligible for aforesaid exemption. The reason for the
same is that although the consideration charged does not exceed Rs. 1,50,000,
said performance is not in folk or classical art forms of dance. Hence, service
tax would be payable on the same. His service tax liability (including SBC &
KKC) would, therefore, be Rs.14,850 (Rs. 99,000 × 15%).
4. (a) No, duty paid on the goods, in the instant case, cannot be remitted as the goods have
been damaged after their clearance for home consumption from the warehouse. The
duty on the imported goods can be remitted only when such goods are destroyed at
any time before clearance for home consumption.
(b) Yes, X & Co. can file a revised half yearly return. Revised half yearly service tax
returns may be filed within 90 days from the date of filing original half yearly return.
Thus, even if the original half yearly return is filed belatedly, the same could be
revised by filing a revised return.
(c) A person who carries out actual manufacturing process is considered as
‘manufacturer’ for the purpose of levy of central excise duty even if raw mate rial is
supplied by someone else and goods are manufactured as per the specifications of
such person. In other words, ownership of raw material is not relevant.
Therefore, in this case, Q (tailor), being the actual manufacturer, will be treated as
‘manufacturer’ for purpose of levy of excise duty even though the cloth (raw material)
for making business suit is provided by P and the business suit is stitched as per his
specifications.
5. Computation of value of taxable service and service tax liability of IDAB Bank Ltd.
Particulars Rs.
Interest on overdraft (Note-1) Nil
Interest on loans with a collateral security (Note-1) Nil
Interest on corporate deposits (Note-1) Nil
Administrative charges (over and above interest) on loans, advances and 5,00,000
deposits (Note-2)
Service charges relating to sale of foreign exchange to general public 15,50,000
(Note-3)
Service charges relating to issuance of CD (Note-4) 21,50,000
Value of taxable service 42,00,000
Service tax @ 14% [Rs. 42,00,000×14%] 5,88,000
Add: SBC @ 0.5% [Rs. 42,00,000x0.5%] 21,000

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 KKC @ 0.5% [Rs. 42,00,000x0.5%] 21,000
Service tax liability (including SBC & KKC) 6,30,000
Notes:
1. Following services provided are included in the negative list so far as the
consideration is represented by way of interest and hence are not taxable:-
 Overdraft facility.
 Loans with a collateral security.
 Corporate deposits.
2. Administrative charges or amounts collected over and above the interest or discount
amounts would not be part of the negative list and thus would represent taxable
consideration.
3. Services by way of sale of foreign exchange between banks or by banks to authorized
dealers of foreign exchange is included in the negative list. However, services
provided by banks by way of sale of foreign exchange to general public is not so
covered and hence taxable.
4. Since CDs are in the nature of promissory notes, transactions in CDs shall be
considered as transaction in money. However, a related activity, for which a separate
consideration is charged would not be treated as a transaction of money and would
be taxable. Hence, service charges relating to issuance of CDs shall be chargeable
to service tax.
6. Computation of VAT liability of Shiv
Particulars Rs. Rs.
Raw materials purchased from foreign market (including duty 1,10,000
paid on imports @ 20%) [Customs duty forms part of cost of
production, input tax credit of customs duty paid is not
available]
Raw material purchased from local market:
Cost of raw material 2,00,000
Add: Excise duty @ 12.5% 25,000 2,25,000
[Input tax credit of excise duty is not available]
Raw material purchased from neighbouring State (including
CST @ 2%) [Input tax credit of CST is not available] 51,000
Storage and transportation cost 22,000
Manufacturing expenses 52,000
Cost of production 4,60,000

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 Add: Profit @ 12% of cost of production 55,200
Sale Price 5,15,200
VAT @ 4% on Rs. 5,15,200 20,608
Net VAT liability of Shiv:
VAT on sale price 20,608
Less: Input tax credit
Duty paid on imports Nil
CST paid on inter-State purchases Nil
VAT paid on local purchases 9,000 9,000
Net VAT payable by Shiv 11,608

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