BCom In Accounting & Finance (BCAF) SEM III 2017 2018 March 2018 TAXTION Question Paper - Mumbai University | munotes

Questions asked in this paper

• Please check whether you have got the right question paper
• 2. Figures to the right indicate full marks

1. Q3 Working notes form a part of answer
2. Q4 Use of simple calculator is allowed
   • A. Multiple choice questions: (Attempt any 8) 08
3. Q1 society is treated under income tax laws as (company/association of person/body of individual/an artificial judicial person)
4. Q2 Residential status is to be determined for
5. Q3 The total income of a person is the basis of (residential status/ citizenship /both of these)
6. Q4 Deduction under section 80DD shall be allowed upto
7. Q5 The qualifying amount of preliminary expenses can be claimed as deduction over
8. Q6 Deduction u/s 54 is available to (Individual/HUF/Individual and HUF/ All assessee)
9. Q7 employee governed by the Payment of Gratuity Act, 1972, the maximum monetary limit for exemption is
10. Q8 The maximum quantum of deduction by way of interest on money borrowed for construction of self-occupied house property is
11. Q9 The deduction under Section 80 E is allowed for repayment of interest to the extent of (Rs.50,000/Rs.100,000/Actual interest paid during the year)
12. Q10 A club is treated under income tax laws as (company/association of person/body of individual/an artificial judicial person)
    • Q.P.Code: 30494
    • B. State whether the following statements are true or any 7) 07
13. Q1 Maximum limit of deduction under section 80C and 80CCC is Rs.200,000
14. Q2 Lunch facility provided by employer is a taxable perquisite
15. Q3 Municipal tax paid by owner only is allowed as deduction under section 24
16. Q4 Gross Annual Value of deemed to let out property is considered as NIL
17. Q5 Transfer includes compulsory acquisition under Income tax Act
18. Q6 Municipal tax is allowed as deduction from gross annual value only on paid basis
19. Q7 Amount spent on entertainment can be claimed as deduction under section by all
20. Q8 Profession tax is allowed as deduction on accrual basis
21. Q9 Receipts of non-compete fees are treated as income under ‘Profits and Gains of Business or Profession’ Mr.Yang is working in Chung Ltd. and has given the details of his income for the previous year 2016-17. Compute the gross salary from the details below: for retirement benefits) Commission as a percentage of turnover Turnover during the year Own contribution to Recognised Provident fund 200,000 Employer’s contribution to RPF (exempt Rs.207,600) 20% of basic salary Interest accrued in the RPF @ 13% p.a. (exempt 130,000 Ms. Priyadarshini purchased a house property for Rs.15,00,000/- in October, 1975 She constructed a first floor during the financial year 1986-87 for Rs.550,000/-. She further improvement in the financial year 1992-93 for Rs.800,000/-. She constructed a second floor during the financial year 2003-2004 for Rs.1200,000/-. She sold the property on 1.2.2017 for Rs.350,00,000/-. She paid a brokerage of Rs.50,000/- for the sale transaction. Fair market value of the property as on 1.4.1981 was Rs.1600,000/-. Investment in new house property was Rs.2500,000/-on 10.03.2017. Compute the capital gains for the Assessment year 2017-18 Cost of Inflation Index: F.Y. 1981-1982=100; F.Y.1986-87=140; F.Y. 1992-93=223;
    • Q.P.Code: 30494 Mrs. Pranita is an owner of a residential house property known as “Ashirwad” at Mulund. The house was occupied by three tenants. The other particulars tenant wise are stated here for the year ended 31“ March 2017 The repair cost of the first and the second unit is to be borne by the tenants themselves. Owner, Mrs. Pranita is to bear Municipal taxes only in respect of the 1 unit, the municipal taxes of the and unit has been reimbursed by tenant 2 and tenant 3 respectively to the owner Compute the income from house property of Mrs. Pranita for the Assessment year From the following information of Mr. Jay for the previous year 2016-17, compute the Gross Total Income for the assessment year 2017-2018, as if he is a—
    • a. Resident and ordinarily resident
    • b. Resident and not ordinarily resident
    • c. Non-resident
22. Q3 Amount brought to India out of past untaxed profit earned in New 70,000 (profession set up in Srilanka) Mr. Sawant who is a physically disable person (50% disability) as certified by medical authority, is employed with Ritz College of Commerce. He furnished the following information for the year ended 31‘ March, 2017
    • Q.P.Code: 30494 Royaly received from Marvel Publications for writing on accountancy Rs.20,000/ Expenses incurred for writing manuscripts of this book Rs.4,000/-. Profession tax paid Compute taxable income of Mr. Sawant for the Assessment Year 2017-2018 Mr. Ravi owns a shampoo factory at Nagpur. Following is the Profit and Loss Account prepared by himfor the accounting year 2016-2017 To Donation National Defence Fund Compute his business income for the assessment year 2017-2018. Further Information:
23. Q1 Sales tax pad during the year Rs.400
24. Q2 Total bonus paid during the year was Rs.8000 debited in the books and Rs.11, 000 provided for in the preceding year but paid in the current year Office expenses include Rs.1050 paid as bribe
25. Q4 General expenses include Rs.1, 000/- being the municipal taxes in respect of house
    • Q.P.Code: 30494
    • a. State any eight incomes chargeable to tax under the head ‘Profit and gains 08 from Business or Profession’
    • b. Define Capital Assets under section 2(14). 07
26. Q5 Write short notes on: (any three) 15 marks
    • a. Perquisite
    • b. Resident and Ordinarily resident
    • c. Deemed to be let out house property
    • d. Deduction under section 80 C
    • e. Agricultural Income

Read from the scan above, so a character or two may differ. The scan is the original.