BCom In Accounting & Finance (BCAF) SEM III 2019 2020 Oct 2020 TAXATION Question Paper - Mumbai University | munotes

Questions asked in this paper

1. Q1 Total income ofa person is determined on the basis of his:
   • a] Resident status in India Citizenship in India c)None of these
2. Q2 Municipal valuation of the house is Rs.1,00,000 fair rent Rs.1,20,000, standard rent RS.1,00.000 & actual rent received or receivable is Rs. 1.40,000. The Gross Annual Value in this case shall be
3. Q3 Which of the following tax is allowed as a deduction while computing the business
   • a] Wealth tax Income tax c) Goods and service tax
4. Q4 Gift received by an individual Rs.70, 000 from his Mother shall be
   • a] Fully Exempt b) Exempt up to Rs.50,000 d) Fully taxable
5. Q5 Deduction u/s 80 U in case of person with disability is allowed to
   • a] Any individual who is citizen of india an individual who is resident of india
   • c] any individual assessee
6. Q6 Standard deduction is calculated
   • a) 30 % of Reasonable Letting Value b) 30 % of Gross Annual Value
   • c) 30 % of Net Annual Value
7. Q7 Income earned period is taxed
8. Q8 Salary received by member of parliament is
   • a] Salary b] Income from other sources c] Income from business
9. Q9 Agricultural income from outside
   • a] Exempted from tax b] Taxable for non-resident only Income from other sources
   • B] State whether the following statement is TRUE/ FALSE and rewrite the sentence (Any 7)
10. Q1 Deduction u/s 80C is allowed from gross total income
11. Q2 Uncomniuted pension received by a govt. employee is exempt
12. Q3 Agricultural income from Rajasthan is taxable
13. Q4 Mediclaim insurance premium must be paid by cross cheque
14. Q5 Interest on debentures from Indian company is fully exempt
15. Q6 House property used for own residence is called as Deemed to be let out property
16. Q7 Bonus received is taxable as income from salary
17. Q8 Interest on Proprietors capital is allowed as business expense
18. Q9 Interest on Debentures of Indian company is taxable income
19. Q10 The limit U/s 80 CCC is upto Rs. 1,00,000 Mr. Sachin Abhyankar is an employee of Godrej Ltd. He furnishes the following for the year ended March, 2019
    • a) Basic salary [Net of profession tax and T.D.S.] 1-04-2018 to 31-11-2018 Rs.24,000 per month 1-12-2018 to 31-03-2019 Rs.30,000 per month
    • b) Tax deducted at source 1-04-2018 to 31-11-2018 Rs.1,000 per month 1-12-2018 to 31-03-2019 Rs.2,000 per month
    • f) Dearness allowance @ 65% of basic salary
    • g) Loan from employer for daughter’s marriage Rs.1,00,000
    • h) Interest received on Bank saving account Rs.3,000
    • i) Interest received on Government securities Rs.7,000
    • j) LIC premium paid by Mr. Sachin Abhyankar Rs.10,000 in cash
    • k) He paid medical insurance premium of Rs.5,000 by cheque Compute his net taxable income for assessment year 2019-20 Mr. Ganesh Shinde furnishes the following information of his income and investment for the Interest (due but not paid) on Capital Borrowed for of House property He received interest from debentures in Tata Stee! Ltd. Rs.25,000
20. Q2 He received dividend from UTI Rs.5,000
21. Q3 He paid premium of Rs.25,000 towards approved pension plan of LIC of India. Compute the net taxable income of Mr. Ganesh Shinde for the assessment year 2019-20 Q-3 Mr. Amol had the following incomes during the previous year 2018-19. (15)
22. Q1 Professional fees received in India for three months 39,000
23. Q2 Payment received in UK for services rendered in India 28,000
24. Q3 Income from business in Bangladesh being controlled from India 17,000
25. Q4 Income from agriculture in Japan 16,000
26. Q5 Interest received in Paris in respect of securities in German companies 25,000
27. Q6 Amount brought into India out of past untaxed profits earned in Germany 34,090
28. Q7 Dividend on shares from Indian companies
    • a. Received in India 10,000
    • b. Received Abroad 15,000
29. Q8 Profit from business in Mumbai controlled from Karachi. 25,000
30. Q9 Rental Income from property in New York deposited by tenant in a foreign branch of Indian Bank. 25,000
31. Q10 Pension from employer in India received in Mauritius 60,000
32. Q11 Income from Business in Singapore control from India 50,000 i2. Income from business in India but received in France 1,00,000
33. Q13 Dividend from American company received in India 22,000 You are required to compute his total income if he is i] Ordinary Resident ii] Not Ordinary iii] Non Resident of India Miss. Akansha a foreign citizen. During the financial year 2018-19 she was in India for days determine her residential status for the assessment year 2019-20 on the basis of the information about his presence in India given below: (15) Previous Years No. of Days Previous years No. of days Mr. Rajaram Raje proprietor of RR and Co. provides you the following information for the year Profit and Loss Account for the year ended March, 2017 To Salaries | By Gross Profit 5.07.000 To Bad debts written off 10,000 | By Income tax refund 18.000 To Wealth tax To Net profit
34. Q1 Depreciation as per income tax rules Rs.22,000
35. Q2 Salaries include salary to proprietor Rs.48,000
36. Q3 Printing expenses include Rs.8.000 for printing of marriage invitation cards for his son. + You are required to compute his compute income from business profession for previous year 2019-20
37. Q4 A] From the following information of Ms. Nikunj the financial controller of Glaxo Ltd Compute the Income from other sources for the financial year 2018-19
38. Q1 Nikunj is the member of Andheri Club, During the year her winning from card games amounted to Rs.3,000
39. Q2 Dividend from Unit Trust of India Rs.400
40. Q5 Dividend on Preference Shares in Great India Ltd. Rs.3,000
41. Q6 Royalty received on his book “How to save Income — Tax” Rs.8,000
42. Q8 Interest on Treasure Saving Deposit Certificate Rs.150 Mr. Anil purchases a house property in 2000 for Rs. 12.20.000. The fair market value of the property on 1-4-2001 is Rs.14,50,000. He also incurred expenses of Rs.50,000 for construction of an additional room in May 2008. The property is sold in July 2018 for Rs. 50.00.000 Transfer expenses of Rs.50,000 were incurred. X also purchased a new house for Rs.9,00,000 out of sales proceeds. Find out the long term capitai gain for A. Y. 2019-20 (07) Q-5 aj Define Person and give five examples of person from different category (O8)
    • b] What is Residential status ? what is the scope of tax on income earned by person who is Resident and ordinary resident of India ? (07) Write short note (Any 3) (15)
43. Q1 Gratuity U/s 10 marks
44. Q2 Calculation of depreciation U/s 36 marks
45. Q3 Deduction Under chapter VIA (any 3)
46. Q4 Five taxable perquisites in Salary
47. Q5 Any five exempted income from other sources

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