BCom In Accounting & Finance (BCAF) SEM III 2022 2023 Oct 2023 DIRECT TAX Question Paper - Mumbai University | munotes

Questions asked in this paper

1. Q1 Standard deduction u/s 24(a) of Income from House Property of Net Annual Value (b) Rs. 30,000 (c) 30% of Net Annual Value
2. Q2 Very senior citizen means attaining years any time during the previous year
3. Q3 Residential status is to be determined for
4. Q4 Deduction u/s 80DD shall be allowed upto 5.'For non-government employee governed by the Payment of Gratuity Act, 1972, the
5. Q6 Agricultural income from land in Nepal for an ordinary resident individual
6. Q7 The quantum of deduction allowed under section 80D for self and spouse shall be limited
7. Q8 Gift received by an individual Rs.70,000 from his relative shall be
8. Q9 Municipal tax is deducted from
9. Q10 In which year is the income tax liability computed?
10. Q1 (b) State whether the following statements are True or False (any seven): 7 marks
11. Q1 Income means any receipt in cash
12. Q2 Unrealised deducted from Net Annual Value
13. Q3 Maximum’ limit of deduction under section 80C and 80CCC is Rs
14. Q4 Municipal tax paid by owner only is allowed as deduction u/s 24 marks
15. Q5 All pensions are exempt from tax
16. Q6 Dividend from a foreign company shall be taxed in the hands of the shareholders
17. Q7 Export incentives received by an assessee are exempt
18. Q8 Interest credited to statutory provident fund shall be fully taxable
19. Q9 Foreign income of an ordjnary resident is wholly taxable
20. Q10 Gift received by a lawyer from his client is income as per Income Tax Act
21. Q2 Mr. Ojas*Kothare is a physically disabled person (90% disability). He is employed with Mumbai Printers. He gives you the following information for the year ended on 31st March, Perquisite valuy of subsidised meal at workplace (per annum) / VCD [310 Direct Tax SEM 75 Marks Hours He completed his graduation in engineering in 2018 For this he had taken an educational loan from Corporation Bank in 2013. During the year he paid Rs. 80,000 as interest on this loan Compute his taxable income for the assessment year 2022-23
22. Q2 Mr. Suneet is the owner of a house property. One-third of the house is used for business and the remaining is let-out at the rate of Rs. 3,000 per month. The property was vacant for 4 months. Following additional information is available to you. (15) Mr. Suneet receives during the year unrealized rent of the previous year i.e. 2017-18 Rs 1,000. You aré required to ascertain the income chargeable to tax under the head ‘Income from of Mr. Suneet for the assessment year 2022-23
23. Q3 From the following Profit and Loss Account of Mr. X for the year ended March, Geheral | By Interest on Bank deposits To Interest on Capital of X 3,000 | By Interest on Company 7,600 To Bad Debts 5,000 | By Refund of Income-tax To Fire premium ; additional information is given: Direct Tax Marks Hours actounts of the business
24. Q4 ‘includes Rs. 2,500 for the advertisement in souvenir
25. Q3 (a): From the following information of Mr. Vijay for the previous year 2021-22, compute the Gross Total Income for the assessment year 2022-23 ifhe is (8)
    • a) Resident and Ordinary Resident
    • b) Resident but not Ordinary
    • c) Non-Resident Income earned in New Zealand in the past, but brought to India during the 70,000 Dividend from German Company, received in London 80,000 Income from Profession in Bhutan, received in Bhutan 1,20,000
26. Q3 (b) Mr. Parag purchased a residential flat on 02-05-2020 for Rs. 10,00,000. He paid on the same day the stamp. duty and registration charges of Rs. 48,750 on purchase of flat. He the said flat on 17-03-2022 for Rs. 12,00,000. The cost inflation index for F.Y. 2013-14 is 220 and for F.Y.2021-22 is 317. Compute inis Capital Gain Chargeable to tax for
27. Q4 Ram ‘Narain owns a house which he purchased on 25-06-1998 for Rs He incurred expenses of Rs. | 50,000 towards Cost of Improvement on 20-08-2003 on this residential house The fair market, value of the house on 1-04-2001 was Rs. 8,00,000. He sold the house on 12 ‘for Rs: He a new residential house for Rs. 25,00,000 on 20-03
28. Q4 the following information, compute the income under- “Income from other sources”, of Mr. Dilip. (15) agricultural land in India- Rs. 12,090 from agridultural land in Nepal- Rs. 10,000 tenant of Mr. Sunil in respect of a bungalow in Goa. Mr. Dilip has in turn rented thé Bungalow to Kapil for a rent of Rs. 1,000 per month. Dilip pays rent of Rs. 500 per Interest earned: (a) Interest on deposits with banks- Rs. 500. (b) Interest on public provident Rs. 1,000. (c) Interest on Government Securities (net- Rs. 12,000; Tax Deducted at Direct Tax SEM Marks Hours Lottery Prize- (Net Rs. 50,000; Tax Deducted at source Rs. 20,000). He had purchased lottery He receivéd a refund from the Income tax department pertaining to the assessment year 2010 ] 1, amounting to Excess Income-tax Rs. 2,000 and Interest Rs. 2,500
29. Q5 (a) Enumerate any eight expenses not allowed as deducticn under head “Income from Business or Profession”. (8) What are the capital assets u/s 2(14) of Income Tax Act. Explain in details. (7) Write a short note on (any three): (15)
    • a. Deduction under section 80C
    • b. Agricultural Income
    • c. Perquisites
    • d. Residential status of an Individual
    • e. Exemption u/s 10(10AA) for leave salary

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