BCom In Accounting & Finance (BCAF) SEM III 2023 2024 2024 TAXATION II Question Paper - Mumbai University | munotes

Questions asked in this paper

1. Q1 A) State whether True or False (Any 8) An association of person consists of all 7 persons 8 marks
   • 2. Gross annual value for self-occupied property is Nil
   • 3. Municipal taxes are deductible on payment basis
   • 5. Transfer includes compulsory acquisition under Income tax Act
   • 6. Maximum deduction under section 80C and 80CCC is 2,00,000
   • 8. Amount spent on entertainment can be claimed as deduction under section 16(ii) by
   • 9. Income means any receipt in cash
   • 10. Residential status is determined for assessment year
2. Q1 B) Multiple choice questions: - (Any 7) 7 marks
   • 1. In which year is the income tax liability computed
   • 2. Total income of a person is determined on the basis of his:
   • a) residential status Citizenship in India None of these
   • 3. Unrealised rent is a deduction from
   • d) None of the above
   • 4. Deduction u/s 80DD shall be allowed
   • a) Actual expenditure
   • 5. Standard deduction u/s 24(a) of Income from House property
   • a) 50% of Net Annual 50,000
   • d) 30% of Net Annual Value
   • 6. Very senior citizen u/s 80D means attaining any time during the
   • 7. The payment of insurance premium under section 80 D should be
   • a) incash By any mode other than cheque None of these
   • 8. To be a long-term capital asset, a residential house property should be held for more
   • 9. Salary received by a college lecturer from University for setting question papers
   • a) Salary b) Income from other sources Income from Business
   • d) Exempt Income
   • 10. The cost of inflation index number of the previous year 2022-2023 is
3. Q2 A) Mr. Raj provides following particulars of his income for the previous year ended March, 2023. You are required to compute income from house property for the VCD: SYBAF marks 2 “Hours \ 31 marks
4. Q2 B) Mr. Romil gives you the following information regarding house property owned by him, for previous year 15)
   • 5. Repairs 12,000} 8.000
   • 6. Interest on borrowed capital 40,000 (loan taken on 1/4/2017) You are required to compute income from house property for the assessment year 2023-24
5. Q3 A) Mr. Ankush works with the Government of Maharashtra. He gives you following information for the year ended 31st March 2023. (15) ‘ Entertainment Allowance (Amount spend on entertainment Conveyance Allowance (Amount spend on conveyance for official Arrears of Salary (Not taxed earlier) Profession Tax deducted from Salary p.a You are required to compute the “Income from Salaries’ for the Assessment Year 2023-24
6. Q3 B) Mr. Shyam has earned the following incomes during the financial year ended on March, 2023. Compute his Gross Total Income for the Assessment Year 2023-24 assuming that he is: (08) 31 marks
   • (a) Resident and Ordinary Resident
   • (b) Resident but not Ordinarily Resident
   • (c) Non-Resident
   • 1. Rent from a property in Delhi received in USA % 80,000
   • 2. Income from a business in USA, controlled from Delhi 90,000
   • 3. Income from a business in Mumbai, controlled from USA 1,00,000
   • 4. Rent from a property in USA received there but later remitted to India 1,10,000
   • 5. Interest from deposits with Indian Bank in Mumbai 1,20,000
   • 6. Income received in USA for services rendered in India 1,30,000
   • 7. Income from agriculture in Sri Lanka = 1,40,000
   • 8. Past untaxed profit earned outside India, brought to India 1,50,000
7. Q3 C) Mr. Rudra an Indian citizen, left India for the first time on 22-9-2022 for employment in U.K. and did not return to India till 31 March, 2023. Determine his residential status for the assessment year 2023-24. (07)
8. Q4 A) Mr. Mohit. proprietor of S & Co. furnishes you the following information for the year Profit and Loss account for the year ended 31“ March. 2023 To Salaries By Gross 6,29,000 To By Interest accrued on lo Printing expenses By Gift from father 51,000 To Advertisement expenses By Income from Mutual fund Motor car expenses By Winnings from lottery To Embezzlement by employee To Staff welfare expenses To Purchase of N.S.C —
   • a) Depreciation as per Income tax rules % 28,000
   • b) Staff welfare expenses include 10,000 for medical treatment of an employee
   • c) Rent is paid for his residential house
   • d) Advertisement expenses are incurred for an advertisement in the souvenir of a You are required to compute his total taxable income for the assessment year 2023-24
9. Q4 B) Mr. Kamlesh purchased a house property for = 1,00,000 on 27 August, 1998. He made the following additions/ alterations to the house property. (15)
   • 1. Cost of construction of floor in Financial Year 2003-04
   • 2. Cost of construction of floor in Financial Year 2010-11 14,00,000/
   • 3. Fair Market Value of the property on 01-04-2001 was 15,00,000/
   • 4. He sold the property on 20" October, 2022 for 1,95,00.000/
   • 5. He paid the brokerage of 55,000/- for the sale transaction
   • 6. He purchased a new residential house for 25,00,000/- on 20-03-2023
   • 7. The Cost Inflation Index for Financial year 2001-02 is 100, for Financial Year 2003-04 is 109, for financial year 2010-11 is 167 and for financial year 2022-23 is Compute the Capital gain of Mr. Kamlesh chargeable to tax for the Assessment Year
10. Q5 A) Define perquisites and give a few instances of perquisites taxable and exempt under the Income tax Act. (08)
11. Q5 B) Discuss any eight items of income taxable under the head Income from Other
12. Q5 Write short notes on: (Any three) 15 marks
    • a) Deductions under section 80D
    • b) Conditions u/s 6 for ordinary resident
    • c) Agriculture Income
    • d) Pension
    • e) Deemed to be let out property

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