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

Questions asked in this paper

1. Q1 (A) State whether True or False. (Any 8) 8 marks
2. Q1 Assessment Year always indicates a period of twelve months
3. Q2 The concept of tax planning is very well accepted by the Judiciary of India
4. Q3 Business loss is not eligible for set off against income from salaries Income on which tax has been paid in foreign country is eligible for claiming relief u/s 91
5. Q5 There can not be a loss under the head ‘Salaries’
6. Q6 Tax is deductible on rent for furniture and fittings
7. Q7 Unabsorbed loss from house property can be carried forward for 8 years
8. Q8 Interest on capital is allowed to be deducted @12% p.a. from the book profits
9. Q9 Tax evasion creates sense of injustice in the minds of honest tax-payers
10. Q10 Every person doesn’t have to pay Income Tax
    • (B) Fill in the Blanks. (Any 7) 7
11. Q1 Deduction 80C is allowed to the maximum limit of
12. Q2 The income of minor child shall be clubbed in the hands
    • (a) Mother (b) Father (c) grandparents (d) the parents whose total income is greater
13. Q3 will be to the parent for income clubbed with the
14. Q4 to prevent tax avoidance by diversion of income
    • (a) Double Taxation (b) DTAA (c) Clubbing of income (d) both (a) & (c)
15. Q5 Speculation loss can be set offagainst
    • (a) Short term capital gain (b) Speculative income (c) Both (a) & (b) (d) income from Salary
16. Q6 Unabsorbed Capital loss can be carried forward succeeding year / HOURS 2% HOURS MARKS 75 means taxing the same income twice in the hands of an assessee
    • (a) Clubbing of income (b) Double Taxation tax evasion. of these
17. Q8 TDS applicable on commission First due date of payment of advance tax of individual is
18. Q10 Claiming personal expenditure as business expenditure is called
19. Q2 (A).Mr.Milind Deshmukh works with the Central Railway. He gives you the following information for the year ended March 2022. (15Marks) Received Arrears of salary Re-imbursement of expenses in Government Hospital - %48,000 Profession tax deducted from salary per annum Interest received from Government securities 725,000 He paid by cheque Mediclaim premium of 718000 on health of himself, spouse and children. He had taken loan from SBI for higher education of his son who is pursuing MBA with Mumbai University. During the year2021-22he paid as interest on this loan Compute his taxable income and Tax for the Assessment 2022-23
20. Q2 (B) Mr.Harsh Bansode works with the Government of Maharashtra. He gives you following information for the year ended 31st March 2022. (15Marks)

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