BCom In Accounting & Finance (BCAF) SEM IV ATKT TAXATION III P III Question Paper - Mumbai University | munotes

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1. Q2 All questions carry 15 marks
2. Q3 Figures to the right indicate full marks
3. Q5 Working should form part of answer
4. Q1 (A) Fill in the blanks. (Any Eight out of Ten) Re write the sentence 8 marks
5. Q1 Income of minor child is clubbed in___ (Either of Parent who have higher income, Mother)
6. Q2 Business losses can be set-off against income. (Salary, Business)
7. Q3 Short term loss can be set-off against income.(Short Term Gain, Other Source) of senior citizen is exempt up 300,000; Rs. 250,000 )
8. Q5 Interest on partners’ capital is allowed up 20%)
9. Q6 Filing of Return is not compulsory (Company, HUF)
10. Q7 Deduction of tax at the point of generation of income is (TDS, Sales)
11. Q8 Advance Tax is not applicable to a person who 1s age of not having any income Taxable under the head Business & Profession. (Below 60 year, above 60 year)
12. Q9 Tax evasion means reducing tax liability by (Dishonest means, Honest means)
13. Q10 Under section 234C interest is levied (Deferment of Tax, Late payment)
    • (B) State whether following statements are true or false. (Any Seven out of Ten) Re write the sentence 7
14. Q1 Income of minor child is exempt up to Rs 1,500p.a
15. Q2 Speculative losses can be set off against speculative income
16. Q3 Rebate u/s 87A is or actual tax liability whichever is lower
17. Q4 Agricultural income in India is not taxable
18. Q5 Salary received by partners from partnership firm is taxable as business income
19. Q6 Section 139(3) deals with return of losses section 194H TDS is deducted on commission/brokerage
20. Q8 TDS on Profession fee is applicable under section 194J
21. Q9 Tax evasion and tax avoidance is one and same
22. Q10 Under section 234C interest is levied @ 3% p.a Paper Subject Code: 78012 Taxation III (Direct Taxes Paper IT)
23. Q2 (A) Mr. Z furnishes the details of incomes earned by him in the financial year 2016-17: Income From Other Source Rs 3, 00,000 Income from House Properties: Interest on fund borrowed Rs 25,000 Income From Business Rs. 1, 50,000 Compute the tax liability for the assessment year 2017-18. (15)
    • (B) Mr. Ram a resident Indian has derived the following incomes for the previous year relevant to the
24. Q1 Income from Profession 2, 94,000
25. Q2 Share of Income from a partnership firm in Country X (Tax paid in Country X for this income in equivalent Indian 8,000) 40,000
26. Q3 income from a Concern in Country Y (Tax paid in Country Y at 20%) Converted in Indian Rupees 30,000
27. Q4 from Schedule Banks 1, 18,000 Mr. Ram wishes to know, whether he is eligible for any double taxation relief and if so, its quantum. India does not have any Double Taxation Avoidance Agreement with Countries X
28. Q3 (A) Given below is the Profit & Loss A/c of partnership firm for the financial year 2016-17 To Purchase 11,35000 | By Sales 30,00,000 To General Expenses 7,35,000.| By Interests on FD’s 30,000 To Depreciation (Net, TDS Rs 5,000) To Interests to partners 2,00,000 To Salaries to partners 5,50,000 To Net profit 1,90,000
29. Q1 allowable as per Section 32 is Rs 1,70,000
30. Q2 Purchase includes a bill from a supplier for Rs 40,000 which was paid in cash
31. Q3 The firm has 3 partners X,Y and Z. They share profits in ratio 2: 1 : 1. Z is sleeping partner
32. Q4 Interest is paid to partners @ 20% p.a. and authorized by partnership deed authorized. by partnership deed are paid to all partners equally You are require to compute tax liability of the firm for the assessment year 2017-18. (15) Paper Subject Code: 78012 Taxation III (Direct Taxes Paper IT)
    • (B) L, M and N are the partners of M/s LMN & Associates sharing profits and losses in the ratio of Particulars of its income for the previous year ending on March 2017 are as follows:
33. Q1 Rent from House Property Rs 50,000
34. Q2 Interest on listed securities (net) Rs 10,000
35. Q3 Income from legal profession Rs 3,00,000 Income from legal profession is before making the deduction for salary payable to partners Rs 90,000 p.a. each as per partnership firm deed. L also has income from a T.V. programme on legal advice Rs 2,00, 000 but other partners have no other income. X deposited Rs 20,000 in PPF during the financial year Compute total income and tax liability of firm and P for the assessment year 2017-18. (15)
36. Q4 (A) Mr. Z furnishes the following information for the year ended March 2017: Loss from Business (Rs Loss from House Properties (Rs 50,000) Income from Salary Rs 6, 00,000 Compute total income of Mr. Z considering Section 70 to 74. (08) Income from Business Rs7, 00,000 Income from House Property Rs Income from Other Sources Rs You are require to compute tax liability and installment of advance tax for the AY 2017-18 (07)
    • (C) Determine on which of the following payments Tax is to be deducted at source. (Audit U/s 44AB was mandatory) | ( A Partnership Firm) 8 [Life Insurance of Paper Subject Code: 78012 Taxation III (Direct Taxes Paper IT) 10
    • (D) XYZ Ltd has estimated its tax payable to be Rs 1, 50,000 and the company has paid advance tax as follows: Up to June 2016 Rs. 22,500 Up to 15 September 2016 Rs. 67,500 Up to 15" December 2016 Rs. 1, 12,500 Up to 15" March 2017 Rs However, the company has computed its tax payable to be Rs 2, 00,000 at the time of filing of return of income. Compute interest payable by the company under section 234C. (05)
37. Q5 (A) Distinguish Between Tax Avoidance and Tax Evasion. 8 marks
    • (B) Meaning and objectives of tax planning. Write short notes (Any 3 out of 5) (15) 7
38. Q1 Clubbing of Minor’s income
39. Q2 Clubbing of Spouse’s income
40. Q3 Person exempt from filing of return
41. Q4 Due dates of filing of return
42. Q5 Write note on Bilateral Relief

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