BCom In Accounting & Finance (BCAF) SEM V 2016 2017 2017 Taxation Question Paper - Mumbai University | munotes

Questions asked in this paper

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1. Q2 are compulsory with internal choice 3, All questions carry equal marks
2. Q4 Working should form part of your answer
3. Q5 Use of simple calculator is allowed
4. Q1 A Multiple choice questions (any eight)-Rewrite Sentence 1 Shivaji University is assessable under the Income Tax Act as 8 marks
5. Q1 An individual
6. Q2 An artificial juridical person
7. Q3 Alocal authority
8. Q4 None of these @ 2 Incomes which accrue or arise outside India but are received directly into India-are case of
9. Q1 Resident only
10. Q2 Both ordinarily resident and NOR
11. Q3 Non-resident
12. Q4 assessee 3 accountant is employed with M internal auditor and requests the employer to call, the remuneration as internal audit fee. be. chargeable to tax for such fee under the head
13. Q1 Income from salaries
14. Q2 Profit and gains from business and profession
15. Q3 None of these
16. Q4 Income sources 4 Mhastakensa house on and sublets the same to A. M from such house property shall be
17. Q1 Income from house property
18. Q2 Income from other sources
19. Q3 Business income
20. Q4 None of the above d 5 Under the or profession, the method of accounting which as an assessee can follow, shall be
21. Q1 system only
22. Q2 only <3) Mercantile or cash system 6 4f ofa particular block is put to use during the previous year for less than 180 days the be entitles to depreciation
    • Q.P. Code :03759 ty 7 Exemption under section 54 shall be available:
23. Q2 Individual only
24. Q3 Individual & HUF
25. Q4 None of the above 8 The legal heir of the deceased who receives family pension is allowed a standard deduction pension to the extent of
26. Q1 1/3 of such pension, subject to maximum of Rs. 25000
27. Q2 1/3 of such pension or Rs. 15000 Whichever is less
    • ( 3) 1/3 of such pension or Rs. 15000 whichever is more
28. Q4 None of the above 9 Forclaiming deduction u/s 80 Cin respect of Life Insurance Premium, it can be paid by assessee for
29. Q1 Himself only
30. Q2 Himself or spouse
31. Q3 Himself ,spouse and any child
32. Q4 None of the above 10 Gift received by an individual Rs. 60000 from his relative X shall be
33. Q1 Fully taxable
34. Q2 Fully exempt ;
35. Q3 Exempt up to
36. Q4 None of the above
37. Q1 B State whether true or false (any seven)-Rewrite Sentence 1 Income means any receipt in cash: 2 An Indian company is always’ resident in India 3 Salary of M becomes due on next month is 7" of that month. For assessment year 2016-17 the salary of M shall be taken from April 2015 to March 2016 4 Professional tax of Rs. 2,500 payable by the employee but paid by the employer is an exempt perquisite 5 Ctransferred.his house property to his wife as a gift. Gift from C shall be taxable in the hands of Mrs. C 6 In the compulsory acquisition, the indexation of cost of acquisition shall be done based on the cost inflation index for the previous year in which compensation is received 7 Dividend is-taxable even if it is paid by Indian company to its shareholders 8 interest accrued on NSCs shall be taxable as income from other sources but also eligible Deduction u/s 80C in respect of LIP contribution, to provident fund, etc. is allowed to any assessee Income received from smuggling activity is income as per income Tax Act 7 marks
    • Q.P. Code :03759 account on cash basis. The following is his summarized for the year ended march 2016
38. Q1 Office exp include Rs. 1,300-for the purchase of fiction books books of Rs. 2,640 donated to
39. Q2 1/3" of the motor car exp are in respect of his professional use
40. Q3 His investments are all in government securities
41. Q4 Depreciation on motor to be computed at 20%
42. Q5 Coaching fees are net after meeting all expenses
43. Q6 Mr.Jain started-some work for an assignment in March 2016 the work was completed in April 2016 and the bill of Rs. 5,000 was raised in. March 2016 Compute his total taxable income for the assessment year 2016-17 Mr. Raviis employed in a company at Mumbai and gives you the following information for the year 2015-16 15
44. Q1 Hejoined service in the pay scale of 9500-300-3000-500-6000 on April 2012
45. Q2 His other receipts are: Dearness allowance 150% of basic Conveyance allowance (to meet the cost of travel to and from office to res.) Rs. 2,000/- p.m Commission @0.1% on sales of Rs.2 crores provided with a car along with chauffeur to be used for official purposes
    • A) He had inherited house property form his uncle which he has letout ona monthly rent of Rs. 40,000/ has take aloan to.renovate the house and had paid annual interest of Rs.52,600/- on the housing ‘His inherited property not being at the place of his services, he is staying in rented premises and his exempt HRA u/s 40 (13A) is Rs.36,000/- for the year received interest of Rs. 15,502/- on his savings bank account Anamount of Rs. 20,000/- is deducted from his salary against his contribution to provident fund and Rs. 2500/- is deducted towards professional tax Compute his income for the A.Y. 2016-17
    • Q.P. Code :03759 following information is available from Miss Nisha for the year 2015-16, she has two properties the details of which are as under, You are required to compute her income from house property: The following information is available from Miss Nikita for the year 2015-16 she have two house properties the details of which are as under: You are required to calculate her income taxable under the head income from house property
46. Q4 A Mr. Abhay had purchased flat in March ,1991 for Rs. 5,00,000/-. In March 1997, he made major improvements and structural change which costed him Rs. 3,00,000/-. In Septemeber,2005, he spent Rs.45,000/- on renovation. In January 2016, he sold the old flat for a consideration of Rs. 65 lacs, stamp duty @5% was payable by buyer while brokerage payable by seller was @1% of sales consideration. Calculate the taxable capital-gain and tax payable thereon if any from the above transactions You are informed that the cost inflation index for the relevant years are 1990-91:182, 1996-97:305,1997
47. Q4 -B Mrs. resident individual submits the following particulars of her income for the year ended on 31.3.2016 compute her income sources for the AY2016-17 Interest on public provident fund Rs.6,000 received from co-operative society Rs. 4,250 Family pension of Rs. 60,000 on death of her husband from his employer Daily allowances as Member of Parliament Rs.6,000 Interest on NSC Vill issues Rs.10,000 2,000 spent for purchased of lottery tickets & 250 for collecting dividend
    • Q.P. Code :03759
48. Q4 Mr. Tony, a citizen of to india for the first time on his appointment as a manager of Thomas Cook & Company on 1*Feb 2012 he was transferred to Singapore for four years. However he was transferred back to India on Sept 2015 and joins his original firm M/S Thomas Cook & Company. as a Manager and since then he Determine the residential status of Mr. Tony for the assessment year 2016-17 He also earned the following income during the previous year 2015-16 15 marks
    • a) Income from house property In Delhi Rs.15,000
    • b) Income form property in Rome Rs. 10,000
    • c) Interest from bank account in Noida Rs 1,200
    • d) Income form business in china being controlled form India Rs.16,000
    • e) Dividend form British company received in india Rs.17,000 Compute his total income for the assessment year 2016-17
49. Q5 A What is capital asset? Explain its types? @ Explain in brief various deductions which are available under section 80 of the under income tax act1961 07 Write short notes (any three) 15 1 Assessment year and Previous year 8 marks

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