BCom In Accounting & Finance (BCAF) SEM V 2017 18 May 2017-18 TAXATION IV Question Paper - Mumbai University | munotes

Questions asked in this paper

1. Q1 (A) Match the following: (Any Eight) “4 [Long term capital D | Omission oF wrong statement is discovered 8 | Dividend from Indian company | September 8 marks
2. Q1 (B) Fill in the blanks: (Any seven) 7 marks
   • 1. Speculative loss can be set-off against ,
   • a) Speculative Income b) Business Income c) Income from other sources
   • 2. Capital loss can be carried for assessment year
   • 3) Carried forward business loss can be set-off against
   • a) Any head of income business profit only all heads except salary
   • 4) aims to prevent tax avoidance by diversion of income
   • a) Double Taxation b) Clubbing of income c) Set-off
   • a) b) neighbour Orphan
   • 6) The prescribed form of Income tax return for company is
   • 7) Long term capital loss can be set-off against
   • a) Long term capital Gain b) Speculative Income Short term capital gain
   • 8) Transfer of income without transfer of asset would be taxable in the hands of
   • a) Transferor only b) Transferee c) the person who has higher income
   • 9) How many times revised return can be revised?
   • a)one time b) two times c) three times d) any number of times as nothing specified in the Income Tax Act regarding this
   • 10) Company assesses are required to pay advance tax in
3. Q2 (A) Mr. Mohan provides the following particulars of the assessment year 2017-18: income of Mr. Mohan) Compute the total income of each family member 8 marks
   • Q. P. Code: 50156
4. Q2 (B) Mr Sanjay and minor son Rohan provide you with the following information for the year ended 31-03-2017 (7 Marks) Income from Profession ( Professional fees Nil 25,000 received as a Artist) Calculate net taxable income of Mr. Sanjay and Master Rohan for Assessment year 2017-18 applying the provisions of clubbing of income
5. Q2 Compute the taxable income of Mr. Dipesh for the Assessment year 2017-18: Net Income from Chemical business 1,00,30,000 Interest on Saving Bank Account 900 Share of Profit from a Partnership Concern 5,22000 Short term capital Gain on Land 24,000 Short-term Capital Gain on House Property 1,20,000 Share of income from HUF in which he Member Winning from Horse Race 10,000 Interest on Bank Deposits: Deposit in his own name 4,000 In the name of minor son 1,300 Amount for medical Treatment Amount paid to ICICI Pension plan 12,000 15 marks
6. Q3 M/s. Shah & Mehta, a partnership firm, submits the following profit and loss account to you to for computation of taxable business income for the assessment year 2017-18. (15Marks) Profit & Loss account for the year ending 31.03.2017 To Salaries and Wages | By Gross Profit To Rent 1,32,000_| By Dividend from UTI (ETSP) 19,000 To Printing 24,000 | By Dividend from Indian Co. 50.000 To Telephone & Mobile 22,000 | By Interest on FD with BOI 50.000 To Bad detbs 18,000 To Professional Fees 24,000 To Advertisement Expenses 18,000
   • Q. P. Code: 50156
   • a) Salaries include Rs. 1,50,000 paid to working partner Shah and Rs. 60,000 to working partner Mehta
   • b) Interest paid includes Rs. 60,000 being interest paid to partner Mehta at the rate of 20% simple
   • c) The firm purchases goods in case of one bill for Rs. 1,25,000 for which payment has been made by
7. Q3 Mr. Vishal Shah (Senior Citizen), a severely handicapped person (89%) took voluntary retirement on 1“ January, 2016 after completing 20 years of service in a Private Company. He furnishes the following information for the year ended 31*' March 2016
   • (b) Dearness allowance @ 50% of Basic Salary
   • (j) He had given a loan of Rs. 2,00,000 to his friend. During the previous year 2015-16 he received Rs 15,000 as interest on loan
   • (k) He paid Medical Insurance Premium on 1*' February 2016 of Rs. 22,000 by Cheque Compute the net taxable income and tax of Mr. Vishal Shah for A. Y. 2016-17 Mr. Devansh (26 years) is employed by a manufacturing company. For the previous year 2016-17 his estimated income is as follows: Tax deduction at source by employer 1,01,880 Less’: Tax deduction at source by the Bank 10,000 Net interest likely to be received by X from bank 90,000 Calculate the advance tax payable by Mr. Devansh for the financial year 2017-18
8. Q4 XYZ firm made the following payments of advance tax during the previous year 2016-17: 15 marks
   • Q. P. Code: 50156 The return of income is filed on 31.07.2017 showing Long Term Capital Gain Taxable @20% (as on 01-12-2016) Lakh
9. Q5 A) Explain the significance of clubbing of income. 8 marks
   • B) Explain the steps to be followed for tax to be deducted at source. 7
10. Q5 Write short notes on: (Any Three) 15 marks
    • a) Substantial Interest
    • b) Revocable Transfer
    • c) TDS from commission or brokerage u/s
    • d) Unilateral Relief
    • e) Tax liability of firm

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