BCom In Accounting & Finance (BCAF) Sem VI 2016 2017 April 2017 TAXATION Question Paper - Mumbai University | munotes

Questions asked in this paper

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1. Q2 Attempt with internal
2. Q3 All questions carry equal marks of 15 each: Rewrite the following sentences by selecting correct F Due date of filling of return of income for a
3. Q2 Speculation loss can be carried forward
4. Q3 First due date of Payment of advance tax for an individual >
5. Q4 Business Loss can be set off
6. Q5 Interest paid to Partners omtheir capital cannot be
7. Q6 Loss from--------cannot be set off
8. Q7 Clubbing of income.aims to prevent avoidance
9. Q8 If rent & Building, TDS be deducted
10. Q9 TDS u/s 194H is deducted (Includes, Excludes, None of the above)
    • (B) State whether the following statements are True or False, (Any 7), 07
11. Q1 There are four due dates for payment of advance tax for companies
12. Q2 Resident Indian relief Under section 91
13. Q3 Clubbing of income includes clubbing of losses,
14. Q4 TDS under section 194] js deducted @ 15%
15. Q5 There can be a loss under the head of income from salaries
16. Q6 Speculation loss set off against all income,
17. Q7 for filling of return for Corporate assesses on April every year,
18. Q8 Advance tax is payable if tax liability is more than Rs. 15,000, 9.Unabsorbed losses from house Property cannot be carried forward
19. Q10 Partners’ shares in Profits of the firm is exempt,
20. Q2 M/s D Co., a partnership firm submits the following Profits and Loss the
21. Q1 Other expenses includes Rs.25,000 not deductible under section 37
22. Q2 Depreciation as per income tax Rs.30,000
23. Q3 Sundry expenses includes Rs.5,000 paid for expenses of Calculate the taxable income of the firm and tax liability for the A.Y. 2016-17,
24. Q2 a partnership firms submits the following Profit & the year ended [To Remuneration topartners 15 marks
25. Q1 Expenses not deductible Rs 3, Depreciation as per income tax Rs. 1,20,000 Calculate the taxable income of the firm and tax liability for the A.Y. 2016-17 isa resident.individual submit the-following information for the previous year ended 15
    • (i), business Rs.2,00,000
    • (iii) Income from salary Rs.4,00,000
    • (iv) Taxable from house property Rs.1,00,000 from speculative business Rs.1,50,000
    • (vi) Other details unabsorbed depreciation and brought forward loss are: Short term capital loss Rs.1,60,000 Find out the gross taxable income for the assessment Year 2016-17 applying provisions of set off and carry
    • Q.P. Code :09007
26. Q3 Mr. Ramesh submit the following information for the year ended 31-03-2016: Income from business } Income from let out house property (Gross) Rs.2,80,000, (Municipal tax paid Rs.60,000) Income from other sources Rs.3,50,000 Contribution to Public Provident fund Rs.2,20,000, Tax deducted at source Rs.5,50,000 Calculate advance tax liability for the assessment year
27. Q4 Mr. John, aged 62 years, a model deriving income of performed Tax of Rs.9,00,000 deducted at source @15% in the the source were held: have any agreement with that country for avoidance.of double ndian income of year 2015-76 Rs.25,00,000. He invested in LIC Rs/1,50;050,, You are required to calculate total income and tax payable by Mr. John for A.Y. 2016-17 showing relief Interest on Loan (Loan taken before 01-04-99) His other income as follows: 15 marks
    • iii) Dividend from co-operative bank Rs.60,000 He contributed Rs 50,000 for provident fund and he repaid Rs 80,000 housing loan principal amount net:taxable income for the A Y 2016-17 and tax liability of Mr. Ram 5, (a) Explain Double Taxation Relief. 08 of minor child-[Section 64 (1A)] 07
28. Q5 on any three of the TDS from:commission or brokerage 15 marks
    • (d) Loss from House Property

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