BCom In Accounting & Finance (BCAF) Sem VI 2018 19 Oct 2018-19 TAXATION IV Question Paper - Mumbai University | munotes

Questions asked in this paper

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1. Q1 (a) State whether the following statements are true or false. (Attempt Any 8) 8 marks
   • 1. Minor child does not includes neighbour Child
   • 2. Clubbing of income also includes clubbing of losses
   • 3. Business loss cannot be set off against Salary income
   • 4. There cannot be loss under the head ‘salary’
   • 5. Maximum limit of Rebate u/s 87A is Rs. 50,000
   • 6. Advance tax is payable if tax liability is more than Rs. 80,000
   • 7. Loss from lottery can be set off against any income
   • 8. DTAA Stand for Double taxation Avoidance Arrangement
   • 9. Rent paid for building is liable for TDS @ 30%
   • 10. Long term capital losses can be set off against any income Select the correct alternative from the following and rewrite the complete sentence
   • 1. Speculation loss can be carried forward upto year
   • 2. Incase defective income tax return, the defect is required to be removed
   • 3. Company assesses are required to pay advance tax in
   • 4. What is the rate at which rate interest is levied u/s 234C for deferment of advance tax
   • 5. Incase of book loss the maximum allowable remuneration to working partner will
   • 6. First due date of payment of advance tax of individual is (15" July, May, 15" September)
   • 7. Dividend from Indian Company is
   • 8. Short term capital loss can be set-off against
   • 9. TDS under section 192 is deducted @ %
   • 10. Surcharge shall be applicable @ % where total income of individuals exceeds Rs. 50 Lakhs but less than (10; 15; 12; 7)
2. Q2 a. Mr. R is the karta of an HUF whose member derives income as given below: Income from R’s Business Rs.4,00,000 salary as fashion designer Rs.5,50,000 8 marks
   • 3. Minor son Ranu (Interest on fixed deposits with a bank which were gifted to him by his
   • 4. Minor daughter Ranju’s earning from sports Rs.85,000
   • 5. Gift received by Rana (Minor son) from friend of Mr.R Rs.80,000 Compute the total income of Mr.R and Mrs. R by applying the provision of clubbing
3. Q2 b. Mr. Sumit furnishes the following information for the year ended 31-03-19: 7 marks
   • 1. Loss from business (2,00,000)
   • 2. Loss From House Property Rs.(1,00,000)
   • 5. Income by way of Salary Rs.5,00,000 Compute total Income of Mr. Sumit by applying the provision of Set off and carry forward
4. Q2 Calculate Advance tax payable by Mr.Bharat from the following estimated income for the
   • 2. Income From House Property Rs.6,00,000
   • 3. Contribution in public provident fund Rs.90,000 Compute tax liability for the Assessment year 2019-2020 and also compute each advance tax
5. Q3 X and Y are the partner in partnership firm submits the following profit and loss account for the year ended 31*' march, 2019. (15) To Opening stock 5,00,000 | By Sales To Purchases By Dividend from Tata Ltd To Salaries to Staff 5,00,000 | By Closing Stock To Other Expenses 1,00,000 To Interest on partner’s 1,50,000 To Remuneration to Partners To Income Tax 1,00,000 To Net Profit 27,50,000
   • 1. Other expenses includes Rs.50,000 not deductible under section 37
   • 2. Depreciation as per income tax Rs.1,50,000 Purchases includes Rs.1,50,000 onetime cash payment to one person
   • 4. Salary includes Bonus Due of Rs.1,00,000 Compute net taxable income of the firm and tax liability for Assessment Year 2019-2020
6. Q3 Mr. Abhishek (Age 50) is a physically disabled person (85%). He employed with R printer. He gives you the following information for the year ended on March, 19. (15) Dearness Allowance is 50% of Basic Salary
   • 5. Conveyance Allow ance Rs.1,80,000 per annum. (Amount spent on official conveyance
   • 6. Reimbursement of medical expenses Rs.50,000 Particulars of let out house:
   • 6. Interest on capital borrowed for purchase of House paid during the year Rs.1,00,000 He paid life insurance premium of Rs.82, 500 in cash. Compute net taxable income and tax liability for Assessment year 2019-20
7. Q4 Pawan Ltd has actual tax liability of Rs.20,00,000 for previous year 2018-2019. The company has paid advance tax as given beow: Balance amount of tax Rs.4,00,000 was paid on December, 2019 while filling the return Due date for filling of Return of Income is September, 2019. Compute interest under section 234A, 234B, 234C for the Assessment year 2019-20 15 marks
8. Q4 The following are the particulars of income earned by Mr. K (Age 45 year) a resident Indian for the assessment year 2019-2020 (15) Income from Foreign Country 40,00,000 Tax paid in foreign Country on foreign income Income From India Life insurance premium paid in cash 1,20,000 Medical insurance premium paid for her father aged 62 years 30,000 Compute his net taxable income and tax liability for assessment year 2019-2020. There is no double taxation Avoidance Agreement between India and Foreign country
   • a. Explain the provision regarding deduction of TDS in respect of salary. 8
   • b. Discuss the provision of clubbing of income of minor Child. Write short notes on (Any three) (15) 7
   • 1. Remuneration and interest to partner under section 40(b)
   • 2. Inter head Adjustment under section 71
   • 3. Returns of Loss
   • 4. Advance tax
   • 5. Interest under section 234A

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