B.Com In Banking & Insurance (BCBI) Sem III 2015 2016 2016 Taxation Of Financial Services. Year.2015 16 Question Paper - Mumbai University | munotes

Questions asked in this paper

1. Q1 A) MULTIPLE CHOIC E QUESTIONS 5 marks
2. Q1 Income tax extents to
   • a) Whole of India b) whole of India except Jammu & Kashmir
   • c) Whole of only d) None of these
3. Q2 should consists of
   • a) Individual only b) Persons other than individual only Both the above d) None of these
4. Q3 fotal income of a person is determined on the basis of his:
   • a) Residential status in India b) Citizenship in India
   • c) None of these d) Both of the above
5. Q4 Income received in Incia ) a) Is taxable only for a resident
   • b) Is not taxable only for a non resident
   • c) Is taxable for a resident, a resident but not ordinarily resident and a non-resident d} Is exempt in all cases Which of the is allowed as a deduction while computing the business
   • c) Sales tax None of these
6. Q8 FILL IN THE BLANKS be year means the year immediately preceding the assessment 2, An assessment is defined under the Income tax Act to include 5 marks
7. Q3 Advertisement in souvenir is expressly disallowed while computing the business income } Expenses exceeding in cash are disallowed Cc) MAT THE FOLLOWING (5 MARKS) Provision for bad debts Taxable for ordinary Stardard deduction Restricted up to rs. 2 lacs Interest on loan for SOP Fully pan for LOP Not allowed as
8. Q2 (a) Mr. Tom. 4 foreign is received in India) Rs sale at Rs. 40,000
9. Q4 on Bank pany received in India 5, Dividend from in Low don Registered - managed from India Rs. 30,000
10. Q8 Profits from 5-16 assuming the residential statys pis total income for ‘dent
    • (b) Mr, B an Indian citizen we on various dates. The details of departure from,
    • U.K. West Indies and Zimba arrival to India are as date Arrivaldate South Africa (for the first 01.05 his residential status for the assessment year 2015-16. Give working
11. Q2 | (a) Mr. Abhishek furnishes you with the following details of his income for the ye, 41.03.2015. Determine the scope of his total income for the A.Y. 2015-16 assumin, Resident & Not Ordinary Resident nterest (1/3 received in India) Rs. 21.000
12. Q3 Rent from in Japan received outside India Rs. 10,900
13. Q4 income earned trom business in London which is controlled From Delhi (Rs. received in India) Rs. 35,006 4 marks
14. Q5 Interest paid by an Indian company but received outside India Rs. 9,009
15. Q6 Profit from a business in Thane and managed from outside Rs. 50,000
    • (b) Mr. Amol, an Indian film actor gives the following information of his stay outside Indja for film shooting May 2014 to july 2014 Lanka 2014 to September 2014 UK 20” September 2014 to October New Zealand He made his entry in International films on 10" March 2012 and went to Hollywood for years and returned to India on 28" March 2014 Determine his residential status with reasons for the A.Y. 2015-16
16. Q3 From the particulars computes the business income of Mr A for 2014-16 To salaries | 120000 By Gross To Rent and Taxes 30000 By dividend from | 5000 To repairing 5000 By PPF \ To legal 4000 ByInterestreceived To Patents purchased 42000 [ To Bad Debts 6000 To Wealth Tax 5000 To Net Profit | 156000
17. Q1 Legal expenses include penalty paid for the damages for breach of contract Depreciation as per Income tax Act is Rs. 25000/ college at Mumbai. The details of his Salar, are as follows: (15 MARKS)
    • d) Education allowance of (rent paid Rs. 7100, exempt 10 (13,4 rent allowance the evening shift of the college Rs. 500/ a of Rs. 1000 for attending a e an the college
    • h) on purchase of books for teaching Purpose,
    • i) tax was Rs. A.Y. 2015-16 Calculate the income from salary for ‘
18. Q4 Dr. Vinayak Vighnaharte a medical practitioner provides you the income account for the year ended 31stMarch, 2015: (15 marks) To Salaries to Staff 54000 | By Consultation fess 260009 To Rent 36000 | BY visiting fess 30009 To purchase of Medicines | 28000 | By winning From horse races To 12000 | By Sale of medicines 30009 To Printing & Stationery 11500 To Book & Periodicals 11800 To L.LC. Premium 1200 To Income Tax 3000 i | To Paid to LIC-jeevandhara | 20000 ! To Surplus for the year 150000 Following additional! information has been provided Visit fees include Rs. 10,000/- received as a gift from father Half of the rent attributable towards residence Rs.2, 300 printing charges are incurred for printing wedding cards of his da Compute on the above information Vinayak’s taxable income for profession
19. Q4 Mr. X owns one residential house in Mumbai The house is having two units of sizé. First unit of the house is self occupied by Mr. X and another unit is rented for Rs. 8009
    • p.m. The particulars of the house for the previous year 2014-15 are as under: Municipal paid by owner during the year 15% of municipal valuation Light and water charges Rs. 500 p.m Interest on borrowed capital Rs. 1500 p.m Compute the income trom house property of Mr. X for the A.Y. 2015-16 SHORT NOTES (ANY 3) (15 MARKS)
20. Q1 Define “previous year”
21. Q2 Classification of house property 3, Any five disallowed expenses of business “Person” as per Sec 2 (31) of the IT Act 1961

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