B.Com In Banking & Insurance (BCBI) Sem III 2019 2020 Oct 2020 DIRECT TAX Question Paper - Mumbai University | munotes

Questions asked in this paper

1. Q1 Income Tax Act extends to
   • a) Whole of India b) India and Pakistan Whole of Maharashtra
2. Q2 Income Tax is on
3. Q3 Award received from the Government is
4. Q4 Uncommuted Pension received by a Government employee
   • c) 1/3 Exempt
5. Q5 Share of profit received by a partner of partnership firm is
6. Q6 The legal status of Ms. Rani Das is
   • a) An Individual b) A body Of Individual A Sportsman
7. Q7 Personal 24 carat gold is ------- asset
8. Q8 Deduction w/s 80 D in respect of medical Insurance Premium is allowed to Any An Individual & HUF
9. Q9 Total Income of a person is determined on the basis of his
10. Q10 Subletting House property Rent Taxable in
    • a) Income from House Property Income from Salary
    • c) Income from other source
11. Q1 b) State whether the following statement are Truc Or False (Any 7) (7
12. Q1 gratia received from employer is Taxable as a salary
13. Q2 When a property is occupied by the owner himself that property is called Let — out
14. Q3 Previous year can be more than 12 months
15. Q4 There are total Five Heads of Income
16. Q5 Salary received by a member of parliament is taxable under the Head Income from
17. Q6 Ground Rent is taxable under the Head Income from House Property
18. Q7 received by Doctor trom patient is taxable under the Head income from
19. Q8 Interest on Income TAX Refund is taxable under the Head Income from other
20. Q9 Any sum received under key — man insurance policy is taxable
21. Q10 Maximum Limit w/s 80 C is RS.150000
22. Q2 A) MR. Sagar, who is physically disable to the extent of 80%, work in a private company. He has provided the following particulars of his Income for the previous year ended on 31 st March 2019 15 marks
23. Q4 Travelling allowance Rs 50,000 (Amount actually spent is Rs.38,000)
24. Q5 Perquisite value of accommodation is Rs. 35,000
25. Q6 Bonus declared by employer during the year was Rs.15, 000
26. Q7 Professional Tax paid by employee Rs.2, 500
27. Q8 Employee’s contribution to Provident Fund Rs.48, 000 Healso received the following:
28. Q1 Interest on Fixed Deposit with Bank of India Rs. 44,000
29. Q2 Interest on Fixed Deposit with Post Office Rs 10,000
30. Q3 Dividend from foreign company Rs.6,500
31. Q4 Gift from his sister Rs 51,000 During the year he paid Rs. 32,000 as Premium on his Life Insurance Policy Compute his taxable Income for the Assessment year 2019-20
32. Q2 Mr.Raja is the owner of Two House. He Provides you the information of these two house for the year ended on 31 st March 2019 as Under : 15 marks
    • a) First house is Let-out with municipal valuation Rs. 3,00,000 p.a, Fair Rent Rs. 2,50,000, Standard rent Rs. 4,00,000 and actual Rent Rs. 30,000 p.m Municipal Tax Paid @ 10% on Municipal valuation. Interest on Housing Loan paid Rs. 50,000 and house was vacant for 2 months
    • b) Second House is Self- Occupied property with Municipal Valuation Rs.1,00,000 municipal tax paid Rs. 10,000 and interest on housing Loan Paid RS.45,000. The Loan was taken in 2014
    • c) received following income the year : 1 Interest on Fixed Deposit Rs. 1,60,000
33. Q2 Dividend from TATA Company Rs. 40,000
34. Q3 Interest on Post Office Saving a/c Rs. 15,000
35. Q4 Dividend from Co- Operative Bank Rs. 10,000
    • d) Deposited Rs.1,20,000 in Public Provident Fund during the You are required to calculate taxable income for the Assessment year 2018-19 Mr.Ramesh provides the following particulars of Asset transferred by him during (15) the previous year. His Income from Capital Gain chargeable to tax for Assessment A residential house in Mumbai was purchased on 12" December, 1995 at A cost of Rs. 18, 00,000. Fair Market Value of residential house on 1“ April The cost of improvement incurred by him was as follows: He sold the above house on 19 March,2019 for Rs. 1,60,00,000. \ He incurred transfer expenses of Rs. 3, 00,000 on the sale transaction He purchased New residential house in Virar for Rs. 40, 00,000 on 28 th March, 2019 He Purchase 3 year’s bonds issued by Rural Electrification Corporation (REC) for Rs. 12, 00,000 on 29" March 2019, Cost Inflection Index are as follows :
36. Q3 Mr.Rohan provides the following information for the previous year ended March 2019. You are required to compute his Total Taxable income for Assessment Profit and Loss Account for the year ended 31 st March,2019 Printing 20,000 By Gross Profit 8,50,000 ‘To General Expenses 25,000 By Income Tax Refund 8,000 j To Interest on Capital 55,000 By Dividend from 35,000 To GST Penalty 23,000 By Interest on Saving 5,000 j To Income Tax 49,000 By Amount received from 15,000 j LIC for Matured insured / To Office Rent To Net Profit 5,55,999 Salaried include Rs. 55,500 for Medical treatment of Mr. Rohan dependent brother, who is Person with server physical disability (89% ) 15 marks
37. Q4 Mr .Sam an Australian Citizen come to India for the first time on April,2014 And started a Business in Mumbai. He went out of India on 1* April, 2018 and Come back to India on 1* January,2019 and was in India thereafter. Find out his Residential Status for the assessment year 2019-20 Mr. Vishal furnishes you the following particulars of Income earned by him during (15) the previous year ended on 31 March,2019. Compute his Gross Total Income for the Assessment year 2019-20 assuming that he is : 15 marks
38. Q1 Resident and ordinarily Resident
39. Q2 Resident but not Ordinarily Resident
40. Q3 Non — Resident
41. Q1 Income from business in Delhi, Controlled from London
42. Q2 Interest on Debentures of Indian Company received in Japan
43. Q3 Rent from Property in France received in Mumbai. 2,40,000 4.Interest on Bank Account in Dubai 1,20,000 5.Income from Agriculture in Srilanka 1,40,000 6.Income from business in Nepal controlled from India 1,60,000 7.Salary earned and received in Singapore 1,80,000 8.Past untaxed profit carned in UK brought to India during the previous year Explain the Basic Condition & Additional Condition of Residential Status. (08)
    • b) Explain the term person with suitable example. 7
44. Q5 Write a Short Note: (any 3) 15 marks
    • a) Deduction w/s 80 E
    • b) Previous year
    • c) Capital Asset
    • d) Gratuity
    • e) Taxable Perquisite

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