B.Com In Banking & Insurance (BCBI) Sem III ATKT TAXATION Question Paper - Mumbai University | munotes

Questions asked in this paper

1. Q1 Interest credited to Public Provident Fund is exempt up to Rs. 1,00,000
2. Q2 Dividend from Co-operative society is exempted from tax
3. Q3 Unrealized rent is deducted from net annual value
4. Q4 Commuted pension received by government employee is exempt from tax
5. Q5 An Indian company is always resident in India
6. Q6 Agricultural income from Rajasthan is taxable
7. Q7 Mediclaim insurance premium must be paid by cross cheque
8. Q8 Interest on debentures from Indian cqmpany is fully exempt
9. Q9 House property used for own residence is called as Deemed to be let out property
10. Q10 Bonus received is taxable as income from
    • B] Match the following (Any 07) 7
11. Q2 Advance salary b] Winning from card game
12. Q3 Handicapped assessee c] 30 % of Net Annual Value
13. Q4 Interest on Educational loan Deduction 80 U
14. Q6 Resident of India f] Exempted Income
15. Q7 Dividend of Indian Company Income from Business ,
16. Q8 Gratuity h] 182 days or more in India
17. Q9 Discount Received i] Income from other sources
18. Q10 Salary to Member of Parliament j] U/s 10 Q-2 Mr. Arjun gives you following information for previous year 2018-19: (15) House II was vacant for 3 months Municipal taxes paid by Interest on Borrowed Capital (loans taken on 1-4-2009) | 2,00,000 Reni received from hiring cf Repairs to Machinery Ge 10,000 Medical claim insurance paid by cheque for his 20,000 Compute his taxable income for the assessment year 2019-20 Mr. Vijay proprietor of V and Co. furnishes you the following information for the year \ Profit and Loss Account for the year ended March, 2019 To Salaries 3,60,000 By Gross profit To Office expenses 18,000 By Dividend from 2,000 10 marks
    • N.K.G.S.B. Co-operative To Staff welfare 30,000 By interest on fixed deposit with Bank of India To Medical claim premium 18,000
    • a) Depreciation as per income tax rules Rs.21,000
    • b) Medical claim premium was paid in cash
    • c) Life insurance premium includes paid for his daughter You are required to compute his total income for the assessment year 2019-20 Q-3 Shri Inamdar took voluntary retirement on January, 2018 from a Private Bank after (15) completing 26 year and !1 months of service. He furnishes you with information: Dearness allowance: 128% of basic retirement he delivered lectures as guest faculty in Indian Institute of Banking, for which he received Honorarium of Rs.22,000 Compute his taxable income from salaries for the assessment year 2019-20 3 Compute Business income of Mrs. Lobo from the following trading, P L A/c for 31-03 To Purchases 80,000 By Sales 2,94,000 To Office expenses By Goods withdrawn at To Salary to Staff 35,000 market price (Cost To Income Tax 21,000 Rs.25,000) 32,000 To Advertisement 35,060 By LT. Penalty refund 3,0C0 To Salary to Proprietor 30,000 By Excise penalty refund 2,000 To Salary to son 30,000 By Excise duty refund 1.000 To Bad debts 10,000 To Net Profit 36,000
19. Q1 Purchases includes Rs.25,000 paid for goods purchased from Mr. Aanad (Supplier) on 15-09-2018 for personal purpose
20. Q2 Reasonable salary of son Rs.20,000
21. Q3 Depreciation as per income tax amounts to Rs.15,000 Compute income from Business profession for Assessment Year 2019-20 Q-4 Miss Chilly a foreign national furnishes the following information of her income earned during the year relevant to A. Y. 2018-19 (15)
22. Q1 Income from property in Rome received in India 1,000
23. Q2 Dividend from shares from foreign companies
    • a] Received abroad 2,000
    • b] Received in India 3,000
24. Q3 Profit from business in Mumbai managed from USA 4,000
25. Q4 Income from House Property in India 5,000
26. Q5 Interest on Bank account in London 6,000
27. Q6 Income earned in past but brought in India during the year
28. Q7 Income Business in Singapore control from India 50,000
29. Q8 Income from business in India but received'in France 1,00,0C9
30. Q9 Dividend from American company received in India 22,000
31. Q10 Interest on Bank account in France , 25,000
32. Q11 Salary earned and received in France 1,50,000 Q - 4 During the previous year 2018-19 Mr. Suraj a foreign citizen stayed in India for 180 days, Determine his residential status for the assessment year 2019-20 on the basis of following
    • i. did not come to India in the previous years 2017-18 and 2016-17
33. Q2 During 2014-15 he was present in India for 365 days
34. Q3 He was in Hong Kong during 2015-16 Q-5 al] Explain conditions for Residential status as per Income Tax Act 1961 ? (08)
    • b] Give seven exempted income from tax under Income Tax Act 1961 2 Write short note (Any 3) (15) 7
35. Q2 Calculation of depreciation U/s 36 marks
36. Q3 Deduction Under chapter VIA (any 3)
37. Q4 Five taxable perquisites in Salary
38. Q5 Any five exempted income from other sources

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