B.Com. (Financial Management) SEM III 2019 2020 Oct 2020 TAXATION Question Paper - Mumbai University | munotes

Questions asked in this paper

1. Q1 Gross tax Liability is calculated on
   • c. Income
   • d. Salary
2. Q2 The for:
3. Q3 Residential status of an individual depends on the Stay of the assesses in India during the :
   • a. Calendar year
   • b. Accounting year
   • c. Assessment year
   • d. Previous year
4. Q4 The financial year in which the income is earned is called as the :
   • a. Assessment year
   • b. Present year
   • c. Previous year
   • d. Current year
5. Q5 Gratuity received by the government employees is :
   • a. Fully taxable
   • b. Fully excempt
   • c. Partly taxable
   • d. None of the above
6. Q6 Ahas two house properties both are self occupied
   • a. Both house are Self Occupied House Ptoperty
   • b. One is Self Occupied House Property and other is Deemed to be Let Out Property
   • d. None of the above Where the amount of an expenditure claimed as deduction exceeds Rs.20,000 it should be paid
   • a. Crossed cheque
   • c. Cash
   • d. None of these
7. Q8 Export incentives received by an assessee are \
   • b. Taxable as business income
   • d. None of the above
8. Q9 Income from transfer of capital assets termed
   • a. Capital gain
   • b. Capital profit
   • c. Net profit
   • d. None of the above
9. Q10 Advance Salary is a
   • a. Salary Income
   • b. Income
   • B] State whether the followicg statement is TRUE FALSE and rewrite the sentence (Any 7)
10. Q1 Total income of a person is determined on the basis of his Citizenship in India
11. Q2 Wealth tax is allowed as a deduction while computing the business income
12. Q3 Gift received by an individual Rs.70, 00 from his Mother shall be exempted
13. Q4 Deduction w/s 80 U in case of person with disability is allowed to an individual who is resident of india
14. Q5 Standard deduction is calculated as 30 % of Net Annual Value
15. Q6 Income earned during Assessment year is taxed
16. Q7 Salary received by member of parliament is income from other sources
17. Q8 Agricultural income from outside India is exempted from tax
18. Q9 Municipal tax is deducted from net annual value
19. Q10 Bad debts is allowed as deduction in income from business profession Q- 2 Mr. Moholkar furnishes you the following for the year ended 31/03/2019: (15) Profit and Loss Account for the year ended March, 2019 To Salaries 1,60,000 | By Gross profit 7,00,000 To Printing & Stationary 25,000 | By Winning from 15,000 To Conveyance 30,000 | By N.S.C. Interest accrued 10,000 To Rent 24,000 | By Dividend from Indian 10,000 To Advertisement Expenses 45,000 To Advance income tax 10,000 To Embezzlement by an employee
20. Q1 Depreciation allowable as per income tax rules Rs.35,000
21. Q2 Half of the rent is attributable toward his residential flat
22. Q3 Staff welfare expenses include Rs.15,000 incurred for his wife’s shopping Q-2 Mr. Dattatreya Rane is employed with Hi-Tech Ltd. He furnishes the following (15) information for the assessnient year 2019-20
23. Q4 Bonus received during the year
24. Q5 Arrears of salary received Rs.46,000
25. Q6 Perquisite value of Gas, water and electricity
26. Q7 He took advance salary of Rs.50,000 on account of marriage of his daughter
27. Q8 Mr. Dattatreya paid LIC premium of Rs.15,000 and deposited Rs.30,000 in his PPF A/c
28. Q9 Mr. Dattatreya is also a director of a company and received Rs.5,000 as director sitting
29. Q10 He received Rs.4,000 as interest on fixed deposits with State Bank of India Compute his total income for the assessment year 2019-20, Q -3 Mr. Jayesh occupied two flats for his residential purpose, particulars of which are as follows Interest on Loan for construction 20,000 40,000 Calculate Income from House Property Q- 3 Calculate the taxable income under the head “Salaries”, of Mr.Sunita for the assessment year 201+18 from the following particulars: (15)
30. Q5 Salary of household employees paid by employer Rs.3,600
31. Q6 Perquisite value of Gas, Water & Electricity supply Rs.1,400
32. Q7 Value of rent free accommodation
33. Q8 Arrears of salary as per revised pay scale Rs.14,750
34. Q4 Mr. Suresh is a citizen of U.K. (not being person of Indian origin). Determine his residential status for the assessment year 2019-20 on the assumption that during financial year 2017-18 to 2007-08 he was present in India as follows. (15) Previous Year Presence in India Q-4 Mr. Tony a British Citizen had the following incomes during the previous year ended
35. Q1 Income from house property in India 15,000
36. Q2 Income from property in Rome
37. Q3 received from bank account in India 1,200
38. Q4 Income from Business in Bangladesh being controlled from India 16,000
39. Q5 Interest on bank account in USA 11,000
40. Q6 Salary earned and received in Tokyo 12,000
41. Q7 Income earned and received in London 13,000
42. Q8 Dividend from British company received in India 17,000
43. Q9 Professional fees received in India for three months 39,000
44. Q10 Payment received in UK for services rendered in India 28,000
45. Q11 Profit on sale of plant in Malaysia received in India 92,000
46. Q12 Profit on sale of property in Mumbai 1,04,000 Compute his total income for the assessment year 2019-20 if he is i] Ordinary Resident Not Ordinary iii] Non Resident of India Q-5 A] any five exemption U/s 10 (08)
    • B] Explain Any Three deductions U/s 80 Write Short Notes (Any 03) (15) 7
47. Q1 Person
48. Q2 Income
49. Q3 Gratuity
50. Q4 Any five Allowable Business Expense
51. Q5 Conditions to become Resident of India

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