B.Com. (Financial Management) SEM III 2022 2023 Oct 2023 DIRECT TAX Question Paper - Mumbai University | munotes

Questions asked in this paper

1. Q1 State whether True or False. 8) 8 marks
2. Q1 Previous Year always indicates a period of twelve months
3. Q2 Standard Rent is a deduction from Net Annual Value
4. Q3 Kunal has two house properties. Both are self occupied. The annual value of both houses shall be
5. Q4 Depreciation is allowed in case of tangible assets only
6. Q5 Capital Gain arises from the transfer on any asset
7. Q6 Any sum received by an employer from keyman insurance policy taken on the life of the employee shal] be exempt
8. Q7 Trade Mark or brand name is treated as capital assets for capital gain purposes
9. Q8 Indian income of a non-resident is not taxable at all
10. Q9 Deduction under Section 80C in respect of tuition fees is allowed to an individual
11. Q10 Every person has to pay Income Tax
    • (B) Fill in the Blanks. (ANY 7) 7
12. Q1 The cost of inflation index number of the previous year 2001-2002 is
13. Q2 To be a long term capital asset, a residential house property should be held for more than
14. Q3 Net Annual value of one house is Rs.3, 00,000 and actual expenditure incurred on repairs is from House property is
15. Q4 Dividends declared by Unit Trust of India is
    • (a) Fully Taxable (b) Fully Exempt (c) taxable but deduction allowed (d) Partially Exempt
16. Q5 Any activity carried on with a view to earn profit is called
    • (b) Trade of these
17. Q6 The payment for Insurance premium under section 80D should be
    • (a) in cash (b) By any mode other than (c) both(a) & (b) (d) None of these
18. Q7 Agricultural income from Nepal is taxable under the head
    • (a) Income from House Property (b) Income from (c) capital Gains Income from
19. Q8 Municipal value Rs.90, 000, interest on loan paid Rs.140, 000,(loan taken on 25-05 yr 2014).Municipal taxes paid Rs.30,000.The entire house remained sélf occupied throughout the previous year.Net Annual value is
20. Q9 Residential status is to be determined for
    • (a) Previous Year (b) Assessment Year (c) Accounting year (d) none of these
21. Q10 The deduction under section 80 E is allowed for repayment of interest to the extent of
22. Q2 (A) Mr.Rajnikant gives you the following information for the year ended March 2022 Profit Account for the year ended 31-03-2022. (15Marks) To Salaries to staff By Gross Profit 10,00,000 To salary to Mr 60,000 By Winning from | 1,00,000 To General Expenses 1,50,000 By internet on PPF 40,000 To Conveyance 70.000 By Dividend from Co- 20,000 To Rent of Premises 100,000 By Old Debts recovered | 38000 To Fire Insurance 27000 To Reserve for doubtful | 20,000
23. Q1 Depreciation allowance under Income Tax Rules is Rs 60,000
24. Q2 General Expenses include Rs.10, 000 for gifts to staff and Rs.20, 000 for LIC Pension Plan
25. Q3 Old debts in respect of which recovery is made were not allowed as deduction in the past, though they were written off in books
26. Q4 Compute his total taxable income for Assessment Year 2022-23 SYFMG. SEM-III Direct Tax MARKS 75
27. Q2 (B).Mr.Swastik sold on 10-06-2021 his residential House in Nashik for Rs.75, was purchased on 07-07-3003 for Rs.700, 000.Expenses on transfer amounted to Rs.120, 000.Mr.Swastik incurred expenses on improvement on old house in financial year 2005-06 of Rs. 40,000.He invested Rs.25,00,000 for purchase of new residential House on 31-10-2021.You are required to compute Net Capital Gains for the Assessment year 2022-23 Relevant cost inflation indices are as follows:
28. Q3 (A) Mr.zaid Khan works with the Government of Maharashtra. He gives you following information for the year ended 31st March 2022. (15Marks) Entertainment Allowance (amount spent on entertainment Rs.10,000) Rs.10,000 per annum (amount spent on conveyance for official purposes Rs 28Q00) Arrears of Salary (not taxed earlier) Rs. 200,000 Profession tax deducted from Salary Rs. 2500 per annum Compute his taxable income for the Assessment year 2022-23
29. Q3 (B). Kiran Raut, a citizen of USA has been staying in India leaves India on 16th July 2021 on a visit to USA and returns on 4th January 2022. Determine his residential status for the j Assessment Year 2022-23. (8Marks)
30. Q3 (C). From the following income of Mr. Suresh for the previous year 2021-22. Compute Gross total income for the assessment year 2022-23 if ke is: Non-Resident of India. (7Marks)
    • (1) Profits from business in UK from India 30,000
    • (2) Royalty from India Company received in UK 20,000
    • (3) Rent from house in UK received in Spain 80,000
    • (4) Dividend from British company received in Mumbai 50,000
    • (5) Interest credited to Bank of India, Delhi Branch 59,000 ‘ (6) Income earned in Brazil in the past but brought to India during the year. 60,000
    • (7) Income accrued in Chicago and received in London 70,000 Find out the total income taxable in India for Assessment Year 2022-23
31. Q4 (A). Mr.Arjun Rampal gives you following information for the previous year 2021-22. (1SMarks) (House 2 was vacant for 3 months)
32. Q3 Municipal Taxes paid by owner 25000 25,000
33. Q4 Interest of Housing Loan (Loan taken after 5,000 Compute the income from house Property for the Assessment Year 2022-23
34. Q4 (B) Mrs.Bharti Bangera gives you following information for the previous year 21-22. Particulars of owned House House No. 1(self-occupied) House No.2(Let Out) (House No.2 was vacant for Interest on borrowed Paid during the year 30,000 36000 Computer her Total from House property for the Assessment Year 2022-23 SYFMG. SEM-III Direct Tax 2% HOURS. MARKS 75 15 marks
35. Q5 (A) State any eight income chargeable to tax under the head “income from other sources”
    • (B) Explain the provisions relating to Deduction under secuon 80D. 7
36. Q5 Short Notes (Any 3). 15 marks
37. Q1 Resident and Ordinary Resident
38. Q2 Exemption of Gratuity u/s 10 10 marks
39. Q3 Short term Capital Gain
40. Q4 Assessment Year
41. Q5 Deduction under Section 80U

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