B.Com. (Financial Management) SEM III ATKT DIRECT TAX II Question Paper - Mumbai University | munotes

Questions asked in this paper

• 2) Figures to the right indicate full marks allotted to the question

1. Q3 Simple calculator is allowed
2. Q1 (a) Rewrite the following sentences by selecting correct option. (any 8)
3. Q1 is the rate at which interest is levied under section 234B
4. Q2 The prescribed form of income Tax Return for company assesses is JA
5. Q3 The Income Tax Return filed after the due date as specified in section 139(1) of the Income Tax Act, 1961 is called as
   • a) Late Return
   • b) Revised Return
   • c) Belated Return
   • d) Delayed Return
6. Q4 In case of book loss the maximum allowable remuneration to working partner
   • a) Nil
7. Q5 For levy of surcharge, the taxable income of the partnership firm should exceed
8. Q6 The rates of Income Tax. are mentioned in
   • b) The Annual Finance Acts
   • c) Both in the Income Tax Act, 1961 and the Annual Finance Acts
   • d) None of the above
9. Q7 The rate of tax applicable to a domestic company for A.Y 2017-18 is
10. Q8 The time limit for carry forward of long term capital losses for set
    • a) 4 years
    • b) 5 years
    • c) 6 years
    • d) 8 years
    • a) Step child
    • b) Adopted child
    • c) Both (a) and (b)
    • d) None of these
11. Q10 The income of the minor child shall be clubbed in whose hands
    • a) Mother
    • b) Father
    • c) Either mother or father at the option of the child
    • d) The parents whose total income is greater
    • (b) State whether the following statements are True or False : (any 7)
12. Q1 Clubbing provisions under section 64(1) (vi) are applicable where the asset is transferred by an individual without any adequate consideration to major son
13. Q2 Company assesses are required to pay advance tax in three instalments
14. Q3 The prescribed form of income Tax Return for an individual having business income is ITR 4 marks
15. Q4 Remuneration to Sleeping partner is allowed to be deducted from the book profit
16. Q5 Winning from lotteries, crossword puzzles etc. are taxed at a special rate of 30%
17. Q6 TDS under section 194 I is deducted @18%
18. Q7 Advance tax is payable if tax liability is more than Rs.5,000
19. Q9 Partner’s share in profit of the firm is exempt
20. Q10 Unabsorbed losses from house property can not be carried forward
21. Q2 From the following Profit and loss Account of Mr. Sameer Shikalgar, compute his total taxable income and tax for the Assessment year 2017-18. (15) Profit and Loss Account for the year ended 31-3-2017 To Purchases 9,00,000 | By Closing Stock 3,05,000 To Office Salaries 71,000 | By Income Tax Refund To Bad Debts 25,000 (Including Interest Rs. 2,000) 15,000 To Advertisement 10,500 | By Dividend from U.T.| 50,000 To Fire Insurance Premium 4,500 | By Lottery Prize Received 1,10,000 To Interest on Proprietor’s Capital 25,000 To General Expenses 55,000 To Wealth Tax 5,000 To Sales Tax Penalty 4,000
22. Q1 General Expenses include Advance Income Tax Rs. 10,000 and Rs.500 for purchase of lottery
23. Q2 Depreciation allowable as per Income Tax Rules Rs. 25,000
24. Q3 Purchase include Rs. 80,000 paid for cash purchase exceeding the limited of Rs. 20,000 prescribed under section 40 A(3) of Income Tax Act, 1961
25. Q4 Office salaries include Bonus due but not paid Rs. 16,500
26. Q5 Mr. Sameer who is physically handicapped person with 60% disability paid premium for LIC
27. Q2 Mrs. Gayatri Soman owns tow houses in Mumbai. The particulars of her Income from properties for the year ended March, 2017 is as follows: (15) Interest paid on loan. taken for construction of house 1,60,000 Rs. 1,50,000 Date on which loan taken 26-11-2012 22-10-2011
28. Q2 Interest on Fixed Deposits with Bank of India Rs. 20,000
29. Q3 Gayatri paid Medical Insurance Premium of Rs. 18,000 for self by cheque Compute her Net Taxable Income and Tax for the Assessment Year 2017-18
30. Q3 S are two partners of P&S Co. (a firm of Cost Accountants). The Income and Expenditure Account of P&S Co. for the year ended 31-3-2017 is as follows: (15) Office Expenses 2,59,000 Receipts from Clients 10,57,000 Salary to employees 80,000 Interest recovered from P and S 3,000 Income Tax 41,000 on drawings Net Profit (Share by R and S 1,17,000
31. Q1 Out of Office expenses Rs. 19,000 is not deductible by virtue of sections 30 to 37 marks
32. Q2 During the year the firm sells a capital asset for Rs. 8,10,000 (Indexed Cost of Acquisition
33. Q3 Personal income and investments of partners are as follows: Deposit in PPF 1,00,000 85,000 Find out the net income and tax liability of the well as the partners for the A.Y. 2017-18
34. Q3 A, C are partners of M/s ABC & Company sharing profit in the ratio 2:2:1 ina firm (Partnership Firm Assessed As Such) whose particulars of income for the previous year ending on March, 2017 are given below: (15)
35. Q1 Rent from House Property Rs. 25,000
36. Q2 Interest on listed securities Rs. 18,000
37. Q3 Income from legal profession Rs. 2,52,500 Income from legal profession is before making the deduction for salary payable to A, B and C at Rs. 90,000 p.a. each as per firm’s deed. Mr. has income from T.V Programme on Legal advice amounting to Rs. 1,24,000, but other partners have no other income. Mr A deposited Rs 24,000 in PPF during Financial Year Compute the total income of the firm, total income of Mr. A-and tax payable by firm and Mr. A for the Assessment Year 2017-18
38. Q4 (a) made the following payments of advance tax during the previous year 2016-17: The return of income is filed on 31-7-2017 showing: Long Term Capital Gain (as on 1-12-2016) Rs. 20,00,000
    • (b) Compute amount of tax to be deducted at source on the following payments made by M/s AB Ltd. during the financial year 2016-17 as per the provisions of the Income Tax Act. 1961. (7) 30-11-2016 Payment of Rs. 27,000 to M/s Q for repair of building 1-1-2017 Payment of Rs. 2,00,000 made to Mr. A for purchase of diaries made according to specifications of M/s AB Ltd. However no material was supplied for such diaries to Mr. A by M/s AB Ltd 1-2-2017 Payment of commission of Rs. 7,000 to Mr. S
    • (a) Mr. Sonar furnishes the following details for the year ended 31-3-2017: Short Term Capital Gain 1,40,000 Loss from Speculative Business 60,000 Long Term Capital Gain on Sale of land 30,000 Long Term Capital Loss on Sale of Shares (SST not paid) 1,00,000 Income from Business of Textile (After deducting current year Depreciation) 50,000 Income from Salary 1,00,000 Loss from House Property 40,000 Following are the brought forward losses: Brought forward loss from Business of textile Rs. 60,000- Loss pertain to A.Y.2009-2010 Compute gross total income of Mr. Sonar for the Assessment Year 2017-18. Also state the eligible carry forward losses for the Assessment Year 2017-18 8
    • (b) Mr. Mahesh is the Karta of an HUF, whose members derive income as given below: 7
39. Q1 Income from profession of Mr. Mahesh Rs. 80,000
40. Q2 Mrs. Mahesh salary.as fashion designer Rs. 40,000
41. Q3 Sanjay (Interest on fixed deposits with a bank which were gifted to him by his
42. Q4 daughter Meena’s earning from sports Rs. 60,000 Compute the total income of Mr. Mahesh and Mrs. Mahesh for the Assessment Year 2017-18
    • Q. Explain the provisions in respect of the instalments of Advance Tax. 8
    • (b) Explain “Compulsory Filing of Return of 7
43. Q5 Short Note : (Any three) 15 marks
44. Q1 Return of Loss
45. Q2 Minor Income
46. Q3 Remuneration to Partners
47. Q4 Interest u/s 234A
48. Q5 Tax Deducted at Source(TDS)

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