B.Com In Investment Management SEM IV 2019 20 Oct 2019-20 INV. MGT BUSINESS TAXATION DIRECT TAX Question Paper - Mumbai University | munotes

Questions asked in this paper

• 2. Figures to the right indicate ful] marks allotted to the question

1. Q1 (A) State Whether following statements are True or False (Any 8) 8 marks
2. Q1 Mediclaim insurance premium is a deduction ws
3. Q2 Employer’s contribution to statutory provided fund is exempt up to 12% of salary,
4. Q3 Municipal tax is a deduction from Net Annual Value
5. Q4 Capital Gain arises from the transfer of capital asset
6. Q5 Dividend from foreign company is taxable
7. Q6 Assessee means a person liable to pay tax on his income
8. Q7 Mr.”A” has two house Properties. Both are self Occupied. The annual value of both W houses is nil,
9. Q8 Gift from relatives are exempted from tax
10. Q9 Deduction u/s 80 C in respect of life insurance premium is allowed to individual only
11. Q10 Assessee means @ person liable to pay tax on his income
    • (B) Match the Followings (Any 7) 7
    • a. Exempt u/s 10
12. Q4 Capital Asset hold for more than 36 d. Taxable
13. Q9 Amount notified by Govt under i. 80TTA
14. Q10 Amount notified by Govt under Leave j
15. Q2 Mr. Rohan Provides the following information about his income for the year ended
    • b) Dearness Allowance at 50% of the basic salary
    • d) Travelling allowance 40,000(amount Spend on travelling is Rs20,000) Rent free house Provided by employer-value Rs1,00,000
    • g) Reimbursement of Medical Expenses in Government hospital Rs 1,00,000 \ Calculate the Net Taxable Salary for A.Y2018-19. (15)
16. Q2 Following is the Profit and Loss Account of Miss Sunita for the year ending 31st March, 2016. You are required to compute her Income from Business for the Assessment year 2018 Profit and Loss Account for the year ending 31-3-2019 Provision for Doubtful Debts 12,000 | Agriculture Income 25,000 Printing and Stationery 18,000 | Gift from father 42,000 Travelling Expenses 25,000 | Dividend from Indian Companies 26,000
17. Q1 Rs. 10,000 for advertisement in souvenir of a political party
18. Q2 Depreciation as per Income Tax Rs. 45,000
19. Q3 Miss Jagruti is the owner of three house properties. From the following information furnished by her for the year ending 31st March, 201 8, compute his taxable income for the [Particulars Property No. | Property No2. | Property Nature of Occupancy Self Occupied Let out | Let out Property Date on which loan is taken 01/04/2014 Rs.3,000 01/04/2016
20. Q3 (a)Miss Kiran purchased a residential house on 01-06-1980 for Rs.1,00,000. She incurred expenses of Rs. 50,000 towards cost of improvement on 02-07-2006. The fair market value of the house on 01-04-2001 was Rs 1,50,000. She sold the house on 10-10-2018 for Rs.100 lakhs. The cost inflation j index for F. Y.2001-02 is 100, for F. Y.2006-07 is 122 and for F. Y. 2017-18is 272. You are required to compute her Capital Gain for Assessment year
21. Q3 b) Reshma an Indian citizen, furnishes the following particulars of income earned during the previous year relevant to assessment year 2018-19:
22. Q1 Professional fees received in India Rs.11,000
23. Q2 Income earned in India but received in Rome Rs.12,000
24. Q3 Dividend on shares of Indian companies
    • i) Received in India Rs.6,000 4, Salary earned and received in Paris Rs. 14,000
25. Q5 Income from agriculture in Nepal Rs. 15,000
26. Q5 Income from business in U.K. controlled from India Rs.16,000 Compute her total income for the assessment year 2018-19 assuming the residential status as:
    • (i) Resident and ordinarily resident; (ii) Resident but not ordinarily resident; (111) Non resident
27. Q4 Ms. Lalita, a Canadian citizen but of Indian origin came to India on October 2012, for the first time. Her total Stay in India was as under (15) She informs that she was in India from Ist April 2017to 28th June 1017, both days inclusive Determine her residential status under the Income —Tax Act for the Assessment year 2018-19
28. Q4 MissVinita, Proprietor of V and Co. furnishes you the following information for the year Profit and Loss Account for the Year ended 31st March, 2018 To Salaries and wages 3,60,000 | By Gross Profit 7,65,000 To Salary to Proprietor 24,000 | By Dividend from Bank of To Office Expenses 18,000 | India 8,000 To Staff Welfare 30,000 | By Dividend from N.K.G.S.B To Wealth Tax 3,000 | Co-operative Bank Ltd. 2,000 To Provision for Bad Debts 5,000 | By Interest on Fixed Deposit To Mediclaim Premium 18,000 | with Bank of India 12,000 To Life Insurance Premium 30,000 To Net Profit 2,80,00
    • (a) Depreciation as per Income Tax Rules Rs. 21,000
    • (b) Mediclaim Premium was paid in cash You are required to compute her total Taxable Income for the Assessment Year 2018-19 (15)
29. Q5 (a) Explain any 8 Exemption U/s 10 marks
    • (b) Explain term Person with suitable example
30. Q5 Short Notes (Any 3) 15 marks
    • l. Basic conditions u/s 6(1)
31. Q4 Investments U/s 80C

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