BCom TY BCom Sem 5 2022 2023 Nov 2023 DIRECT AND INDIRECT TAXATION PAPERS I Question Paper - Mumbai University | munotes

Questions asked in this paper

1. Q1 All Questions are compulsory carrying 20 marks each
2. Q3 Figures to the right represent full marks to the question
3. Q4 All questions should be answered w.r.t assessment year 2022-23
4. Q5 All workings shall form part of the main answer
5. Q6 Use of simple calculator is allowed
6. Q1 A : Multiple Choice questions (any ten) 10 marks
7. Q1 Surat Gram Panchayat is a
   • a. Company b. Firm
8. Q2 For a newly set up business, previous year can be
   • a. of 12 months only b. more than 12 months
   • c. 12 months or less than 12 months d. more than 24 months
9. Q3 Gratuity for non-government employees is exempt upto a maximum of
10. Q4 Employer Contribution to Recognised Provident Fund (RPF) is allowable upto a maximum of
    • a. 10 % of salary b. 12% of salary
    • c. 15% of salary d. 9.5% of salary
11. Q5 In the case of Income under the head “Income from House Property”, the Municipal taxes will be allowed as a deduction only if it is paid by
    • a. Owner b. Tenant
    • c. both owner and tenant equally d. either by owner or tenant
12. Q6 Rent from letting out of a open plot of land for marriage, is taxable under the head of
    • a. Income from Salary b. Income from House Property
    • c. Income from Capital gains d. Income from Other sources
13. Q7 Depreciation is allowed in case of
    • c. Tangible and Intangible assets d. Wasting assets
14. Q8 Gift received from a non-relative of Rs. 50000 is
15. Q9 Mr. Nishi spends Rs. 5000 on the medical treatment of his dependent brother, who is physically handicapped to the extent of 65%. The deduction available to Mr. Nishi u/s 80DD will be Rs
16. Q10 Salary of Member of Parliament is taxable under the head
    • a. Income from Salary b. Income from House Property
    • c. Income from Capital gains d. Income from other sources
17. Q11 Bonus to employees is taxable in the year of
    • a. Accrual b. Receipt
    • c. Accrual or receipt whichever is later d. Accrual or receipt, whichever is earlier Paper Subject Code: 23115 Direct and Indirect Taxation Paper - I
18. Q12 Professor Phadke, who is employed with AJ College of Commerce, received exam remuneration of Rs. 5300 during the previous year. The amount shall be taxed under the head of
    • a. Income from Salary b. Income from House Property
    • c. Income from Capital gains d. Income from Other sources
19. Q1 B State whether the following statements are True or False (any ten) 10 marks
20. Q1 Deduction for Entertainment Allowance is available to all employees
21. Q2 Agricultural Income in Nepal is exempt from tax
22. Q3 Deduction U/s 80E is available to a Hindu Undivided Family
23. Q4 Uncommuted pension received by Government employee after retirement is fully exempt from
24. Q5 Unlisted Shares held for 18 months is a long term capital asset
25. Q6 Municipal tax paid by tenant is allowed as deduction for deemed to be let out property
26. Q7 Cost inflation index is applicable for transfer expenses incurred on transfer of capital assets
27. Q8 Mediclaim premium paid by cash Rs.15,000 is allowed as deduction U/s 80D
28. Q9 Dividend received from Indian company is fully exempt
29. Q10 Income from Sub-letting of house property is taxable under the head of Income from Other
30. Q11 Capital gain on transfer of depreciable business assets is always short-term capital gain
31. Q12 Thirumalai Devasthanam Temple is an example of Artificial Juridical Person Mr. Shastry works with M/s XYZ Traders. He gives you the following information for the year ended
32. Q17 Expenses incurred on maintenance of his dependent son, who is | 1,00,000 Compute his taxable income for the Assessment year 2022-23 Paper Subject Code: 23115 Direct and Indirect Taxation Paper - I
33. Q2 B : Mr. Kushal is partially blind (55% disability). He gives the following details for previous year Interest on Loan taken for construction of property 3,00,000 3,50,000 Municipal tax paid by tenant 10,000 Municipal tax paid by Kushal 12,000 12,000 Other information: Interest received on Saving Bank Account Rs.25,000. Winning from Lottery Net Kushal for the Assessment year 2022-23
34. Q3 A : Following is the Profit and Loss Account of "Nilkanth Homes" owned by Mr. Prem Vijay, for the To Interest on
    • a. to Pension Fund Rs. 60000
    • b. Depreciation as per Income Tax Rules is Rs. 47000
    • c. Loss by theft represent by customers
    • d. Drawings include Life Insurance Premium for self of Rs. 15000/ Compute the Taxable Income of Mr.Prem Vijay for the Assessment year 2022-23 Paper Subject Code: 23115 Direct and Indirect Taxation Paper - I
35. Q3 B : Mr. Quinton Dsouza is the owner of “Bakes and He provides you the following information for the year ended 31st March, 2022. (20) Profit and Loss for the ended 31st March, 2022 2,75,000 |By Gross profit 12,60,000 To Travelling Expenses 15,000 Savings Bank Interest 12,500 35,500 | By LIC Maturity Proceeds 3,00,000 To Interest on Capital 18,000 |By LIC Monthly Annuity 21000 To Bad Debts To Misc. Expenses To Net Profit Following further information has been provided:
    • a. Depreciation allowed as per Income Tax Rules is Rs. 21,000/
    • b. Advertisement expenses includes Rs. 25,500/- spent for the advertisement in souvenir of a
    • c. Rs. 10,000/-paid as penalty imposed by Income-tax Officer, has been wrongly included in
    • d. Miscellaneous expense include expense of Rs. 9,500 paid in cash for purchase of stationery and Rs.10,000 paid towards life Insurance premium for wife
    • e. During the year, he had invested in Public Provident Fund account Rs. 150000 Compute the taxable income of Mr. Quinton Dsouza for the assessment year 2022-23
36. Q4 A : Mr Parag Dabke purchased a house property on 20" June 1998 for Rs 19,50,000. He made the following additions/ alterations to the house property Cost of construction of floor in the financial year 2011-12 Rs 10,00,000 Cost of construction of 2nd floor in the financial year 2017-18 Rs 4,50,000 He sold the property on January 2022 for Rs. 2,85,50,000 paying brokerage of Rs 2,00,000 He invested Rs1,55,00,000 in a new residential property on 18.3.2022 He invested 65,00,000 in Bonds of Power Finance Corporation Limited (Eligible) on 30" March 2022. The Fair market value of the property on 1.4.2001 was Rs 25,75,000 Relevant Cost Inflation Indices are as follows Compute his Capital Gains for the Assessment Year 2022-23 (10)
37. Q4 B : Mr. Rishi is a citizen of U.K., came to India for the first time on April, 2017 and started a business in Pune He went back to U.K. on 2021 and came back to India on January,2022 Determine his Residential status for the Assessment year 2022-23. (10) Paper Subject Code: 23115 Direct and Indirect Taxation Paper - I
38. Q4 C : Mr Padmanabh Sathe purchased a House property on 21st June 1999 for Rs 29,75,000 and paid Rs. 25000 for it’s registration He made the following additions/ alterations to the house property Cost of construction of floor in the financial year 2011-12 Rs 7,75,000 Cost of construction of 2nd floor in the financial year 2017-18 Rs 3,50,000 He sold the property on 21* February 2022 for 1,95,20,000 paying brokerage of Rs 2,50,000 He invested Rs1,05,00,000 in a new residential property on 18.3.2022 He invested Rs 15,00,000 in Bonds of Power Finance Corporation Limited (Eligible) on 30" March 2022. The Fair market value of the property on 1.4.2001 was Rs 32,00,000 Relevant Cost Inflation Indices are as follows Compute his Capital Gains for the Assessment Year 2022-23 (10)
39. Q4 D : Mr. Surendra has earned the following income during the previous year ended on March,
40. Q1 Rent from house in Pune, received in Japan 6,00,000
41. Q2 from business in Spain, being controlled from India 4,00,000
42. Q3 Salary earned and received in Bangladesh 3,00,000
43. Q4 Professional fees received in India 2,00,000 received from State bank of India, in Nagpur 1,00,000
44. Q6 Past untaxed profit earned outside India, brought to India 1,50,000
45. Q7 Agriculture Income earned in India received in Sri Lanka 1,00,000
46. Q8 Dividend from an American company received in Rome 1,50,000 Compute his total income for the assessment year 2022-23 assuming as follows:
    • a) Heis Resident and Ordinarily Resident
    • b) He is Resident but not Ordinarily Resident
47. Q5 A. Explain the provisions of Depreciation u/s 32 and the concept of Block of Assets as per the Income tax Act (10)
48. Q5 B. Explain ‘Perquisites’ u/s 17(3) of the Income Tax Act 1961 and state any eight items of
49. Q5 C : Write Short Notes (Any 4) 20 marks
    • a) Taxability of Gift from Relatives under Income Tax Act, 1961
    • b) Annual Value of a Property
    • c) Deduction for Interest on Housing Loan under Income tax Act
    • d) Commutation of Pension
    • e) Explain the term “Person” and “assessment year”
    • f) Deduction u/s 80U of Income Tax Act Paper Subject Code: 23115 Direct and Indirect Taxation Paper - I 02 He Ud oR Paper Subject Code: 23115 Direct and Indirect Taxation Paper - I
    • H) SUI Paper Subject Code: 23115 Direct and Indirect Taxation Paper - I
50. Q3 22,000 Se
    • H) sire Paper Subject Code: 23115 Direct and Indirect Taxation Paper - I

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