BCom TY BCom Tybcom Others 2014-15 B Com Direct & Indirect Tax. Year Question Paper - Mumbai University | munotes

Questions asked in this paper

• (2) Figures to the right indicate Full marks

1. Q1 (A) State whether the following statements are True or False as per the provisions of Income Tax Act, 1961 for assessement year 2014-15 (Any 8) Anassociation of Persons consist of Individuals only 8 marks
   • (2) Residential status depends only on citizenship
   • (3) Income earned in India is not taxed in the hands of Non Resident Assessee
   • (4) Ifthe business is commenced on 1/9/2013, the first previous year will end on 31/8/2014 for the Assessment year 2014-15
   • (5) Family pension received by a widow of a deceased employee is income from
   • (6) Bonus of earlier year received during the current previous year is not an income from salary for that year
   • (7) Advance against salary is not a part of Gross Salary
   • (8) Dividend received from Indian Company is fully Taxable
   • (9) Gift received from mother is fully taxable
   • (10) Gratuity received by Govt. employee on retirement is fully taxable
   • (B) Rewrite the sentences by selecting proper options (Any 7) 07
   • (1) Income eamed by minor on the investments made by his father is taxed in the
   • (2) Commission on sales received in addition to salary by a salesman is Income
   • (3) premium paid by employer on the medical health policy of the
   • (4) Ifthe residential property held for 35 months is sold, the resultant capital Gain will be a friend 1S taxable to the extent Gift of received
   • (6) Rent received from plot of Income from Business Income from other sources
   • (7) The standard deduction 4 family of Rs. 1,50,000 willbe
   • (8) Ifan assessee pays life jnsurance premium of Rs. 90,000, he is entitle deduction under section
   • (9) Mr. Anil is a person with a physical disability of 50% deduction under section 80 U of ) earns Saving Bank Interest of Rs. 90,000 duri ntitled to a deduction under section 80 TT canned by CamScanner E Profit and L following inf =xpenses Account for th for the year ended 31.3.2014 15 Rent of Office 43,000 B Income Rs Loss by thea 22,009 Profit Discount 2,000 from subletting Premium 4,000 Of house 10,000 of employes Amount received from Bad 7,000 for matured busine TeSEnts Dividend from Cooperative ‘000 Interest on Saving to Office Bank Account 13,000 Profit on Sale of invested Rs. 10,000 Rs. 8,000 towards College tution fees for his children and Compute deposit for years with Bank of India axable for assessement year 2014-15 as sales manager with M/s Esquire Traders. He gives youthe 15 & for the year ended 31st March 2014
   • (2) Profession tax deducted at source Rs; 200 per month
   • (4) Received bonus for earlier year — Rs. 10,000
   • (5) Received arrears of salary (mot taxed earlier) — Rs. 12,000
   • (6) Employer paid mediclaim premium Mr. Rajan and his wife — Rs. 15 ,000
   • (7). He took advance salary of Rs. 20,000 for marriage of his son
   • (8) Mr. Rajan is also a director of Telco Ltd & received Rs. 12,000 as sitting
   • (9) Hereceived Rs. 10,000 as share of profit from M/s Rina partnership firm where he is a partner brother (45% of disability) in cash and Rs. 15,000 on tution fees of college for his son Compute his total taxable income for assessment year 2014-15
2. Q3 (a) is partially ‘information for previous yea House
3. Q3 Municipal Taxes 10,000 10,000
   • (a) Actually paid 5 000 5,000
   • (b) Outstanding as on 31.03.2014
4. Q4 Maintenance charges
5. Q5 Interest of Housing Loan
   • (a) Paid during the year 40,000
   • (b) Outstanding as on 31.03.2014 8,000 1 Interest received from Saving Bank A/c 15,000 Winning from Lotteries (TDS 20,000) Net 30,000 Dividend received from Bank of Baroda 8,000 Compute the Taxable Income of Mr. Akhil for the Assessment year 2014-15 Mr. Jayesh Karnik acquired residential Property on 01.03.1972 for Additional information pertaining to property was as follows :
   • (1) Fair market value as on 01.04.1981 was 2,40,000
   • (2) Cost of Improvement made by him
   • (4) He acquired new residential h 2014 for 1,80,00,000
   • (5) He also 15,00,000 in Rural on 19.03.2014
   • (6) Expenses on transf Bonds on 20.03.2014
   • Q.P.NO: 04310 Relevant Inflation Indices (CII) are as follows
6. Q4 (a) Yen citizen of USA provi > Prev Provides you the details of his visit during last 7 Years. 15 2007-08 Year Number of days stay in India Prior to 01 he did not Visit India. Find out his residential status for the Assessment year 2014-15
   • (b) From the following income of Mr. Suresh for the Previous year 2013-14, Compute 15 Eross total income for the assesssment year 2014-15 if he is
   • (b) Resident but not ordinarily resident
   • (c) Nonresident
   • (i) Profits from business in Dubai managed from India 10,000
   • (ii) Royalty from Indian Company received in UK 20,000
   • (iii) Rent from house in UK received in Spain
   • (iv) Dividend from British Company received in Mumbai 40,000
   • (v) Interest credited to Bank of India, Delhi Branch 50,000
   • (vi) Income earned in Brazil in the past but brought to India during the year 60,000
   • (vii) Income accrued in Newyork and received in London 70,000
   • (viii) Income from agriculture in Srilanka received in India 80,000
7. Q5 (a) Discuss the provision of Income Tax Act, 1961 regarding Residential Status ofan 8 marks
   • (b) of Income Exempt from Tax under section 10 of Income Tax 07 Write Short Notes (Any 3)
   • (2). Deemed to be Let out Property Salary and Advance Salary
   • (5) Capital Asset

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