Bachelor Of Management Studies (BMS) SEM IV 2016 2017 March 2017 DIRECT INDIRECT TAX Question Paper - Mumbai University | munotes

Questions asked in this paper

1. Q2 Solve any two out of three: (7.5 marks each) (1:
   • a) Mr. Saif is a professor in management institute at Mumbai. The details of his salary and oth expenses for the previous year 2015-16 are as follows:
2. Q2 Dearness allowance forming part of salary Rs. 18000
3. Q4 Education allowance for his two sons Rs. 10000
4. Q5 House rent allowance received Rs. 24000. rent paid by him during the year Rs. 20000
5. Q6 from Delhi university for acting as a Paper setter Rs. 5000
6. Q7 During the year he spent Rs. 8000 on purchase of books for teaching purposes
7. Q8 Professional tax Paid by him Rs. 2000 Compute the taxable Salary of Mr. Saif for the assessment year 2016-17
   • b) Gaurav Purchases a house Property for Rs. 30000 on June 20, 1963. He gets the first floor of the house constructed in 1964-65 by spending Rs. 20000. He dies in December 20, 1979. The Property is transferred to Mrs. G by his will. Mrs. G Spends Rs. 25000 and Rs. 26700 during 80 and 1984-85 respectively for reconstruction of the Property. Mrs. G the house Property for Rs 1550000 on February 15, 2011. Brokerage paid by Mrs. G is Rs 12500. The market value of the house on April 1, 1981 is Rs 160000. Ascertain Capital gains for assessment year Explain various heads of income in detail
8. Q3 Solve any two out of three: (7.5 marks each) 15 marks
   • a) Mr. Prabhu Deva completed construction of a residential house on March 2010, Interest paid on loan borrowed for the Purpose of construction during 2 years Prior to completion was Rs. 27000 The house was let out on a monthly rent of Rs. 6500. Municipal taxes were Rs. 5000. Interest Paid during the year is Rs. 17000. Amount Spent on repairs is Rs. 2000. Fire insurance Premium paid Rs. 1700. The Property was vacant for 2 months. The municipal valuation of the property is Rs 30000. Compute the income chargeable under the head income from House Property for the
   • b) Mr. Ranbir Provides you the following information for the year 2015—2016:
9. Q1 Salary @ Rs 10000 p.m. and bonus for the year Rs 7000 was declared,
10. Q2 Honorarium from Playing football from Khar Gymkhana Rs 13000
11. Q3 Received an award of man of the match of Rs 12000
12. Q4 Arjun award of Rs. 20000 instituted in the Public interest by govt, of Maharashtra for showing Proficiency in sports
13. Q5 He owns the following securities on 01 /04/2014: 15% Mumbai port trust bonds Rs. 24000 (interest payable annually) 10% Bonds of Narmada
14. Q6 Interest on fixed deposits with bank of Baroda Rs 20000 Interest accrued on Kisan Vikas Ptra Rs. 15400. Compute the income from other sources
    • c) Which deductions come under section 80 4 Solve any two out ofAhree: (15)
    • a) Explain services by way of education under service tax act
    • b) explain following terms:
    • c) M/s Sahakari Bazaar Co-operative Stores Ltd. follows co-operative year that is July to 30" June. From the following information find out whether the store is liable for registration. This is the first year of the store
15. Q5 Solve the following: on 1-01-2010 after completing 20 yrs. of service in a private company. He furnishes the following information for the yr. ended 31-03-2016 15 marks
    • ii. Dearness allowance @50% of basic salary
    • viii. Leave encashment 2 months basic (exempt up to 10 months)
    • x. given a loan of Rs 200000 to his friend. During the previous year 2015-16 he received Rs 15000 as interest on loan
    • xi. He paid medical insurance premium on 1* Feb 2016 of Rs 22000 by cheque

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