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

Questions asked in this paper

1. Q2 All questions carry equal markes
2. Q3 Figures to right indicates full marks
3. Q4 Use of simple calculation is allowed
4. Q1 Answer any two. (7.5 marks each) 15 marks
   • A) Mr. Sanjay, an Indian Citizen went to U.S.A. for the first time for the purpose of employment on 10th May 2015. He came back to India on 19th November 2015. Find out his residential status for Assessment year 2016-17
   • B) Mr. David is a citizen of U.S.A. has earned following income during the previous year
5. Q1 Salary earned and received in India 75,000
6. Q2 Interest on Debentures received in India 25,000
7. Q3 Interest on Bank accounts in USA 15,000
8. Q4 Interest on Bonds received in Germany 30,000
9. Q5 Professional Fees received in India 50,000
10. Q6 Income from business in London Controlled from Mumbai 70,000 his total income, if he is
    • i) Resident ii) Resident but not ordinary resident
    • C) Explain - “Every Resident person is not necessarily an ordinarily Resident.”
11. Q2 Answer any two. (7.5 marks each) 15 marks
    • A) Mr Rahul is an IAS officer of central govt. and posted in Mumbai receives the following incomes during the precious year
    • v) Education allowance 1,000 pm (Mr. Rahul has one son and one daughter) Rahul purchase Jewellery for his wife 50,000 and payment of jewellery is made by a credit card given by the Government Employer Compute Income from salary
    • B) Mr. Ram is the owner of the house at Pune. The house was let out for 25,000 /- a year. The tenant agrees to pay municipal taxes of 4,480. Rateable value of the house was ascertained 18,000 /- by municipal corporation The following expenses were incurred
    • ii) Repairs 4,000 / Compute the income from house property for the assessment year
    • C) Explain different heads of income under which income is classified under the Income
12. Q3 Answer any two. (7.5 marks each) 1
    • A) Following is the Receipts and payments account for the year ended 31* March, 2016 of To Bal b/d By Salaries 25,000 Tp Professional Fees 2,10,000 | By Office Rent 6,000 To Salary as a law Lecturer 900 | By Subscriptions for legal 3.000 To Lottery Prize 6,000 | publications To Received from HUF being his 9,500 | By Printing & Stationery 7,200 share By Advance Tax 60,000 To Gift received from client 20,000 | By Purchase of type-writer 5,000 By Purchase of car 90,000 By office exp. 12,000
13. Q1 Depreciation on car is allowed at 20%
14. Q2 1/3 of the car use has been for personal purposes
15. Q3 Depreciate Typewriter by 12.5 %
    • B) The following is the Profit and Loss A/c of MR. Mathur for the year ended March, To Salaries By Gross Profit To Rent Paid 10,800 | By Dividend 3,200 To Printing & Stationery 1,700 To Household expenses 26,000 To Net Profit 690
16. Q1 Salaries include 18,000 paid as salary to the proprietor and Rs. 400 to domestic
17. Q2 Rent includes 1800 being hostel charges of the proprietor’s son
18. Q3 Insurance premium include 1,600 paid as life insurance premium
19. Q4 Rs 1,000 paid as penalty imposed by Income tax officer has been wrongly included in Compute the income from business for the assessment year
    • C) What is the basic principle regarding computation of ‘Income from business or
20. Q4 Answer any two (7.5 makes each) 15 marks
    • A) Mr. Amit owned the following assets as on March, 2004. He had acquired these assets on 1“ January 2002
    • i) 1000 shares of oswal Mills @ 162 for 1,62,000 Mr. Amit gifted the above properties to Mr. Rani on 14th May 2005. Mr. Ravi sold both these assets on 6th December 2015 at 3,05,000 and 4,10,000 respectively. Compute the Capital Gain chargeable to tax in the hands of Mr. Ravi of tax in the hands of Mr. Ravi for assessment year. The cost of inflation index are as follows
    • B) From the following information, compute the income under - “Income from other Sources of Mrs. Rashmi
21. Q1 Gifts received on the occasion of marriage of = 90,000
22. Q2 On 12-09-2015 she has received gift of 18,000 from cousin of her mother
23. Q3 A cell phone worth 21,000 is gifted by her friend on 15-08-2015
24. Q4 She gets a cash gift of 25,000 from the elder brother of her husband’s grandfather on
    • C) What is the difference between ‘deduction’ and exemption. Give three examples of each
25. Q5 Solve the following : Mr. rahul Deshmukh works with the Central Railway. He gives you following information for the year ended 31st March, 2016 Received Arrears of Salary 40,000 Re-imbursement of medical expenses in Government Profession tax deducted from salary 2,500 Per annum Dividend received from Bank of India = 10,000 Interest received from Government Securities 25,000 He paid by cheque mediclaim premium of 18,000 on health of himself, spouse and children. He had taken loan from SBI for higher education of his son who is pursuing MBA with Mumbai University. During the year 2015-16 he paid % 60,000 as interest on this loan Compute his taxable income for the Assessment year 2016-17 15 marks

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