Bachelor of Management Studies (B.M.S.) SEM V 2018 19 Nov 2018-19 FINANCE DIRECT TAXES Question Paper - Mumbai University | munotes

Questions asked in this paper

• 3. Figures to the right indicate full marks

1. Q4 Workings should form a part of your answer
2. Q5 Use of simple calculator is allowed
3. Q1 (A) Choose correct alternative and rewrite the statement: (Any 8) 8 marks
4. Q1 The Income Tax Act extends to of India
5. Q2 The Financial year in which the income is earned is called as the
6. Q3 Income deemed to accrue or arise in India is taxable in case of
   • a) Resident only b) Both ordinary resident and NOR
   • c) Non-Resident d) All the assesses
7. Q4 Gratuity received by the Government employee is
8. Q5 reimbursement by employer is not taxable upto Rs
9. Q6 Municipal tax is deducted from
10. Q7 Bonus paid to employee is allowed as deduction on
    • a) Accrual basis b) Payment basis c) Declaration d) None of the above
11. Q8 Capital gain arises from the transfer of
    • a) An asset b) Any fixed A capital asset d) House property only
12. Q9 Gift received by an Individual HUF from relatives shall be
13. Q10 u/s 80C is allowed to the maximum limit of
14. Q1 (B) State whether given statements are True or False: (Any 7) Income tax in India is governed by the Income Tax Act, 1961 7 marks
15. Q2 Thane Municipal Corporation is a local authority
16. Q3 There are 5 heads of Income under Income Tax Act, 1961
17. Q4 Employer-Employee relationship is necessary for taxing the remuneration under the head Income from Salary
18. Q5 Reasonable letting down value is higher of fair rent or municipal valuation
19. Q6 Past untaxed profits brought into India is always taxable
20. Q7 Entertainment Allowance deduction is only allowed to Non-government employees
21. Q8 Dividend declared by Indian company is fully taxable in the hands of shareholders 9, The quantum of deduction allowed under section 80D shall be limited to Rs. 1,00,000
22. Q10 In case of short term capital asset indexation is applicable Mr. Santosh Mankame is a Sales Manager in Akruti Pvt. Ltd. He gives you the following information for the year ended March, 2018. (15) Dividend received from Reliance Industries. Rs. 30,000 Interest received on Debentures Rs. 12,000 He paid by cheque mediclaim premium of Rs 18,000 on health of himself, spouse and dependent children. He had taken loan from SBI for higher education of his son who is pursuing MBA with Mumbai University. During the year 2017-18 he paid Rs 60,000 as interest on loan Compute his taxable income for the Assessment Year 2018-19
23. Q2 Mr Peter Florrick is a U.S.A. citizen. He came to India on 15" September, 2017 for a visit and was in India till March, 2018. In earlier previous years, he is in India as under: (15) Find out the residential status of Mr. Peter Florrick for the assessment year 2018-19 assuming that he is not.a person of Indian origin
24. Q3 Mr. Kaustubh gives you following information regarding house property owned by him, for previous year 2017-18 (15)
25. Q1 Interest on deposits with Bank Rs. 75,000
26. Q2 Winning from lottery Rs. 25,000 spouse. Compute his Taxable Income for the Assessment Year 2018-19 Mr. Rohit (75% disability) is a proprietor of RP & Co. following is the Loss Account for the year ended March, 2018. (15) "To Embezzlement by Employee
27. Q1 Depreciation as per Income Tax Rules Rs 65,000
28. Q2 Advertisement includes Rs 10,000 paid for souvenir published by a political party
29. Q3 1/5" of Motor Car expenses are considered personal
30. Q4 During the year he invested Rs 50,000 in pension fund You are required to compute his Taxable income for the assessment year 2018-19 Ms. Netra purchased a house property for Rs 10,00,000 on 26 August 1994. She made the following additions/alterations to the house property Cost of construction of First Floor in Financial year 2006-07 Rs. 5,00,000 Cost of improvement in Financial year 2012-13 Rs. 8,00,000 Cost of construction of Second Floor in Financial year 2013-14 Rs. 12,00,000 She sold the property on 15" January, 2018 for Rs. 1,50,00,000. She paid a brokerage of Rs 3,00,000 for sale transaction. Fair market value of the property as on 1-4-2001 was Rs 15,00,000. Investment in new house property was Rs 50,00,000 on 15-3-2018 Relevant Cost Inflation Indices are as follows: Compute the capital gains for Assessment year 2018-19. (15) Mr. Siddheshwar has earned the following incomes during the financial year ended on 31 March, 2018. Compute his Gross Total Income for the assessment year 2018-19. (15)
    • a) Resident and Ordinary Resident
    • b) Resident but not Ordinarily Resident (Profession was set up in India)
    • (a) Define Capital Assets under Section 2(14). 8
    • (b) Write any seven exempted Income u/s Income Tax Act 1961. 7
31. Q5 Write a short note on (any three): 15 marks
    • i.Person Status of an individual Annual Value of House Property
    • v. Deduction u/s 80D

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