Master of Commerce (M.Com.) MCom Accountancy SEM III ADVANCED ACCOUNTANCY COURSE V DIRECT AND INDIRECT TAX Question Paper - Mumbai University | munotes

Questions asked in this paper

• (1) Answer all questions

1. Q1 The loan is taken for making capital contribution in partnership firm. The interest is debited to above Profit and loss Account
2. Q2 The details regarding income from the partnership firm:
   • a. Salary as a working partner
   • b. Interest 14,000 on capital at the prescribed rate Balance is the share of profit
3. Q3 Medical expenses include payment of medical insurance premium for self of = 5,000
   • Q.P. Code Mr. B gives the following details to calculate his tax liability for the Assessment 45 Profit and loss Account for the year ending on March, 2016, To Salaries 4,00,000 By Gross Profit 8.01.800 To General Expenses By Interest on PPF Account 8.800 To Printing and Stationery 21,000} By Dividend {rom co operative society | 40,000 To Depreciation 25,500 (Gross) To Conveyance By Dividend fiom Indian Companies To Fire Insurance Premium for home 48,000} By Winning trom Races (Gross) | 30.000 To Reserve for Doubtful Debts 5,000} By Interest on fixed deposits 3,000 & To Contribution to Public Provident To Life Insurance Premium paid 12,000 To Net Profit 2,45,600 Depreciation allowable as per Income Tax Rules is
   • a. Payment of Medical Insurance Premium (self) of &8.000
   • b. Gifts to staffs = 10,000
4. Q3 Tax Deducted at Source (TDS) on incomes:
   • a. Dividend from co operative society = 4.800
   • b. Winning from races 3.300, 7 an indian Citizen (age 30 years) left India for the first time for theemployment 15 on 13" April, 2015. He returned on January, 2016. Since then he is in India Determine his Residential Status for the Assessment Year 2016-17 On the basis of his Residential Status determine his Scope of income from the Income from House Property in India 5,000 Income from House Property at UK 50.000 Interest on fixed deposits with Indian Banks in India 45.000 Course V- Direct and Indirect Tax,
   • Q.P. Code :16807 Income from business at UK. controlled from India 75,000 Interest on Bank Account in UK 11,000 Income earned and received in UK Income received in India 45.600 Income earned in India and received at USA 55.900 Agricultural Income from land at UK 35,000 Income from business at USA controlled from UK
5. Q2 From the following details calculate Salary Income of Mr. D for the Assessment [5 Perquisite value of Gas, Water and Electricity Taxable value of rent free accommodation provided 8.500 Encashment of Leave Salary 6,500 Life insurance premium paid by employer 6.500 Employers contribution to Statutory Provident Fund 20,000 7 Interest credited to Statutory Provident Fund 12.400 Mr. E gives the following details to calculate his Income from Other Sources for the Assessment Year 2016-17 Winning from lotteries (Gross) 2.00.000 Interest on fixed deposits with banks (Gross) 74,200 Interest-on Public Provident Fund 12.500 Interest due on National Saving Certificates (Gross) 45,000
   • Q.P. Code :16807 Dividend on shares of foreign companies 48,000 Royalty received on books (Gross) 1,25,000 Interest due on debentures of AB Ltd. ( Gross) 18.500 Agricultural Income from the land situated at Maharashtra 22.600 Dividend on shares of Indian Companies 45,000 He incurred the following expenses for the above income
6. Q1 Purchase of lottery tickets
7. Q2 on loan taken for purchase of NSCs
8. Q3 incurred to write the books = 35,000
9. Q4 on capital borrowed for purchase of debentures of AB Ltd. = 2.500 3.(B) Mr. E has two houses. Compute his Income from House Property for the Municipal Taxes paid by Mr, E 1,20,000 Repairs by Mr, E 85,000 1,65,000 Interest on capital borrowed for purchase of the house 50,000 2.85.000 Both the houses were purchased in the year 2009
10. Q3 Calculate the capital gain for the Previous Year 2015-2016 from the following information of Mr. F Purchase of house property for on 0] (fair market value He made the following improvement in the year 1979-1980 for in the year 1998-1999 =2.00,000, and in the year 2010-2011 The house property was sold for in the previous year 2015-2016 and brokerage paid on transfer of Paper Subject Code: 72116 Advanced Accountancy : Course V- Direct and Indirect Tax
    • Q.P. Code :16807
11. Q4 Determine the following as true or the sentence]. 15 marks
    • (1) Income earned on sale of plant at Delhi and received in Kuwait is considered as foreign income, 4 (2) Cost of acquisition of bonus shares is purchase price of original shares for calculating capital gain
    • (3) Any gain arising on sale of house property which is held for a period of 7 years is short term capital gain,
    • (4) Any expense paid outside India on which no tax is deducted at source is disallowed while computing business income
    • (5) Any expense paid in cash in one installment for is allowed to be debited to Profit and Loss Account while computing taxable income
    • (6) Dividend declared by Unit trust of India is exempt in the hands of & (7) Goodwill of a business is treated as capital asset for the purpose of
    • (8) An Indian Company is non resident in India
    • (9) Salary of a MLA is income from other sources
    • (10) Entertainment allowance is allowable deduction for salary income
    • (11) Special bearer bonds, 1991 are capital assets
    • (12) can have a loss from income from self occupied properties
    • (13) Family pension is taxable as income from other sources
    • (14) Gift received from father is taxable as income from other sources
    • (15) Refrigerator used in house is a capital asset
12. Q4 Write short notes (any three). 15 marks
    • (1) of Advance Tax and due dates for individuals
    • (2) construction interest
    • (3) Pension
    • (4) Deductions from Gross Total Income

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