MCom Part II SEM III 2017 18 Jan 2017-18 DIRECT TAX Question Paper - Mumbai University | munotes

Questions asked in this paper

1. Q1 Use of Simple Calculator is allowed
2. Q2 All questions are relevant for assessment year 2017-18
3. Q3 All questions are compulsory carrying 15 marks each
4. Q1 below the profit and loss account of India Enterprises for the year March, 2017 Profit and Loss A/c For the year ending March, 2017 To Purchases By Rent of Property (Gross) (Let out 1,20,000 To Municipal Tax of let out 30,000 | By Closing Stock To Interest on partners’ capital
   • a) Rent of Rs. 12,000 is for partners own residential stay
   • b) Depreciation as per section 32 is Rs.31,500
   • c) conditions of section 40 (b) are satisfied Calculate the Taxable Income and Income Tax Liability of the Firm for the assessment year 2017-18 33 GROUP A: ADVANCED ACCOUNTING, CORPORATE ACCOUNTING AND FINANCIAL MANAGEMENT : DIRECT TAX PI
   • Q. P. Code : 29220
5. Q1 Mr. A is a practicing chartered accountant gives the following details to calculate his net taxable income for the assessment year ended 2017-2018. (15) For the year ended 31-3-2017 To Balance b/d 50,000 | By Salaries 1,90,000 To Fees from Clients 16,50,000 | By Office rent 72,000 To Gifts from Clients 50,000 | By Sundry Expenses 48,000 To Gifts from Father 2,50,000 | By Printing & Stationary 16,400 To interest on Fixed Deposit (Net) 1,50,000 | By Life Insurance Premium (Self) 16,000 To Dividend on Shares (Net) 40,000 | By medical insurance premium To Amount Received on Maturity (Self) 16,000 of Life Insurance Policy 2,00,000.} By Personal Expenses 40,000 To interest on Public Provident By Rent for house for personal use 72,000 Fund 1,00,000 | By Drawings 36,000 By Purchase of computer By membership fees of the institute 8,000 of Chartered Accountant By Fixed Deposits 40,000 By Public Provident Fund 40,000 By School Tution Fees of his son 20,000
6. Q1 Depreciation as per Income Tax Rules for other assets excluding computers is Rs. 27,000
7. Q2 The opening WDV of computers on 1* April, 2016 was Rs. 36,000.The rate of depreciation on computers is 60%
8. Q3 Sundry Expenses include personal expenses of Rs. 3,000
   • T.D.S. on interest on fixed deposits was Rs. 5,000 Mrs. Sonali met with accident on 29" March, 2017 and was severely disable person and certified by medical authority. Compute Taxable Income for Assessment Year 2017-18 (15) Dearness allowance per month (not forming part of salary) 33 GROUP A: ADVANCED ACCOUNTING, CORPORATE ACCOUNTING AND FINANCIAL MANAGEMENT : DIRECT TAX PI
   • Q. P. Code : 29220 Dr. Arman retired from government service on 30" September, 2016 when his age was 68 years as Director of Medical Health and Services. He started practicing as Consulting Physician from 1.10.2016. From November, 2016, he also undertook contractual appointment with Sarada Nursing Home as Superintendent. He furnishes the following particulars of his income for the previous year ending 31“ March, 2017. Compute his taxable income for the Assessment Year 2017-18
   • a) Salary As director of Medical services up to 30.09.2016 30,000 Pension per month from October 2016 @ Rs.1,500 9,000 Leave salary in respect of earned leave at his credit 13,500 Sarada Nursing Home (1.11.2016 to 31.3.2017) (5 months) 25,000
   • b) Consultancy Profession Gross consultancy receipts (1.10.2016 to 31.3.2017) 7,50,000 Salary of the staff 1,20,000 Rent for premises belonging to his wife 60,000 Pathological equipment’s purchased on 20.10.2016 Petrol expenses for the car 50,000 | 2,63,333 Contribution to LIC Pension fund 2,10,000 The car was acquired on 15.9.2016 for Rs.7,50,000. 20% of the use of the car is attributed to personal purposes. Depreciate Car @15% and Pathological equipment 15%. Dr. Arman paid Rs.6,00,000 for medical treatment of his senior citizen wife for specified disease
9. Q3 Mr. Narayan, a disabled person as is certified by medical authority person furnishes the following information regarding his house property and other income: (15) Interest on capital borrowed (due but not paid) for the purpose of [Interest from Saving Calculate total taxable income of Mr. Narayan for the Assessment Year 2017-18 33 GROUP A: ADVANCED ACCOUNTING, CORPORATE ACCOUNTING AND FINANCIAL MANAGEMENT : DIRECT TAX PI
   • Q. P. Code : 29220
10. Q3 A. From the following information of Mr. Sudeep for the previous year 2016-17, Compute the gross total income for the assessment year 2017-18 if he is — (10)
    • a) Resident and ordinary resident; b) Resident but not ordinary resident; c) Non-resident
11. Q2 Income from agriculture in Japan 30,000
12. Q3 Dividend from Obama Inc, American Company received in USA 45,000
13. Q4 Rent of commercial property in U.K Credited to bank account in USA 60.000
14. Q5 Income from business in Dubai, controlled from Mumbai 75,000
15. Q6 Past untaxed income earned in Brazil, brought to India during the previous year
16. Q8 Interest Credited to Bank of India, Delhi Branch 1,20,000
17. Q3 B. The Profit and Loss Account of Agrochem Private Limited for the year ended 31* March, 2017 shows a profit of Rs. 98,73 after debiting the following items: (05)
    • i) Rs.4 Lakhs contributed to Employees’ Welfare Trust
    • ii) Rs.11 Lakhs paid towards course fee and hostel expenses for MBA course of a close relative of a director. The relative is not in employment with the company ili) Rs.5 lakhs, being expenses incurred on installation of a traffic signal so as to facilitate its employees coming to overcome traffic jam and save office time
    • iv) Rs.4.50 lakhs spent on gift items distributed to various dealers under the company’s sales
    • v) Rs.8 lakhs, being expenses incurred on the travelling of the wife of MD, who accompanied him on America on invitation of Trade Chamber, America Compute total income of Agrochem Private Limited for Assessment Year 2017-18 indicating reasons for treatment of each item
18. Q4 A. Determine following true or false. 8 marks
19. Q1 Revised return can be filed before the expiry of one year from the end of the relevant assessment year or before completion of assessment whichever is earlier
20. Q2 Remuneration received by the partner from partnership firm is taxable under the head income
21. Q3 There are 3 due dates for payment of advance tax in case of companies Deduction u/s 80E is available to an Individual and HUF
22. Q5 Gift received by an individual on account of marriage is not taxable
23. Q6 Amount under capital gains scheme should be deposited within due date of furnishing the return of income u/s 139(1) Interest on capital of a loan from partner of a firm is allowed as deduction to the firm @12%
24. Q8 Municipal tax paid by owner is allowed as deduction for deemed to be let out property 33 GROUP A: ADVANCED ACCOUNTING, CORPORATE ACCOUNTING AND FINANCIAL MANAGEMENT : DIRECT TAX PI
    • Q. P. Code : 29220 Select the most appropriate answer: (07)
25. Q1 Gross tax liability is calculated on
    • c. Income d. Salary
26. Q2 Partners are liable to pay tax on
    • a. Salary b. Profit
    • c. Interest d. Both (a) and (b)
27. Q3 Incase of following individuals, global income is taxable
    • a. Resident & ordinary resident b. Resident but not ordinary resident
    • c. Non-resident d. All of the above
28. Q4 Uncommuted pension is taxable in the hands of
    • c. Both (a) and (b) d. None of the above
29. Q5 The total of 5 heads of income u/s 14 is termed as
30. Q6 The due date for filing return of income for an assessee whose accounts are required to be
    • a. 30 June b. 31* July
    • c. 31% August d. 30 September
31. Q7 Share of profit of partner in total income of firm is
32. Q4 notes (any three) 15 marks
33. Q1 Assessee
34. Q2 Residential status
35. Q3 Five items of income exempt u/s 10 marks
36. Q4 Belated return
37. Q5 Set off and carried forward of capital loss / GROUP A: ADVANCED ACCOUNTING, CORPORATE ACCOUNTING AND FINANCIAL MANAGEMENT : DIRECT TAX PI
    • Q. P. Code: 29220
38. Q3 TOT 33 GROUP A: ADVANCED ACCOUNTING, CORPORATE ACCOUNTING AND FINANCIAL MANAGEMENT : DIRECT TAX PI
    • Q. P. Code: 29220 / GROUP A: ADVANCED ACCOUNTING, CORPORATE ACCOUNTING AND FINANCIAL MANAGEMENT : DIRECT TAX PI
    • Q. P. Code: 29220 / GROUP A: ADVANCED ACCOUNTING, CORPORATE ACCOUNTING AND FINANCIAL MANAGEMENT : DIRECT TAX PI
    • Q. P. Code: 29220 Be. 20% AM 24% AA FART St. SM 33 GROUP A: ADVANCED ACCOUNTING, CORPORATE ACCOUNTING AND FINANCIAL MANAGEMENT : DIRECT TAX PI
    • Q. P. Code: 29220
39. Q3 & ARE
40. Q2 AT Co AT WHA AT SAT STAT 33 GROUP A: ADVANCED ACCOUNTING, CORPORATE ACCOUNTING AND FINANCIAL MANAGEMENT : DIRECT TAX PI
    • Q. P. Code: 29220
    • S. SA (Set off and Carry forward of losses)

Read from the scan above, so a character or two may differ. The scan is the original.