MCom Part II SEM III 2022 2023 Jul 2023 ADV,ACCTG,CORP,ACCT & FIN.MGMT DIRECT TAX Question Paper - Mumbai University | munotes

Questions asked in this paper

• 3. Figures to the right represent full marks to the question

1. Q1 M/S ABC Firm having partners Aman, Bhavika and Cynthia have provided you with its profit and loss account for financial year 2021-22. You are required to compute the taxable income of the firm and its tax liability for the Assessment year 2022-23 To Direct Expenses 612500 | By Interest on Securities from 56250
   • a. Simple Interest is paid to partners @ 20% p.a. as per partnership deed
   • b. Salaries are to be paid equally amongst the three partners Aman, Bhavika and Cynthia Their profit-sharing ratio is 4: 3: 3 where Bhavika is a sleeping partner
   • c. Depreciation allowed as per Section 32 is Rs.1,87,500
   • d. Printing and Stationery includes amount of Rs. 20,000 paid in cash to the vendor
2. Q1 Following is the receipt and payment of Mr. Vivek, a Professional Lawyer. You are required to compute tax payable by him for the assessment year 2022-23 course of his profession To Dividend from Indian 50,000 To Gift from mother 25,000 | By Computer purchased 2,00,000 Subject Code: 72206 Group A: Advanced Accounting, Corporate Accounting and Financial Management : Direc The following details provide additional information about its business:
   • 1. Opening WDV of Computer is Rs.5,00, 000. Rate of depreciation on computer is 60%
   • 2. Allowable depreciation on Other Assets (other than on computer) is Rs.75,000
   • 3. 1/4" of the Staff Salary is unreasonable
   • 4. Mr. Vivek paid Rs.25,000 by cheque as Medical Premium for his family and Rs.30,000 as Life Insurance premium on his life which is being included in the personal expenses
   • 5. Mr. Vivek has taken loan for Purchase of Debentures, Interest on loan taken amounted to Rs.2,00,000 being included in personal expenses
3. Q2 Mr. Sabir works with M/s CHS Traders. He gives you the following information for the year Reimbursement of medical expenses in Government Hospital [Interest on saving bank account with State Bank He paid Rs. 20,000 by credit card for medical insurance of his health Compute Net Taxable Income for Assessment year 2022-23 Mr Kelkar is a practicing Chartered Accountant in Mumbai. For the year ended 31 March 2022, his receipts and payments were as under — An award from Institute of Chartered Accountants of India for best article in Compute his taxable income for the Assessment year 2022-23 assuming that 20% of telephone charges and car hire charges is for personal use Subject Code: 72206 Group A: Advanced Accounting, Corporate Accounting and Financial Management : Direc
4. Q3 Mr. Aniket owns a house at Mumbai, which is let out at annual rent of Rs. 1,00,000. He incurred the following expenses in respect of house property Interest on loan for house property 10,000 His other Income is as follows:
   • a) Interest on saving bank account from Canara bank Rs. 8,000
   • b) Dividend on shares of Indian Companies:
   • c) Agricultural Income from land in Ratnagiri Rs. 1,00,000
   • d) Accrued Interest on NSC Rs. 20,000
   • e) Dividend from foreign companies Rs. 1,00,000 Compute for Mr. Aniket his Net taxable Income for Assessment Year 2022-23
5. Q3 A Determine the scope of total income in respect of the following incomes if the assessee is a
   • (1) a resident and ordinarily resident or 7
   • (2) a resident but not ordinarily resident:
   • 1. Interest from U.S. Growth Bonds received in U.S but remitted to India 1,00,000
   • 2. Capital gain on house in Mumbai but sold in London 10,00,000
   • 3. Rent ofa villa in Paris received in California 10,00,000
   • 4. Agricultural Income from Coffee Gardens in Brazil received in Mumbai
   • 5. Salary from working in Kochi received in Kazakhstan 10,00,000
   • 6. Profit of the Australian Branch of an Indian Business 10,00,000
6. Q3 B Mr. Smart purchased gold worth Rs. 2,00,000/- on 06.04.2018. He also purchased a House Property of Rs. 9,00,000/- on 25.07.2019. (08) He gifted both the above assets to his friend Mr. Needy on 14.05.2020 Mr. Needy, in need of Money sold both the assets on 09.06.2021. Gold was sold for Rs 480000/- and property was sold for Rs. 20,00,000/-. Brokerage paid of sale of property was 2 % of sales value Calculate the Capital Gains in the hands of Mr. Needy for Assessment year 2022-2023 Subject Code: 72206 Group A: Advanced Accounting, Corporate Accounting and Financial Management : Direc
7. Q4 A. Multiple Choice Questions 8 marks
   • 1. Winnings from Lotteries, crossword puzzles and card games are taxed at a special rate of
   • 2. Gratuity received by the employee of State Government at the time of retirement is
   • a. Fully Exempt
   • b. Fully Taxable
   • c. Exempt up-to Rs 20,00,000
   • d. %of Amount of Gratuity Received is exempted
   • 3. The Health and Education Cess is computed @ 4% on
   • a. Income
   • b. Income Tax
   • 4. Due Date of filing income tax returns for a person whose accounts are required to be audited under sec 44AB Income Tax Act 1961 is
   • a. September
   • c. 31% March
   • d. 31‘ December
   • 5. The standard deduction on family pension received of Rs 2,50,000 will be Rs
   • 6. Value of rent-free accommodation provided by the employer is
   • a. Exempt from tax
   • b. taxable in case of all employees
   • c. Aperquisite taxable in case of only ‘specified’ employees
   • d. Aperquisite taxable in case of only government employees
   • 7. Deduction u/s 24(a) is not available when property is
   • c. Deemed to be Let out Property
   • 8. Depreciation is allowed in case of
   • c. Tangible and Intangible Assets Subject Code: 72206 Group A: Advanced Accounting, Corporate Accounting and Financial Management : Direc 4B. State whether following statements are True or False (07)
   • 1. Exemption u/s 54 is allowed for investment in another commercial or residential property
   • 2. Agricultural income from New York is taxable as income from other sources in India for a
   • 3. Fair Market Value on 01-4-2001 is applicable to assets acquired on or after April 2001
   • 4. Dividend received more than Rs 10,00,000 from domestic companies would be taxable under head income from other sources
   • 5. Gift from father-in-law on birthday worth Rs 1,00,000 is fully exempt
   • 6. The maximum amount of deduction u/s 80 U for severally disabled individual is Rs 1,25,000
   • 7. Deduction Under Chapter VI A should not exceed Gross Total Income
8. Q4 Write shorts notes (Any 3) 15 marks
   • a) Person
   • b) Profits in lieu of salary
   • c) Block of Assets
   • d) Deductions u/s 80E of chapter VI A
   • e) Salient features of the Scheme of taxation of Firm and Partner

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