B.Com. (Financial Management) SEM III 2017 2018 Nov 2018 DIRECT TAX I Question Paper - Mumbai University | munotes

Questions asked in this paper

• 2) Figures to the right indicate full marks allotted to the question

1. Q3 Simple calculator is allowed Fillin the blanks using suitable alternatives. (Any 8) [08]
2. Q1 Income tax is tax on
   • a) Profit
   • b) Income
   • c) Turnover
3. Q2 An company is always resident in India
   • a) Industrial
   • b) Indian
   • c) Individual
4. Q3 Total income of a person is determined on the basis of
   • a) Residential status in India
   • b) Citizenship in India
   • c) None of the above
5. Q4 Un-commuted pension received by government employee is
   • a) Taxable
   • b) Exempt
   • c) 1/3 exempt
6. Q5 Entertainment allowance under section 16 is deductible in case of
   • c) Deductible for both Government as well Non-Government employees
7. Q6 Gift received from Father is
   • a) Fully taxable Exempt if gift value exceeds Rs. 50,000/ Deduction under section 80D for Mediclaim is only allowed if
   • a) Payment is made in cash
   • b) If payment is made in any mode other than cash
   • c) If payment is made in cash for dependent parents
8. Q8 Reasonable Letting value cannot exceed
   • a) Standard Rent
   • b) Fair Rent
   • c) Municipal Value
9. Q9 is an example of taxable perquisite
   • a) Laptop provide for official use only
   • b) Medical Reimbursement in Employer’s hospital
   • c) Life insurance premium paid by Employer for Employee
10. Q10 Maximum deduction allowed under section 80C is
    • Q.P. Code: 23394
    • B. State whether the following statement are True or False. (Any 7) 7
11. Q1 Deduction under section 80U is not allowed to Individual below 40% disability
12. Q2 Income tax Act does not apply to the state of Jammu and Kashmir
13. Q3 Capital gain is not calculated on sale of shares and securities
14. Q4 Standard deduction under section 24 is 30% of Net annual value
15. Q5 There are 4 heads of income under income tax Act 1961
16. Q6 Income deemed to accrue in India is not chargeable to Non-Resident
17. Q7 Previous year for new business can be less than year
18. Q8 Assessment year is a period of 12 months starting on first April every year
19. Q9 Exclusive definitions are always perfect and complete
20. Q10 Legal status of Tata and Bata Ltd. will be ‘Individual’ as per Income tax Act 1961
21. Q2 Following is the profits and loss account of Mr. Augustin Fernandis physically disabled person By Dividend from Indian Following further information has been provided: 15 marks
22. Q1 Depreciation allowed as per income tax rules is Rs.30,000/
23. Q2 Advertisement Include advertisement for political souvenir amounted to Rs.5 ,000/
24. Q3 Salaries include penalty paid to income tax office Rs. 1,000/ You are required to calculate the Gross Total income for the Assessment Year 2017-18
    • Q.P. Code: 23394
25. Q2 Dr. Matin Khan is employed with DSK College, Mumbai. He gives you following information — for the year ended March, 2017 He spent Rs. 12,000/- on purchase of books useful for the purpose of his employment He received Best Teacher Award of Rs. 22,000/- from Government of Maharashtra He Received gift from Mother Rs. 1,50,000/ He paid LIC premium for his son Rs. 21,000/- through net banking He had taken a loan from Bank of Baroda for higher education of his son pursuing Mumbai University’s Engineering degree course. For which he paid interest of Rs. 50,000/- during the year. Compute his taxable income for the Assessment Year 2016-17 15 marks
26. Q3 A) Mr. Atik Shaikh gives you the following information regarding house property owned by him, for previous year 2016-17 (Self Occupied) (Deemed to be Let out) (Loan taken on 1/4/2009) Rent received from sub-letting tenancy premises Rs. 1,80,000/ Dividend from Bunty Ltd. an Indian company Rs. 10,000/ Interest received on Public provident fund Rs. 14,000/ Mediclaim Insurance paid by cheque for his minor son Rs. 17,000/ Compute his taxable income for the assessment year 2017-18 15 marks
27. Q3 Mr. Ajay purchased a house property for Rs. 15,00,000 on 5" October, 1972. He constructed a first floor during the financial year 1986-87 for Rs. 5,50,000/-. He made further improvement in the financial year 1992-93 for Rs. 8,00,000/-. He constructed 2" floor during the financial year 2003-04 for Rs. 12,00,000/-. He sold the property on 1 February, 2017 for Rs. 3,00,00,000/ He paid brokerage of Rs. 50,000/- for the sale transaction. Fair market value of property as on 1“ April, 1981 was Rs. 16,00,000/-. Compute his capital gain for the Assessment year 2017-18 Relevant cost inflation indices are as follows: 8 marks
    • Q.P. Code: 23394
    • B) Determine the legal status of the following. 7
28. Q2 Mr. Mohan, A professor at Pune University
29. Q3 Jim and Jerry sena
30. Q4 A Joint Hindu family consisting of Mr. Jaikant, his wife and son
31. Q6 M/S Sanjay and Associates ( A partnership of two person)
32. Q7 Pune University
33. Q4 Determine the taxability of the following incomes of Mr. Ram, assuming that he is 15 marks
34. Q1 Resident and ordinarily resident
35. Q2 Resident but not ordinarily resident,
36. Q3 Non-resident India(Rs,40,000 received in India) 210,000
37. Q4 <A) Mr.Kumar citizens. He has been visiting India since 2006, He came to India November 2016 and He was there in India till March, 2017. His stay in India during earlier previous year was as under Find out his Residential status for the Assessment year 2016-17 15 marks
    • Q.P. Code: 23394
38. Q5 Short Notes (Answer any 3) 15 marks
    • a. Resident and Ordinary Resident
    • b. Perquisites
    • c. Income from Other sources
    • e. List of expenses Disallowed under the head Income from Business All the best

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