B.Com. (Financial Management) SEM IV ATKT DIRECT TAX II Question Paper - Mumbai University | munotes

Questions asked in this paper

1. Q2 the right indicate full marks allotted to the questign,
2. Q3 Simple calculator is allowed LAY ai (a) Rewrite the followirig sentences by selecting correct 1.____is the rate at which interest is levied under section
3. Q2 The prescribed form of income Tax Return for company
4. Q3 The Income Tax Return the due date as Section of the Income Tax Act, 1961 is called as
   • a) Late Return In case of the allowable t6 warking partner will be
   • a) Nil levy the taxab of the firm should exceed in Tax and the Annual Finance Acts
5. Q7 The rate of tax applicable to a domestic company for A.Y 2017-18 is =
6. Q8 The time limit for carry forward of long term capital losses fer
   • b) 5 years
   • d) 8 years
   • a) Step child
   • c) Both (a) and (b)
   • d) None of these &
7. Q10 The income of the minor child be if whose hands
   • a) Mother
   • c) Either mother or father atthe op lomot the child
   • d) The parents whose total income
   • (b) State whether the following of False :
8. Q1 Clubbing provisions undér-section are where is transferred by an 2; Company assesses are required to 2. three instalments
9. Q3 The prescribed form of Ret individual Having business income is ITR 4 marks
10. Q4 Remuneration to Sleeping from the book profit
11. Q5 from lotteries; at a special rate of 30%
12. Q6 TDS under section is deducted
13. Q7 Advance taxis tax liability is m share in of tie Unabsorbed tosses from house be carried forward the following Profit and loss Account of Mr. Sameer Shikalgar, compute his total taxable income for the Assessment yeat 2017-18, (15) Loss Account for the:year ended 31-3-2017 To Opening 3,34,000 | By Sales 10,40,000 SELLS 9,00,000 By Closing Stock 3,05,000 Salaries 71,000 | By income Tax Refund Advertisement. 10,500 | By Dividend from 50,000 a Premium 4,500 | By Lottery Prize Received 1,10,000 To Interest on Proprietor’s Capital 25,000 To General Expenses 55,000 AS To Wealth Tax 5,000 To Sales Tax Penalty 4,000 S
14. Q2 Depreciation allowable as per Income Tax prescribed under section 40 A(3) of
15. Q4 Office salaries include Bonus due but
16. Q5 Mr. Sameer who is physically ed LIC
17. Q2 Mrs. Gayatri Soman owns tow in her income from properties for the year ended 31% March} 2017 is. as follows: = (15) taken of 1,60,000 Rs, 1,50,000 on Fixed Bank of Rs. 20,000 Medical Premium of Rs. 18,000 for self by cheque he “Ne t Taxable Income for the Assessment Year 2017-18 atthers of ( a firm of Cost Accountants). The Income and Expenditure Confort year ended 31-3-2017 is as follows: (15) Expenses | 2,59,000 Receipts from Clients 10,57,000 to 80,000 Interest recovered from PandS | 3,000 Net Profit (Share by Rands 1,17,000
18. Q1 Out of Office expenses Rs. 19,000 is not deductible by vitue'of Sections BIS =
19. Q2 During the year the firm Sells a capital asset for Rs. cost of Acquisition 3._ Personal income and investments of partners from Government Securities Find out the net income and tax frm aswell a th
20. Q3 A, B and Care partners of 8 Company sharing (Partnership Firm Assessed As whose previous year ending on 31* March, 2017 are given > (15)
21. Q1 Rent from House Property
22. Q2 Interest on listed
23. Q3 Income from legal Income from legal Profession’ is before making the deduction for. salary payable to A, BandCat Rs. 90,000 as per deed: has income ftom Programme on Legal advice amounting but other parthers.tiave no other income. Mr A deposited Rs 24,000 in PPP during Compute oF the firm, Of Mr, A-and tax Payable by firm and Mr, A for the Year 2017.48 < Q the tax during the previous year 2016-17: The fled on showing tong Term Capital Gain (aS on 1-12-2016) Rs. 20,00,000
    • (b) of tax be deducted at Source on the following Payments made by M/s AB Ltd. during year 2016-17 as per the provisions of the Income Tax Act. 1961. (7) — — Payment of Rs. 2,50,000 to Mr. Avinash a transporter who having PAN 30-11-2016 _| Payment of Rs. 27,000 to M/s Q for repair of bullding 1-1-2017 Payment of Rs. 2,00,000 made to Mr. A for made ac to specifications of M/s AB Ltd. However no material was supplied for diaries to Mr. A by M/s AB Ltd 1-2-2017 Payment of commission of Rs. 7,000 to Mr. S
    • (a) Mr. Sonar furnishes the following details for the year Short Term Capital Gain Se Loss from Speculative Business Long Term Capita! Gain on Sale of land ay Long Term Capital Loss on Sale of Shares Income from Business of Textile (After deducting curtentt year Depreciation)’ < Income from Salary < Loss from House Property & Following are the brought Brought forward loss from Rs. 60,000 Compute gross total Sonar. for the Year 2017-18: the eligible carry forward losses for the Assessment
    • (b) Mr, Mahesh is the art HUF, whose chembers detive Income as given below: 7
24. Q1 Income from profession of
25. Q3 Minor son with abank which were gifted to him by his total income of Mrs: Mahesh for the Assessment Year 2017-18 5 (a) Explain the provisions of the instalments of Advance Tax, (8) ” sory Filing of (7)

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