B.Com In Banking & Insurance (BCBI) Sem III 2016 2017 Sep 2017 TAXATION OF FIN. SERVICES Question Paper - Mumbai University | munotes

Questions asked in this paper

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

1. Q1 (A) State whether following statements are True or False (Any 8) 1, Perquisites received by employees are taxed as Income from other sources 8 marks
2. Q2 Assessee means a person liable to pay tax on his income
3. Q3 Residential status does not depend upon citizenship
4. Q4 Municipal tax is a deduction from Net Annual Value
5. Q5 Life Insurance premium paid by employer of employee is a taxable perquisite
6. Q6 Dividend from company is exempt
7. Q7 An Indian company need not always be resident in India
8. Q8 Entertainment allowance received by a non government employee is exempt from tax
9. Q9 Gift from relatives are exempted from tax
10. Q10 Advance salary received by an employee from the employer is not a part of gross salary
    • (B) Match The Followings (Any 7) 7
    • a. Income From Business And Profession
    • c. Local Authority
    • d._30% of Net Annual Value
11. Q7 Standard Deduction Under Income From g. Company
    • k. Income From Other Source
12. Q2 Mr. C who is currently employed with JSM Ltd furnishes you with the following
13. Q2 allowance per month 25% of Basic Salary (Expenses on conveyance Rs.1000)
14. Q5 Bonus @ 20% on basic plus dearness allowance VCD-031016 SYBBI (2) TAXATION OF FINANCIAL SERV
15. Q7 Mediclaim premium paid by employer on behalf of Mr.C Rs. 2800 Calculate the Net Taxable Salary for A. Y.2016-17. (15)
16. Q2 From the following Profit and Loss A/c of Mr. Sunil for the year ending 31.03.2016 Calculate income from Business
17. Q1 Depreciation as per income Tax Act was Rs. 10,000
18. Q2 Penalty paid is for contravention of MVAT Act, 2002
19. Q3 Advertisement includes Rs.2,500 as advertisement in a souvenir of a political party
20. Q3 Miss. Pranjali owns 4 houses let to different tenants, details of which are as follows Determine the Income from House Property Fair Rent(Rent of similar property) | 1,40,000 | 1,10,000 | 1,10,000 1,40,000
21. Q3 a) Miss Poonam purchased a residential house on 01-06-1979 for Rs.1,00,000. She incurré expenses of Rs. 50,000 towards cost of improvement on 02-07-1983. The fair market value of the house on 01-04-1981 was Rs 1,50,000, She sold the house on 10-10-2015 for Rs.30 lakhs The cost inflation j index for F. Y.1981-82 is 100, for F. Y.1983-84 is 116 and for F. Y is 1024. You are required to compute her Capital Gain for Assessment year 2016-17 VCD-031016 SYBBI (3) TAXATION OF FINANCIAL SERVICES
22. Q3 b) Mr. has earned the following income during the previous year ended 31st March,
    • (1) Professional Fees received in India Rs.18,000
    • (2) Payment received in U.K. for services rendered in India Rs.16,000
    • (3) Income from business in Australia, controlled from Rs.14,000
    • (4) Income from Agriculture in Bangladesh
    • (5) Dividend from a foreign company received in U.K. Rs. 10,000
    • (6) Amount brought into India out of the past untaxed profits earnedin U.S.A . Rs. 18,000
    • (i) A Resident (ii) A Resident but not ordinary Resident (iii) A Non-Resident Computation of Income for the assessment year 2016-17 (7)
23. Q4 Miss Aliya is a U.S.A. citizen. She came to India on September 15, 2015 for a visit and was in India till 31st March, 2016. In earlier previous years, she is in India as under: Find out the residential Status of Miss. Nikita for the Assessment Year 2016-2017 assuming that she is not a person of India Origin. (15)
24. Q4 Mr. Sameer, Proprietor of S and Co. furnishes you the following information for the year Profit and Loss Account for the Year ended 31st March, 2016 To Salaries 3,60,000 | By Gross Profit 7,65,000 To Salary to Proprietor 24,000 | By Dividend from Bank of To Office Expenses 18,000 | India 8,000 To Staff Welfare 30,000 | By Dividend from N.K.G.S.B To Provision for Bad Debts 5,000 | By Interest on Fixed Deposit Mediclaim Premium 18,000 | with Bank of India 12,000 VCD-031016 SYBBI (4) TAXATION OF FINANCIAL To Life Insurance Premium 30,000
    • (a) Depreciation as per Income Tax Rules Rs. 21,000
    • (b)- Mediclaim Premium was paid in cash You are required to compute her total Taxable Income for the Assessment Year
25. Q5 Short Notes (Any 3)
26. Q1 Leave Salary
27. Q2 Additional Conditions w/s 6 6 marks
28. Q4 Investment U/s 80C

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