B.Com In Banking & Insurance (BCBI) Sem III 2016 2017 Feb 2017 ATKT TAXATION IN FINANCIAL SERVICES Question Paper - Mumbai University | munotes

Questions asked in this paper

1. Q1 Total income of a person is determined on the basis of his:
   • a) Resident status in India c) Citizenship in India
   • b) None of these d) both of the above
2. Q2 Municipal valuation of the house is Rs.1,00,000 fair rent Rs.1,20,000, standard rent RS.1,00,000 & actual rent received or receivable is Rs.-1,40,000. The Gross Annual Value in this case shall be dy None of the above
3. Q3 Which of the following tax as a deduction while computing the business income?
   • b] Sales tax d) None of the above
4. Q4 Gift received by an individual Rs.70, 000 from his Mother shall be. R
   • a) Fully Exempt up to Rs.50,000
   • b) Fully taxable d) None of the above Deduction u/s 80 U in case of person with disability is allowed to
   • a) Any individual who is citizen of india an individual who is resident of india
   • b) any individual assessee d) none of the above
   • b] State whether the following statement is TRUE FALSE and rewrite the sentence 5
5. Q1 Deduction 80C is allowed from gross total income
6. Q2 Uncommuted pension received by a govt. employee is exempt
7. Q3 Agricultural income from Rajasthan is taxable
8. Q4 Mediclaim insurance premium must be paid by cross cheque Interest on debentures from Indian company is fully exempt
   • C] Match the following 5
9. Q2 Advance salary b] Winning from card game
10. Q3 Handicapped assessee c] Arrears of Rent
11. Q4 Interest on Educational loan d] Deduction U/s 80 U
    • f] Deduction U/s 80 DD Gavendra had the following incomes during the previous year 2015-10. (15)
12. Q1 Professional fees received in India for three months 39,000
13. Q2 Payment received in UK for services rendered in India 28,000
14. Q3 Income from business in Bangladesh being controlled from India 17,000
15. Q4 Income from agriculture in Japan 16,000
16. Q5 Interest received in Paris in respect of securities in German companies 25,000
17. Q6 Amount brought into India out of past untaxed profits earned in Germany 34,000
18. Q7 Dividend on shares from Indian companies
    • a. Received in India 10,000
    • b. Received Abroad 15,000
19. Q8 Profit from business in Mumbai controlled from Karachi. 25,000 ‘You are required to compute his total income if he is i] Ordinary Resident ii] Not Ordinary iii] Non Resident of India Shrikanth comes to India for the first time on August 10, 2014. he stay in India upto September 10, 2015, first at Delhi and then Madras Determine is residential status for the assessment year 2016-17 on the assumption that he does not keep books of accounts The following are the particulars of the income and expenses of Prof. Frank, MIT College, Pune, for the year ended 31“ March 2016:
20. Q2 Rent free bungalow, perquisite value of which is of Rs.60,000 per annum
21. Q3 Leave salary
22. Q4 Bonus Rs.20,000
23. Q5 Arrears of salary of last three years Rs.2,00,000
24. Q6 Professional tax deducted of Rs.200 per month, from salary
25. Q7 Examiner ship remuneration from his college Rs.6,000
26. Q8 He received Rs.5,000 as examiner from Mumbai University
27. Q9 He has spent Rs.4,400 for the purchase of books for the purpose of his Compute his income from Salaries for the assessment year 2016-17, Q — 3 For A. Y. 2016-17 Mr. Anurag provides following information ; Municipal Tax outstanding for 2015-16 7,000 15,000 Interest on Loan 36,000 The following is the Profit and Loss A/c of Mr. Smit for Financial Year 2015-16 To Opening Stock 15,000 | By Sales 80,000 To Purchases 45,000 | By Closing Stock 20,000 To Wages 20,000 | By Gift from Father 20,000 To Rent 6,000 | By Profit on sale of old To Motor Car Expenses 3,000 motor car 17,000 To Medical expenses 3,000 | By Income Tax Refund 3,000 To Wealth Tax Paid 2,000 To General Expenses 10,000 To Depreciation on Car 4,000 To Advance I.T. Paid 1,000 To Know-how written off 5,000 To Profit for the year 26,000
28. Q1 Mr. Smit carries on business from rented premises, half of which is used as his
29. Q2 Medical expenses were incurred during the sickness of Mr, Smit for his treatment
30. Q3 Purchases include Rs.5,000 advance to suppliers in March against goods to be deli in April. Calculate Income from Business Profession Q-4 Mr. Romeo provides the following information for the previous year 2015-16 (15)
31. Q1 Income from units of Unit Trust of India Rs.2,000
32. Q2 Dividend on shares of foreign c~. held'as stock in trade Rs.14,000
33. Q3 Interest on Debentures held as stock in trade Rs.9,500
34. Q4 Interest on Deposits with Bank Rs.4,000
35. Q5 Interest on deposit with Hindustan Lever Ltd. Rs.3,000
36. Q6 Winning from lotteries Rs.8,000 and expenses incurred to realize the lottery prize of
37. Q7 Refund of share application money
38. Q8 Received from LIC on maturity of policy
39. Q9 Interest on P.P.F. account with State Bank of India Rs.250
40. Q11 Interest on Gold Deposit scheme 2000 Rs.6,400 Calculate income under the head of “Income from Other Sources” Q-5 Write any five taxable and taxfree perquisites in income from salary (08)
    • B] Give format of House property. Write short note (any 3) (15) 7
41. Q1 Conditions to become ordinary resident of India
42. Q2 Any five Disallowed expense in Business profession
43. Q3 Pension U/s 10(10A)
44. Q5 Deduction U/s 80 E

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