B.Com In Banking & Insurance (BCBI) Sem III 2012 2015 2015 Taxation Of Financial Services. Year Question Paper - Mumbai University | munotes
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Questions asked in this paper
— Taxation of Financial \
Quesuons are compulsory
2, Figures to right indicate full marks
Multiple choice question:
Tax is deduced from
deduction under sect;
of NAV from income from house property
iii) Income tax Act extends to
a)Whole of India b) Whole of India
c) Whole of Maharashtra only
iv) Shivaji University is accessible under the Income Tax act is
v)Salary to MP of MLA is Taxable Under
a) Income from salary b)Income from Business & Profession
c)Income from other sources
B] Match the following columns
ii) Dividend from India company ii)Capital Assets
iii ) Interest on housing loan taken iii)Exempt U/S 10
iv)Advance salary iv) Taxable Income from salary
i) The income earned Rs. 10,1000 in U.S.A by Resident India is not Taxable in India
ii)Salary Indian to MP or MLA is taxable under income from salary
iii) Assessee means a person liable to pays Tax on his Income:
is tax: come from sal
iv)Gift received from Emplyer to Employee taxable under Incom
deduction is 30% on NAV
Protit and loss
by Gross profit
lo printiag &stationary 255,000 by winning from
To 24,000 By N.S.C Interest
To Advertisement Expenses 45,000 by divided =
To Depreciation 32,000 From dividend 10.000
To Advance Income Tax 10,000 Company
To by an 2000
To welfare expenses 65000
To net profit 2,99,000
allowable as per Income Tax Rules is Rs. 35,000
of the Rent is attributable towards his residential flat
3.Statf welfare expenses include Rs. 15000 For his:s Medica treatment who is physically
Q.2 Mrs. Dharma Bhatkar gives you following information regarding house property owned by him, for
(Deemed to be let out)
Interest on Borrowed capital 40,000 28.000
(Loan taken on
2614 fd with Mumbaj Printers, she
el mE you the following information for the year
vi)Perquisite value of subsid;
Calculate Income from salary
Q d idential house on 1-6-1979 for Rs. 1,00,000. He incurred expenses of Rs
50,000 towards cost of Improvement on 2-7-1983 on thi
Rs. 1,50,000. He sold the hous On this house. The fair market value of the house on
on 10-10-2013 for Rs. 40,00,000. He purchased a new residential house
Cost inflation index for financial year 1981-82 is 100, For financial year
983-84 is 116 and for financial year F.Y js 939
You are required to compute his income from capital for the assessment year 2014-15
).4] Mr. Balaji an Indian citizen and a professional cricketer toured south Africa, Australia, U.K, West indie
Zimbabwe on various dates. The details of departure from and arrival to India are as under. (15,
Date of departure | Date of
uth Africa(for the first time) 25-3-13
‘Tmine his residential status for the assessment year 2014-15. Give your working and explanation
Mr. Tom a British citizen had the following income during the year ended on Mareh
some from in Rome 12 5
ncor in India
from business in Bangladesh
es bank account In
and received in Tokyo
eamed and din India 17,000
Dividend from ear 2014-15 if be is:
income for the assessment year
T ii) A Resident but not ordinary residen
> Short notes. ( any 3)
3)Gratuity
4)Previous year
exemption under service tax
Quesuons are compulsory
2, Figures to right indicate full marks
Multiple choice question:
Tax is deduced from
deduction under sect;
of NAV from income from house property
iii) Income tax Act extends to
a)Whole of India b) Whole of India
c) Whole of Maharashtra only
iv) Shivaji University is accessible under the Income Tax act is
v)Salary to MP of MLA is Taxable Under
a) Income from salary b)Income from Business & Profession
c)Income from other sources
B] Match the following columns
ii) Dividend from India company ii)Capital Assets
iii ) Interest on housing loan taken iii)Exempt U/S 10
iv)Advance salary iv) Taxable Income from salary
i) The income earned Rs. 10,1000 in U.S.A by Resident India is not Taxable in India
ii)Salary Indian to MP or MLA is taxable under income from salary
iii) Assessee means a person liable to pays Tax on his Income:
is tax: come from sal
iv)Gift received from Emplyer to Employee taxable under Incom
deduction is 30% on NAV
Protit and loss
by Gross profit
lo printiag &stationary 255,000 by winning from
To 24,000 By N.S.C Interest
To Advertisement Expenses 45,000 by divided =
To Depreciation 32,000 From dividend 10.000
To Advance Income Tax 10,000 Company
To by an 2000
To welfare expenses 65000
To net profit 2,99,000
allowable as per Income Tax Rules is Rs. 35,000
of the Rent is attributable towards his residential flat
3.Statf welfare expenses include Rs. 15000 For his:s Medica treatment who is physically
Q.2 Mrs. Dharma Bhatkar gives you following information regarding house property owned by him, for
(Deemed to be let out)
Interest on Borrowed capital 40,000 28.000
(Loan taken on
2614 fd with Mumbaj Printers, she
el mE you the following information for the year
vi)Perquisite value of subsid;
Calculate Income from salary
Q d idential house on 1-6-1979 for Rs. 1,00,000. He incurred expenses of Rs
50,000 towards cost of Improvement on 2-7-1983 on thi
Rs. 1,50,000. He sold the hous On this house. The fair market value of the house on
on 10-10-2013 for Rs. 40,00,000. He purchased a new residential house
Cost inflation index for financial year 1981-82 is 100, For financial year
983-84 is 116 and for financial year F.Y js 939
You are required to compute his income from capital for the assessment year 2014-15
).4] Mr. Balaji an Indian citizen and a professional cricketer toured south Africa, Australia, U.K, West indie
Zimbabwe on various dates. The details of departure from and arrival to India are as under. (15,
Date of departure | Date of
uth Africa(for the first time) 25-3-13
‘Tmine his residential status for the assessment year 2014-15. Give your working and explanation
Mr. Tom a British citizen had the following income during the year ended on Mareh
some from in Rome 12 5
ncor in India
from business in Bangladesh
es bank account In
and received in Tokyo
eamed and din India 17,000
Dividend from ear 2014-15 if be is:
income for the assessment year
T ii) A Resident but not ordinary residen
> Short notes. ( any 3)
3)Gratuity
4)Previous year
exemption under service tax
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