B.Com In Banking & Insurance (BCBI) Sem III 2023 2024 2024 DIRECT TAXATION Question Paper - Mumbai University | munotes

Questions asked in this paper

1. Q1 Income Tax extends to
   • a) whole of India b) India and Pakistan c) whole of Maharashtra
2. Q2 Income tax is a tax on
3. Q3 Uncommuted pension received by a government employee is
4. Q4 Deduction on account of entertainment allowance is
5. Q5 The term income includes income
6. Q6 Deduction under section 80C and 80CCC is allowed to the maximum of
7. Q7 As per section 24, standard deduction allowable on let out house property is
   • a) Rs. 30,000 b) actual amount spent on repairs c) 30% of NAV
8. Q8 Platinum metals necklace is asset
9. Q9 8. The legal status of Ms Hima Das, Indian sprint runner is
   • a) an individual b) a body of individuals a sportsman
10. Q10 Deduction u/s 80CCC in respect of contribution to Pension Fund is allowed to
    • a) an individia! u, all assessees individual and HUF
11. Q1 B) State whether the following statements are true or false (Any 7) 7 marks
12. Q1 Previous year can be more than 12 months
13. Q2 There are total five heads of income
14. Q3 Gift received from father is taxable
15. Q4 Section 80U is applicable to all individuals
16. Q5 Royalty is taxable under the head income from other sources
17. Q6 Income received from smuggling activity is income as per Income Tax Act
18. Q7 Entertainment Allowance received by Government Employee is fully taxable Agricultura! income derived frum cultivation of land in is exempt from tax
19. Q9 Municipal taxes are deductible from the Gross Anrual Value only when they accrue
20. Q10 Income from self occupied property is either nil or negative
21. Q2 A) Mr Balaji an Indian citizen and a professional cricketer toured South A frica, Australia, U.K., West Indies and Zimbabwe on various dates. The details of departure from and Arrival To India are as Country Date of Departure Date of Arrival South Africa for the first time 01-03-2020 25-03-2022 his residential status for the assessment year 2023-24. Give your workings and
22. Q2 B) From the following information of Mr Vijay for the previous year 2022-23 compute the gross totai income from the assessment year 2023-24 if he is:
    • a) resident and ordinary resident
    • b) resident but not ordinary resident
    • c) non resident VCD/ SYBBI Sem Ill Direct Tax 75 marks \ 15
23. Q1 Income from business in Dubai, controlled from London 50,000
24. Q2 Rent from house in UK received in Spain 60,000
25. Q3 Income earned in New Zealand in the past, but brought to India during the current previous year 70,000
26. Q4 Dividend from German company, received in London 80,000
27. Q5 Income from agriculture in Japan received in India 90,000
28. Q6 Royalty from a company in Indonesia, received in Russia 1,00,000
29. Q7 Interest credit to HSBC Bank, New York branch 1,10,000
30. Q8 Income from profession in Bhutan, received in Bhutan 1,20,000 Profession was set up in India
31. Q3 A) Mr. G receives the following emoluments during the previous year ending March 2023 Professional tax paid Rs. 3,000. (Rs. 2,000 was paid by his employer) Mr. G contributes Rs. 50,000 towards recognised provident fund. He has no other income. Determine the income from salary for assessment year 2023-24, if Mr G is a State Government Employee
32. Q3 B) From the following profit and loss account of X for the year ending March, 2023 compute his business income (15 marks) To office salaries 15,000 By gross profits 1,30,000 To general expenses 8,500 By interest on Bank deposits 4,100 To interest on capital of X 3,000 By interest on company deposits | 7,600 To bad debts reserve 5,000 By refund of income tax for A.Y To fire insurance premium 1,200 To advance income tax To Income tax for 2021-22 3,000 To Net profit 69,000 Followiag additional information is given:
    • a) Allowable depreciation was Rs. 10,000
    • c) Office salaries include salaries paid to Mrs X Rs. 3,000. Mrs X, B.Com writes the accounts of
    • d) . Advertisement includes Rs. 2,500 for the advertisement in Souvenir of a political party
33. Q4 A) Mr. Martin sold his Residential House Property on 08-06-2022 for R 3. 80 Lakhs which was purchased by him for Rs. 20 lakhs on 05-05-2005. He paid Rs. | lakh as bro! erage for the sale of said property. He bought another House Property on 25-12-2022 for Rs. 10 lakhs. He deposited Rs. 10 lakhs on 10-11-2022 in the Capital Gain Bond of National Highway Authority of India (NHAI) VCD/ SYBBI Sem Direct Tax 2%hrs 75 marks Compute Income under the head “Capital Gains" for A.Y. 2023-24 as per Income Tax Act 1961. Cost Inflation Index for Financial Year 2005-06 = 117 and 2022-23 = 331. (08 marks)
34. Q4 B) Mrs. Batliboi is a professor of law in M.K. College. The particulars of her income for the year ending 31-03-2023 are as follows:
    • i) Salary- Rs. 32,000
    • ii) Royalty from books- Rs. 25,000. Expenses on typing were Rs. 2,000
    • iii) Honorarium received from a Management Institute as a visiting lecturer- Rs. 3,000. Conveyance for visiting the institute- Rs. 200
    • iv) Examinership fees from the University of Mumbai- Rs. 1,000
    • v) Family Pension of Rs. 42,000 on death of her husband from his employer
    • vi) She received the ‘Dronacharya of Rs. 10,000 for the ‘Best Teacher of the Year' from the Calculate his Income from other sources. (07 marks)
35. Q4 C) Mr. Anshuman Bansode works with the Government of Maharashtra. He gives you the following information for the year ended 31* March, 2023. (15 marks) Entertainment allowance spent on entertainment Rs. 12000) 12,000 Conveyance allowance (amount spent on conveyance for official purposes Areas of salary (not taxed earlier) 2,00,000 Profession tax deducted from salary 2,500 Employees Provident Fund deducted from sale 30,090 Received Rs. 2,00,000 from LIC ot India as maturity value of life insurance policy taken on his life He had taken a loan from State Bank of India for higher education of his daughter pursuing an engineering degree course of Delhi University. During the year he had paid Rs. 50,000 as principle and Rs. 70,000 as interest. Compute his taxable income for the assessment year 2023-24
36. Q5 A) Discuss the provisions of Income Tax Act, 1961 regarding residential status of an individual
37. Q5 B) List the various deductions u/s 80C 7 marks
38. Q5 C) write short notes on (Any 3) 15 marks
39. Q2 Explain the term Person and Assessment Year
40. Q3 Deductions under the Head of Salary
41. Q4 Deductions u/s of Chapter VI A
42. Q5 Income from other sources

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