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

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1. Q2 Figures to right indicate full marks
2. Q3 Use of simple calculator is allowed
3. Q1 A) State whether the following statements are true or false. (Any 8 out of 10) 8 marks
4. Q1 Income from agricultural land in Sri Lanka is not taxable
5. Q2 Capital gain arises on transfer of any asset
6. Q3 Entertainment allowance is allowed as a deduction to both government and non-government
7. Q4 Rent from sub - letting property is taxable under income from house property
8. Q5 Assessment year can be for a period of less than a year
9. Q6 Municipal taxes are allowed as deduction only if borne by tenant
10. Q7 Incase of self-occupied property, net annual value is zero
11. Q8 Perquisite value of gas, electricity and water supply is taxable under income from other source
12. Q9 Vacancy rent is deducted from gross annual value
13. Q10 Bonus declared is taxable under income from salaries
14. Q1 B) Select the appropriate option. (Any 7 out of 10) 7 marks
15. Q1 Deductions for handicapped individual Resident is allowed under . (Sec 80U, 80DD)
16. Q2 Residential Status of an individual depends on the stay of the assesse in India during
17. Q3 are not taxable. (Illegal income, Personal gift)
18. Q4 Interest on loan for higher education is allowed under. (Sec 80E, 80TTA)
19. Q5 Mediclaim paid for parents (whether dependent or not) is exempt up to
20. Q6 Inorder to claim deduction under sec 80D, mediclaim should be paid in (cheque, cash)
21. Q7 Section (10(2), exempts income receipt by a member out of HUF income
22. Q8 A Person by whom any tax is payable under Income Tax Act, 1961 is called as
23. Q9 Dividend on shares of Indian Company is Exempt u/s . (10(34), 10(35))
24. Q10 Exceptions of second basic condition given in sec 6(1) are applicable to (Indian Citizen Calculate Income from Salaries of Ms. Shweta for the assessment year 2018-19. 15
    • a. From 1-4-2017 to 31-12-2017 -20% of Basic
    • b. From 1-1-2018 to 31-3-2018.- 30% of Basic
    • f) Arrears of salary Rs. 35,000
    • g) Perquisite value of gas, water and electricity supply - Rs. 10,000
25. Q2 A) Compute total income of Mrs. Karishma for assessment year 2018-19 assuming the residential status to be Resident and Ordinary Resident, Resident but not Ordinary Resident and 8 marks
    • a) Salary earned in Delhi Rs. 2,50,000, Rs. 50,000 received abroad
    • b) Income from profession in Canada - Rs. 3,00,000
    • c) Income from house property in India- Rs. 40,000
    • d) Income from agriculture in India- Rs. 10,000
    • e) Income from business in India, controlled from France- Rs. 6,00,000
    • f) Profit from business in Bhutan - Rs. 60,000
    • g) Interest on securities accrued in India - Rs. 5,000
26. Q2 B) Determine the residential status of Mr. Joy for the assessment year 2018-19. Mr Joy, an Australian stays in India for 80 days in days in 70 days in 2015 7 marks
27. Q3 Calculate Income from House Property of Mr. Jay for the assessment year 2018-19. Municipal Taxes paid by owner reconstruction of property in 2015 15 marks
    • A) Compute total income from other sources of Mr. Vinod for the assessment year 2018-2019. 08
    • a) Royalty from books Rs. 65,000. Expenses of typing - Rs 5,000
    • b) Examination fees from University of Mumbai - Rs. 4,000
    • c) Interest on Public Provident Fund - Rs. 5,000
    • d) Honorarium received from management institute as a lecturer Rs. 7,500. Conveyance for visiting the institute - Rs. 500
    • e) Income from agricultural land in India - Rs. 10,000
    • f) Interest on Bank Deposits- Rs. 6,000
    • h) Interest on Income Tax Refund - Rs. 1,000
    • B) Shri Raj purchased a House property for Rs. 3,50,000 on 10th August 2005. He constructed a first 07 floor during the Financial Year 2008-09 for Rs. 4,00,000. He sold the property on 15/06/2017 for Rs.75,00,000. He paid brokerage Rs. 50,000 for the sale transaction. You are required to compute the income from capital Gains for the assessment Year 2018-19. 2005-06=1 17 ,2008
28. Q4 From the following Profit and Loss Account of Mr. Khan calculate the total taxable income for the Profit and Loss Account for the year ended March 2018 To Fire Insurance Premium To Reserve for Doubtful Following further information has been provided: 15 marks
    • a) Depreciation allowable under Income Tax Rules is Rs. 50,000
    • b) General Expenses include Rs. 20,000 for gifts to staff and Rs. 30.000 for donation
    • c) He contributed Rs. 50,000 for maintenance of handicapped dependent. (Disability 90%)
    • d) He paid Rs. 25,000 for interest on higher education loan
29. Q4 Mrs. Smitha provides the following profit and Loss Account for the year ended 31/03/2018. Compute total taxable Income of Mrs. Smitha for assessment year 2018-19 Profit and Loss Account for the year ended March 2018 Following further information has been provided: 15 marks
    • a) Depreciation as per Income Tax Rules is Rs, 25,000
    • b) Advertisement expenses include Rs. 10,000/- spent on advertising in a magazine published by a
    • d) She is physically challenged. (Disability 50%)
    • e) She received R~. 10,000 for Interest on Deposits in Savings Accounts
30. Q5 A) Define and explain capital asset and business? 8 marks
    • B) Explain the provisions U/S 6? 07
31. Q5 Write short notes: (any three) 15 marks
32. Q1 Any five items exempt u/s 10 marks
33. Q3 Enumerate five incomes which are expressly disallowed while computing income from profits and gains of business or profession
34. Q4 Deductions U/S 80 C and 80 CCC
35. Q5 Perquisites

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