B.Com In Banking & Insurance (BCBI) Sem III 2017 2018 March 2018 DIRECT TAXTION Question Paper - Mumbai University | munotes

Questions asked in this paper

1. Q1 a State whether True or False from the following (any 8) (8Mks)
2. Q1 Residential status does not depend upon citizenship
3. Q2 Entertainment Allowance shall be fully exempt in case of employees of central government, state government and local authorities
4. Q3 Capital Gain arises from transfer of any capital Assets
5. Q4 The quantum of maximum deduction allowed u/s 80 C is Rs. 1,50,000
6. Q5 Share of Income received by a member of HUF is fully taxable
7. Q6 Deduction u/s 80 E is applicable for interest on Medi Claim
8. Q7 Any gift received by an individual from his brother Rs.100000 is fully taxable
9. Q8 Expenses exceeding 60,000 paid in cash are disallowed
10. Q9 Divided received is exempt if it is received from cooperative bank
11. Q10 Subletting will be taxable under the head income from house property
12. Q1 b Match the column (7 Mks) Income from other sources Q? Mr. Zen furnishes you the following information for the year ended March, 2017 C0333 S.Y.B.COM(BANKING AND INSURANCE) (CHOICE BASE) SEM IIT C0953 DIRECT TAXATION
    • Q.P. Code: 30481 Bonus ( but not received) 35,600 Compute his Net Taxable Income from the head Salary for the Assessment Year 2017-18 Mr Anil has earned the following income during the March, 2017 Salary received in India Dividend from Indian Company Rs. 51,500 Interest on Bank Account in London Rs. 41,000 Professional Fees received in India Compute his total income assuming: he is resident and ordinarily resident and NRI Mr Ram a citizen of USA has been staying in India since 1994. He leaves India on 16" July 2016 on a visit to USA and return on 4" January 2017. Determine his residential status for the
    • A.Y 17-18. Give explanation for your answer
13. Q3 Mrs Mehta is the owner of two houses: (15 Mks) Interest on housing loan (outstanding) 1,29,000 95,000 LOP house was vacant for Two month From the above information compute his income under the head income from house property for the AY 2017 — 18 Mr. Anil sold a residential flat at Borivali for Rs. 1,80,00,000 on 1-06-2016. The building was purchased for Rs. 4,04,000 on 1-12-1979. In the same year of purchase he made improvement of Rs. 50,000. Fair Market value of property as on 1-4-1981 was On 31.08.2012 there was an improvement of Rs.2,00,000. He invested Rs.30,50,000 in purchase of a residential building in December 2016. Compute Taxable Gain for the assessment year 2017-18 if CII for 2016-17 is 1125 , CI for 1981-1982 is 100 and for 2011-2012 is 785 C0333 S.Y.B.COM(BANKING AND INSURANCE) (CHOICE BASE) SEM IIT C0953 DIRECT TAXATION
    • Q.P. Code: 30481 Mr Krishna, submit the following particulars of his income for the assessment year 17 - 18 Income from agriculture in India 28 Interest Earned on Fixed deposits ( net of TDS 3200) 68,450 Refund from Income tax department 4,500 Compute his taxable income from other sources Mr. Kanani provides the following profit and loss account for the year ending 31st March, 2017 From the following information compute total income of Mr. Kanani To Electricity By gross profit 1,534,000 To printing and By Income from LIC occasion of marriage 36,000 | By Interest on NSC 6,000
14. Q1 Deprecation as per Income tax rules is Rs. 84 000
15. Q2 Staff welfare expenses includes Rs. 40,000 for his own medical premium C0333 S.Y.B.COM(BANKING AND INSURANCE) (CHOICE BASE) SEM IIT C0953 DIRECT TAXATION
    • Q.P. Code: 30481 3.50% of the rent is paid for his residential house
16. Q4 Printing includes Rs. 5000 paid for printing marriage card for his daughter marriage
17. Q4 From the following Profit & Loss Account of Mr. Raj compute his total taxable income for the Assessment Year 2017-18 Profit & Loss Account for the Year Ended March, 2017 To Opening Stock 6,68,000 | By Sales 20,58 000 | By Closing Stock 610,000 By Income Tax To Office Salaries 150,000 15,000 By Dividend from To Bad Debts Written off 12,000 80,000 By Lottery Prize To Int. on Proprietor’s
18. Q1 Expenses include Advance Income Tax Rs. 20,000 and Rs. 1,000 for purchase of lottery tickets
19. Q2 Depreciation allowable as per Income Tax Rules Rs.1 50,000 include Rs. 1,80,000 paid for cash purchases exceeding the limit of Rs 20,000 prescribed under section 40A(3) of Income Tax Act, 1961
20. Q4 Office salaries include Bonus due but not paid Rs. 33,000 C0333 S.Y.B.COM(BANKING AND INSURANCE) (CHOICE BASE) SEM IIT C0953 DIRECT TAXATION
    • Q.P. Code: 30481
21. Q5 Mr.Raj paid premium for LIC Pension Policy Rs. 35,000 and paid Mediclaim in cash
22. Q1 Explain deduction u/s 80 U (8 Mks)
23. Q2 List of Income form other sources (7 Mks)
24. Q5 Write Short note ( any3) (15 Mks)
25. Q2 Deduction from Income from Salary
26. Q3 Basic Condition for Resident and Ordinary Resident of India
27. Q4 Agriculture Income
28. Q5 Deduction under u/s 80 D

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