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

Questions asked in this paper

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1. Q3 Use of simple calculator is allowed
2. Q1 a. State whether True or False from the following (any 8) 8 marks
3. Q1 The first year of a newly set up business can be less than 12 months
4. Q2 Agriculture income is taxable from tax
5. Q3 Past untaxed profits brought into India is not taxable
6. Q4 Deduction u/s 80E is applicable for Mediclaim
7. Q5 Minor’s income which is clubbed with that of his parent is exempted up to Rs.5,000.\
8. Q6 The quantum of maximum deduction allowed u/s 80 U is Rs.1,50,000
9. Q7 Income which accrue or arise outside India & also received outside India is taxable in case of NRI
10. Q8 Any gift received by an individual from his relative is fully exempt
11. Q9 For computing lottery income, the assesse shall be entitled to any deduction for purchase of lottery tickets
12. Q10 If the assesse does not satisfy the basic condition, he will be treated as a Resident of
    • b. Match the column (any 7) 07
13. Q2 Mrs Asha is an employee of Tata Industries Ltd. She furnishes the following information forthe 15 marks
    • Q.P. Code :22353 Compute his Net Taxable Income from the head Salary for the Assessment Year 2017-18
    • a. Mr Sandeep has earned the following income during the p.y ended 31st March,2017 08 Interest on bank account in London Rs.33,000 Income received from agriculture land in Nepal Rs.86,000 Dividend Income from Co operative Society from India Rs.74,000 Salary earned and received in France Rs.12,700 Dividend from a foreign company received in U.K Rs.10,000 Compute his total income assuming: he is Resident and Ordinarily Resident and Non
    • b. Mr. X, who was born and brought up in a Indian Citizen, went for further 0 studies to USA on 1st March, 2007 and came back to India on 15t* December 2016 and 7 since then he is in India. Determine his residential status for the A.Y. 17-18. Give explanation for your answer
14. Q3 Mr. Akash is the owner of two houses: Interest on housing loan for house no.1 was outstanding 49,000 1,55,000 15 marks
    • a. building at Pune for Rs.35,15,000 on 1-10-2016. The building was 08 purchased for Rs.1,65,000 on 1-6-1996 and improvement was done in March 2001 at Rs.1,50,000. He invested Rs.7,50,000 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, CII for 2000-2001 is 406 and CII for 1996-1997 is 305
    • Q.P. Code :22353
    • b. Mr Rahul, submit the following particulars of his income for the assessment year 17-18 07 Dividend from Tata and Co 28,900 Gift from the friend on the occasion of Birthday 72,000 Interest from Bank Fixed Deposit 56,000 Interest from NSC 52,000 Income from agriculture in Pakistan 35,900 Compute his taxable income under the head income from other source
15. Q4 Mr. Shah provides the following profit and loss account for the year ended March, 2017. Profit and loss account for the year ended March, 2017 By gross profit 14,34,000 68,000 By Income Tax refund 38,000 50,000 By gift from Father 35,000 To Motar car Expenses To embezzlement by 14,000 To staff welfare Expenses To Net Profit 15 marks
16. Q1 Depreciation as per Income tax rules is Rs.54,000
17. Q2 Staff welfare expenses include Rs.40,000 for his own medical premium
18. Q3 Salary includes salary paid to his son Rs.15,000
19. Q4 Printing includes Rs.5,000 paid for printing marriage for his daughter marriage Mr. Amir provides you the trading and profit and loss account for the year ended 315t March To Opening stock 1,45,000 | By Sales 50,00,000 35,24,600 | By Closing Stock 1,50,000 3,14,000 | By Gift from Father 35,000 To Electricity 68,000 By Interest from Fixed Deposit | 25,000
    • Q.P. Code :22353
20. Q1 Depreciation as per Income tax rules is Rs.4,54,000
21. Q2 Repairs expenses include Rs.11,000 for his own house
22. Q3 Salary includes Rs.25,000 paid in cash
23. Q5 1. Explain deduction u/s 80TTA 8 marks
24. Q2 Agriculture Income Write Short note (any 3) 15 7 marks
25. Q1 Short term Capital Gain
26. Q2 Deduction from Income from Other sources
27. Q3 Basic Condition for Resident and not Ordinary Resident of India
28. Q4 List out Income Exempt from Tax
29. Q5 Deduction from Business and Profession

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