B.Com. (Accounting and Finance) SEM IV 2019 20 Oct 2019-20 ATKT DIRECT TAX Question Paper - Mumbai University | munotes

Questions asked in this paper

1. Q1 (A) State whether the following statement are true or false any 8) (marks 8)
   • 1. The first due date for payment of advance tax for company is 15"" June
   • 2. Rebate u/s 87A is applicable to Resident only
   • 3. In case of book loss the maximum allowable remuneration to working partner will be RS
   • 4. income tax rate for long term capital gain is 20%
   • 5. Income tax rate for partnership firm is 30%
   • 6. House Property unabsorbed losses cannot be carried forward
   • 7. Remuneration received to partners from partnership firm is taxable in income from business and profession
   • 8. Surcharge is applicable @10% to individnal where the total taxable income is between 50
   • 9. TDS under section 194 I is deducted @10%
   • 10. Speculation loss can not be set off against all income
   • (B) Match the column:(any 7) (marks 7) Due date of return of income for e 15" March Loss from house property child e TDS on commission e Exempt U/s 10 (34) e Dividend from Indian Company e 1% every month e Interest on partner’s capital Carry forward for unlimited e Income of minor child period e last due date of payment of Carry forward for 8 years
2. Q2 Amar, Akbar, Anthoney are the partners in MKN Enterprises: They furnish the following \ information for the year ended march, 2018: (15 marks) Profit and loss account for the year ended march,2018 To Wealth Tax 24,000 By Gross profit 13,60,000 To Income Tax 1,80,000 By Gift from Friends 80,000 To Partners drawings 96,000 By Discount received 2,20,000 To Traveling expenses 1,00,000 To Audit fees 80,000 To remuneration to partners: To Interest to partners 1,80,000 To Net profit 1,60,000 Amar is non-working partner. Akbar looks after Marketing and Anthoney is in-charge of Production department. From above information, Calculate the taxable income of the firm and Tax liability for the assessment year 2018-19
3. Q2 From the following Profit and Loss account of a Partnership Firm, Compute tax liability of the firm For 2019-20. (15 marks) To Purchases 1,35,000 By Sales To General Expenses 7,35,000 By Interest on FDs To Depreciation (Net, TDS Rs. 5,000) To Salaries to Partners 5,50,000
   • 1. Depreciation allowed as per Section 32 is Rs.1,70,000
   • 2. Purchase includes a bill from supplier for Rs. 40,000 which was paid in cash
   • 3. The firm has 3 partners A, B and C. they share profits in the ratio 2:1:1. C is sleeping
   • 4. Interest is paid to partners @ 20% p.a. and authorized by partnership deed
   • 5. Salaries authorized by partnership deed are paid to all partners equally j Q3 (A).From the following information find out the amount of Advance Tax Payable during the year 2017-18 of Mrs Priya who is resident individual. (08Marks)
   • 1. Income from salary Rs. 6,00,000 4 2. Income from let out house property(Gross) Rs.6,40,000 (Municipal Tax Paid Rs 40,000)
   • 3. Tax Deducted at source Rs. 30,000
4. Q3 (B) The shareholding of Mr Patil and Mrs Pati! in ABC Ltd. Is given as follows:
   • 3. Shareholding of Mr. Naresh Patil brother of Mr.Patil :8% Mr.Patil and Mrs Patil are employed with ABC Ltd. None of them hold technicai qualification Mr Patil gets salary @ Rs.70,000 P.M. and Mrs.Patil get @ 40,000 P.M Income from other source :
   • 1. Mr. Patil earned Interest on debenture Rs.4,00,000
   • 2. Mrs Patil earned interest on security Rs.5,00,000 Compute total income of Mr and Mrs. Patil for assessment year
5. Q3 Mrs. Rashmi, an individual submit the following information relevant for assessment year Income from Salary Rs 6,00,000 Income from House Property: Income from Business : Unabsorbed depreciation of | Rs.35,000 Income from other source: Winning from card game Rs.50,000 Loss on maintenance of horse race Rs.1,20,000 Profit on maintenance of camels race Rs.1,00,000 Calculate the total taxable income for the assessment year 2018-19
6. Q4 Mr. Soham is physically disable person (46%) has earn following income for the previous year 2017-18, which are as follows: (15 Marks) e Short term capital gains(equity shares) on bank Fixed deposit Winning from lotter e Income from salar e TDS on interest on bank Fixed deposit 2,000 Compute his Taxable Income and Income Tax for the Assessment year 2018-19
7. Q4 (A) Mr. Amar who is a professional having tax liability for the financial year 2017-18 Rs.15,000. The due date of filling of return of income in his case is 31" July,2018. On August,2018, he paid Rs. 15,000 and filed the return of income. Is he liable to pay interest U/s 234A and 234B? If yes, calculate the same. Marks)
8. Q4 (B)Satvik is wholesale trader is subject to tax audit. State whether tax deduction at source provisions are attracted for the below said expenses incurred during the financial year 2017-18
   • 1. Interest paid to Mr. Anil Rs.2,00,000
   • 2. Contract payment to Mrs Prachi (3 contract of Rs24,000 each) Rs.72,000
   • 4. Commission paid to Ravi Rs.40,000
   • 5. Paid directors sitting fees to director Mrs Meeta Rs 2,00,000
   • 7. Advertisement expenses to Mr Parvesh Rs. 80,000
   • (A) Set off and carry forward of losses of Income From House Property and Capital Gains
   • (B) Provision of clubbing of income from minor child (section 64(1A) ) 7
9. Q5 Short Note (any 3) (15 Mar
   • 1. Belated Return
   • 3. Tax Slab rates for Super Senior Citizen
   • 5. Instalment of advance tax and due date

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