BCom In Accounting & Finance (BCAF) SEM V 2017 18 May 2017-18 ABCAF Question Paper - Mumbai University | munotes

Questions asked in this paper

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1. Q2 are compulsory with internal choice
2. Q3 All questions carry equal marks
3. Q4 Working should form part of your answer
4. Q5 Use of simple calculator is allowed
5. Q1 A Multiple choice questions (any eight) -Rewrite Sentence 1 Gift froma patient to a doctor is 8 marks
6. Q1 Allowed as deduction from gross income of the patient
7. Q2 Exempt from tax for the doctor
8. Q3 Chargeable to tax as income from business for the doctor
9. Q4 Chargeable to tax from other sources for the doctor 2 Income which accrue or arise outside india and also received outside India is taxable in case of
10. Q1 Resident only
11. Q2 Not ordinarily resident
12. Q3 Both ordinarily resident and NOR
13. Q4 None of the above 3 Mclaimed the exemption of gratuity in the past to the extent of Rs.250000 he was entitled to the gratuity from the present employer amounting to Rs. 2,00,000 in the previous year 2015-16, M can claim exemption to the maximum extent of
14. Q2 Nil
15. Q4 None of these 4 Municipal taxis deducted from
16. Q1 value None of the above
17. Q5 Income which accrues outside india from a business not controlled from india
18. Q1 Is taxable only fora non-resident 2). only resident taxable only fora resident but not ordinarily resident
19. Q4 in all taxes 6 A house property with fair rent Rs. 1,20,000 is neither let out nor self occupied through out the previous year. Its annual value shall be
20. Q2 Nil
21. Q4 None of these
    • Q.P. Code :03760 7 Export cash assistance earned by any person from government is
22. Q2 Taxed as capital gains
23. Q3 Taxed as income from other sources
24. Q4 profits and gains of business 8 Salary bonus commission or remuneration due to or received by a working partner from the firm is taxable under the head
25. Q1 Income from salaries
26. Q2 Other sources
27. Q3 Business income
28. Q4 None of the above 9 Agricultural income from a place outside India is
29. Q1 Exempt from tax
30. Q2 Taxable only incase of a non-resident
31. Q3 Taxable as income from business
32. Q4 Taxable as income from other sources 10 The payment for insurance premium under section 80.D should be
33. Q2 By any mode other than cash
34. Q3 Cash/by cheque
35. Q4 None of the above
36. Q1 B State whether true of false (any seven)-Rewrite Sentence 1 Man of the match prize received by a professional sportsman is income as per Income Tax Act 2 If is the total income of a person on the basis of accrual it may be included again on the basis of its receipt In subsequent period 3 Incase the property is owned by co-owners and it is self occupied by all co-owners, the annual value for each co-ownere Shall be nil 4 Income received from smuggling activity isan income.as per income tax act 5 If the assessee carries on his business building as a tenant he can claim depreciation on any extension in respect of such building 6 Jewellery held as stock in trade is treated as capital assets for capital gain purposes Dividend is exempt income if itis paid out of agricultural income of the company In order to be eligible to claim deduction under section 80C, investment /contribution/subscription etc. In eligible or approved modes, should be made from out of income chargeable to tax For claiming deduction u/s 80C in respect of LIC premium can be paid by assessee for himself, spouse and any 7 marks
37. Q10 The quantum of maximum deduction allowed u/s 80U is Rs.50,000
    • Q.P. Code :03760
38. Q2 Vijay furnishes the following information relevant for the F.Y.2015-16: Profit and loss account for the year ended March 2016 (allowed as a deduction earlier) 15 marks
    • a) Depreciation on plant and machinery and extension of building as per Income Tax provision is Rs
    • b) Sales tax of Rs.38,000.includes i)interest for late payment of sales-tax Rs.1,200 ii) penalty for
    • c) Advertisement expenditure was paid by bearer cheque, a single transaction
    • d) Salary includes a payment of to the relatives for gifts Ascertain the income of Vijay chargeable under income from Profits And Gains of Business or Profession for the assessment year 2016-17
39. Q2 Mr.Ashok is working as an Accountant in central railway. The following are the particular of his income for the year ending 31% March 2016: 15 marks
40. Q4 Bonus Rs.2,000
41. Q5 is provided with maruti car for his office use as well as for personal use. The perquisite value of this is ascertained at Rs. 5,920
42. Q6 Entertainment allowance of Rs. 800pm since 1/4/2009 of which he actually spent Rs.8,000 7). He spent Rs.1,500 on books and paid profession tax Rs. 1,720
43. Q8 Dividend from foreign. companies received Rs.5,000 took Anand Bhavan on rent of Rs 2,000 P.M. he subletted the property to Mr. Anant ar Rs
    • Q.P. Code :03760
44. Q12 Withdrawals from PPF account Rs. 34,000 The following particulars of his payments during the year:
    • B) principal repayment Rs.22,000 to HDFC Bank
    • C) He paid Rs.11,000 to general insurance corporation in respect of medical for self his wife
    • D) Tuition fees of Rs. 10,000 for the son doing BMS and for the daughter Rs.45,000 for doing her MS in Compute total income of Mr. Ashok for AY 2016-17
45. Q3 A Milind owns a house the fair rental value of which is Rs. 2,84,000 and standard rent was 2,75,000.it is rented to Jayesh at arent of Rs. 25,000 pm the municipal valuation of the property is Rs 2,25,000.and municipal taxes are 7% of municipal valuation which was paid by Milind during the year Land revenue (due to but not paid) 3,000 Interest exp for constructing the house 80,000 The property was vacant for 3 months during the year Compute his income from house property for assessment year 2016-17 8 marks
46. Q3 B Mr Svetlana has self occupied two houses for her own residential purpose particulars of which are as You are required to compute the net taxable income under the head income house property for the 7 marks
47. Q3 Dr. Krishna is a medical practitioner. Besides his own practice he works as a part time physicianina private hospital for which he monthly remuneration. He is also a consultant physician of TISCO Industries Pvt Ltd.on a monthly retainer fee The doctor maintained a record of his receipts and payments for the year ended March 2016 and the information is abstracted there from: 15 marks
    • Q.P. Code :03760 The written down value of the car and the furniture of the clinic as April 2015 were Rs.50,000 and Rs 3,000 respectively. Depreciation allowable @20% on car and 10%.on furniture .20% of the use of telephone is attributable to personal and private purposes. Compute income from business and profession for Dr. Krishna for the Ay 2016-17
48. Q4 A X holds 1200 equity shares in A Ltd. Since 1979 (cost of acquisition: Rs.20,000 fair market April 1 1981 Rs.18,000) A Ltd. Offers 2000 rights shares of Rs.10 each to X on May 1 2015 at a premium of Rs 20. X subscribes for 900 rights shares and renounces 1100 shares in favour of C by transferring the right entitlement for a consideration of Rs.9,800. X sells 2100 shares in A Itd on June 30 2015 per B Rahul purchases a house property for Rs. 1 1963, he gets the first floor of the house constructed 07 in 1968-69 by spending Rs.40,000. He dies on Sept 12 1979. The property is transferred to Mrs Rahul by his will. Mrs Rahul spends Rs.40,000 and Rs. 87,600 during 1980-81 and 1998-99 respectively for renewal /reconstruction of the property. Mrs. Rahul sells house property for Rs. 25,50,000 on March 15 2016 (Brokerage paid by 25,500) the fair market value of the house on April 1 1981 is Rs. 1,80,000 8 marks
49. Q4 Shri Pandey, an has settled abroad for the last 20 years his passport reveals his It may be assumed that prior to April 2006 he did not come to India after settling abroad. His total earning for the year ended 31.3.2016 was as under: 15 marks
    • Q.P. Code :03760
50. Q1 Income form house property in Salem Rs.90,000
51. Q3 Interest form bank account In India Rs. 10,000
52. Q4 Profits of a business in India mostly controlled from india Rs.25,000
53. Q6 Pension received in Indonesia Rs. 15,000 Determine the residential status of Shri Pandey & scope of his total income for previous year 2015-16
54. Q5 A Define and explain “Assessee“ and “Person” as per Income Tax Act 1961 B List out any seven exempt income u/s 10 of the income tax act 1961 07 8 marks
55. Q5 short notes (any three) 3 Deduction of interest u/s 24 5 Deduction under section 80 U 15 marks

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