BCom TY BCom Sem 5 2022 2023 Nov 2023 APPLIED COMPONENT GROUP PAPERS I DIRECT AND INDIRECT TAXES PAPERS I DIRECT TAX Question Paper - Mumbai University | munotes

Questions asked in this paper

1. Q1 All Questions are compulsory carrying 15 marks each
2. Q3 Figures to the right represent full marks to the question
3. Q4 All questions should be answered w.r.t assessment year 2022-23
4. Q5 All workings shall form part of the main answer
5. Q6 Use of simple calculator is allowed Select correct answer from the options provided and rewrite the sentence: (Any Eight) (08)
   • i. The financial year in which the income is earned is called as the
   • ii. The quantum of deduction of Rs.1,25,000 u/s 80U can be claimed if a person is with disability of
   • a) 10% or more b) 40% or more
   • c) 80% or more d) 100%
   • iii. Depreciation is allowed in case of
   • c) Tangible and Intangible assets d) Wasting assets only
   • iv. Gift received by an individual HUF from relatives shall be is allowed as a deduction while computing the business income
   • vi. Family Pension deduction to assessee is least of the following : % or
   • vii. Mobile handset received by the assessee Doctor during the course of carrying on his profession is taxable under the head
   • a) Income from Salary b) Income from other sources
   • c) Income from Business or Profession d) Capital gain
   • viii. If NAV of LOP is Rs.6,50,000. Interest Paid on loan taken for purchase of property is Rs. 1,50,000 Find out the Income from House Property
   • ix. Nalanda University is assessable under the Income Tax Act, 1961 as
   • c) Local Authority d) Body of Individuals
   • x. The quantum of deduction u/s 80D shall be limited to in case of senior citizens Paper Subject Code: 23015 Applied Component Group: Paper I : Direct and Indirect Taxes.Paper I - Direct Tax State whether the following statements are True or False: (Any Seven) (07)
   • i. Every receipt is an income
   • ii. An Indian company is always non-resident in India Commuted pension is exempted in the hands of both government and non-government
   • iv. Reasonable letting value is lower of fair rent or municipal valuation
   • v. Legal expense of an illegal business are allowed as deduction under the head “Profits/gains from business or profession”
   • vi. Transfer excludes compulsory acquisition under law
   • vii. Gift received by an individual on occasion of marriage is not taxable
   • viii. Deduction u/s 80C will be allowed only if actual payments are made
   • ix. Entertainment allowance deduction is allowed only to Government Employee
   • x. Expenditure which is personal in nature is disallowed as business expenditure
6. Q2 A: Mr. Romesh works with M/s AB enterprises . He provides the following details of his income for the previous year ended on 31* march, 2022
7. Q3 House Rent Allowance Rs.15,000 per month (exempt under section 10 Rs.9,000 per month)
8. Q4 Travelling allowance for business tour Rs.50,000(Amount actually spent on travelling
9. Q5 He was provided with accommodation by his employer, the perquisite value of which was
10. Q6 Bonus declared and paid by employer during the year was Rs.28,000
11. Q10 Directors fees from Top Ltd for attending meetings Rs.3,000
12. Q11 Rent from subletting a flat Rs.12,500, Rent paid to landlord on that flat is Rs.2,500
13. Q12 Fixed deposit with Bajaj Auto Ltd placed on 1* July 2014 for Rs.2,00,000 carrying interest You are required to compute his total Taxable Income for the Assessment Year 2022-23 Mr Sharma has a Residential House Property. Property is Let out for Business. From the following details compute taxable income of Mr. Sharma for the Assessment year 2022-23 Mr.Sharma received dividend from a Public Limited Company during the current previous year LIC premium of Rs.2,00,000. (15) Paper Subject Code: 23015 Applied Component Group: Paper I : Direct and Indirect Taxes.Paper I - Direct Tax
14. Q3 A : Ms. Surbhi Rajput, proprietor of Rajput and Associates, provides you the following information for the year ended 31% March 2022 Profit and Loss Account for the Year ended 31st March, 2022 To Salaries 6,50,000 | By Gross Profit 12,70,000 To Bad Debts written off 50,000 | By Income Tax Refund (including Interest To Printing expenses 30,000 | 12,000) 80,000 To Conveyance 20,000 | By UTI Dividend 50,000 To General expenses 43,000 To GST Penalty 29,000 To Fire Insurance 34,000 To Wealth Tax 1,80,000 To Net Profit 221,000
15. Q1 Depreciation allowable as per Income Tax Rules - Rs.1,62,000
16. Q2 Salaries include salary to proprietor - Rs.4,80,000. Out of this salary, he deposited Rs 1,00,000/- in Public Provident Fund Account and Life Insurance premium for his son Rs
17. Q3 He paid interest of Rs.45,000 on education loan taken from Bank of India for his son, pursuing post-graduate degree in medicine from University of Mumbai You are required to compute her total Taxable Income for the Assessment Year 2022-23. (15)
18. Q3 B : Mrs. Beena Nair, a differently abled person having a disability of 85 %, owns a food outlet at Pune. Following is the Profit and Loss Account prepared by her for the accounting year 2021-22. (15) To GST Tax for the year 2,20,000 | By Gross Profit | 10,95,000 To Professional Fee to brother 81,000 By Rent 9,05,000 To Embezzlement by an employee 32,000 To Salary to staff 5,40,000 To Office expenses 65,000 To Discount to retailers 33,000 To Sundry expenses 45,000 To Profession Tax 12,000 To Interest on Housing Loan 3,20,000 To Net Profit 5,05,000 Paper Subject Code: 23015 Applied Component Group: Paper I : Direct and Indirect Taxes.Paper I - Direct Tax
    • (1) Office expenses include Rs.50,000/- paid as bribe
    • (2) Office expenses include Rs. 15,000 being the municipal taxes in respect of house property
    • (3) Depreciation as per Income tax rules is Rs.33,000/
    • (4) Sundry Expenses represent personal Life Insurance Premium paid during the year
    • (5) Principal on housing loan repaid during the year Rs. 40000/ Compute her Taxable income for the assessment year 2022-23
19. Q4 A: Mr Pravin Thatte purchased property on 10" July 2001 for Rs 51,25,000. He made the following additions/ alterations to the house property Cost of construction of floor in the financial year 2015-16 Rs 475000 Cost of construction of 2nd floor in the financial year 2020-21 Rs 200000 He sold the property on 29* August 2021 for Rs. 2,55,50,000 paying brokerage of Rs 2,55,500 He invested Rs 60,00,000 in Residential Property in Delhi on 30" March 2022 Relevant Cost Inflation Indices are as follows Compute his Capital Gains for the Assessment Year 2022-23 (07)
20. Q4 B : Mr. Vishwas , an Indian Citizen left India for first time for employment in USA on his residential status for the Assessment year 2022-23 ? (08)
21. Q4 C : Mr Pramod Kamble purchased a house Property for Rs 10,50,000 on 15"" December 1980 He constructs a first floor during the financial year 2003-04 for Rs 20,00,000 During the previous year 2021-22, on September 2021 he sold the property for Rs 3,15,00,000, he paid brokerage of 2% on the sale value. The fair market value of the property on 1.4.2001 was Rs He invested Rs 2,25,00,000 in a new residential property on 28.3.2022 Compute his Capital Gains for the Assessment Year 2022-23 Relevant Cost Inflation Indices are as follows Paper Subject Code: 23015 Applied Component Group: Paper I : Direct and Indirect Taxes.Paper I - Direct Tax
22. Q4 D : Mr Sane has earned the following incomes during the previous year ended on 31% March 2022. Compute the Gross total Income for the Assessment Year 2022-23 assuming that he is
    • b) Non Resident
    • S.No Particulars Amount (Rs)
23. Q1 Agriculture income from China 10000
24. Q2 Rent from a house in Kolkatta received in New Zealand 17500
25. Q3 Interest from Bank Account in Melbourne Australia 41000
26. Q4 Income Accrued in Mexico, received in Singapore 30000
27. Q5 Past untaxed profits earned in Senegal, brought to India 35000
28. Q6 Royalty from Govt. of Maharashtra received in Tanzania 110000
29. Q5 A : State any eight disallowances under the head “Profits/Gains from Business and
30. Q5 B : Explain in detail deductions under the Head Income from House Property for Let out
31. Q5 C : Write short notes (Any 3) 1.Define : Assessment Year and Previous Year 15 marks
32. Q2 Conditions for Resident but not Ordinary Resident
33. Q5 Deduction under 80-DD Paper Subject Code: 23015 Applied Component Group: Paper I : Direct and Indirect Taxes.Paper I - Direct Tax
34. Q1 15 site
35. Q7 ARIST Hel
36. Q3 ay ay
37. Q3 S Ud
    • v. TOT se
38. Q3 saa Paper Subject Code: 23015 Applied Component Group: Paper I : Direct and Indirect Taxes.Paper I - Direct Tax
    • v. feat
39. Q9 Ufa ay Paper Subject Code: 23015 Applied Component Group: Paper I : Direct and Indirect Taxes.Paper I - Direct Tax
    • (2) Wale 15,000 Sala
    • (3) 33,000/- se Paper Subject Code: 23015 Applied Component Group: Paper I : Direct and Indirect Taxes.Paper I - Direct Tax
40. Q5 80-DD

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