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BCom TY BCom Sem 5 BCom Sem 5 (2015 2016) Oct 2016 Indirect Taxes Question Paper - Mumbai University | munotes

BCom Sem 5 (2015 2016) Question Paper, Oct 2015.pdf
TY BCOM · 1 May 2025

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Older exam Oct 2016 - SemV Fin Acc L Semester-end · BCom sem 5 (2015 2016) → Newer exam Oct 2016 - Indirect Taxes Semester-end · BCom sem 5 (2015 2016) →

Questions asked in this paper

  • (2) Marks are indicated on the right side of each question
  1. Q1 (A) Fill in the blanks : (Any 8)
  2. Q1 Export incentives received in the form of Duty Drawback by an exporter is chargeable as income from
  3. Q2 Cost inflation index is applicable for computing income 3, Ifthe business is commenced on 31st December first previous year will
  4. Q4 The legal status of Bar council of India is S
  5. Q5 Giftreceived from friend is chargeable head income from
  6. Q6 Income earned outside India by non Indian is fully in India
  7. Q7 is considered as India ifhis stay in India during the previous year is at days
  8. Q8 An individual who does both the basic conditions under section 6(1) of Income Tax Act, 1961 to be in India during the
  9. Q9 The house prop considered as long term capital asset, if it is held for at least 10, Monthly received by Member of Parliament is chargeable under the ts are True or False (Any 7)
    • B) State whether the company received In ty Interest on deposits j cual is fully taxable. dupon citizenship 2 ential status does not is fully exempt
  10. Q3 Dividend received by employer on behalf o Ployee is perquisite. interest on saving bank is limited to = 4 marks
  11. Q5 Maximum decucton t always be resident in India
  12. Q6 An Indian company need not anon government employee is tay
  13. Q7 allowance receive ee from the employer is not.a Raxt of
  14. Q8 Advance salary received by an employ w Salary. bycash & 15000 is allowed as 80D remium f payment of life insurance PPF ete, also
  15. Q10 Deduction u/s 80Cin respect p is allowed to partnership firms ‘i formation for the ea Mr. Bipin Sawant aged 62 years gives you the 4 on 31st March, 2015 Dearness allowance @ 30% of Basic Salary Recognized Provident Fund from basic Salary forthe year Rs. 48000 Winnings from Rs. 50,000 Expenses on lottery tickets - Rs, 2.000 otors Ltd. on 2000 Preference shares at Rs. 10 per share He deposited Rs. 50,000 in Senior Citizen Savings Scheme on 1-1-2015 Compute his taxable income for the assessment year 2015-16 Mr. Rajesh More Completed 60 years on 31-3-2015. He gives you the following 15 information for the year ended on 31/03/2015 for current year — w 20.000 Interest on borrowed Capital for construction of property & (loans taken in 2010-11) paid during the year g 180.000 140,000 due but not paid 20000 20000 During the year he
    • (a) Refund of of Rs. 97800 (including interest of Rs. 32000)
    • (b) Interest on with bank - Rs. 200,000
    • (d) Gifts friends on the occasion of 25th Marriage anniversary R. 151,000 on savings bank account with HDFC Bank - Rs. 7500 He paid Rs. 17000 by cheque for Medical insurance for himself Compute his taxable income for assessment year 2015-16 45
  16. Q3 Mr. Mane is partially blind (85% disability). He furnishes the following information Profit and loss Account for the year ended 31.3.2015 To office expense By Gross Profit b'd By Dividend from To Electricity Charges By saving Bank w To Interest on business loan from By prize Bank of India 30,000 To depreciation 28,000 in To Miscellaneous Expenses}. & game To Advance income tax 23,000
  17. Q1 Depreciation Income Tax Rules is Office expenses office repairs of paid in cash on 14.10.2014
  18. Q3 Interest due on loan from Bank of India is not paid before the due date of filing the return, to compute the total income of Mr. Mane for the Assessment Year
  19. Q3 (A) Mr, Karnik 10.06.2014 his residential house in Nashik for & 75,00.000. It purchased on 07.07.1993 Expenses on transfer amounted Mr. Karnik incurred on improvement on old house in financial year 2005- 3 06 of 1,40,000. He invested Rs 25,00,000 for purchase of new resiential house on You are required to compute Net Capital Gain for the assessment year 2015-1 Relevant Cost Inflation Indices are as under 8 marks
    • (B) Mr. Gupte provides you the following information year ended 31.3.2015. 07 You are required to compute his taxable income Assessment year 2015-16 Dividend received from 4, From the following of Mr: Vijay for the previous year 2014-2015, compute 15 the Gross total for the assessment year 2015-16 ifhe is — but not Ordinarily resident

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