BCom TY BCom Sem 5 BCom Sem 5 (2016 2017) May 2017 ATKT DIRECT TAX Question Paper - Mumbai University | munotes

Questions asked in this paper

• (2) Figures to the right indicate maximum marks

1. Q1 (a) Fill in the blanks with most appropriate words (any eight) :— 8 marks
   • (i) Income tax extends to of the India
   • (ii) If an individual does not satisfy the basic conditions of Residential status, he/she will be treated as
   • (iii) Foreign agriculture income is in India
   • (iv) The total of five heads of income given under section 14 is called as
   • (v) Salary given to partner by a firm is taxable under the head
   • (vi) Profession tax deduction is allowed on basis
   • (vii) Recepits from Statutory Provident Fund received by a non-government employee is
   • (viii) Income from the transfer of a capital asset is called
   • (ix) Share of income received by a member of HUF is income
   • (x) Deduction under section 80CCC is allowed to the extent of
2. Q1 (b) State whether the following statements are True or False (any seven) :— 7 marks
   • (i) Income tax is a tax
   • (ii) Previous year is always of Twelve months
   • (iii) An Indian company is non-resident in India
   • (iv) Uncommuted pension received by government employee is exempt
   • (v) In case of short term capital asset indexation is applicable
   • (vi) Investment under section 80C need not be out of taxable income
   • (vii) Municipal tax paid by owner is allowed as deduction from deemed to be let out
   • (viii) Interest on income tax refund is an income from other sources
   • (ix) Income can be in cash or in kind
   • (x) Any sum received under key-man insurance policy is taxable
3. Q2 who is physically disabled to the extent of 50%, works as an Professorina Private College. From the following particulars of Income provided for the previous year ended 31 March, 2016, you are required to compute the net taxable Income for Assessment year : 2016-17 4 Re-imbursement of Medical Expenses 18,000 5 Allowance for Examination work at College 12,000 8 Exam Remuneration received from University 10,000 9 Gift from Grandfather 55,000 10 Dividend from Indian Companies 15,000 11 Interest on Term Deposits with Companies 25,000 12 Interest on Debentures of Indian Companies 30,000 He paid medical insurance premium for her dependent son 15 marks
4. Q2 Ms. Neha provides following particulars of his Income for the previous year ended March, 2016. You are required to compute the net taxable Income for Assessment Year : 2016-17 Sr. No. Particulars of owned house House A (Self- House B 3 House B was vacant for 2 months Paid by owner 12,000 15,000 5 Interest on Borrowed Capital : Paid during the year 35,000 90,000 7 Winnings from Lotteries 80,000 8 Expenses on Purchase of Lottery Tickets 5,000 9 Gift from Friend 70,000 10 Interest accrued on Kisan Vikas Patra issued by Post Office 12,000 11 Dividend from Mutual Funds 25,000 12 He paid Interest of 35,000 on Education Loan taken from Bank of India for her spouse, who is pursuing post-graduation in Building Design, from Mumbai 13 He Invested Rs. 1,50,000 in National Savings Certificates, VIII issue
5. Q3 Mr. Ashok provides the following information for the previous year ended 31* March, are required to compute his net taxable income for the Assessment Year : 2016-17 Profit and Loss Account for the year ended 31* March, 2016 To Salaries 3,20,000 | By Gross Profit 11,00,000 To Staff Welfare 15,000 | By Profit on Sale of Import To Drawings 60,000 Licence 20,000 To Rent 72,000 | By Interest on PPF 75,000 To Income Tax paid 50,000 | By Interest on Bonds 40,000 To Interst paid on Business Loans 80,000 | By Dividend from co-op Bank 15,000 To Miscellaneous Expenses 45,000 To Electricity Charges 90,000 To Contribution to Public To Net Profit 3,88,000 15 marks
6. Q1 paid on Business Loan from State Bank of India, is not paid before the due date for filing return of income
7. Q2 Miscellaneous expenses includes Rs. 25,000 which was paid in cash
8. Q3 allowed as per Income Tax Rules is Rs. 35,000
9. Q3 Mr. Kishen provides the following information for the previous year ended 31* March, 2016. 415 are required to compute his net taxable income for the Assessment Year : 2016-17 Profit and Loss Account for the year ended 31st March, 2016 To Salaries 2,80,000 | By Gross Profit 8,50,000 To Rent 1,60,000 | By Discount Received 50,000 To Staff Welfare Expenses 20,000 | By Rent from House 3,00,000 To Municipal Tax paid for To Interest on Loan for house To Repair Expenses 40,000 To Advertisement expenses 25,000 To Medical Insurance Premium 32,000 To Life Insurance Premium 90,000 To Net Profit 4,53,000
10. Q1 Repair Expenses include repairs to house property = 18,000
11. Q2 Depreciation allowed as per Income Tax 56,000
12. Q3 Medical Insurance Premium is paid for his dependent father
13. Q4 Life Insurance premium is paid for his unmarried daughter, who is not dependent on him
14. Q4 (a) MrRamprasad provides the following particulars of assets transferred by previous year ended 31* March, 2016. You are required to compute his Income from Capital Gains chargeable to tax for Assessment Year : 2016-17 A residential house in Mumbai, which he inherited from his father in December 1982 and was sold on 16" December, 2015 for Rs. 1,20,000. His father had bought this house in February, 1981 at of Rs. 3,00,000 and its fair Market Value on April, 1981 is Rs Mr. Ramprasad made the following investments out of the capital gains arising on sale of 7 marks
    • (i) Purchaseda residential flat in Jaunpur on March, 2016 for = 45,00,000
    • (ii) Purchased 3 year bonds issued by National Highway Authority of India (NHAI) for
    • (b) Ranchordas, an Indian Citizen, left India for employment to Dubai on 1* April, 2011. 8 He came on a visit for the first time to India on August, 2015 and returned to Dubai on Determine his Residential Status for Assessment Year : 2016-17
15. Q4 has earned the following incomes during the previous year ended on March, 2016 Compute his Gross Total Income for Assessment year 2016-17 assuming that he is —
    • (a) Resident and Ordinarily Resident
    • (b) Resident but Not Ordinarily Resident
    • (c) Non-Resident 1 Income from Agriculture in Maldives 1,20,000 2 Interest from bank account in Singapore 1,40,000 3 Dividend on shares of Co-operative Bank in India 1,60,000 4 Salary earned and received in Mauritius 1,80,000 5 Income from business in Nepal controlled from India 2,00,000 6 Income received in Pakistan for services rendered in India 2,20,000 7 Interest from Bonds issued by Indian Companies 2,40,000 8 Past untaxed profits earned outside India, brought to 2,60,000
16. Q5 (a) Describe briefly any four Incomes taxable under the head "Income from Other Sources"?
    • (b) Explain 'Perquisites' as per Section 17(3) under the head 'Income from ? 7
17. Q5 Write short notes (any 3) 15 marks
    • (a) Depreciation under section 32
    • (b) Deduction under section 80D
    • (c) Commuted Pension
    • (d) Annual Value
    • (9) wa
    • (2) sip
    • (3) Gel erat
18. Q0 fet ————— are
19. Q2 APT 40% 39 marks
20. Q3 aft fe. 39 Is 94 marks
21. Q3 aft 39 Voll as
    • (2) 4 2096 Get 3
22. Q4 GR GUST

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