BCom TY BCom Sem 5 BCom Sem 5 (2016 2017) 2017 Direct Taxes Question Paper - Mumbai University | munotes

Questions asked in this paper

• (2) Figures to the right indicate maximum marks

1. Q1 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 section 14 is called as
   • (v) Salary given to partner by a firm is taxable under the head >
   • (vi) Profession tax deduction is basis,
   • (vii) Recepits from Statutory Provident Fund received bya 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 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 exem pt
   • (v) In case of short term capital asset indexation is applicable
   • (vi) Investment under section 80C need not be‘out of taxable income
   • (vii) 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 or in kind
   • (x) Any sum key-man insurance policy is taxable
3. Q2 Ms Shobha, disabled to the extent of 50%, works as an College--From the following particulars of Income provided for the previous year ended i March, 2036, you required to compute the net taxable Income for Assessment year : 2016-17, Re-imbursemént of Medical Expenses 18,000 Allowance work at College 12,000 Exam Remuneration received from University 10,000 from Indian Companies 15,000 15 marks
4. Q22 interest on Term Deposits with Companies 25,000 on Debentures of Indian Companies 30,000 He paid medical insurance premium for her dependent son
5. Q2 Ms. Neha provides following particulars of his Income for the previous year-ended 31% 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 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 253000 12 He paid Interest of 35,000 on Education from Bank of India for her spouse, who is pursuing Building Design, from Mumbai 13 He Invested Rs. 1,50,000 in National Savings Certificates, Vill issue
6. Q3 Mr. Ashok following information for the previous year ended 31* March, 2016. You are required to compute his net taxable income for the Assessment Year : 2016-17 ‘Profit and Loss Account for the year ended March, 2016 To Salaries 3,20,000 | By Gross Profit 11,00,000 To By Profit ‘on Sale of Import 72,000 | By Interest on PPF 75,000 To Income Tax:paid Interest on Bonds 40,000 paid on Business Loans|. By Dividend from co-op Bank 15,000 Te Contribution to > ‘Interest paid on Business Loan from State Bank of India, is not paid before the due date for filing income Miscellaneous expenses includes Rs. 25,000 which was paid in cash allowed as per Income Tax Rules is Rs. 35,000 15 marks
7. Q3 Mr. Kishen provides the following information for the previous year ended.31* March, 2016, You: 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 Property 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 15 marks
8. Q1 Repair Expenses include repairs to house property 18,000
9. Q2 Depreciation allowed as per Income Tax Rules is 56;000
10. Q3 Medical Insurance Premium is paid for his dependent father,
11. Q4 Life Insurance Premium for his unmarried daughter, who is not dependent on him
12. Q4 (a) MrRamprasad provides the following particulars of assets transferred by him duringthe previous year ended 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 on 16'> Rs. 1,20,000. His father had bought this house in February, 1981 at a cost of Rs. 3,00,000 and its fair Market Value on April, 1981 is Rs Me Ramprasad made the following investments out of the capital gains arising on sale of 7 marks
    • (i) Purchased a residential flat in Jaunpur on 30" March, 2016 for 45,00,000
    • (ii) Purchased 3 year bonds issued by National Highway Authority of India (NHAI) for Ranchordas, an Indian Citizen, left India for employment to Dubai on 1* 8 on a visit for the first time to India on 1* August, 2015 and returned to Dubai on Determine his Residential Status for Assessment Year : 2016-17
13. Q4 Mr. Ashit 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 — 15 marks
    • (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 4 Salary earned and received in Mauritius 1,80,000 5 Income from business in Nepal India 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
14. Q5 (a) Describe briefly any four Incomes taxable under the head "Income from Other Sources" ? 8 marks
    • (b) Explain 'Perquisites' as per Section 17(3) under the head from ? 7
15. Q5 ‘Write short notes (any 15 marks
    • (a) Depreciation under
    • (b) Deduction under section 80.D :
    • (d) Annual Value
    • (e) Assessee,

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