BCom TY BCom Sem 5 BCom Sem 5 (2019 2020) Oct 2020 APPLIED COMPONENT GROUP PAPER I DIRECT AND INDIRECT PAPER I DIRECT TAX Question Paper - Mumbai University | munotes

Questions asked in this paper

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• 2. Figures to the right indicate full marks allotted to the question

1. Q3 Working notes should form part of your answers
2. Q4 Use of simple calculator is allowed
3. Q5 Answers should be with reference to assessment year 2019-20
4. Q1 A. Fill in the blanks with appropriate answers from the bracket. (Any 8) 8 marks
5. Q1 is not considered to be a capital asset for capital gain purpose. ( urban agricultural land/ Jewellery/ Stock in Trade )
6. Q2 Listed Shares held for less than months would be considered as Short term Capital
7. Q3 If the Assessee owns two houses which are self Occupied then one of them will be treated as Deemed to be Let Out/ Let Out)
8. Q4 Standard Deduction from. Net annual Value of House Property under section 24 is 30000/ of Net annual Value 30% of Net annual Value)
9. Q5 Indexation is applicable to . (long term capital assets/short term capital assets/depreciable
10. Q6 Deduction U/S in respect of tuition fees is allowed to an individual for maximum
11. Q7 is liable to pay income tax on his foreign income received in India. (Resident/ Non resident/ Both Resident and Non- resident )
12. Q8 Indian citizen leaving India for Employment is considered as resident in India in any previous year if he stays in India for minimum of 60/182/365)
13. Q9 Maximum Limit of deduction under section 80 C is ( Rs. 50000/ Rs
14. Q10 Gift of Rs. 1,00,000 received from brother is . (Fully Taxable/ Fully Exempt/ Taxable Paper Subject Code: 23015 Applied Component Group: Paper I : Direct and Indirect Taxes.Paper I - Direct Tax B whether the following statements are True or False (Any 7) (07)
15. Q1 Residential status is different from citizenship
16. Q2 Subletting of house property is covered under the head Income from House Property
17. Q3 Depreciable Asset is treated as capital assets for capital gain purpose
18. Q4 Winning from lotteries, cross word puzzles, horse races and other races, card game etc are fully
19. Q5 Assessment year is always a period of 12 month
20. Q6 Arrears of Salary received are not taxable at all
21. Q7 Loss on sale of Asset is not allowable as expense under income from business and profession
22. Q8 Maximum deduction under section 80 U in case of permanent disability is Rs. 50,000
23. Q9 Exempt incomes are laid down in Section 10 of the income tax Act
24. Q10 Cost of Medical treatment in a hospital maintained by employer to employee’s spouse is a non
25. Q2 A. Find out the taxable income of Mr. Shamrao Dudhe from the following particulars. Profit and Loss Account for the year ended 31-03-2019 To Interest 61,800 By Gross Profit 3 To Repairs 36,200 By Rent from House 1,36,000 To Insurance 4,200 By Interest on PPF Account 10,000 To Law Charges 51,000 To Contribution to PPF 23,800 To Subscription charges 15,800 To Net Profit 2,40,100 15 marks
    • a) Interest includes Rs.21,200 on loan taken for reconstruction of house property let out
    • b) Repairs relating to house property let out are Rs 14,200 of the repairs debited to the above
    • c) Compensation was paid to an employee whose dismissal was in the interest of the business Paper Subject Code: 23015 Applied Component Group: Paper I : Direct and Indirect Taxes.Paper I - Direct Tax
    • d) Insurance includes 30% of the amount paid for fire insurance of house property let out and 20% of the amount paid for medical insurance of Mr. Shamrao to GIC
    • e) Subscription includes Rs. 2,000 given for election purpose to political parties Find out his total income for the 2019-20
26. Q2 B Mr. Paranjpe, who is partially blind (82 %) furnishes you the following revenue statement. for the year ended 31-03-2019 Compute his total income for the A.Y. 2019-20 To Opening stock 32,000.| By Sales To Purchases By Closing Stock 31,500 To Salaries & Wages By Rent received from 1,20,000 To Commission 39,000 | House To Office expenses 7,000 | By Amount received under 58,000 To Depreciation 30,000 | Keyman Insurance Policy To Income Tax 40,000 To Interest on Housing Loan To Investment in National To Net Profit 1,06,500 15 marks
    • a) Purchases include costs of new machinery Rs. 20,000 purchased in May, 2018
    • b) Depreciation as per Income Tax rules is Rs 33,000
    • c) He Paid Rs 15,000 for Health Insurance for self Commission includes an amount of Rs. 12000 paid in cash Paper Subject Code: 23015 Applied Component Group: Paper I : Direct and Indirect Taxes.Paper I - Direct Tax
27. Q3 A. From the following particulars, compute total income of Mr. Raman Yadav for the Assessment
    • a) Salary Rs.2,00,000 per annum (Net after deduction of Tax Deducted at Source Rs.25,000 per
    • b) Received arrears of salary Rs.25,000
    • c) He Spent Rs.2,500 on books and periodicals
    • d) Interest on State Government Securities Rs.7,000
    • e) Dividend from a co-operative society Rs.3,500
    • f) Interest on debentures received Rs.10,000
    • g) Repayment of Education loan of Rs.2,50,000 taken for higher studies of his daughter and Interest repayment on Education loan Rs.30,000
    • h) Cash gift by the employer to daughter of Mr. Raman Yadav on the occasion her marriage Rs
28. Q1 Paid Life Insurance Premium of Rs.35,000 by cheque Mr. Kailash Gawani (handicapped person 41%) joined a company X Itd on 1* April, 2018 and was paid the following emoluments and allowed perquisites as under: (15)
29. Q1 He paid mediclaim premium of Rs.25,000 by cheque
30. Q4 Rent received for sub-letting flat Rs.50,000 Compute his taxable Income for the Assessment Year 2019-20 Paper Subject Code: 23015 Applied Component Group: Paper I : Direct and Indirect Taxes.Paper I - Direct Tax
31. Q4 A. Mr. Kungfu is a citizen of China who came to India for the first time for employment on 1*' April 2014. On Ist February, 2015 he was transferred to Singapore for 3 years. He came back to India on January, 2018 and since then he is in India. Determine his residential status for the assessment year 2019
32. Q20 Give proper explanation to your answer. 8 marks
33. Q4 B. Mr. Amit acquired a house property for Rs. 7,50,000 on 31“ July 1987. He made the following additions to the house property Cost of Improvement in Financial Year 2003-04 Cost of Improvement in Financial Year 2006-07 1,50,000 Fair Market Value of the property on 01-04-2001 was Rs.27,00,000. Amit sold the property in April, 2018 for 95,00,000. He also paid brokerage of Rs 1,25,000 for the sale of his property. He acquired a new house property during February 2019 for Rs. 25,00,000.You are required to compute his income from Capital Gains chargeable to tax for Assessment Year 2019-20 Cost Inflation Index are as follows: Mr. Avinash, had the following income during the year ended on March, 2019. (15) Compute his Total Income for the assessment year 2019-20, if he is: 7 marks
    • a) A Resident
    • b) A Resident but not ordinary Resident
    • c) A Non-Resident Paper Subject Code: 23015 Applied Component Group: Paper I : Direct and Indirect Taxes.Paper I - Direct Tax
34. Q5 A) What are perquisites? State any five Non taxable perquisites? 8 marks
    • B) State any seven expenses which are expressly disallowed while computing income from profits and gains from business/ profession. (07)
    • C) Write short notes on (any three) 15
35. Q1 Agricultural income
    • i) Capital Asset ili) State any five incomes from other sources
    • v) Annual Value Paper Subject Code: 23015 Applied Component Group: Paper I : Direct and Indirect Taxes.Paper I - Direct Tax
    • H) Ute Heh
    • H) AM 2,400 Gea
    • S) SAT Paper Subject Code: 23015 Applied Component Group: Paper I : Direct and Indirect Taxes.Paper I - Direct Tax ii) iii)

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