Bachelor of Management Studies (B.M.S.) SEM V 2023 2024 Dec 2024 S ELECTIVE FIANCE DIRECT TAXES Question Paper - Mumbai University | munotes

Questions asked in this paper

1. Q2 Q.2 toQ.5 are compulsory with internal choice
2. Q3 Figures to the right indicate full marks
3. Q4 Workings should form part of your answer
4. Q5 Use of simple calculator is allowed
5. Q1 (A) Match the Columns: (Any 8) Kalyan-Dombivli Municipal Corporation | Does not satisfy basic condition 8 marks
6. Q1 (B) State whether given statements are True or False: (Any 7) 7 marks
7. Q1 The constitution of India empowers Central Government to levy tax on Income
8. Q2 Adani Enterprises Ltd. is a person as per Income tax Act, 1961
9. Q3 Income deemed to accrue or arise in India is taxable in case of all assessee
10. Q4 Gratuity paid to government employees is always fully exempt from tax
11. Q5 Entertainment allowance deduction is only allowed to Non-government employees
12. Q6 Reasonable letting down value is higher of fair rent and municipal valuation
13. Q7 Export incentives received by an assessee are exempt for tax
14. Q8 Income from subletting shall be chargeable to tax under the head income form house
15. Q9 Total deduction u/s 80C and 80CCC cannot exceed Rs. 1,50,000 Family pension received by a widow of a deceased employee is income from other Mr. Mike Ross, a U.S.A. citizen, came to India for the first time on May, 2018 and started business in India. He went back to his country U.S.A. on September 2022. He again came back to India on December 2022 and returned to his country U.S.A.,on 5th February, 2023 Determine the residential status of Mr. Mike Ross for the Assessment Year 2023-24 Mr. Dipen Parab has earned the following incomes during the financial year ended on 31 March, 2023. Compute his Gross Total Income for the assessment year 2023-24. (15)
    • a) Resident and Ordinary Resident
    • b) Resident but not Ordinarily Resident Sharen works as a manager with Nishtha Private Ltd. She gives you following information for the year ended 31*t March 2023. (15) Entertainment Allowance (Amount spend on entertainment Rs.28 Conveyance Allowance (Amount spend on conveyance for official Rs.88,000 per annum Arrears of Salary (Not taxed earlier) Profession Tax deducted from Salary Employees Provident Fund deducted from Salary Interest on Debentures received from Savita Chemicals Ltd. Rs. 60,000 Interest received from Government Securities Rs. 50,000 Royalty received for writing Management Books Rs. 40,000 (Expenses incurred for writing manuscript of this book Rs. 3,500) He spent Rs. 34,000 on medical treatment of his dependent handicapped brother (60% disability) He paid Mediclaim premium of Rs. 28,876 by cheque on health of himself, spouse and son Compute his Taxable Income for the Assessment Year 2023-24
16. Q3 Lala Patel owns two houses in Mumbai. The particulars of these houses are as follows for the previous year ended 31-3-2023 are as follows: (15) He also received the following income during the previous year 2022-23 Accrued Interest on N.S.C. (VIII issue) Rs.16,000 Winning from lottery Rs.50,000 Interest on Saving Bank A/c. Rs.16,000 Interest on Public Provident Fund Rs.13,000 He had taken a loan from HDFC Bank for higher education of his daughter pursuing an Engineering degree course from IIT. During the year he had paid 1,40,000 as interest on Compute his Taxable Income for the Assessment Year 2023-24
17. Q4 Following is Profit & Loss Account of Mr. Manoj Shinde who is physically handicapped (85% disability) for the year ended 31*' March, 2023. (15) To Rent By Dividend from Co-op. Bank To Depreciation By Interest on Government To Repairs & Maintenance To Embezzlement by
18. Q1 Depreciation allowable as per Income Tax Rules Rs 4,20,000
19. Q2 Advertisement includes advertisement of Rs. 72,000 in a Souvenir published by a
20. Q3 1/3" of the Rent is for her residential flat You are required to compute her Taxable income for the assessment year 2023-24 Mr. Raghu acquired residential house property on 15.4.1995 for Rs.3,00,000. Additional information pertaining to property was as follows:
21. Q1 Fair market value as on 1.4.2001 was Rs.9,60,000
22. Q2 Cost of improvement made by him as follows:
23. Q3 He sold residential property on 27.12.22 for Rs.1,80,00,000
24. Q4 He acquired new residential house for Rs.93,00,000 on
25. Q5 He also invested Rs.15,00,000 in Rural Electrification Corporation (REC) Bonds on
26. Q6 Expenses on transfer amounted to Rs.3,00,000 Relevant Cost Inflation Indices are as follows: Compute the Capital Gains of Mr. Raghu for Assessment year 2023-24
27. Q5 (a) Explain different items eligible for deduction under section 80C 8 marks
    • (b) Explain Deduction U/s 80D. Write short notes on (any three): (15) 7
28. Q1 Capital Assets
29. Q2 Deduction U/s 16 marks
30. Q3 Status of an Individual
31. Q4 Pension

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