Master of Commerce (M.Com.) MCom Accountancy SEM III ADVANCED ACCOUNTANCY Advanced Accounting Corporate Accounting And Financial Management Direct Tax Question Paper - Mumbai University | munotes

Questions asked in this paper

1. Q1 Use of Simple Calculator is allowed
2. Q2 All questions are relevant for assessment year 2018-19
3. Q3 All questions are compulsory carrying 15 marks each
4. Q1 Given below is the profit and loss account of Mayank & Co. for the year 31 March, 2018 Profit and Loss A/c For the year ending March, 2017 ToRemuneration to Partners To Interest to Partners @
   • a) Out of Total expenses,expenses includes the following
   • ii) Donations to Trust ili) Other expenses not deductible u/s 30 to 36 & 37 Rs.12,000
   • b) However the following expenses paid were inadvertently not recorded in books of accounts
   • c) Depreciation allowable as per Income Tax Act is Rs.35,000 Calculate the Taxable Income and Income Tax Liability of the Firm for the assessment year 2018 is Chartered Accountant. She furnishes following information for the year Receipts and Payments A/c For the year ending March, 2018 To Remuneration from College for | 62,000 | By Travelling 35,000 To Interest on FDR (Net of | 27,000 | By Repairs 21,000 Subject Code: 72206 Group A: Advanced Accounting, Corporate Accounting and Financial Management : Direc By Life Insurance By Advance Tax By Investments in
5. Q1 WDV of Computer as on 01.04.17 was Rs.36,000. Depreciation allowable is 40%. In addition she has office equipment with WDV_ of Rs.54,000 on which depreciation
6. Q2 Salaries include Rs.13,000 to domestic servants
7. Q3 Personal expenses include Rs.6,000 for children tuition fees
8. Q4 Interest credited to PPF A/c Rs.16,600
9. Q5 Rent & Taxes is for premises, out of which 60% is used for profession and balance for You are required to compute her taxable income and tax liability for the Assessment year 2018-19
10. Q2 Compute Taxable income and tax liability of Mr. Rajendra Dixit for Assessment Year 2018 Amount spent for Medical Treatment of disabled father (50% disability) suffering 49 000 From the following details compute the total income of Mr. Sagar for the Assessment year
11. Q1 Sagar a resident individual retired from Irani & Co. Ltd on 01.02.18 after 20 years and months of service. He joined Jain & Co. Ltd on the same day 1.e.01.02.18 and remained in service till 31.03.18,when he furnished the following information Gratuity received (not covered by the Gratuity Act,1972) Subject Code: 72206 Group A: Advanced Accounting, Corporate Accounting and Financial Management : Direc 9 marks
12. Q4 Sagar received Rs.2,500 as interest on Post Office Savings A/c and Rs.1,500 as dividend from a company incorporated in England
13. Q5 Interest on deposits in companies in the name of his minor son Rs.4,000
14. Q7 Average salary for gratuity is to be at Rs.94,000 & Profession Tax paid Rs.2,200
15. Q3 (A) Mr. Rajan aged 63 years a severely handicapped person gives the following details for the year ending 31-03-2018 (10) ili) Rent received in respect of residential house let out 48
    • iv) Municipal tax paid for let out house 2,600
    • v) Sale of Shares : Snow India Pvt. Ltd
    • a) Number of Shares : 700
    • b) Date of purchases 25/11/2017
    • c) Date of sale : 08/02/2018
    • vi) Contribution to PPF during the year Rs. 32,000 Compute the Total Income & Tax Liability of Mr. Rajan for A.Y. 2018-19
16. Q3 (B) Mr. Deepak sold his residential house on 01.01.2018 for Rs. which he had purchased in 2001-02 for Rs. He spent Rs. 6000 for sale of the house. He also spent Rs 1, 50,000 on the construction of new house and deposited Rs. 1,00,000 under capital gains account scheme on 28-03-2018. The CII for 2001-02 and 2017-18 are 100 and 272 respectively Compute the taxable capital gain for A.Y. 2018-19. (05)
17. Q3 From the following income of Mr.Sunil for the previous year 2017-18, compute gross total income for assessment year 2018-19 if he is (15)
    • b) Resident but not ordinarily resident
    • c) Non resident Mumbai(30,000 received in India) Subject Code: 72206 Group A: Advanced Accounting, Corporate Accounting and Financial Management : Direc
18. Q4 A. Determine whether the following are true or false. 8 marks
19. Q1 Advance against salary is taxable but advance of salary is not taxable
20. Q2 An Indian company is always resident in India
21. Q3 Previous year is always of 12 months
22. Q4 A firm cannot pay remuneration to its partners if it has incurred loss
23. Q5 The premium u/s 80D can be paid by an individual, for his parents
24. Q7 Unabsorbed depreciation can be carried forward to subsequent 8 assessment years
25. Q8 Municipal tax paid by owner is allowed as deduction for deemed to be let out property Select the most appropriate answer: (07)
26. Q1 The due date for filing return of Income for assesse whose accounts are not required to be
    • a. 30 June b. July
    • c. 31% August d. 30 September
27. Q2 Income Tax Rate for firms is
28. Q3 Gross Tax Liabilty is calculated on
    • c. Income d. Salary
29. Q4 Residential status is to be determined for
    • c. Accounting year d. None of the above
30. Q5 Which asset is not treated as capital asset for capital gain purchases
    • a. Motor car for business use b. Jewellery
    • c. Plant & machinery held as stock in trade d. Tenancy rights
31. Q6 Interest credited to RPF is
32. Q7 All the firms will be charged to tax at the
    • c. Maximum marginal rate d. None of the above notes (any three) (15)
    • a) Revised Return
    • b) Belated Return
    • c) Five items of exemption u/s 10
    • d) Concept of Self Occupied House Property
    • e) Types of Income Tax Returns

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