SAINTGITS COLLEGE OF APPLIED SCIENCES SECOND INTERNAL EXAMINATION Final Year B.Com INCOME TAX LAW & PRACTICE
Time: 3 Hrs 80
Max. Marks:
Section A Answer all questions. Each carries 2 marks. 1. What is transfe transferred rred balance balance from URPF to to RPF? RPF? 2. Who is a specif specified ied employ employee? ee? 3. What do you mean by partly partly agricultural agricultural income? income? 4. What do you mean by by best best judgment judgment assess assessment? ment? 5. Wha What is is P PAN AN? ? 6. What do you you mean mean by by unabso unabsorbed rbed deprecia depreciation? tion? 7. What do you mean by Capital Capital Gain Account Account Scheme? Scheme? 8. Explain Explain E-fili E-filing ng of return return 9. What do you mean by bond bond washing washing transaction transaction? ? 10.What is annual accretion? [10x2 = 20 marks]
Section B Answer any six questions. Each carries 5
marks.
11.Explain the provisions of clubbing of income. 12.Explain the incomes exempted from tax under the head income from capital gain. 13.How will you determine the residential status of HUF? 14.Explain the valuation of Gas, Electricity and water under the head income from salary.
15.Calculate the taxable capital gain. An asset was purchased in the year 2000-03 for Rs.426000. During the PY it was sold for Rs.800000. Expenses in connection with the transfer of sale is Rs.10000. [CII2000-03:447;200708:551]
16.From the following calculate GAV Municipal Val Value
Rs.4,00,000
Fair Fair rent renta al valu value e
Rs.3 Rs.3,,75 75,0 ,000 00
Standard rent
Rs.3,75,000
17.Calculate income from other sources from the following. a. Income Income from agricul agricultural tural land land situated situated in Pakista Pakistan n Rs.43000 Rs.43000 b. Income Income from royalt royalty y Rs.5000. Rs.5000. Actual Actual expenditu expenditure re spent for this this Rs.500 c. Salary as Member Member of Parliam Parliament ent Rs.40 Rs.4000 00 per per month month d. Winnings Winnings from crossword crossword puzzles Rs.10000 Rs.10000 e. Rental Rental income income from plant and and machinery machinery Rs.40000 Rs.40000 excludin excluding g Rs.2000 for repairs and Rs.5000 for depreciation. 18.From the following calculate taxable HRA Basic Basic salar salary y Rs.14 Rs.14000 0000 0 p.a DA
Rs.95000 p.a[Rs.45000 forms part of salary]
HRA
Rs.72000 p.a
He resides in his own house. Turnover achieved by him is Rs.1000000 with a commission of 3%. He works in Kanyakumari. [6 x 5 = 30 marks]
Section C Answer any three questions. Each carries 10 marks.
19.Explain any ten incomes exempt from tax. 20.Explain the different types of assessment.
21.From the following details calculate taxable capital gain. a. Sale considera consideration tion of residen residential tial house house for Rs.30 Rs.3000000 00000 on 26-0826-082007 b. Cost of of acquisiti acquisition on of the the house house on 1-7-99 1-7-99 is Rs.1002000 Rs.1002000[CII:389] c. New reside residenti ntial al hous house e acquir acquired ed on on 2nd March 2008 for Rs.1000000 d. Cost of stamp stamp and regist registration ration fees Rs.100 Rs.100000. 000.
22.From the following P&L a/c calculate income from business
To rent
5 0 ,0 0 0
By gross profit
3,00,000 To salary to employees 1,50,000 To depreciation 2,50,000 To donation
To net profit
4 5 ,0 0 0 8 ,0 0 0
By house property income By income from other sources
8 ,0 0 0 5,89,000 5,89,000
7,00,000 7,00,000 23.Mr.M is employed in ABC Ltd., Bangalore. He gets the following emoluments. Calculate income from salary. Basic salary
Rs.12500 per month
DA [forming part]
Rs.600 p.m
Bonus
Rs.5000
Fees
Rs.1000
2% commission on turnover achieved [turnover achie ved Rs.1, 50,000] HRA
Rs.7250 p.m [rent paid Rs.6400 p.m]
Entertainment allowance Rs.400 p.m [3 x 10 = 30 marks]
