Thursday, April 02, 2015

Dibrugarh University Question Papers - Income Tax (May' 2014)

2014 (May)
COMMERCE
(General)
Course: 601
(Income Tax)
Full Marks: 80
Pass Marks: 32
Time: 3 hours

1. (a) Fill in the blanks:                                   1x4=4
(i) A new business was commenced on 11.11.2011. The first previous year in this case shall be______.
(ii) Residential status is to be determined for______.
(iii) Dividend declared by domestic company shall be______.
(iv) Deduction from interest on loan taken for construction of self occupied house after 1.4.1999 is allowed upto actual amount or Rs.___, whichever is less.

(b) Write true or false:                                   1x4=4

(i) ‘Leave travel concession’ is a tax free perquisite for one journey in a block of 4 years.
(ii) Municipal tax is a deduction from net annual value.
(iii) Capital gain arises from the transfer of any capital assets.
(iv) Total income of a person is determined on the basis of citizenship in India.

2. Write short notes on the following:                                                    4x4=16
(a) Person
(b) Agriculture income
(c) capital assets
(d) charge of income tax

3. Explain the provision of income tax with regards to the following:
(i) House rent allowance
(ii) Gratuity
(iii) Residential accommodation provided by employer
(iv) Encashment of earn leave
OR
Enumerate the special provision in respect of newly established units in SEZ as per Income tax act 1961.          14

4(a). From the following information, compute the taxable income from salary of Mr.X for the AY 13-14
(i)         Salary @10000 pm
(ii)       Dearness allowance (forming part of salary)@5000 p.m.
(iii)      Education allowance for his two children@250 p.m.
(iv)     He resided in the flat of the company at Guwahati (population 30 lakhs)
(v)       Rent of the house recovered from his salary @ 750 p.m.
(vi)     He has been provided with a motor car of 1.6 litre engine capacity for his official and personal use. All expenses of the car are born by the employer
(vii)    Employer contribution to RPF is Rs. 25000 and interest credited to RPF@11% amounted to Rs. 16500.
(viii)  A cook and a watchman have been provided by the employer at his residence and they paid @500 each p.m.
(ix)     Mr. X paid Rs. 3000 for his professional tax.
OR
(b) Explain in detail, as to how the following items are treated in computing taxable income:                   14
(i)Recognized provident fund
(ii)Commutation of pension
(iii)Relief u/s 89(1) of the Income-tax

5. (a) Following are the particulars of house properties of Mr. X for the previous year 2012-2013:

Particular
House-p
House-R
Fair rent
3,50,000
3,20,000
Municipal valuation
3,60,000
3,50,000
Standard rent
3,00,000
5,00,000
Actual annual rent
6,00,000
4,20,000
Unrealised rent(Of the previous year 2011-2012)

10,000
80,000
Vacant period
2 months
4 months
Loss on account of vacancy
1,00,000
1,40,000
Municipal taxes paid
40,000
50,000
Repairs
5,000
7,000
Insurance
20,000
30,000
Land revenue
25,000
40,000
Ground rent
66,000
82,000
Interest on borrowed capital
_____
1,40,000

Compute the income from house property.    14
Or
(b) State the provisions relating to computation of ‘Income from house property’ under different categories of house property as per Income tax act 1961.                                                      14

6. (a) what is capital gain? Differentiate between short-term capital gain and long term capital gain. Explain the procedure of computation of income for capital gain.  2+4+8=14
OR
(b) State any five items of income included under the head ‘Income from other sources’. State any four items deductible in computing taxable income under the head ‘Income from other sources’. State any five items not deductible in computing taxable income under the head ‘income from other sources’.   5+4+5=14


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