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Wednesday, April 27, 2016

Dibrugarh University Question Paper - Direct Tax : II (May' 2015)

2015 (May)
Commerce (Speciality)
Course: 601
(Direct Tax: II)
Full Marks: 80
Pass Marks: 32
Time: 3 Hours
The figures in the margin indicate full marks for the questions.
1. (a) Write true or false:                              1x4=4
(i) Capital Assets means property of any kind held by an assessee whether or not connected with his business or profession.
(ii) Provision for bad and doubtful debts is an allowable deduction in computing business income.
(iii) Net wealth comprises of aggregate of all assets including deemed assets but excluding exempted assets.
(iv) As per Section 73(1) of the Income tax Act, the loss arising out of speculation business can be set off against profit from non-speculative business.

(b) Mention four exceptions to the rule given u/s 70 that a loss can be set off against any other income under the same head.                     4

2. Write short notes on any four of the following:                             4x4=16
(a) Unabsorbed depreciation

(b) Expressly admissible deduction in computing business income
(c) Deemed income
(d) Corporate assessee
(e) Transactions not regarded as transfer

3. (a) What do you mean by depreciation? Discuss the conditions to claim deduction for depreciation in computing income from business and profession.                   3+8=11
Or
(b) Mr. X, a resident , is a practising chartered accountant. He also runs a private accountancy coaching institute. He keeps his accounts on cash basis and his summarised cash account for the year ended on 31st March, 2015 is as under:
Particulars
Amounts
Particulars
Amount
To Balance B/d
To Income from accounting work
To Audit fee
To Institute fee
To Examination fee
To Withdrawal from PPF
To Interest on Investment
To Agricultural Income
To Rent from let out house property
13,000
1,25,400
2,14,700
6,100
4,600
50,000
18,000
10,000
48,000
By Office expenses
By Office telephone of bills
By Municipal tax of house property
By Institute expenses
By Miscellaneous expenses
By Membership fee and certificate fee
By Life insurance premium
By Income Tax
By Motorcar purchased
By Motorcar expenses
By Insurance of house property
By Balance c/d
24,000
7,000
4,000
1,800
43,500
1,200
17,000
22,500
1,80,000
9,600
840
1,78,360

4,89,800

4,89,800
Additional Information:
1) 1/3rd of motorcar expenses is in respect of his professional practice.
2) Miscellaneous  expenses includes Rs. 6000 paid as stipend to trainees and balance is his personal expenses.
3) He purchased a computer on 30th November, 2014 for Rs. 54,000 and took a loan of Rs. 50,000 @ 15% P.a.
4) Motorcar comes under 15% block while computer comes under 60% block.
Compute professional income of Mr. X for the previous year, 2014-15.                                   11

4. (a) What do you mean by capital assets? Explain the mode of computation of capital assets.   4+7=11
Or
(b) Following are the particulars of assets head by Vandana during the previous year, 2014 – 15:
Assets
Year of
acquisition
Cost of
Acquisition
CII
FMV as on
1-4-81
Selling expenses
Selling price
Shop
Jewellery
Shares
Shares
Plant (Depreciable)
Residential house
1980-81
1980-81
1990-91
1982-83
1982-83
1984-85
20,000
10,000
6,000
20,000
4,00,000 (WDV)
60,000
100
100
182
109
109
125
40,000
50,000
………..
………..
………..
…………
10,000
……….
1,000
2,000
………
………
5,80,000
5,20,000
30,000
2,21,560
7,00,000
5,32,560
Calculate the taxable amount of capital gain if CII for 2014 – 15 is 1024. Security transaction tax on sale of shares has been paid.                                                      11

5. (a) What is net wealth? How it is computed?                  4+7=11
Or
(b) Discuss, in detail, the provisions of the Wealth Tax Act regarding the deemed assets.                               11

6. (a) What do you mean by setoff of losses? When can a loss be carried forward to set off against future income? Discuss briefly the provisions of the Income-Tax Act regarding the carry forward and setoff of losses from capital gain.  3+4+5=12
Or
(b) Determine the total income of Mr. A from the particulars given below for the previous year, 2013-14 and present year 2014-15:                                                               12

Previous year 2013 – 14
Previous year 2014 – 15
Computed Property Income
Computed Salary Income
Business profit before depreciation
Depreciation for the year
Short-term Capital gain
Income from other sources
20,000
1,90,000
40,000
1,20,000
10,000
20,000
20,000
2,20,000
1,20,000
1,40,000
Nil
40,000

7. (a) What propositions may an employee consider for the purpose of tax planning under the head “Salaries”?                11
Or
(b) Write notes on the following:                              5+6=11
(i) Tax Evasion

(ii) Deduction u/s 80C

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