Sunday, May 14, 2017

Dibrugarh University Solved Question Papers: Income Tax (May' 2015)

2015 (May)
COMMERCE
(General)
Course: 601
Time: 3 hours
(Income Tax)
Full Marks: 80
Pass marks: 32

The figures in the margin indicate full marks for the questions
1. (a) Fill in the blanks:                                                                               1x5=5
(i)  Income-tax Act, 1961 consists of 298 sections, sub-sections and rules.
(ii)  Agricultural income is fully exempted from tax u/s 10 (1) and as such does not form part of total income.
(iii)   For the assessment year 2015-16 as assessee can avail deduction u/s 80 © up to the extent of 1,50,000.
(iv)  Housing property income of a local authority is exempt for taxation under income from house property.
(v)    Distribution of assets in kind by a company to its shareholders on its liquidation is not as a transfer of capital assets.

(b) Write “True” of “False”:                                                             1x3=3
(i)      Tax liability of an assessee depends upon his residential status.                                       TRUE
(ii)    Daily allowance received by a Member of Parliament is not considered for income tax.                         TRUE

(iii)   Income from subletting house will be chargeable under the head ‘income from other sources’.       TRUE

2. Write short notes on the following:                                                        4x4=16
(a) Assessee: To mean a person by whom any tax or any other sum of money payable under the Act and include:
i)        Every person in respect of whom any proceeding has been initiated under the act for the assessment of his income or the income of any other person.
ii)       A person who is deemed to be assessee under any provision of the Act.
iii)     A person who is deemed to be an assessee in default in any of the provision of the Act.
The above explanation divides various types of assessee into three categories:
(a)    Ordinary assessee
(b)   Representative assessee or deemed assessee
(c)    Assessee-in-default

(b) Gross total income under Income-tax Act, 1961: Section 14: As per section 14, all income, for purposes of income-tax, will be classified under the following heads of income.
a)      Salaries,
b)      Income from House Property,
c)       Profits and gains of business or profession
d)      Capital gains
e)      Income from other sources
Aggregate of incomes computed under the above 5 heads, after applying clubbing provisions and making adjustments of set off and carry forward of losses, is known, as gross total income (GTI) [Sec. 80B]

(c) Income-tax rates for the assessment year 2015-16: Income Tax Slab Rates for FY 2017-18(AY 2018-19)
Income Slab
NO TAXI
TAX @ 5%
TAX @ 20%
TAX @ 30%
PART I: Income Tax Slab For Individual Tax Payers & HUF (Less Than 60 Years Old) (Both Men & Women)
2,50,000
2,50,001 TO 5,00,000
5,00,001 TO 10,00,000
FROM 10,00,001
PART II: Income Tax Slab For Senior Citizens (60 Years Old Or More But Less Than 80 Years Old)(Both Men & Women)
3,00,000
3,00,001 TO 5,00,000
5,00,001 TO 10,00,000
FROM 10,00,001
PART III: Income Tax Slab For Senior Citizens(80 Years Old Or More) (Both Men & Women)
UPTO 5,00,000
5,00,001 TO 10,00,000
FROM 10,00,001
Surcharge: 10% of income tax, where total income exceeds Rs.50 lakhs upto Rs.1 crore. Surcharge: 15% of income tax, where total income exceeds Rs.1 crore. Cess: 3% on total of income tax + surcharge.

(d) Exemptions in incomes from house property in income tax.
Ans: Properties exempted from tax under the head income from house property (Sec. 10)
1) Income from a farm house.
2) Annual value of one palace in the occupation of an ex-ruler.
3) Property income of a local authority.
4) Property income of an approved scientific research association.
5) Property income of an educational institution and hospital.
6) Property income of a registered trade union.
7) Income from property held for charitable purposes.
8) Property income of a political party.
9) Income from property used for own business or profession.
10) Annual value of one self occupied property.
3. (a) Explain ten incomes which are exempted u/s 10 of the Indian Income-tax Act.            14
Ans: Income Exempted from tax under Sec. 10:
1)      Agriculture Income [Sec.10 (1)]: Agriculture income is fully exempted from tax u/s 10(1) and as such does not form part of total income. As per Section 2(1A) agriculture income includes:
a)      Any rent or revenue derived from land which is situated in India and is used for agricultural purpose;
b)      Any income derived from such land by agriculture or by the process employed to render the product fit for market or by sale of such produce by the cultivator or receiver of rent in Kind.
c)       Any income derived from any building provided the following conditions were satisfied:
Ø  The building is or on the immediate vicinity of the agricultural land;
Ø  It is occupied by the cultivator or receiver of rent or revenue
Ø  It is used as a dwelling house or store house or out house ;
Ø  The land is assessed to land revenue and it is not situated within the specified area.
2)      Receipt of share in HUF as a member [Sec. 10(2)]: The share in the profit of the HUF received by the member of HUF is wholly exempt.
3)      Receipt of share of profit in Partnership firm as partner [Sec.10 (2A)]:  The share in the profit of the firm received by the partner is wholly exempt.
4)      Lump sum receipt from LIC:  Any sum received under a life insurance policy, including the sum allocated by way of bonus on such policy. Exceptions:
a.       Any sum received under sub-section (3) of section 80DD or sub-section (3) of section 80DDA; or
b.      Any sum received under a Key man insurance policy; or
c.       Any sum received under an insurance policy issued on or after 1.4.2003 in respect of which the premium payable for any of the years during the term of the policy exceeds 20% of the actual capital sum assured:
Provided that the provisions shall not apply to any sum received on the death of a person:
Explanation to sub-section (3) of section 80C the sum assured will not include any premium agreed to be returned or any benefit by way of bonus.
5)     Interest on securities [Sec.10 (15)]: The interest on following securities is exempted:
a.       interest on notified securities, bonds and certificates 12 years NSAC, National Defense Gold Bonds 1980, Post Office Cash certificates (5 years), National plan saving certificate (12 years), Post- Office National saving certificate (12 or 7 years), Post Office saving Bank A/c, etc.
b.      Interest on capital investment bonds of individual and HUF.               
c.       Interest received by NRI from notified bonds.
d.      Interest on notified bonds, debentures of Public Sector Company.
e.      Interest on bonds issued by state pooled finance entity & notified by central government
6) Educational Scholarship [Sec. 10(16)]: Scholarship granted to meet the cost of education is exempt. Cost of education includes tuition gees and all other incidental expenses. It is not necessary that Govt should finance scholarship.
7)  Family pension [Sec. 10(19)]: Family pension received by widow or children or nominated heirs of the armed force of union is exempt from tax, provided his death is on operational duty.
8)   Income of Professional Institution [Sec. 10(23A)]: Any income of professional institution is exempt except house property, interest, and dividend and by rendering any specific service. Conditions for exemptions:
a.       The institution is established for purpose of control, supervision and regulation on profession of law, medicine, accountancy, engineering and other notified profession.
b.      The income is applied wholly for the object for which it is established
c.       Approved by central government.
9) Income of a news agency [Sec. 10(22B)]: The income of a news agency for any assessment year is exempt, when:
a)      It is set up in India solely for collection and distribution of news.
b)      The news agency has been notified for this purpose for the relevant assessment year;
c)       It applies its income or accumulates it for application solely for collection and distribution of news; and
d)      If does not distribute its income in any manner to its members.
10) Income of a local authority [Sec. 10(23A)]: The entire income shall be exempted except the income derived from the supply of commodity or service other than water and light, outside its own jurisdiction area.
11)       Minor income [Sec. 10(32)]: Any income of minor included in the income of his parents as per Sec. 64 (1 A) is exempt up to Rs. 1500/- per child per annum.
12)     Dividend from domestic company [Sec. 10 (34)]: Any income by way of dividends referred to in section 115-O. As per sec-115 O dividend declared by domestic company on which corporate dividend tax is paid.
13)   Dividend/ income from units [Sec. 10(35)]: Any income on units of mutual funds or units of UTI Provided that this clause shall not apply to any income arising from transfer of units of the Administrator of the specified undertaking or of the specified company or of a mutual fund, as the case may be.
Or
(b) What do you mean by “Tax Holiday”? Explain with examples “Tax Holiday” for industrial units established in Special Economic Zones and export-oriented undertakings.          4+10=14
Ans: Meaning of Tax Holiday: A government incentive program that offers a tax reduction or elimination to businesses. Tax holidays are often used to reduce sales taxes by local governments, but they are also commonly used by governments in developing countries to help stimulate foreign investment. Used in the hopes of increasing the gross domestic product (GDP) in developing countries, tax holidays are a way in which governments attract foreign investors. Tax holidays are often put in place in particular industries to help promote growth.
SPECIAL PROVISION IN RESPECT OF NEWLY ESTABLISHED UNITS IN SPECIAL ECONOMIC ZONE [SECTION 10AA]:
 1. CONDITIONS TO BE SATISFIED: The following conditions should be satisfied to claim deduction u/s 10AA:
Condition 1 :  Assessee, being an entrepreneur as referred to in clause (j) of section 2 of the Special Economic Zones Act, 2005. Entrepreneur is a person who has been granted a letter of approval by the Development Commissioner to set a unit in a Special Economic Zone.
Conditions 2 :  The Unit in Special Economic Zone who begins to manufacture or produce articles or things or provide any services during the previous year relevant to any assessment year commencing on or after the 1st day of April, 2006.
Conditions 3 :  It is not formed by the splitting up, or reconstruction, of a business already an existence.
Conditions 4 :  It not formed by the transfer to a new business, of old plant and machinery. However, it can be formed by transfer of old plant or machinery to the extent of 20%.
Condition 5 :   The assessee has income from export of articles or thing or from services from such unit. In other words, the assessee has exported goods or provided services out of India from the Special Economic Zone by land, sea , air, or by any other mode, whether physical or otherwise.
Conditions 6 :  Books of Accounts of the taxpayer should be audited. The Tax payer should submit Audit Report in Form No.56F along with the return of income.
2. AMOUNT OF DEDUCTION: Deduction depends upon quantum of Profit derived from Export of Articles or things or services (including computer software). It is calculated as under: (Profit of the Business of the undertaking X Export turnover)/Total Turnover of the business
Deduction for First 5 Assessment Years –   100% of Profits and Gains derived for a period of five consecutive assessment years beginning with the assessment year relevant to the previous year in which the Unit begins to manufacture or produce such articles or things or provide services.
Deduction for 6th Assessment Year to 10th Assessment Years:  50% of such Profits and Gains for further five assessment years and thereafter;
Deduction for 11th Assessment Year to 15th Assessment Year:  Amount not exceeding 50% of the profit as is debited to the profit and loss account of the previous year in respect of which the deduction is to be allowed and credited to a reserve account to be created and utilized for the purposes of the business of the assessee.
3. CONSEQUENCES FOR MERGER AND DEMERGER: Where any undertaking is transferred, before the expiry of the period specified in this section, to another undertaking, under a scheme of amalgamation or demerger, no deduction shall be admissible under this section to the amalgamating or the demerged Unit for the previous year in which the amalgamation or the demerger takes place.
100% EXPORT ORIENTED UNDERTAKINGS (100% E.O.U.) [Sec - 10B]
A deduction of such profits and gains as are derived by a hundred percent export-oriented undertaking from the export of articles or things or computer software for a period of ten consecutive assessment years beginning with the assessment year relevant to the previous year in which the undertaking begins to manufacture or produce articles or things or computer software, as the case may be, shall be allowed from the total income of the assessee. The Provisions of Sec 10B are given below:
1. CONDITIONS TO BE SATISFIED: This section applies to any undertaking which fulfils all the following conditions, namely:
a)      It manufactures or produces any articles or things or computer software;
b)      It is not formed by the splitting up, or the reconstruction, of a business already in existence:
c)       No deduction under this section shall be allowed to an assessee who does not furnish a Return of his Income on or before the due date specified under sub-section (1) of section 139.
d)      Should not be formed as a result of the re-establishment, reconstruction or revival by the assessee of the business of any such undertaking
e)      It is not formed by the transfer to a new business of machinery or plant previously used for any purpose.
f)       Audit Report should be submitted in Form No. 56G.
2. AMOUNT OF DEDUCTION: If the aforesaid conditions are satisfied , the deduction u/s 10B may be computed as under : (Profit of the Business of the undertaking X Export turnover)/Total Turnover of the business.
3. PERIOD OF DEDUCTION: This deduction shall be allowed for a period of 10 consecutive Assessment Years beginning with the assessment year relevant to the previous year in which the undertaking begins to manufacture or produce such articles, or things or computer software. No deduction under section 10B shall be allowed to any undertaking from the assessment year beginning on the 1st day of April, 2010 and subsequent years.
4. TRANSFER UNDER A SCHEME OF AMALGAMATION OR DEMERGER: In case an undertaking eligible for deduction under this section is transferred, before the expiry of the specified period, to another Indian company in a scheme of amalgamation or demerger:
(a) No deduction shall be admissible under this section to the amalgamating or the demerged company for the previous year in which the amalgamation or demerger takes place ; and
(b) The provisions of this section shall apply to the amalgamated or the resulting company as if the amalgamation or demerger had not taken place.
4. (a) Sri Pradip Saikia is a manager. He has furnished the following income and investment up to 31st March, 2014:
a.       Life insurance premium on the life of his married daughter – Rs. 6,000 (sum assured – Rs. 20,000)
b.      Life insurance premium on his own life – Rs. 2,700 (sum assured – Rs. 60,000)
c.       Life insurance premium on the life of his dependent sister – Rs. 10,000
d.      Contribution towards recognized Provident Fund – Rs. 9,000.
e.      Contribution towards Public Provident Fund – Rs. 30,000
f.        Repayment of Loan taken from LIC for purchase of residential house property – Rs. 30,000
g.       Contribution towards notified equity-linked savings scheme of UTI 2011 – Rs. 14,000
h.      His monthly salary – Rs. 40,000
i.        Income from house property – Rs. 18,600
Find out the tax liability of Sri Pradip Saikia for the assessment year 2014 – 15.                 14
Or
(b) Explain the treatment of the following items in computing taxable income in case of Income from salary:
(i) House rent allowance.                                     5+5+4=14
Ans: House Rent Allowance Section 10(13A) and Rule 2A: HRA is exempt under section 10(13A) to the extent of the minimum of the following three amounts:
House situated in Delhi, Mumbai Chennai & Kolkata
House situated in any other city
Minimum of the following 3 limits
Minimum of the following 3 limits
(i) Allowance actually received; or
(i)    Allowance actually received; or
(ii) Rent paid in excess of 10% of salary; or
(ii)    Rent paid in excess of 10% of salary; or
(iii) 50% of salary
(iii)   40% of salary
Meaning of salary: Basic salary plus D.A. to the extent the terms of employment so provide plus commission if fixed percentage of turnover. Salary is to be taken on due basis.

(ii)  Section 80 (c): Deduction under Sec. 80C
Section 80C provides deduction in respect of specified qualifying amounts paid deposited by the assessee in the previous year. The following are the main provisions of the Section 80C:
a)      Under Section 80C , deduction would be available from Gross Total Income.
b)      Deduction under section 80C is available only to individual or HUF.
c)       Deduction is available on the basis of specified qualifying investments / contributions / deposits / payments made by the taxpayer during the previous year.
d)      The maximum amount deduction under section 80C , 80CCC, and 80CCD can not exceed  Rs.1.50 lakh.
The Deduction is calculated as per the following steps
Step-1  : Gross qualifying Amount which is the aggregate of the following:
a)      Life Insurance Premium
b)      Payment in respect of non-commutable deferred annuity.
c)       Any sum deducted form salary payable to Govt. employee for the purpose of securing him a deferred annuity.
d)      Contribution towards Statutory Provident Fund and Recognised Provident Fund.
e)      Contribution towards 15-year Public Provident Fund
f)       Contribution towards an Approved Superannuation Fund.
g)      Subscription to National Saving Certificates, VIII Issue.
h)      Contribution for participating in the Unit-linked Insurance Plan (ULIP) of UTI.
i)        Contribution for participating in the Unit-linked Insurance Plan (ULIP) of LIC Mutual Fund.
j)        Payment to notified annuity plan of LIC
k)      Subscription towards notified Units of Mutual Fund or UTI.
l)        Contribution to notified Pension Fund set up by Mutual Fund or UTI.
m)    Any sum paid as subscription to Home Loan Account Scheme of the National Housing Bank.
n)      Any sum paid as Tuition Fees for full time education of any 2 children of an individual.
o)      Any payment towards the cost of purchase / construction of a residential Property.
p)      Amount invested in approved Debenture of , and equity shares in, public company engaged in infrastructure.
q)      Amount deposited in as Term Deposit for a period of 5 years or more in accordance with a scheme framed by the Government.
r)       Subscription to any notified Bonds of National Bank for Agriculture and Rural Development ( NABARD)
s)       Amount deposited under Senior Citizens Saving Scheme.
t)       Amount deposited in 5 Year Time Deposit in Post Office.
Step-2: Net Qualifying Amount : Deduction u/s 80C is available on the basis of Net Qualifying Amount which is determined as under:
Gross Qualifying Amount or Rs. 1,50,000 Whichever is LESS.
Step-3 : Amount of Deduction : Amount Deduction u/s 80C is computed as under :
Net Qualifying Amount or Rs. 1,50,000 Whichever is LESS. The aggregate deduction u/s 80C, 80CCC, and 80 CCD can not exceed Rs. 1,50,000.
(iii)   Recognized Provident Fund (RPF)
Ans: Recognized provident fund:  This scheme is applicable to an organization which employs 20 or more employees. An organization can also voluntarily opt for this scheme. All RPF schemes must be approved by The Commissioner of Income Tax. Here the company can either opt for government approved scheme or the employer and employees can together start a PF scheme by forming a Trust. The Trust so created shall invest funds in specified manner. The income of the trust shall also be exempt from income taxes.
Taxability of Provident Funds
Particulars
RPF
1. Employee's/ assessee's contribution
Deduction u/s 80C is available from gross total income subject to the limit specified therein
2.Employer's contribution
Exempt up to 12% of salary. Amount in excess of 12% is included in gross salary.
3. Interest on Provident Fund
Exempt u/s 10 up to 9.5% p.a. Interest credited in excess of 9.5% p.a. is included in gross salary
4.Repayment of lump sum amount on retirement / resignation /termination
Exempt if the employee has rendered minimum 5 years of continuous service

5.    (a) Mr. Gautom Bordoloi has given his premises on hire from 01/04/2010 to a company for its office. He submits the following particulars:                                      14
Rs.
Municipal rental value
Fair rent
Standard rent
Actual rent
Municipal taxes (p.a.)
Interest on loan for purchase of house
1,50,000
1,66,000
1,60,000
1,56,000
12,000
22,000
As per agreement, rent increases to Rs. 14,000 p.m. from 01.10.2013. But amount of increased rent is paid in May, 2014. Compute his income from premises for the previous year 2014-15.
Computation of Income under the head house property for the previous year 2014 - 15
Particulars
Amount
1. Municipal Rental Value
2. Fair Rental Value
3. Standard Rental Value
4. Expected Rental Value
(MRV or FRV whichever is higher but limited upto SRV)
5. Actual Rent received or receivable (Annual rent less unrealised rent less loss due to vacancy)
6. Gross Annual Value (higher of 5 or 6)[in case of vacancy only point 5 is considered)
7. Less: Municipal taxes paid
1,50,000
1,66,000
1,60,000
1,60,000

1,68,000
1,68,000
12,000
8. Net Annual value (6-7)
Less: Deduction under section. 24
(a) Standard Deduction @ 30%
(b) Interest on money borrowed
1,56,000

46,800
22,000
Income/ (Loss from house property)
Add: Deemed income from house property (Increased rent of earlier year received during previous
Year)
87,200
6,000
Total Income from house property
93,200
Note: Rent in the year in which house was let out was Rs. 13,000 p.m. Rent during previous year after increase Rs. 14,000 p.m.
Or
(b) Define ‘annual value’ in the context of income from house property. What deductions are allowed from the annual value of computing taxable income from the house property? Explain also exempted income from house property.                                                       4+5+5=14
Ans: Ans: Annual Value (Section 23)
The Annual Value of a house property is the inherent capacity of the property to earn income and  it has been defined as the amount for which the property may reasonably be expected to be let out from year to year. It is not necessary that the property should actually be let out. It is also not necessary that the reasonable return from property should be equal to the actual rent realized when the property is, in fact, let out.
Computation of annual value: Computation of Annual Value for the determination of Income from House property requires three steps.
Ø  STEP 1 Determine the Gross Annual Value(GAV)
Ø  STEP 2 Determine the value of Municipal taxes
Ø  STEP 3 Compute the Net Annual Value
STEP 1- Determine the Gross Annual Value (GAV):
Calculation of GAV based on the following factors:
1) Fair Rental Value (FRV): The amount of rent which a similar property (similar to the house property the GAV of which is to be determined) in the same locality would fetch.
2) Municipal Rental Value (MRV): The value of the house property under consideration as determined by the Municipal authorities for the purpose of levying Municipal taxes.
3) Standard Rental Value (SRV): The maximum amount of rent which a person can recover from his tenant, legally, as determined by the Rent Control Act.
4) Expected Rental Value (ERV): The Fair rent or Municipal value, whichever is higher, subject to the Standard rent.
5) Unrealised rent: The amount of rent which is not capable of being realised. The amount of Unrealised rent shall not be included in the actual amount of rent receivable from the house property if all the following for conditions are satisfied:
a) Tenancy is in good-faith.
b) The defaulting tenant has vacated or steps must have been taken to vacate such tenant.
c) The defaulting tenant doesn't continue to occupy any other property of the assessee.
d) Assessee has taken all the reasonable steps to proceed against the defaulting tenant legally or he must satisfy the assessing officer that if such steps are taken, it will be of no use. 
6) Actual rent receivable (ARR): The amount of rent which is equal to the difference between the Rent receivable and the unrealised rent.
STEP 2 - Determine the value of Municipal taxes:
The municipal tax or the property tax paid is allowed as deduction from the Gross Annual Value if the following two conditions are satisfied.
(a)    The property is let out during the whole or any part of the previous year,
(b)   The Municipal taxes must be borne by the landlord. If the Municipal taxes or any part thereof are borne by the tenant, it will not be allowed.
(c)    The Municipal taxes must be paid during the year. Where the municipal taxes become due but have not been actually paid, it will not be allowed.
STEP 3 - Compute the Net Annual Value:
Gross Annual Value                                        ++++++
Less: Municipal Taxes                                     ++++++
Net Annual Value                                            ++++++
Deductions allowable under section 24 of the income tax act
Following two deductions will be allowable from the net annual value to arrive at the taxable income under the head ‘income from house property’:-
(a)    Statutory deduction: 30 per cent of the net annual value will be allowed as a deduction towards repairs and collection of rent for the property, irrespective of the actual expenditure incurred.
(b)   Interest on borrowed capital: The interest on borrowed capital will be allowable as a deduction on an accrual basis if the money has been borrowed to buy or construct the house. It is immaterial whether the interest has actually been paid during the year or not. If money is borrowed for some other purpose, interest payable thereon cannot be claimed as deduction.
Limit of deduction u/s 24(b)
A. In case of Let out/ deemed to be let out house property: Interest on Money borrowed is allowed as deduction without any limit. Here interest on money borrowed = interest of P/Y + 1/5 of Pre-construction period (PCP) interest. PCP started from the date of borrowing and ended on 31st mar immediately preceeding (Before) the year of completion.
B. In Case of Self Occupied House Property:  Max. Rs. 150000 is allowed as deduction if the following conditions are satisfied:
Ø  Loan taken after 1 – 4 – 99
Ø  For construction/purchase (Capital expenditure) of house
Ø  Construction completed within 3years from the end of financial year in which loan is borrowed.
Ø  Loan certificate is obtained
For all other cases maximum allowed deduction is Rs. 30000
Properties exempted from tax under the head income from house property (Sec. 10)
1) Income from a farm house.
2) Annual value of one palace in the occupation of an ex-ruler.
3) Property income of a local authority.
4) Property income of an approved scientific research association.
5) Property income of an educational institution and hospital.
6) Property income of a registered trade union.
7) Income from property held for charitable purposes.
8) Property income of a political party.
9) Income from property used for own business or profession.
10) Annual value of one self occupied property.
6. (a) Define ‘capital gain’ and ‘transfer’ Enumerate ten transactions which are not regarded as transfer under Section 47 of the Indian Income-tax Act, 1961.
Or

(b) What do you mean by ‘income from other sources’? State at least ten such incomes included under the head income from other sources’. Mention four ‘deemed incomes’ chargeable to tax under the Income-Tax Act. 4+6+4=14

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