OUR OWN PUBLICATION FROM 1ST JULY, 2018 FOR B.COM

1. B.COM FIRST SEMESTER COMPLETE NOTES (CHOICE BASED) WITH SOLVED FINANCIAL ACCOUNTING BOOK
2. B.COM 3RD SEM COMPLETE NOTES WITH SOLVED BOOKS OF:
*ADVANCED FINANCIAL ACCOUNTING
*BUSINESS STATISTICS SOLVED PAPERS OF LAST 7 YEARS
* FINANCIAL MANAGEMENT BOOK
3. B.COM 5TH SEMESTER COMPLETE NOTES WITH SOLVED BOOKS OF MANAGEMENT ACCOUNTING OF JAIN AND NARANG

Monday, March 19, 2018

Dibrugarh University Question Papers: Income Tax (May' 2017)


2017 (May)
COMMERCE
(General) Course: 601
(Income Tax)
Time: 3 hours
The figures in the margin indicate full marks for the questions
(New Course)
Full Marks: 80
Pass Marks: 24
1. (a) Write ‘True’ of ‘False’:                                        1x4=4
a)      Body of individuals should consist of individuals only.
b)      A resident in India cannot become resident in any other country for the same assessment year.
c)       Casual income received by the assessee is fully exempt.
d)      Municipal tax due is allowed as deduction for computation of income from house property.
    (b) Fill in the blanks:                                                    1x4=4

a)      The status of Reserve Bank of India as a person is ____ as per the Income-tax Act.
b)      Income which accrues or arises in London from a business controlled from India is taxable in the case of ____.
c)       An income under the head capital gain to a trade union is ____.
d)      Employer-employee relationship is necessary to term any receipt as ____.
2. Write short notes on any four of the following:                                             4x4=16
a)      Previous year.
b)      Perquisites.
c)       Annual value.
d)      Capital assets.
e)      Income tax authorities.
3. (a) “The incidence of income tax depends upon the residential status of an assessee.” Explain in detail this statement.                                 14
Or
(b) “Income tax is charged on the income of the previous year.” Do you fully agree with this statement? If not, what are the exceptions?
4. (a) Mr. X has the following Income during the previous year, 2015 – 16:
a)      Basic salary Rs. 2,60,000
b)      Dearness allowance (forming part of salary) Rs. 40,000
c)       Education allowance (for three children) Rs. 6,000
d)      Rent paid for a residential house at Guwahati Rs. 60,000
e)      House rent allowance Rs. 48,000
f)       He has been provided with motorcar of 1.8 litre engine capacity for the official and personal use. All expenses of the motorcar are borne by the employer.
g)      He contributes 14% of his salary to a recognized provident fund and his employer also contributes the same amount.
h)      Interest credited to recognized provident fund @ 13% amounted to Rs. 13,000
i)        Medical expenses paid by his employer Rs. 25,000
j)        Mr. X paid Rs. 2,500 for his professional tax.
Compute the Income from salary for the Assessment year, 2016 – 17.                                                    14
Or
(b) Explain the provisions of the Income-tax Act, 1961 with regard to different kinds of provident funds.               14
5. (a) Mr. Y is the owner of a house property. From the following particulars, compute the Income from his house property for the Assessment Year, 2016 – 17:                                                        14

Municipal valuation
Fair rent
Standard rent fixed by the court
Rs.
1,20,000
1,40,000
1,30,000
The house was let out w.e.f. 01.04.2015 for Rs. 10,000 per month which was vacated by the tenant on 30.09.2015. From 01.10.2015, it was again given to rent @ Rs. 12,000 per month.
Municipal tax paid Rs. 20,000 for the house.
Municipal tax due for the house 20% of municipal valuation
Repairs, electricity, etc., paid Rs. 7,500
Interest on money borrowed for construction of house property Rs. 30,000
Or
(b) State the provisions relating to computation of ‘Income from House Property’ under different categories of house property as per the 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 from capital gains.                      2+4+8=14
Or
(b) State any five items of income included under the head ‘Income from Other Sources’. State any five items not deductible in computing taxable income under the head ‘Income for Other Sources’. State any four items deductible in computing taxable income under the head ‘Income from other sources’.                             5+5+4=14
(Old Course)
Full Marks: 80
Pass Marks: 32
1. (a) Write ‘True’ or ‘False’:                                        1x4=4
a)      Total income of a person is determined on the basis of his citizenship in India.
b)      ‘Leave Travel Concession’ is a tax-free perquisite for one journey in a block of 4 years.
c)       Tiffin allowance is fully exempted allowance.
d)      Capital gain arises from the transfer of any capital asset.
(b) Fill in the blanks:                                                        1x4=4
a)      A new business was commenced on 01.01.2016. The first ‘previous year’ in this case shall be ____.
b)      Residential status is to be determined for ____.
c)       Dividend declared by a domestic company shall be ____.
d)      Deduction for interest on loan taken for construction of self-occupied house after 01.04.1999 is allowed up to actual amount or Rs. ____ whichever is less.
2. Write short notes on any four of the following:                                             4x4=16
a)      Charge of Income tax.
b)      Method of accounting.
c)       Capital expenditure.
d)      Salary.
e)      Special Economic Zone.
3. (a) Enumerate the special provisions in respect of newly established units in Social Economic Zone as per the Income –tax Act, 1961.                                                     14
Or
(b) Explain in brief various incomes which are exempt u/s 10 of the Income-tax Act, 1961.                            14
4. (a) Mr. X has the following Income during the previous year, 2015 – 16:
a)      Basic salary Rs. 1,50,000
b)      Dearness allowance (forming part of salary) Rs. 50,000
c)       Medical allowance (actual expenditure Rs. 10,000) Rs. 16,000
d)      Educational allowance (for two children) Rs. 4,000
e)      He has been provided with motorcar of 1.6 litre engine capacity along with a driver for the official and personal use. All expenses of the motorcar are borne by the employer.
f)       He contributes 15% of his salary to a recognized provident fund and his employer also contributes the same amount.
g)      The Company paid Rs. 6,000 on his training programme.
h)      He was given cloth worth Rs. 4,000 by his employer free of cost.
i)        A cook and a watchman have been provided by the company who are paid @ Rs. 600 each per month.
Compute the Income from salary for the Assessment year, 2016 – 17.                                                    14
Or
(b) Explain in detail as to how the following items are treated in computing taxable income:        4+6+4=14
a)      Commuted value of pension.
b)      Relief u/s 89 (1) of the Income-tax Act.
c)       Recognized Provident Fund.
5. (a) Mr. P has two house properties situated in Guwahati. Property A is self-occupied for first six months from 01.04.2015 to 30.09.2015 and with effect from 01.10.2015 it was let out for Rs. 12,000 per month. Property B is let out w.e.f. 01.04.2015 at a rent of Rs. 15,000 per month and w.e.f. 01.10.2015 it was self-occupied as Mr. P shifted his residence from property A to B. The other details of the above two house properties are as under –

Property A
(Rs.)
Property B
(Rs.)
Municipal tax paid
Insurance premium paid
Interest on money borrowed for purchase of house property
35,000
5,000
40,000
29,000
6,000
45,000
Compute the income from house property for the Assessment year, 2016 – 17.                                                                14
Or
(b) Who are the persons liable to pay tax on income from house property? Explain briefly the various types of incomes from house property not chargeable to tax.                                                        4+10=14
6. (a) Discuss in detail the provisions of Income-tax Act, 1961 for determination of income from capital gain.        14
Or
(b) Discuss in detail the provisions of Income-tax Act, 1961 for determination of income from other sources.       14