Exam Details
| Subject | taxation (paper – ii) | |
| Paper | ||
| Exam / Course | m.com. | |
| Department | ||
| Organization | solapur university | |
| Position | ||
| Exam Date | October, 2018 | |
| City, State | maharashtra, solapur |
Question Paper
M.Com. (Semester (CBCS) Examination Nov/Dec-2018
TAXATION (Paper II)
Time: 2½ Hours Max. Marks: 70
Instructions: All questions are compulsory.
All questions carry equal marks.
Q.1 Choose the alternatives given below. 14
signature is necessary to upload income tax return in case of tax audit.
Manual Signature by black ink
Digital None of these
To pay e-tax challan is required.
280 300
100 260
Form No.16 has parts.
two three
one four
Director General (Income Tax) is appointed by
Central Government State Government
Chief Minister None of these
As per section 208, every person whose estimated tax liability for the year is
Rs. or more, shall pay his tax in advance, in the form of Advance Tax.
The interest for late payment is set at simple interest on the amount of
tax due.
15% 30%
10%
Form No 16 is a certificate issued by an employer towards deduction of
Interest Penalty
TDS All of these
Form No 24Q is related to
Income Tax TDS
GST All of these
Inspectors of Income Tax are appointed by
Commissioner of Income Tax
Central Government
State Government
Commissioner of Municipal Corporation
10) Assessee opting section 44AD is required to pay advance tax by
15th June 30th June
15th September None of these
11) Political Parties need not maintain all books and records as prescribed under
section of the income tax act.
44AA 41A
44AD None of these
Page 2 of 2
SLR-CS-9
12) is the highest executive authority of the Department of Income Tax.
CBDT CBIT
Central Government State Government
13) CBDT works under ministry of Central Government.
Revenue Defense
Finance Rail
14) All taxpayers are required to pay up to 45% of advance tax by
15th June 30th June
15th September 30th September
Q.2 Write short notes on the following. 14
Verification of Income Tax Return
Form No 49A
Q.3 Write short notes on the following. 14
Self Assessment Challan
Form No 26Q
Q.4 Explain in detail assessment procedure of income tax return. 14
OR
Explain in brief provisions related to Advance Tax and Tax Deducted at Source.
Q.5 Explain Income Tax Authorities and their powers. 14
OR
Y and Z are the partners in a firm sharing profits and losses in the ratio 1:2:3.
The profit and loss account of the firm showed a net profit of Rs. 40,000 for the
year ending 31.3.2017 after charging the following
Salary of Rs. 30000 and Rs. 20000 to X and Y respectively. Interest on capital
calculated at the rate of 15% PA. amounting to Rs. 1250, Rs. 7500 and Rs. 6250
to Y and Z respectively. Bonus to Z of Rs. 15000. Commission of Rs. 5000
Rs. 12500 and Rs. 17500 to Y and Z respectively.
Z had borrowed money for his capital investments in the firm and had paid
interest of Rs. 37500 separately to the lender.
X and Y are the working partners in the firm.
Compute the total income of the firm and taxable income of the three partners
from the firm for the assessment year 2017-18.
TAXATION (Paper II)
Time: 2½ Hours Max. Marks: 70
Instructions: All questions are compulsory.
All questions carry equal marks.
Q.1 Choose the alternatives given below. 14
signature is necessary to upload income tax return in case of tax audit.
Manual Signature by black ink
Digital None of these
To pay e-tax challan is required.
280 300
100 260
Form No.16 has parts.
two three
one four
Director General (Income Tax) is appointed by
Central Government State Government
Chief Minister None of these
As per section 208, every person whose estimated tax liability for the year is
Rs. or more, shall pay his tax in advance, in the form of Advance Tax.
The interest for late payment is set at simple interest on the amount of
tax due.
15% 30%
10%
Form No 16 is a certificate issued by an employer towards deduction of
Interest Penalty
TDS All of these
Form No 24Q is related to
Income Tax TDS
GST All of these
Inspectors of Income Tax are appointed by
Commissioner of Income Tax
Central Government
State Government
Commissioner of Municipal Corporation
10) Assessee opting section 44AD is required to pay advance tax by
15th June 30th June
15th September None of these
11) Political Parties need not maintain all books and records as prescribed under
section of the income tax act.
44AA 41A
44AD None of these
Page 2 of 2
SLR-CS-9
12) is the highest executive authority of the Department of Income Tax.
CBDT CBIT
Central Government State Government
13) CBDT works under ministry of Central Government.
Revenue Defense
Finance Rail
14) All taxpayers are required to pay up to 45% of advance tax by
15th June 30th June
15th September 30th September
Q.2 Write short notes on the following. 14
Verification of Income Tax Return
Form No 49A
Q.3 Write short notes on the following. 14
Self Assessment Challan
Form No 26Q
Q.4 Explain in detail assessment procedure of income tax return. 14
OR
Explain in brief provisions related to Advance Tax and Tax Deducted at Source.
Q.5 Explain Income Tax Authorities and their powers. 14
OR
Y and Z are the partners in a firm sharing profits and losses in the ratio 1:2:3.
The profit and loss account of the firm showed a net profit of Rs. 40,000 for the
year ending 31.3.2017 after charging the following
Salary of Rs. 30000 and Rs. 20000 to X and Y respectively. Interest on capital
calculated at the rate of 15% PA. amounting to Rs. 1250, Rs. 7500 and Rs. 6250
to Y and Z respectively. Bonus to Z of Rs. 15000. Commission of Rs. 5000
Rs. 12500 and Rs. 17500 to Y and Z respectively.
Z had borrowed money for his capital investments in the firm and had paid
interest of Rs. 37500 separately to the lender.
X and Y are the working partners in the firm.
Compute the total income of the firm and taxable income of the three partners
from the firm for the assessment year 2017-18.
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