M.Com. (Semester II) (CBCS) Examination Nov/Dec-2018
TAXATION (Paper
Time: 2½ Hours Max. Marks: 70
Instructions: All questions are compulsory.
Figures to the right indicate full marks.
Q.1 Choose the alternatives given below. 14
The total income of an individual is Rs. for assessment year 2017-18,
tax payable by the individual will be Rs.
10,300 15,000
41,200 40,000
Gross income is Rs. and the assessee has paid Rs. towards
Sukanya Samruddhi Yojana then taxable income will be
6,00,000 6,10,000
5,90,000 4,50,000
Deduction for payment of interest on housing loan is available under section
24 24a
24b 24c
There are heads of income tax in India.
1 12
5 7
Winnings form lotteries, crossword puzzles, races including horse races, card
game and other game of any sort, gambling or betting of any form whatsoever, are
always taxed under
Income from salary Income from house property
Income from other source No income
Gifts received by an individual or Hindu Undivided Family (which are
chargeable to tax) are taxed under
Income from salary Income from house property
Income from other source Capital gain
Standard deduction for house property is available under section 24a by
Actual amount 10%
Equal to Net Annual Value 30%
There are parts of capital gain.
2 4
5 1
For assessment year 2017-18 to fill ITR under section 44AD is to be
used.
ITR 1 ITR 4S 2
ITR 3 ITR 4
10) is a process by which the cost of acquisition is adjusted against
inflationary rise in the value of asset.
Relaxation Indexation
Accounting Taxation
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11) Presumptive Taxation is considered under section
44AD 23
Presumptive Taxation Scheme 10B
12) If an individual is earning from salary Rs. and from house property Rs.
tax payable by him for assessment year will be
56,650 65,000
6,50,000 40,525
13) Maximum rebate under section 87A is available for Rs.
3,000 2,500
2,000 5,000
14) Maximum deduction u/s 80C is available up to
1,50,000 1,20,000
2,00,000 3,00,000
Q.2 Write short notes. 14
Assessment Year
Long Term Capital Gain
Q.3 Ascertain the head of taxability of the incomes given below. 07
Mr. A is teacher in school and getting salary
Mr. B is running business of stationery
Mr. C is retired person and getting interest on his personal investments
Mr. D is having deposits in post offices and getting interest on the same
Mr. E is having house property at Delhi which is let out for rent
Mr. F is owner of Samarth General Store
Mr. G is working as employee in H Ltd and getting remuneration for outside
consulting work
Shri. Kakade is having house property at Mumbai which is let out for rent for Rs.
per month. The expected rent is Rs. The tenant of Shri.
Kakade has paid municipal tax of local municipal corporation amounted to Rs.
during the year 2016-17. Shri. Kakade has expected Rs. on
maintenance of the property during the year. Shri. Kakade has brought loan of Rs.
for construction of the property and during the year 2016-17 he has
paid interest of Rs. 50,000/-.
07
With the help of above mentioned information you are required to compute taxable
income of Shri. Kakade for assessment year 2017-18.
Q.4 Explain in detail Presumptive Taxation Scheme 14
OR
From the following data of Mr. calculate his total taxable income and income
tax.
14
Basic Salary 50,000 pm
Dearness Allowance 114% of Basic Salary
Travelling Allowance 10,000 pm
Project Allowance 50,000 pa
Hostel Expenditure Allowance 2,000 pm
Fixed Medical Allowance 10,000 pm
Lunch Allowance 4,000 pm
House Rent Allowance 40,000 pm
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Mr. A has paid Rs. 30,000 per month to his landlord against rent. He is resident of
Mumbai. Mr. A has house property at Delhi which is let out for rent for Rs.
Municipal valuation of the property is Rs. He has paid Rs.
towards municipal tax during the year. There is no any repayment towards interest
of house loan. Mr. A has paid Rs. against premium of LIC. He has donated
Rs. to charitable trust (deduction available for donation to this trust)
deposited Rs. in public provident fund.
Q.5 Explain deduction available under section 80C. 14
OR
Mrs. Jaya Joshi has furnished you the following data and asked you to compute
her total taxable income and income tax to be payable by her for assessment year
2017-18.
14
Basic salary
Dearness Allowance 114% of Basic Salary
Commission 65,000
City Compensatory Allowance PM
Refreshment Allowance PM
Lunch Allowance PM
Servant Allowance PM
Project Allowance
She is having two house properties. She self occupied one house property and
one property is let out for rent. She paid municipal tax of Rs. for self
occupied house property and her tenant has paid municipal tax for let out property.
She is getting Rs. per month towards rent of let out house property.
She had borrowed loan for construction of self occupied house property and for
assessment year 2017-18 she repaid the loan as below:
Repaid towards principal: Rs.
Repaid towards interest: Rs.
She has invested Rs. in Public Provident Fund and paid tuition fees of
child of Rs.10,000/-.