M.Com. (Semester II) (CBCS) Examination Mar/Apr-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
Gain arising on transfer of capital assets is charged to tax under
House property
Assets tax
Capital gain
None of these
There are heads of income tax in India.
1
12
5
7
Income from Salary is Rs. 4,00,000 and repayment of interest is Rs. 1,00,000 then taxable income will be
2,50,000
4,00,000
3,00,000
1,00,000
The total income of an individual is Rs. for assessment year 2017-18, tax payable by the individual will be Rs.
66,950
70,000
90,000
1,40,000
Income from house property is computed u/s
21
22
23
24
Basic exemption limit for assessment year 2017-18 is Rs.
2,00,000
3,00,000
2,50,000
1,00,000
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
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
is a process by which the cost of acquisition is adjusted against inflationary rise in the value of asset.
Relaxation
Indexation
Accounting
Taxation
10) Section 44AD relates to
PAN Card Scheme
Black Money Scheme
Presumptive Taxation Scheme
Can't say
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11) Income from capital gains is classified as Capital Gain and Capital Gain.
Short Term Long Term
Big and Small
Past Present
None of these
12) The auditor of charitable trust is required to file his audit report u/s
10A
10B
10C
10D
13) Any capital asset held by the taxpayer for a period of not more than 36 months immediately preceding the date of its transfer will be treated as capital asset.
Short term
Long term
Medium term
Intangible
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 answer.
14
Presumptive Taxation Scheme
Short Term Capital Gain
Q.3
Ascertain the head of taxability of the incomes given below.
07
Dividend of Rs. 84,000 received by Mr. Nitin from an Indian company.
Dividend or Rs. 1,84,000 received by Mr. Nagesh from a foreign company.
Rs. 25,200 won by Mr. Shrikiran from a game show.
Rs. 84,000 received by Mr. Rakesh from his friend on his birthday.
Rent of a plot of land of Rs. 20,000 received by Mr. Nilesh.
Rent of a shop amounting to Rs. 1,00,000 per month received by Mr. Abhijeet.
Interest of Rs.50,000 from bank fixed deposits received by a salaried employee.
Mr. Varma has house property which is self occupied by him. The gross annual value of such property is Rs. During the financial year 2016-17 Varma has repaid interest of bank loan (which was taken for acquisition and construction of said property) by paying Rs. towards interest and Rs. towards principal.
07
You are required to compute taxable income from house property of Mr. Varma.
Q.4
Explain in brief the provisions of Income Tax Act regarding set off and carry forward of the following losses:
14
Business loss
Speculation loss
Capital loss
Loss from HP
OR
Form the following data Shri. Phadake calculate his total taxable income and income tax.
Income from salary
30,000
Income from house property
8,640
Profit from cotton business
52,000
Loss from groundnut business
10,000
Profit from speculation business
25,000
Short term capital gain
12,000
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He also furnishes the particulars of losses brought forward from the AY 2016-17
Loss from cotton business
8,000
Loss from food grain business discontinued in the same year
12,000
Loss from speculation business
30,000
Long term capital loss
5,000
Q.5
Discuss the provisions related to set off and carry forward of losses under Income Tax Act, 1961.
14
OR
Mrs. Josh 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.
Basic salary
3,00,000
Dearness Allowance
110% of BS
Commission
60,000
Bonus
10,000
Fixed Medical Allowance
PM
City Compensatory Allowance
PM
Refreshment Allowance
PM
Lunch Allowance
PM
Servant Allowance
PM
Project Allowance

Holiday Allowance

Telephone 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 his 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 during the financial year 2016-17 she repaid the loan as below:
Repaid towards principal: Rs.
Repaid towards interest: Rs.
She has invested Rs. in Public Provident Fund, paid premium of LIC amounted to Rs. and paid tuition fees of girl child of Rs.40,000/-.