M.B.A. (Semester (CBCS) Examination, 2018
TAXATION (Paper VIII)
Day and Date Tuesday, 18-12-2018 Max. Marks 70
Time 2.30 p.m. to 5.00 p.m.
1. Choose the correct alternative. 14
perquisite is exempt in hands of judge of high court and
supreme court.
Motor car Domestic servant
Rent free Accommodation Free loan
Under Section 24, standard deduction of of Net annual
value is allowed.
30 20 40 None of these
pension is taxable in hands of Government as well as non
government employees.
uncommuted commuted
lumpsum one time
means rent that can be fetched for similar property in similar
locality.
Fair rent Standard rent
Actual rent Municipal valuation
According to section deduction is available in respect of saving
and investments.
80A 80C 80D 80G
Maximum limit for exemption in respect of gratuity is Rs. Lakhs.
5 10 15 20
Entertainment allowance is exempt up to Rs. per child, for maximum
2 children.
100 per month 100 per year
300 per month 300 per year
Deduction of entertainment allowance u/s 16(ii) is not available to
employees.
Government non Government
Both Govt. and Non Govt. Specified
Seat
Ceiling limit for deduction u/s 80C is Rs.
1,00,000 1,20,000
1,50,000 2,00,000
10) The deduction allowable from the annual value of self occupied residential
house is
standard deduction repairs
municipal taxes interest on housing loan
11) Which of the following taxes have been subsumed in GST
Central sales tax VAT
Central excise duty All the above
12) Interest credited to recognized provident fund is exempt up to
8.5 9
9.5 10
13) HUF whose control and management is wholly situated outside India is said to
be in India.
Resident non-resident
Ordinarily Resident Not ordinarily resident
14) Reimbursement of medical expenses of assesses spouse from private nursing
home is exempt up to Rs.
5,000 10,000
15,000 20,000
2. Write short notes on 14
Agricultural Income.
Residential Status of an Individual and HUF.
3. Compute the Taxable Salary for A.Y. 2018 19 from the following particulars of
P.Y. 2017 18, of Mr. Amit employee of pride Ltd. Mumbai.
Basic salary Rs. 80,000 p.m.
Dearness allowance 50% of Basic Salary (forming Part of salary)
Commission on turnover (turnover achieved by Amit Rs. 5,00,000
for 2017 18)
House Rent allowance Rs. 2,500 p.m. (Amit resides in a rented house
and pays Rs. 3,000 per month as rent)
Education allowance Rs. 200 p.m. per child for 3 children son and
2 daughters)
Hostel expenditure allowance Rs. 500 p.m. for his son
Professional tax paid by Amit Rs. 2,500
Employers contribution towards R.P.F. Rs. 1,80,000
Set P
*SLRCL9* SLR-CL 9
Interest Credited to R.P.F. 8.5% Rs. 17,000
He is also provided with free use of 18 H.P. motar car, which he used
partly for office and partly for private use
Reimbursement of medical expenses of Amit's spouse in private Nursing
Home Rs. 12,000
State any 5 exemptions u/s 10 of Income Tax Act 1961. 14
4. Mr. Abhishek owns three residential houses, the particulars of which are
as follows
Particulars House I House II House III
Purpose Self occupied let out let out
Municipal Valuation Rs. 1,00,000 75,000 90,000
Fair Rent 96,000 84,000 84,000
Standard Rent 1,20,000 80,000 87,000
Annual Rent Receivable 90,000 72,000
Municipal Taxes paid
by Abhishek 10% 10% 10%
Vacancy Period 2 months 1 month
Interest on Housing loan 24,000 10,000 5,000
OR
4. State the features of GST Act. 14
5. Compute Tax liability of following Resident individuals for A.Y. 2018 19.
Particulars A B C D
Age 45 65 85 50
Gender Male Male Male Female
Taxable Income-
P.Y. 2017 18 Rs. 5,00,000 6,00,000 12,00,000 15,00,000 14