M.Com (Semester II) (CBCS) Examination Oct/Nov-2017
TAXATION
Day Date: Friday, 17-11-2017 Max. Marks: 70
Time: 10.30 AM to 01.00 PM
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.
66,950 70,000
90,000 1,40,000
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
Income from house property is computed u/s
21 22
23 24
There are heads of income tax in India.
1 12
5 7
Winnings from 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 sources 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
Gain arising on transfer of capital assets is charged to tax under
House property Assets tax
Capital gain None of these
Income from capital gains is classified as Capital Gain and
Capital Gain.
Short Term Long Term Big And Small
Past Present None of these
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
assets.
Short Term Long Term
Medium Term Intangible
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10) is a process by which the cost of acquisition is adjusted against
inflationary rise in the value of asset.
Relaxation Indexation
Accounting Taxation
11) Section 44AD related to
PAN Card Scheme Black Money scheme
Presumptive Taxation Scheme Can't say
12) The auditor of charitable trust is required to file his audit report u/s
10A 10B
10C 10D
13) Basic exemption limit for assessment year 2017-18 is Rs.
2,00,000 3,00,000
2,50,000 1,00,000
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 answer. 14
Previous Year and Assessment Year
Short Term Capital Gain and Long Term Capital Gain
Q.3 Ascertain the head of taxability of the incomes given below. 07
Dividend of Rs. 84,000 received by Mr. Kapoor from an Indian company.
Dividend or Rs. 1,84,000 received by Mr. Sunil from a foreign company.
Rs. 25,200 won by Mr. Soham from a game show.
Rs. 84,000 received by Mr. Kumar from his friend on his birthday.
Rent of a plot of land of Rs. 20,000 received by Mr. Jagdish.
Rent of a shop amounting to Rs. 1,00,000 per month received by Mr. Sohil.
Interest of Rs.50,000 from bank fixed deposits received by a salaried employee
Mr. Satish has house property which is self occupied by him. The gross annual
value of such property is Rs. 80,000/-. During the financial year 2016-17 Satish
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. Satish.
Q.4 Explain in detail section 44AD. 14
OR
Form the following data Shri. Survase calculate his total taxable income and
income tax.
Income from salary 60,000
Income from house property 17,280
Profit from cotton business 1,04,000
Loss from groundnut business 20,000
Profit from speculation business 50,000
Short term capital gain 24,000
He also furnishes the particulars of losses brought forward from the AY 2016-17
Loss from cotton business 16,000
Loss from food grain business discontinued in the same year 24,000
Loss from speculation business 60,000
Long term capital loss 10,000
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Q.5 Explain provisions related to clubbing of income. 14
OR
Mrs. Joshin 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/-.