B.B.A./B.B.M (I.B.) (Fourth Semester) EXAMINATION, 2018
BUSINESS TAXATION
(2013 PATTERN)
Time Three Hours Maximum Marks 80
N.B. Attempt any five questions.
(ii All questions carry equal marks.
1. What is Residential status State the rules for determining Residential
Status of an assessee for income tax purpose.
2. Define the terms Business and Profession. What are the deductions
expressly disallowed under the head of Business
3. What is Central Board of Direct Taxes What are the powers
of Central Board of Direct Tax
4. Write short notes on (any four)
Person
Agriculture Income
P.T.O.
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Capital and Revenue incomes
Perquisites
Short Term and Long Term Capital Gain
Concept of Central Excise.
5. Mr. Narendra has occupied three houses for his self-occupancy, their
particulars for the previous year 2017-18 are given below
Particulars House-A House-B House-C
Municipal Valuation 5,60,000 8,60,000 9,50,000
Fair Rent 5,40,000 8,00,000 10,00,000
Standard Rent 4,50,000 6,00,000 9,00,000
Municipal Tax Paid 10% 10% 10%
Insurance 40,000 35,000 50,000
Interest on borrowed
capital 2,10,000 2,50,000 2,40,000
Date of completion of
Houses 31st Mar., 2015 31st Mar., 2015 31st Mar., 2015
Find out the income from house property of Mr. Narendra for the
Assessment Year 2018-19.
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6. Mr. Amit has furnished the following details of his incomes for the
year ending in 31st March 2018
1. Basic Salary Rs. 50,000 p.m.
2. D.A. 50% of basic salary (Part of retirement benefit)
3. House Rent Allowance Rs. 10,000 p.m. he paid Rs.15,000 as
a rent p.m.
4. Transport Allowance Rs. 3,000 p.m.
5. He paid Professional Tax of Rs. 2,500 p.a.
6. He has been provided with a 1800 C.C. car for both official
and private purpose. The entire expanses of running and
maintenance of the car born by employer with driver.
7. He repaid the loan Rs. 2,09,000 borrowed for construction
of house property which includes Rs. 59,000 towards interest
on loan.
8. He paid LIC premium of Rs. 25,000 on his own policy and
Rs. 10,000 for the policy on the life of his wife.
9. Medical expenses are reimbursed by employer during the year
Rs. 20,000
10. He paid medical health insurance premium of dependent mother,
aged, 65 years Rs. 25,000
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11. He contributed Rs. 60,000 towards R.P.F. His employer also
made a similar contributions.
12. Repayment of higher education loan (including interest Rs.
60,000) Rs. 90,000
13. Interest received on government securities Rs. 10,000
Compute the total taxable income and tax liability for the Assessment
year 2018-19.