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    SFS U.G. B.com. Income Tax

    Uploaded by

    Abinash Veeraragavan
    This document provides information and instructions for an Income Tax exam, including: 1) There are two sections - Section A contains 8 short answer questions and Section B contains 4 long answer questions requiring calculations. 2) Section B includes questions calculating taxable amounts for Provident Funds, Capital Gains, Professional Income, Salary, House Property income, and Business Income. 3) Details are provided for each long answer question, including salary breakdowns, property rental amounts, business income and expenses statements, to calculate taxable totals.

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    SFS U.G. B.com. Income Tax

    Uploaded by

    Abinash Veeraragavan
    10 views3 pages
    This document provides information and instructions for an Income Tax exam, including: 1) There are two sections - Section A contains 8 short answer questions and Section B contains 4 long answer questions requiring calculations. 2) Section B includes questions calculating taxable amounts for Provident Funds, Capital Gains, Professional Income, Salary, House Property income, and Business Income. 3) Details are provided for each long answer question, including salary breakdowns, property rental amounts, business income and expenses statements, to calculate taxable totals.

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    Bcom question paper

    Original Title

    SFS U.G. B.COM. INCOME TAX

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    This document provides information and instructions for an Income Tax exam, including: 1) There are two sections - Section A contains 8 short answer questions and Section B contains 4 long answer questions requiring calculations. 2) Section B includes questions calculating taxable amounts for Provident Funds, Capital Gains, Professional Income, Salary, House Property income, and Business Income. 3) Details are provided for each long answer question, including salary breakdowns, property rental amounts, business income and expenses statements, to calculate taxable totals.

    Copyright:

    © All Rights Reserved
    Download as PDF, TXT or read online from Scribd
    Download as pdf or txt
    10 views3 pages

    SFS U.G. B.com. Income Tax

    Uploaded by

    Abinash Veeraragavan
    This document provides information and instructions for an Income Tax exam, including: 1) There are two sections - Section A contains 8 short answer questions and Section B contains 4 long answer questions requiring calculations. 2) Section B includes questions calculating taxable amounts for Provident Funds, Capital Gains, Professional Income, Salary, House Property income, and Business Income. 3) Details are provided for each long answer question, including salary breakdowns, property rental amounts, business income and expenses statements, to calculate taxable totals.

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    MADRAS CHRISTIAN COLLEGE (AUTONOMOUS)

    B.COM. DEGREE EXAMINATION NOVEMBER - 2020


    GROUP/BRANCH: B.COM. COMMERCE
    SELF FINANCED STREAM
    TITLE OF THE PAPER: INCOME TAX (084CO5M03)
    TIME : 1½ HRS SEMESTER – V TOTAL MARKS: 50
    18.12.2020 SECTION – A ( 5 x 2 =10 Marks)
    Answer any Five out of EIGHT questions each not exceeding 40 words.
    01. Write short notes on ‘Assessment year’.
    02. What do you mean by perquisites?
    03. Who is a non-resident?
    04. Write short notes on ’Allowances’.
    05. Write short notes on ‘Standard deduction’.
    06. Write short notes on ‘Profession’.
    07. Write short notes on ‘Cost of Improvement’.
    08. Write short notes on ‘Capital Assets’.

    SECTION – B (4 X 10 = 40 Marks)
    Answer Any FOUR out of SIX questions each not exceeding 300 words.

    09. Explain the various types of ‘Provident Funds’.

    10. Compute the amount of RPF which is taxable:


    a) i)Salary Rs.7,500 p.m
    ii)Employer’s contribution to RPF @ 14 % of Salary
    iii)Interest credited to RPF @ 12 % p.a. is Rs.24, 000.
    b) Compute the taxable capital gain for the AY 2020-21.
    Cost of acquisition made in 2008-09 (CII =137) Rs.3, 20,000
    Sale price of the house on 1-11-2019 (CII =289) Rs.38, 00,000
    New house acquired on 1-1-2020 for Rs. 5, 00,000
    Compute the taxable capital gain for the AY 2020-21.

    CONTD -2-
    -2-

    11. Mr.Ashok an Advocate, furnishes the following receipts and payments for the

    PY 2019-20

    Professional Receipts: Rs.


    Legal fees 1,84,400
    Gift from clients 40,000
    Rent 16,000
    Professional Payments:
    Telephone 15,400
    Salaries 12,400
    Subscription to law journal 240
    Travelling charges (profession) 560
    Office Exp. 1,600
    Stamp Paper 1,600
    Donation to a school 15,000
    Compute the Professional Income.
    12. From the following particulars find out the taxable salary of Mr.Raja.

    i) Basic Salary Rs.50, 000 p.m.


    ii) DA Rs.8,000 p.m. (enters)
    iii) HRA Rs.18, 000 p.m. (Rent paid Rs.13, 000 p.m.)
    iv) Professional tax paid by Employer Rs.5, 000.
    v) Overtime allowance Rs.5,000 p.m.
    vi) Arrears Salary Rs.30,000
    vii) Bonus Rs.10,000
    viii) CCA Rs.5, 000 p.m.
    ix) Lunch Allowance Rs.500 p.m.

    13. From the following particulars of Mr. Venkat find out income from house property.

    Rs.
    Municipal Value 1,40,000
    Fair rent 1,45,000
    Standard rent 1,42,000
    Actual rent if property is let out throughout the year 1,68,000
    Unrealised rent 30,000
    Vacancy period 2 months
    Interest on housing loan 15,000
    14. From the following particulars, compute the Business Income of Mr.Ranganathan

    To Salaries 90,000 By G.P. 3,50,000

    To Rent 20,000 By Dividend 4,000

    To Service charges 4,000 By bad debts 4,400


    recovered (allowed
    earlier)
    To Reserve for 6,000 By Interest from 1,200
    Income Tax post office Savings
    Bank
    To Expenses on 56,000 `
    acquisition of patent
    rights
    To Office Expenses 42,000

    To Depreciation 12,000

    To Contribution to 12,000
    RPF
    To Bad Debts 4,500

    To Donation to NDF 2,500

    To Legal Expenses 5,000

    To N/P 1,05,600

    3,59,600 3,59,600

    Note:
    i) Legal expenses include Rs.2000 incurred by assesse for defending a case for damage
    for breach of contract which was decided in favour of assessee.
    ii) Depreciation of the year on assets other than patent rights is Rs.16,900.
    iii) Contribution to RPF due on 31-03-2020 Rs,2000.
    ********

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