UG-268

45.September/October 2022
VI Semester B.Com. Examinatiorn,
(CBCS) (F+R) (2016-17 and Onwards)
COMMERCE
Paper 6.3 Income Tax - Il

Time :3 Hours Max. Marks: 70

Instruction Answer should be written completely either in English or in

Kannada.
Clare
SECTION-A
Colls ae
LIBRARY
1. Answer any five sub-questions, each carries 2 marks (5x2=10)
angalo
5600

a) Define profession.

b) What do you mean by cash system of accounting ?

c) What is capital asset ?

d) What are tax free Govt. Securities?

e) State the tax provision U/S 80 DD.

1) Name any 4 incomes chargeable to tax under the head income from other
sOurces.

g) What is indexed cost of acquisition ?

SECTION- B

Answer any three questions, each carries 6 marks. (3x6=18)

2. Explain the tax provisions for set off and carry forward of the following losses.

a) Unabsorbed loss from house property.

b) Loss from speculation business.

c) Unabsorbed business loss.

P.T.O.
UG-268
He has given the
3. Mr. 'X' 48 years) is a member of Legislative Assembly.
(age
following particulars of his income for the PY 2020-21.

a) Salary from Govt. 7 60,000 p.m.

b) Daily allowance for attending session F 60,000

c) Rent from house property in Mysore 30,000 p.m.
d) Dividend from co-operative society R 5,800

e) Dividend from domestic company 10,000

1) Remuneration from articles published in journals 5,000.
Compute his income from other sources for the AY 2021-22.

4. State the condition and exemptions U/S 54B for claiming exemption from capital

gain (Transfer of Agricultural Land).

5. From the following P&L AWc of Mr. Vignesh for the year ended 31-03-2021.
Ascertain his taxable income from business for the AY 2021-22.

Particulars Particulars

To Salary 4,800 By Gross profit 1,35,532

"Generalexpenses 4,650 "Commission 1,205

3,000 " Sundry receipts

"Reservefor bad debts 953

"Fireinsurance premium 2,950 Rent from houses 52,640

"Interest on capital 2,550 Capital gain 3,000
"Donation 3,875

"Depreciation 1,200

"Net profit 1,70,305

1,93,330 1,93,330

The amount of depreciation allowable as per IT Rules 2,000.

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6. From the following incomes of Dr. Kumar (Resident) for the P/Y ended 31-03-2021.
Compute his GTI for the A/Y 2021 22.

a) Income from house property (computed) 60,000.

b) Directors fees F 20,000.

c) Winning from lottery (net) ? 35,000.

d) Income from profession (computed) F 3,00,000.

e) Dividend from co-operative society { 10,000.

1) Long term capital gain 60,00o.

SECTION C

Answer any three questions. Each question carries fourteen marks.

(3x14-42)
7. Mr. Murthy submits the following particulars of his income for the previous year
ended 31-03-2021.

a) Family pension 9,000 p.m.

b) Royalty from books written R 45,000 (expenses incurred 10,000).

c) Income from articles published in 'Capital' 6,000.

d) He lives in a rented house paying a rent of T 6,000 p.m. He has sub let haf
portion of the house for a rent of 4,500 p.m. He pays the Municipal tax for
the entire house 5,000.

e) Interest on POSB A/c 5,000.

) Dividend from foreign company 10,000.

UG-268 4

? 5,000.
g) Ground rent for land received in Bengaluru

h) Interest on Central Govt. Securities 8,000.

i) Interest on Deepak Fertilizers 7 3,550 (net) listed.

) During the year he also wona Kerala State lottery727,600

(net) the expenses
incurred on purchase of lottery tickets 6,000.
AY 2021 22.
Compute his taxable income from other sources for the

8. Mr. Ravi has the following details of his incomes for the previous year 2020-21.

A) Being a Lawyer

i) Receipts
Legal consultation fee F 2,10,000

Gifts from clients 60,000.

i) Payments:
Rent of office 36,000 (2 portion used for own use)

Electricity and water charges for the office building 10,000

Salary to staff 7 24,000

Stationery and other expenses { 20,000

B) income from house property (computed) 7 35,000.

C) During the year he had sold 400 equity shares which were purchased by
him during 2010 11 on which incurred a loss of 7,500.

D) Taxable income from other sources 7 30,0000.

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E) Mr. Ravi has paid the following amounts.

i) LIC premium 12,000

i) Purchase of NSC worth 6,000

i) Donation to a recognised educational institution 6,000

iv) Medical insurance premium paid by cash R 5,000.

Compute his total income and tax liability for the A/Y 2021 22.

9. Mr. Swadeshi sold some of his properties during the PY 2020-21 is an under

a) Jewellery costing 2,00,000 was sold for 7 3,50,000 in May 2020 which
was acquired in June 2018.

b) Residential house at Mandya which was inherited by him in 1998. Sold

on 31-10-2020 for 20,00,000, FMV on 01-04-2001 9,00,000. Cost of
improvement made during the year 2012 1 3 3,00,000. Expenses on

transfer 60,000.
c) House hold furniture costing 35,000 in 201213 was sold in March 2021

for 45,000.
d) WDV of motor car on 01-04-2020 was7 76,000 and was sold for 85,000
on 01-12-2020.

e) Self cultivated land was compulsoily acquired under law for 7 10,00,000 on

01-01-2021 and its cost in 2004-05 was 7 5,20,000.

Compute his total taxable capital gains for the AY 2021 22

(CIl 200001 = 100, 2004 05 113, 2012- 13 = 200, 2020-21 =301).

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INACEINOANEL
UG-268
31-03-2021.

Mr, Vikas for the

year ending
T0. Following is the P&LA/c of
Particulars
Particulars
8,000 By Gross profit 1,37,300
To Salary
Rent from HP 16,500
Advertisement 4,000
4,500 Dividend from
Sundry expenses
Indian company 4,000
"
Interest on capital 2,000
Winnings from lottery 15,000
"Fireinsurance premium
3,000 Interest on securities 92,000
F 1,500 relates to H.P)

Income tax 7,000

Drawings 2,500

" Bad debts 1,000

Provision for bad debts 500

Repair for house property 1,000

Municipal tax of H.P 3,600

Life insurance premium 6,000

Donation to political party 1,500

"Depreciation 4,200
Net profit 2,16,000
2,64,800 2,64,800

Additional Information
a) Allowable depreciation as per IT Rules 3,000.
b) Salary includes 2,000 paid to domestic servant.
c) 50% of repair expenses in respect of H.P related to own use.

Compute his taxable income from business for the AY 2021-22.

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11. Vimal a medical practitioner. Furnishes his receipts and payments A/c for the
PY 2020-21. Compute his income from professionfor the AY 2021-22.

Receipts Payments
To bad b/d 40,000 By Purchase of

"Visitingfees 1,00,000 professional books 50,000

Consultation fees 1,00,000 Subscription to Indian

Sale of Medicines 1,35,000 Medical Association 8,000

Salary as a part-time Household expenses 28,000

lecturer in MIMS 26,000 Rent of clinic 24,000

Gifts from patients 50,000 "Income tax 26,000

"Interest on post office "Purchase of medicine 1,00,000

saving Bank A/c 40,000 "Car expenses 40,000

Dividend from domestic Co. 32,000 Electricity and water 22,000

Salary to staff 56,000
"Purchase ofsurgical

Equipments 40,000
Balance c/d 1,29,000

5,23,000 5,23,000

Additional Information
a) 50% of motor car expenses relates to his personal use.

b) Provide depreciation on surgical equipments and books at 40%.

) Gifts include 7 25,000 received from patients on the occasion of his birthday.
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3. 7odeob DAadnd e X' (48 adasr) sDa rD Rd,Dns)2020 21 n

a) oppi sD K Oo aae dorts so 60,000.

b) epesa sreoT 60,000.

c) odI i r 8orieb s soai eoad 7 30,000.

d) Jasod doOo wos eoDOS F 5,800.

e) o d osTaDDOT wos epeoos

C
10,00o.

f)abosÓan) ti3SrYOTS wod opas T5,000.

e e o dposTÝOT 8, 5 o s d 2021 - 22 e to J o d a 3 8 JaneneOd wos

4. Too 54B a o O wosso? oadbde aoi DDDOODS 3iobev adb Tooas

wopiriva B9%. (a 2ioa irDFa).

5. 8,e esdasdo 31-03-2021 oD-dandaba) arad 2021-22 e sdsF

Tow 4,800 0od i c 1,35,532

4,650 1,205

3,000 da aisr 953

2,950 abineodwod eoaR 52,640

2woTsaotT bedT wa 2,550 3,000

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d) add D i DRodb)DAzb8T 8orieRR 6,000 Jo3i dodnd. ad) drsTo

50 onoa dbiadT) a3 3one 4,500 i o evas o i i deadapd.

JoAdooood.
e)sozazaed evÝTDod avodoood wod wa 7 5,000.

f) oe GoTNeOT woT UoJDOS T 10,000.

g) iorneoONOo DaR T 5,000.
h) deos, s5DFTS DtJD JE,n9os wa F 8,000.

i) Oeaso e3rrood wod wa 7 3,550 ($) odDorg 3

j) deds do,T ODAsdcDO wod soo 7 27,600 ( 3 ) CD30 8356sNs Dded

3 6,000.

oreod aoododoos 2021 22 tood ,e aA3Fdsd aTd abnen9Os

wO dodbasa) 8ot&oaoODbo.

8. 8,e DaTTTo JDd3eos oAOJDNTO 2020- 21 doTDT Jdi9Tos evodb

D&orn) DeadDO.
A) teooDN

dodood evzoried F 60,000.

ii) Joere
Teseo o i 7 36,000 (Sesso 50 dou io8 w#Ë)

Ayo Toe F 24,000

Ses abn, aba asd Drdorrito R 20,000.
UG 268 -12-

B) b DTi UDodD (8ozb&o@dodb) 7 35,000.

C) asdd 2010 11 do DOrDAd 400 (»epaod) iDa, ddov 8

acoxTrooanoD na7 7,500 bsDAD.

D) asT NUTPOT wo 3oR JOTwabod eoodb 30,000.

E) 8,e dDTTdo i$NS JOsrea) dnadbRT.

i) e s D ToEDF 12,000

ii) NSC r Dde®T 6,000

i) eoñea3 Dn, Tor dersi z 6,000

iv) sdoer d (Tio oss) 7 5,000

dosr 2021 22 e dodsd u832 esoadb saba son aAsmo#otba

ToToowÐ.

9. ebdasö s n D S 2020-21 dOdDoDd aTe antos #orso3.

a) deon Dded o 2018, aDBed aoR 2,00,000, sJoTDU JDad

oe 2020, anooiis i6 T 3,50,000.

b) o s , DsT s : A , GFTDN 1998 dWOdT 31-10-2020 doo

F 20.00.000 wd aDoDEJDDN. DDO5 01-04-2001 To add ao,
odor3d
UDdbT, a ,F 9,00,000. oFSS 5, T 60,000,
2012 13 dO spo
33,00,000.
c) oesaiocn nvassdon: 2012-13
do, Dded Bz 35,000 DULST
s n u F 2021 d 7 45,000.

dpetzpddDdb: os9o ToBT DJD05 01-04-2020 dot

OJ e 76.00o
ODOT 01-12-2020 Todo 3nooiJDT iG 7 85,000.
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e) o a n : ODOT 01-01-2021 doto 10,00,000 eds 3050 ,5

T3dboD 3JTaAie0ads 2004 05 dO add de, F 5,20,000.
eod DosdNeod 2021-22 d Uar 3oRR Yddos woTTaJD NeTO9
Tooo00a.
(CIl 2000-01 100, 200405 =
113, 2012 13 200, 2020 21 =
301)
10. 89AT DY Jo3) Ja sDEado 8,e DDAUSd eQrt 31-03-2021 eot
D&o8odeñd Fdar 2021 2022 odT edodbo 8o5&oB008.

ow 8,000 o0Do 1,37,300

4,000 16,500
4,500
2,000 4,000
DEIDOODo wO re3 15,000
1,500 o asn) 3,000 3 3TVOT wa92,000
7,000
2,500
1,000
500
1,000

3,600
6,000
1,500
4,200

2,16,000
2,64,800 2,64,800
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