Or
(ii) Mr.
pratap Singh is a production Manager of an Industrial unit at Mumbai. The
particulars of his salary income areas under:
Particulars
|
Amount
|
Basic
salary
Dearness
allowance(given under the terms of employment)
Entertainment
allowance
Medical allowance
House Rent allowance
Rent paid
for the house
|
15,000 p.m
5000p.m
1000 p.m
500 p.m.
4000 p.m.
5000 p.m.
|
Car of 1.2
Lt. capacities provided by employer meets expenses of car. He and his employer
(each) contribute 15% of salary to R.P.F.
Mr. Singh
had taken interest free loan of Rs. 15,000 to purchase Washing Machine. Compute
income under the head salary for the assessment year 2008—2009.
(b)(i)
Mr.S. Saikia had taken a shop on rent at monthly rent of Rs.3000.He has sublet
25% of the area to Mr. A. Das @Rs. 1,500 p.m. He incurred Rs. 8000 on repairs
of the shop. Calculate his income from subletting.
(ii) From
the following statement, compute the income from profession of Dr.Sanjib Phukan
of dibrugarh, if accounts are maintained on mercantile system.
Particulars
|
Amount
|
Particulars
|
Amount
|
To
Nursing Home Rent
To
Electricity & water charges
To
Telephone
To salary to staff
To
Dep. On Surgical Equipment
To
purchase of Medicines
To
Dep. Of X- ray Machine
To Income Tax
To
Donation to lion club
To
Motor car Expenses
To
Dep. On car
To Net income
|
39000
6000
6000
35000
6000
36000
4000
5500
4000
9600
4800
94100
|
By Visiting fees
By
Consultation fees
By
Sales of medicines
By
Dividends
|
48000
125000
72000
5000
|
250000
|
250000
|
Additional
information:
(i)Electricity
and Water charges include domestic bill of Rs. 2500.
(ii)Half
of motor car Expenses are for professional use.
(iii)Telephone
Expenses include 30% for personal use.
(iv)
Opening stock of medicine was Rs.5000 and closing stock was Rs.3000.
Or
(ii)Describe
the procedure of ascertaining Short Term capital Gains and long term capital Gains.
4 (a) (i)
The following are particulars of the income of a Gauhati University teacher for
the year ending 31st March 2008.
(a)
Salary Rs. 14,200 p.m. from which 10% is
deducted for statutory provident fund to which university contributes 12%.
(b)
Rent free bungalow of the annual Letting value
of Rs. 18000.
(c)
Warden ship allowance Rs.7200 p.a.
(d)
12% interest on Govt. Loan of Rs.65000
(e)
Income from
house property (computed) Rs.29,560
(f)
He received Rs.3, 500 for writing articles in
a journal.
(g)
He paid Rs.2000 to G.I.C under mediclaim.
(h)
Interest on postal Saving Bank deposit Rs.300
(i)
Interest Gross Rs.2500.
(j)
Examination remuneration Rs. 3500. During the year
he paid Rs.2400 as life insurance premium on his own policies and spent Rs.600
on books purchased for his own purpose. Find out his total income, tax and
exempted income.
Or
(b) (i)
what are the various investments, payments and savings which are eligible for deduction U\S 80C?
(ii) Briefly state the provisions for deduction U\S 80D in respect of premiums paid for mediclaim policy.
5(a) (i).
What do you mean by tax deduction at source?
(ii) State the consequences for failure to deduct tax at source.
(iii) State the procedure of deduction of tax at source from
salary.
Or
(b) (i)
who can appoint Income Tax authorities?
(ii) mention five penalties which can be imposed under the
provision of Income Tax Act, 1961?
(iii) State the procedure of filing an appeal under the Income Tax
Act, 1961.