2014 (May)
COMMERCE
(General)
Course: 601
(Income Tax)
Full Marks: 80
Pass Marks: 32
Time: 3 hours
1. (a) Fill
in the blanks: 1x4=4
(i) A new business was commenced on 11.11.2011. The first previous year
in this case shall be______.
(ii) Residential status is to be determined for______.
(iii) Dividend declared by domestic company shall be______.
(iv) Deduction from interest on loan taken for construction of self
occupied house after 1.4.1999 is allowed upto actual amount or Rs.___,
whichever is less.
(b) Write
true or false: 1x4=4
(i) ‘Leave travel concession’ is a tax free perquisite for one journey
in a block of 4 years.
(ii) Municipal tax is a deduction from net annual value.
(iii) Capital gain arises from the transfer of any capital assets.
(iv) Total income of a person is determined on the basis of citizenship
in India.
2. Write
short notes on the following: 4x4=16
(a) Person
(b) Agriculture income
(c) capital assets
(d) charge of income tax
3. Explain
the provision of income tax with regards to the following:
(i) House rent allowance
(ii) Gratuity
(iii) Residential accommodation provided by employer
(iv) Encashment of earn leave
OR
Enumerate the special provision in respect of newly established units
in SEZ as per Income tax act 1961. 14
4(a). From
the following information, compute the taxable income from salary of Mr.X for
the AY 13-14
(i)
Salary @10000 pm
(ii)
Dearness allowance (forming part of salary)@5000
p.m.
(iii)
Education allowance for his two children@250
p.m.
(iv)
He resided in the flat of the company at
Guwahati (population 30 lakhs)
(v)
Rent of the house recovered from his salary @
750 p.m.
(vi)
He has been provided with a motor car of 1.6
litre engine capacity for his official and personal use. All expenses of the
car are born by the employer
(vii)
Employer contribution to RPF is Rs. 25000 and
interest credited to RPF@11% amounted to Rs. 16500.
(viii)
A cook and a watchman have been provided by the
employer at his residence and they paid @500 each p.m.
(ix)
Mr. X paid Rs. 3000 for his professional tax.
OR
(b) Explain in detail, as to how
the following items are treated in computing taxable income: 14
(i)Recognized provident fund
(ii)Commutation of pension
(iii)Relief u/s 89(1) of the Income-tax
5. (a) Following are the particulars of house properties of
Mr. X for the previous year 2012-2013:
Particular
|
House-p
|
House-R
|
||
Fair
rent
|
3,50,000
|
3,20,000
|
||
Municipal
valuation
|
3,60,000
|
3,50,000
|
||
Standard
rent
|
3,00,000
|
5,00,000
|
||
Actual
annual rent
|
6,00,000
|
4,20,000
|
||
Unrealised
rent(Of the previous year 2011-2012)
|
10,000
|
80,000
|
||
Vacant
period
|
2
months
|
4
months
|
||
Loss
on account of vacancy
|
1,00,000
|
1,40,000
|
||
Municipal
taxes paid
|
40,000
|
50,000
|
||
Repairs
|
5,000
|
7,000
|
||
Insurance
|
30,000
|
|||
Land
revenue
|
25,000
|
40,000
|
||
Ground
rent
|
66,000
|
82,000
|
||
Interest
on borrowed capital
|
_____
|
1,40,000
|
||
Compute the
income from house property. 14
Or
(b) State the
provisions relating to computation of ‘Income from house property’ under
different categories of house property as per Income tax act 1961. 14
6. (a) what
is capital gain? Differentiate between short-term capital gain and long term
capital gain. Explain the procedure of computation of income for capital
gain. 2+4+8=14
OR
(b) State any
five items of income included under the head ‘Income from other sources’. State
any four items deductible in computing taxable income under the head ‘Income
from other sources’. State any five items not deductible in computing taxable
income under the head ‘income from other sources’. 5+4+5=14