[Direct Tax I Question Paper 2013, Dibrugarh University, B.Com 5th Sem, Non CBCS Pattern]
2013 (November)
COMMERCE
(Speciality)
Course: 504
(Direct Tax – I)
Full Marks: 80
Pass Marks: 32
Time: 3 hours
The figures in the margin indicate full
marks for the questions
1. (a) Write True or False: 1x4=4
i.
Capital receipts cannot be treated as taxable
incomes.
ii.
Scholarship received by a student to meet the
cost of education is casual income.
iii.
No person other than individual or HUF can be
‘not ordinarily resident in India’.
iv.
A has two house properties. Both are
self-occupied. The annual value of both houses will be nil.
(b) Reproduce the correct answer: 1x4=4
i.
Income tax is applicable to
1)
Whole of India except the State of Jammu and
Kashmir.
2)
Whole of India.
3)
Whole of India except the State of Sikkim.
ii.
Under the Income-tax Act, the incidence of
taxation depends on
1)
The citizenship of the tax-payer.
2)
The age of the tax-payer.
3)
The residential status of the tax-payer.
iii.
Embezzlement of cash by a cashier is
1)
A revenue loss.
2)
A casual loss.
3)
A capital loss.
iv.
Leave travel concession is a tax-free perquisite
1)
For one journey in a block of four years.
2)
For one journey per year.
3)
For two journeys in a block of four years.
2. Write short
notes on: 4x4=16
a)
Person.
b)
Deemed Assessee.
c)
Non-Resident Indian.
d)
Income of the previous year assessed in the
previous year.
3. (a) Give an
overview of income-tax law in India. 11
Or
(b) Write an
explanatory note on ‘residential status and tax liability’ of a person as per
the provisions of Income-Tax Act.
4 (a) What do you
mean by income exempted from tax? Name any fourteen items of income which do
not form part of total income. 4+7=11
Or
(b) Explain the
provisions of law relating to tax holiday for newly established units in
Special Economic Zones. 11
5. (a) From the
following information, compute the taxable income for the assessment year 2013
– 14 under the head ‘salaries’ of Mr. R who is an employee of a tea company at
Guwahati: 12
i.
Basic Salary Rs. 15,000 p.m.
ii.
DA @ Rs. 5,000 p.m.
iii.
Employer is paying insurance premium of Rs.
15,000 p.a. on R’s life.
iv.
He gets house rent allowance @ Rs. 2,000 p.m. He
pays a rent of Rs. 2,500 p.m.
v.
He is provided with a car of 1.5 lt. capacity
engine with driver which was used partly for official and partly for private
purposes.
vi.
Education allowance for grand child @ Rs. 400
p.m.
vii.
Employer’s contribution to recognized provident
fund is @ 20% of salary and the interest credited to this fund at 14% rate
amounted to Rs. 14,000.
viii.
Medical expenses paid by employer Rs. 15,000.
ix.
He took advance salary of 2 months.
x.
The company provided him the facility of a
gardener and a cook, each of whom is being paid a salary of Rs. 500 per month.
The company also paid Rs. 5,000 for his electric bills and Rs. 3,000 for his
water bills.
xi.
The employer spent Rs. 2,500 on his refresher
course.
xii.
Profession tax paid by Mr. R is Rs. 2,500.
Or
(b) What is the
meaning of the term ‘perquisites’ under the head ‘salary’? Explain tax-free
perquisites with suitable example. 4+8=12
6. (a) Explain
the following as per the provision of the Income-tax Act: 4+3+4=11
i.
Basis of charging income from house property.
ii.
Deemed to let out property.
iii.
Allowable deductions in computing house property
income.
Or
(b) Mr. A owns
two self-occupied house in Jorhat. From the following information, find out
that which house he should choose as self-occupied. 11
House – II
Rs.
|
House – II
Rs.
|
|
Standard rent fixed under Rent
Control Act
Fair Rent
Municipal Valuation
Municipal Taxes (paid)
Municipal Taxes (due)
Ground Rent (paid)
|
36,000
42,000
24,000
1,200
1,200
1,000
|
56,000
62,000
44,000
1,200
1,200
500
|
Date of
completion of these houses was 31-01-2010. Mr. A had taken a loan of Rs.
4,00,000 @ 10% p.a. for construction of House – I on 01-06-2008 and he repaid
Rs. 2,00,000 on 01-10-2012.
7. (a) What are
the authorities provided by the Income-tax Act for the administration of tax?
Discuss very briefly the powers of Income-tax officer. 4+7=11
Or
(b) Write short
notes on: 6+5=11
i.
Central Board of Direct Taxes.
ii.
Commissioner of Income tax.