Income-tax Law and Practice (DSC) Question Paper 2021
Assam University B. Com 3rd Sem Question Paper CBCS Pattern
TDC (CBCS) Odd Semester
Exam., 2020 held in March, 2021
COMMERCE (3rd
Semester)
Course No.: COMDSC-302T
(Income-tax Law and
Practice)
Full Marks: 50
Pass Marks: 20
Time: 3 hours
The figures in the margin indicate full marks for the questions.
SECTION – A
Answer any fifteen of the following as directed: 1x15=15
1.
What is previous year?
2.
What would be the Assessment
Year for the Previous Year, 2019-20?
3.
Give one example of income as
per the Income-tax Act, 1961.
4.
Total Income = Gross Total
Income – Deductions under Section 80C to 80U. (Write True or False)
5.
What is the rounding off total
income of Rs. 1,46,798.50?
6.
Residential status of an
individual is dealt with under Section _______ of the Income-Tax Act, 1961.
(Fill in the blanks)
7.
What are the full forms of URPF
and PPF?
8.
Write two fully taxable
allowances.
9.
Write two types of perquisites.
10. In case of house rent allowance Salary = Pay + _______. (Fill in the
blank)
11. Whether allowance from UNO is fully exempted on fully taxable
allowance?
12. Salary in lieu of leave is _______ taxable. (Fill in the blank)
13. Self-occupied but vacant house is fully taxable as per the
Income-tax Act, 1961. (Write True or False)
14. Write one difference between MRV and FRV.
15. What is the rate of standard deduction of self-occupied house?
16. Deemed to be let out is treated as _______ house property. (Fill in
the blank)
17. What would be the annual value of the house which is used for
assessee’s own business in case income from house property?
18. Loss from house property can be set-off from income under any other
heads only up to Rs. _______. (Fill in the blank)
19. Income of a minor child is always clubbed with the income of the
parent. (Write True or False)
20. Business/profession losses can be set-off against salary income.
(Write True or False)
21. No loss can be set off against _______ income. (Fill in the blank)
22. What is the maximum limit of deduction u/s 80C?
23. Deduction u/s 80C is available to _______ and _______ assessee only.
(Fill in the blank)
24. What is the maximum amount of total income to get rebate of tax u/s
87A?
25. What is the income tax exemption limit for a non-senior individual
for the Assessment Year, 2020-21?
26. What is the rate of tax on long-term capital gain?
27. Listed shares held for less than 12 months are short-term capital
asset / long-term capital asset. (Choose the correct answer)
28. Profits earned from an illegal business are not taxable. (Write True
or False)
29. What is the full form of GST?
30. Write one example of income which is included in income from other
sources.
SECTION – B
Answer any five of the
following questions: 2x5=10
31. What is Assessment Year?
32. Mention the heads of income as per the Income-tax Act, 1961.
33. Define salary as per the Income-tax Act, 1961.
34. Define profit in lieu of salary.
35. Define annual value.
36. What is unrealised rent?
37. What do you mean by the term ‘business’ as per Section 28 of the
Income-tax Act?
38. Define short-term capital gain and long-term capital gain.
39. Define capital income.
40. Write two saving schemes which are allowed as deduction u/s 80C.
SECTION – C
Answer any five of the
following questions: 5x5=25
41. Explain the scope of total income on the basis of residential status
of an assessee.
42. Write a short note on any one of the following:
(a) Income.
(b) PAN.
43. Explain the different types of salary as per the Income-tax Act,
1961.
44. From the following particulars find out the taxable salary of Mrs.
Babita working at Coimbatore [population 11 lakhs]:
(a) Salary Rs. 12,000 p.m.
(b) Employer’s contribution to employee’s RPF – 14% of basic salary.
(c)
DA @ 100% of salary.
(d) Rent free accommodation (unfurnished) fair rental value is Rs.
80,000 p.a. Expenses on maintenance of garden met by employer Rs. 3,000.
(e) Interest on provident fund balance @ 13% p.a. – Rs. 3,900.
(f)
A car (1.4 L capacity) is
provided by employer. All expenses are borne by employer. It is used both for
performance of duties and private purpose. Car was used by employee for 11
months during the year.
(g) She paid P. Tax of Rs. 1,200.
(h) She received Rs. 500 p.m. as fixed medical allowance.
45. Explain the different types
of rental values as per the Income tax Act, 1961.
46. Mr. Barman owns a house at Chennai. Compute his income from house
property for the Assessment Year, 2020-21:
|
FRV Actual rent MRV Standard rent Municipal tax Actual repairs expenses Ground rent Collection charges Interest on loan Vacancy period Bonafide unrealised rent of current year |
Rs.
1,20,000 p.a. Rs.
12,000 p.m. Rs.
1,30,000 p.a. N.A. 10% of
MRV + 2% of M. Taxes as sewerage cess. Rs.
12,000 Rs.
2,500 Rs.
1,200 Rs.
48,000 NIL Rs.
36,000 |
Construction of the house
started on 1st November, 2015 and he borrowed Rs. 4,00,000 @ 12% on
1st July, 2016 for the completion of construction. The house was
completed on 30th November, 2018 and since then it is let out.
47. Give a brief account of incomes which are included in ‘income from
other sources’.
48. The following is the Profit & Loss A/c of a merchant for the
years ending 31st March, 2020:
Profit& Loss A/c
|
|
Rs. |
|
Rs. |
|
To Office salary To Bad debts written off To Provision for bad debts To Advertisement To Fire Insurance premium [House property] To General Expenses To Depreciation To Interest on Capital To Interest on Bank Loan (due) To Net Profit |
2,06,500 1,700 3,000 53,800 550 52,750 1,200 2,000 1,300 1,22,500 |
By Gross Profit By Commission By Discounts By Sundry Receipts By Rent of Building By Profit on sale of investments |
4,36,750 1,250 500 200 3,600 3,000 |
|
|
4,45,300 |
|
4,45,300 |
Compute the taxable
profits from business. The amount of depreciation is Rs. 1,000. Interest on
Bank Loan was paid on 1-8-2020. Due date of filing of return is 31-7-2020.
49. Discuss the procedure for computation of capital gains as prescribed
by the Income-tax Act, 1961.
50. From the following information, calculate total income and tax
liability of Mr. Deb:
|
Gross Total Income His contribution to RPF Life insurance premium Interest on savings bank A/c |
Rs.
3,50,250 Rs.
19,800 Rs.
1,200 Rs.
12,000 |
Also Read: Assam University B.Com 3rd Sem Question Papers
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