Income Tax Law and Practice Question Paper 2023 [Gauhati University B.Com 3rd Sem CBCS Pattern]

Income Tax Law and Practice Question Paper' 2023
Gauhati University B.Com 3rd Sem CBCS Pattern

4 (Sem – 3/CBCS) ITLP HC/RC

 (Honours Core/Regular)

Paper: COM-HC-3026/COM-RC-3026

(Income Tax Law and Practice)

Full Marks: 60

Time: 3 hours

The figures in the margin indicate full marks for the questions.

1. Answer the following questions as directed:       1x7=7

(a) The present Income Tax Act came into force from the year _______. (Fill in the blank)

(b) The term “Salary” has been defined as per section _______ of the Income Tax Act. (Fill in the blank)

(c) The maximum deductions from gross total income of an individual as per section 80C of the Income Tax Act, 1961, is Rs. _______. (Fill in the blank)

(d) Previous year has been defined under section _______ of the Income Tax Act, 1961. (Fill in the blank)

(e) An Indian citizen is always considered as “resident and ordinarily resident in India”. (Statement is true or false)

(f) Income Tax is charged by the Central Government. (Statement is true or false)

(g) Rate of Statutory deduction in case of Income from house property is _______. (Fill in the blank)

2. Answer the following questions:        2x4=8

(a) When an individual is considered “Non-resident in India” for Income Tax purposes?

(b) Write the meaning of “Total Income’ as per Income Tax Act.

(c) Explain the meaning of Long term Capital Gain.

(d) Define “Assessee” as per Income Tax Act, 1961.

3. Answer any three of the following questions:     5x3=15

(a) Briefly explain various heads of income.

(b) Mr. K is the owner of a house property which is let-out by him at a monthly rent of Rs. 3,200 p.m. The following particulars of the house are given below:

(1) Municipal Valuation (MV) Rs. 30,000 p.a.

(2) Fair Rent (FR) Rs. 45,000 p.a.

(3) Standard Rent Rs. 40,000 p.a.

(4) Municipal Tax paid during the previous year Rs. 3,000.

(5) Fire insurance premium paid Rs. 600 p.a.

Determine his Income from House Property for the assessment year 2023-24.

(c) Explain the manner of determining the residential status under “resident and ordinarily resident in India”.

(d) Mention the items of General Income under the head “Income from other source”.

(e) Define “Agricultural Income”. Give examples of incomes which are related to land, but are not agricultural income.

4. Answer the following questions:          10x3=30

(a) Describe briefly the procedure of ascertaining the income under the head “Profits and Gains Business or Profession”.

Or

State the deductions available from gross total income under section 80C of Income Tax Act, 1961.

(b) Explain the process of setting off of losses and their carry forward as per provisions of the Income Tax Act, 1961.

Or

Briefly explain any five forms of return of income.

(c) Mr. R is employed in a private limited company in Kamrup, Assam. During the previous year he received the following payments from his employer:

(i) Basic Salary Rs. 15,000 p.m.

(ii) Dearness allowance Rs. 8,000 p.m.

(iii) Entertainment allowance Rs. 1,000 p.m.

(iv) Servant Allowance Rs. 500 p.m.

(v) Bonus for the year Rs. 70,000.

(vi) Commission received Rs. 35,000 p.m.

(vii) Free furnished accommodation was provided to him which the employer paid a rent of Rs. 6,000 p.m.

(viii) Employer’s contribution to R.P.F. @15% on basic salary.

Compute his income from salary for the relevant assessment year.

Or

Mr. Bora had purchased a residential house property on 16-06-2004 for Rs. 2,20,000. He had spent Rs. 1,50,000 on improvement of the house during the year 2008-09. On 04-10-2022, he sold the house for Rs. 21,50,000 (Stamp Duty  Value Rs. 20,40,000). His expenses on transfer amounted to Rs. 36,000.

Compute the ‘Capital Gains’ for the Assessment Year 2023-24.

Given,

Previous Year	Cost Inflation Index (CII)
2004 – 05 2008 – 09 2022 – 23	113 137 331

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