Income Tax Law & Practice Question Paper 2022 [Dibrugarh University BCOM 3rd SEM Hons CBCS Pattern]

Income Tax Law & Practice Question Paper 2022

Dibrugarh University BCOM 3rd SEM Hons CBCS Pattern

3 SEM TDC ITLP (CBCS) C 306

2022 (Nov/Dec)

COMMERCE (Core)

Paper: C – 306

(Income Tax Law and Practice)

Full Marks: 80

Pass Marks: 32

Time: 3 hours

The figures in the margin indicate full marks for the questions

1. (a) Fill in the blanks of the following:                  1 x 4=4

(1) A person who is liable to pay tax not only on his own income but on the income of another person is called _______.

(2) Gratuity received by a government employee is _______.

(3) Long-term capital loss can be carried forward for _______ succeeding previous years to be set-off only from long-term capital gain.

(4) Income received as rent from subletting would be taxable under the head _______.

(b) Write True or False of the following:            1 x 4=4

(1) An individual who wants to be resident of India u/s 6 (1) (a) must stay in India for at least 730 days in 7 previous years.

(2) Tax is levied on total income of an assessee.

(3) Income from sale of household furniture is short-term capital gain.

(4) Deduction u/s 80C is available to industrial only.

2. (a) Write short notes on any two of the following:            4 x 2=8

(1) Assessment year.

(2) Maximum marginal rate.

(3) Pension.

Or

(b) How will you determine the residential status of an individual? Explain.             8

3. Explain any three of the following:         4 x 3=12

(a) Perquisites.

(b) Tax deducted at source.

(c) Capital gain exempted from tax.

(d) Relief u/s 89 (1).

4. (a) What is Provident Fund? Explain the tax treatment of different types of Provident Fund. 3+7=10

Or

(b) Mr. X is employed at Dibrugarh at a basis salary Rs. 25,000 p.m. and he also getting the following allowances:

	Rs. (p.m.)
Dearness allowance Lunch allowance Servant allowance Transport allowance Education allowance @ Rs. 200 per month for three children Hostel allowance to one child House rent allowance	2,000 1,000 1,000 2,000 - 500 5,000

He paid professional tax Rs. 250 per month. He was in a rented house and paying a rent of Rs. 7,000 p.m. His employer contribution in RPF @ 10% of his salary. Interest on RPF balance @ 12% Rs. 9,000. Find out his salary income for the Assessment Year 2022-23.             10

5. (a) (1) Write a note on annual value of house property.            4

(2) Explain briefly the different types of income from house property which are not chargeable to tax.  6

Or

(b) Mr. Sanjoy Das owns a house property in Delhi. From the particulars given below, compute the income from house property for the Assessment Year 2022-23:         10

	Rs.
Municipal value Fair rent Standard rent Actual rent (per month) Municipal tax – 20% of municipal value, municipal tax paid during the year 50% of tax levied Expenses on repairs Insurance premium	2,00,000 2,52,000 2,40,000 23,000 - 20,000 5,000

Mr. Sanjoy Das borrowed a sum of Rs. 12,00,000 @ 10% p.a. on 01-07-2018 and the construction of the property was completed on 28-02-2020.

6. (a) Define capital gain. Discuss the procedure for computation of capital gain.          4+6=10

Or

(b) Mr. Dilip submits the following particulars about sale of assets during the year 2021-22:

	Jewellery	Gold	Plot
Sale price (in Rs.) Expenses on sale (in Rs.) Cost of acquisition (in Rs.) Year of acquisition CII	5,00,000 Nil 1,50,000 2007-08 129	2,50,000 Nil 80,000 2009-10 148	21,74,000 24,000 7,00,000 2004-05 113

He has purchased a house for Rs. 12,00,000 on 01-03-22.

Calculate the amount of taxable capital gain if CII for 2021-22 is 317.            10

7. (a) What are the provisions of the Income Tax Act, 1961 regarding set-off of losses? Discuss briefly the provisions of the Income-tax Act regarding the carry forward of losses from business income and capital gain.        4+8=12

Or

(b) Mr. Z submits the following particulars for the year ending 31-03-22. Calculate his taxable income for the Assessment Year 2022-23:        12

	Rs.
Income from salary Income from house property: House – A House – B (self-occupied) Profits and gains of business or profession: Business I Business II Business III (discontinued) Unabsorbed carried forward loss from Assessment Year 2015-16 Capital gain: Short-term capital loss Short-term capital gain Other sources: Loss from card games Winning from lotteries Interest on fixed deposit	2,80,000 1,05,000 – 1,50,000 - 1,08,000 – 46,000 – 80,000 - –50,000 90,000 – 40,000 1,00,000 50,000

Mr. Z invested in PPF Rs. 1,00,000 and tuition fee paid for his son Rs. 65,000 p.a.

8. (a) How will you compute the total income of a firm? Explain.         10

Or

(b) Explain the tax rate applicable to a firm for the Assessment Year 2022-23.         10

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