Basics of Income Tax Question Paper 2024 [Dibrugarh University BCOM 2nd SEM FYUGP]

Basics of Income Tax Question Paper 2024
Dibrugarh University BCOM 2^nd SEM FYUGP

COMMERCE (Generic Elective Course)

Paper: GECCOM2

Full Marks: 80

Pass Marks: 24

Time: 3 hours

The figures in the margin indicate full marks for the questions

Paper: GECCOM2 (A)

(Basics of Income Tax)

1. (a) Fill in the blanks of the following:   1x4=4

(i) _______ income is fully exempted from tax u/S 10(1) and such does not form part of total income.

(ii) For the Assessment Year 2023-24, an assessee can avail deduction u/S 80 (C) to the extent of _______.

(iii) Deduction for interest on loan taken for construction of self occupied house after 01-04-1999 is allowed up to actual amount or Rs. _______, whichever is less.

(iv) Capital gain arises from the transfer of _______ asset.

(b) Write ‘True’ or ‘False’ of the following:            1x4=4

(i) Total income of a person is determined on the basis of his citizenship in India.

(ii) Municipal tax is a deduction from net annual value.

(iii) House rent allowance is a fully taxable allowance.

(iv) Income from subletting house will be chargeable under the head ‘income from other sources’.

2. (a) Explain in brief any fourteen incomes which are exempt u/S 10 of the income-tax Act, 1961.               14

Or

(b) Write short notes on the following:   3½ x 4=14

(i) Previous year.

(ii) Assessee.

(iii) Person.

(iv) Residential status and incidence of income tax.

3. (a) Mr. A has the following income during the previous year, 2022-23:

(i) Basic salary Rs. 2,60,000.

(ii) Dearness allowance (forming part of salary) Rs. 40,000.

(iii) Education allowance (For three children) Rs. 6,000.

(iv) Rend paid for a residential house at Guwahati Rs. 60,000.

(v) House Rent allowance Rs. 48,000.

(vi) He has been provided with a motor car of 1.8 litres engine capacity for the official and personal use. All expenses of the motor car are borne by the employer.

(vii) He contributes 14% of his salary to a recognized provident fund and his employer also contributes the same amount.

(viii) Interest credited to recognized provident fund @ 13% amounted to Rs. 13,000.

(ix) Medical expenses paid by his employer Rs. 25,000.

(x) Mr. A paid Rs. 2,500 for his professional tax.

Compute the income from salary for the Assessment Year, 2023-24.          12

Or

(b) Explain the provisions of the Income Tax Act, 1961 with regard to different kinds of provident funds. 12

4. (a) Mr. X is the owner of a house property. From the following particulars, compute the Income from House Property for the Assessment Year, 2023-24: 12

	(Rs.)
Municipal Valuation Fair Rent Standard Rent Fixed by the Court	1,00,000 1,20,000 1,10,000

The house was let out w.e.f. 01-04-2022 for Rs. 9,000 p.m. which was vacated by the tenant on 30-09-2022. Since, then it remained vacant for two months. From 01-12-2022 it was again given to rent @ Rs. 12,000 p.m.

Municipal tax paid for the house 20%

Repairs, electricity, etc, paid Rs. 5,000.

Interest on money borrowed for construction of house property Rs. 27,400.

Or

(b) What are the incomes which are chargeable to income tax under the head ‘Profits and Gains of Business or Profession’? Discuss.      12

5. (a) What is capital gain? Differentiate between short-term capital gain and long-term capital gain. Explain the procedure of computation of income from capital gains. 2+4+8=14

Or

(b) Discuss in detail the provisions of the Income-tax Act, 1961 for determination of income from other sources.   14

6. (a) Mr. Y has the following income and investment during the previous year, 2022-23:

	(Rs.)
Basic Salary (per month) House Rent Allowance Exempted House Rent Allowance Uniform Allowance Official Expenses on Uniform Leave Travel Concession Exempted Leave Travel Concession Income from Let Out House Property: House I House II Income from other sources: Interest on Savings A/c Deduction under Section 80C Deduction under Section 80D	50,000 40,000 10,000 25,000 25,000 90,000 75,000   80,000 1,20,000   40,000 1,50,000 20,000

From the information, compute his taxable income for the Assessment Year, 2023-24.      14

Or

(b) Explain the following:              7x2=14

(i) Income Tax Authorities.

(ii) Deduction under Section 80C and 80D.

7. Explain the provisions of the Income-tax Act, 1961 with regard to the following briefly:  3x2=6

(a) Advance payment of tax.

(b) Capital Assets.