Tuesday, March 06, 2012

Dibrugarh University - Income Tax 2009

Or
(ii) Mr. pratap Singh is a production Manager of an Industrial unit at Mumbai. The particulars of his salary income areas under:
Particulars
Amount
Basic salary
Dearness allowance(given under the terms of employment)
Entertainment allowance
Medical  allowance
House   Rent allowance
Rent  paid  for the house  
15,000 p.m
5000p.m
1000 p.m
500 p.m.
4000 p.m.
5000 p.m.
Car of 1.2 Lt. capacities provided by employer meets expenses of car. He and his employer (each) contribute 15% of salary to R.P.F.
Mr. Singh had taken interest free loan of Rs. 15,000 to purchase Washing Machine. Compute income under the head salary for the assessment year 2008—2009.
(b)(i) Mr.S. Saikia had taken a shop on rent at monthly rent of Rs.3000.He has sublet 25% of the area to Mr. A. Das @Rs. 1,500 p.m. He incurred Rs. 8000 on repairs of the shop. Calculate his income from subletting.
(ii) From the following statement, compute the income from profession of Dr.Sanjib Phukan of dibrugarh, if accounts are maintained on mercantile system.
Particulars
Amount
Particulars
Amount
To Nursing  Home Rent                
To Electricity & water charges 
To Telephone
To  salary to staff
To Dep. On Surgical Equipment
To purchase of Medicines
To Dep. Of X- ray Machine
To  Income Tax
To Donation to lion club
To Motor  car Expenses
To Dep. On car
To  Net income

39000
6000
6000
35000
6000
36000
4000
5500
4000
9600
4800
94100

By  Visiting fees                 
By Consultation  fees     
By Sales of medicines      
By Dividends                         
48000
125000
72000
5000


250000

250000
Additional information:
(i)Electricity and Water charges include domestic bill of Rs. 2500.
(ii)Half of motor car Expenses are for professional use.
(iii)Telephone Expenses include 30% for personal use.
(iv) Opening stock of medicine was Rs.5000 and closing stock was Rs.3000.
Or
(ii)Describe the procedure of ascertaining Short Term capital Gains and long term capital Gains.
4 (a) (i) The following are particulars of the income of a Gauhati University teacher for the year ending 31st March 2008.
(a)    Salary Rs. 14,200 p.m. from which 10% is deducted for statutory provident fund to which university contributes 12%.
(b)   Rent free bungalow of the annual Letting value of Rs. 18000.
(c)    Warden ship allowance Rs.7200 p.a.
(d)   12% interest on Govt. Loan of Rs.65000
(e)   Income from  house property (computed) Rs.29,560
(f)     He received Rs.3, 500 for writing articles in a journal.
(g)    He paid Rs.2000 to G.I.C under mediclaim.
(h)   Interest on postal Saving  Bank deposit Rs.300
(i)      Interest Gross Rs.2500.
(j)     Examination remuneration Rs. 3500. During the year he paid Rs.2400 as life insurance premium on his own policies and spent Rs.600 on books purchased for his own purpose. Find out his total income, tax and exempted income.
Or

5(a) (i). What do you mean by tax deduction at source?
(ii) State the consequences for failure to deduct tax at source.
(iii) State the procedure of deduction of tax at source from salary.
Or
(b) (i) who can appoint Income Tax authorities?
(ii) mention five penalties which can be imposed under the provision of Income Tax Act, 1961?
(iii) State the procedure of filing an appeal under the Income Tax Act, 1961.

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