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Gauhati University Question Papers: Direct Taxes (Nov-Dec’ 2016)

Full Marks: 80
Time: 3 hours
(The figures in the margin indicate full marks for the questions)
1. (a) State whether the statements are True or False:                               1x5=5

1)         The rate of income tax for a given year is fixed by the Finance Act passed by the Parliament.
2)         Rent of agricultural lands is agricultural income.
3)         All types of income whether domestic or foreign are not taxable for non-resident in India.
4)         Income from house property is chargeable to tax on the basis of receipt of actual rent.
5)         Gift received on the occasion of marriage is not chargeable to tax.
(b) Fill in the blanks with appropriate word:                                                    1x5=5
1)         The basis of charge of salary income is as per section _______ of Income Tax Act.
2)         Income from other sources is included under _______ head of income.
3)         Deduction out of gross total income is allowed to individuals and _______ only.
4)         A _______ has to pay tax only on those incomes which are received or accrues in India.
5)         Agricultural income is fully exempt from income tax under Section _______ of Income Tax Act.
2. Write short answers to the following in about 50 words each:                            2x5=10
a)         Write the meaning of ‘previous year’ as per Income Tax Act.
b)         Mention any two items of ‘general income’ under the head “Income from other Sources”.
c)          Mention any two perquisites which are taxable for all employees.
d)         Explain the meaning of ‘long-term capital gains’.
e)         State the meaning of ‘agricultural income’ as per Income Tax Act.
3. Describe briefly any four of the following:                                                   5x4=20
a)         What is PAN? How can it be procured as per the provisions of the Income Tax Act?
b)         Define ‘Net Wealth’ under the Wealth Tax Act.
c)          Explain the procedure of ‘Regular assessment’ under Income Tax Act.
d)         Explain the manner of computation of tax implication of ‘profit and gain from business and profession’.
e)         Define ‘Resident’ and ‘Non-resident’ under Income Tax Act.
f)          Explain the provisions of the Income Tax Act regarding ‘tax deducted at source’ from salary income of an individual.
4. (a) What are the various modes of assessment of Income tax as per Income Tax Act, 1961? Discuss in detail.                                                                                                                                   10
What is meant by Annual value of a house property? How it is determined?
(b) State the deduction available from Gross Total Income (GTI) under Section 80C of Income Tax Act.                                                                                                                             10
Define ‘Asset’ as per Wealth Tax Act. What are the components of exempted wealth as per Wealth Tax Act?                                                                                                       10
(c) (1) Mr. R. Saikia of Guwahati is the owner of a house property in Guwahati. The house is let out at a rent of Rs. 10,000 p.m. Its municipal valuation is Rs. 80,000 p.a. and standard rent is Rs. 1,05,000 p.a. The fair rent of the house is              Rs. 1,09,000 p.a. The house was self occupied for 2 months and rent for 2 months is outstanding and there is no chance of its recovery as per rules. Municipal tax paid Rs. 7,000.
Compute the net annual value for the Assessment year 2015-16.                       5+5=10
(2) State the procedure of filing return by an individual assessee.
State the deduction available from Gross Total Income under Section 80C of the Income Tax Act.
(d) Mr. Yubraj is employed in a Private Limited Company in Guwahati. During the previous year 2014-15, he received the following payments from his employer:                            10

1)      Basic salary
2)      Dearness allowance
3)      Entertainment allowance
4)      Servant allowance
5)      Bonus for the year 
6)      Commission received
7)      Free furnished accommodation to him for which the employer, paid a rent of 5,000 p.m.
8)      Employer’s contribution to Recognized Provident Fund @ 13% p.a. on basic.
9)      During the year (previous) his employer deduction Rs. 2,800 as Professional tax from his salary.
12,000 p.m.
10,000 p.m.
1,500 p.m.
500 p.m.

Compute his income from salary for the relevant assessment year                10
Define ‘perquisite’. Discuss the perquisites taxable in case of all employees.


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