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Saturday, July 13, 2019

B.Com 3rd Year Question Papers (Distance): Direct Tax Law' 2018

Paper: 306
(Direct Tax Law)
Full Marks: 90
Time: 3 hours
The figures in the margin indicate full marks for the questions
1. Explain the following as per Indian Income Tax Act, 1961:                4x4=16

a)         Assessee.
b)         Income.
c)          Capital Receipt.
d)         Previous Year.
What do you understand by the Income Tax authorities as per Indian Income Tax Act, 1961? Discuss briefly the powers of Central Board of Direct Taxes.                         8+8=16
2. What do you understand by the term Residential status of an assessee? Explain briefly how liabilities of an assessee is determined with reference to his Residential status.       6+10=16
Discuss sixteen exempted incomes which are mentioned under section 10 of the Income Tax Act.
3. Write short notes on:                                                8+8=16
a)         Gratuity.
b)         Relief u/s 89(1) of the Income Tax Act.
From the following information, compute the taxable income from salary of Mr. Prasanta for the Assessment Year   2017-18:                                                          16
1)         Salary @ Rs. 18,000 p.m.
2)         Dearness allowance (forming part of Salary) @ Rs. 8,000 p.m.
3)         Education allowance for his two children @ Rs. 300 p.m.
4)         He resided in the flat of the company in Kolkata.
5)         Rent of the house recovered from his salary @ Rs. 900 p.m.
6)         Employer’s contribution to RPF is Rs. 2,000 per month and interest credited RPF @ 12% amounted to Rs. 19,500.
7)         He has been provided with motor car of 1.8 litre engine capacity for his official and personal use. All expenses borne by the employer.
8)         He paid Rs. 4,000 for his professional tax.
4. What are the charging provisions under section 28 under the head “Profit and gains of business or profession”?        16
From the following particulars of two house property owned by Mr. Dipen, compute income from house property for the Assessment Year 2017-18:

House I
House II
Municipal Value
Fair Rent
Standard Rent
Actual Rent received
Self Occupied
Let out
Municipal Taxes:
Interest on borrowed money
10,000 p.m.
1-4-16 to 30-11-16
1-12-16 to 31-3-17

11,000 p.m.
1-12-16 to 31-3-17
1-4-16 to 30-11-16


Loan taken to construct House II still outstanding. Loan was taken in 1998.
5. What is meant by the term ‘assets’ under the Wealth Tax Act? Discuss 10 items which are not assets?           6+10=16
Write short notes on:                                                   4x4=16
a)         Valuation Date.
b)         Net Wealth.
c)          Exemptions under Wealth Tax Act.
d)         Computation of Net Wealth.
6. Write short notes on the following:                    2x5=10
a)         House Rent Allowance.
b)         Recognised Provident Fund (RPF).
c)          Gross Total Income under Income Tax Act, 1961.
d)         Exemptions in incomes from House Property in Income Tax.
e)         Tax deducted at source.


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