2021 Income-tax Law and Practice (HONS), Assam University B. Com 3rd Sem Question Paper CBCS Pattern

Assam University B. Com 3rd Sem Question Paper CBCS Pattern
TDC (CBCS) Odd Semester Exam., 2020 held in March, 2021
COMMERCE (3rd Semester)
Course No.: COMHCC-302T
(Income-tax Law and Practice Question Paper 2021)

Full Marks: 50

Pass Marks: 20

Time: 3 hours

The figures in the margin indicate full marks for the questions.

SECTION – A

1. Answer any ten of the following questions:                      2x10=20

(a)       What is an Assessment Year?

(b)       Who is an assessee?

(c)        What does PAN stand for?

(d)       What is meant by gratuity?

(e)       How is the contribution to RPF treated?

(f)         How is the valuation of rent-free unfurnished house done?

(g)       What is business?

(h)       What is depreciation?

(i)         What is capital gain?

(j)         What do you mean by rounding of income?

(k)       For what period can the capital losses be carried forward?

(l)         Write one deduction to be made in computing total income.

(m)     What is meant by revised return?

(n)       What is meant by belated return?

(o)       What is the exemption limit in case of an individual?

SECTION – B

Answer any five questions

2. Discuss the residential status of an individual.                 6

3. Discuss the scope of total income.                                       6

4. The following are the particulars of the income of Shri Govind for the previous year ending on 31st March, 2020:

(1)       Salary @ Rs. 12,000 per month.

(2)       Contribution to recognized provident fund Rs. 1,600 p.m.

(3)       Employer’s contribution is the same as the employee contributes towards PF.

(4)       Dearness allowance Rs. 600 p.m.

(5)       Bonus Rs. 3,000.

(6)       Contribution to Public Provident Fund Rs. 10,000.

(7)       Premium of life policy Rs. 12,000.

(8)       Deposited Rs. 4,800 in equity linked saving scheme.

Find out taxable income of Shri Govind for the AY, 2020-21.                       6

5. Compute the income from house property from the information given below:     6

 

Rs.

Municipal rental value

Rent received during the year

Municipal Taxes (50% paid by the tenant)

Expenses uncured on repairs

Collection charges

18,000

24,000

1,800

5,000

1,000

6. Discuss the provisions relating to bonus to employees while computing income under the head Profits and Gains of Business or Profession. 6

7. Following is the Profit & Loss A/c of Shri Kesari Prasad for the previous year ending on 31st March, 2020:

Profit & Loss A/c

 

Rs.

 

Rs.

To Salaries

To Rent

To Income Tax

To Bad debts (allowed)

To Repairs to house

To Depreciation

To Net Profit

25,000

1,000

2,500

400

1,000

5,000

69,600

By Gross Profit

By Bank Interest

By Income from House Property

80,000

500

24,000

 

1,04,500

 

1,04,500

Compute the taxable income for the AY 2020-21.          6

8. Under what circumstances can the income of other persons be included in the income of an assessee?     6

9. The following are the particulars of income of Shri Digvijay Sen during the year ending 31st March, 2020:

(1)       Salary Rs. 50,000 p.m. from which 10% is deducted for statutory provident fund.

(2)       Warden ship allowance Rs. 12,000.

(3)       Income from house property Rs. 12,000.

(4)       He received Rs. 5,000 for writing articles in a journal.

(5)       Examiner ship remuneration Rs. 3,500.

(6)       Bank interest on savings account Rs. 2,000.

Compute taxable liability of Shri Sen for the AY, 2020-21.            6

10. Discuss about best judgement assessment.                    6

11. When and how is tax to be deducted at source from salary?                  6

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