Income-tax Law and Practice (HONS) Question Paper 2021
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
Also Read: Assam University B.Com 3rd Sem Question Papers
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