Assam University B. Com 3rd Sem Hons Question Paper CBCS Pattern
Income-tax Law and Practice (HONS) Question Paper 2019
2019/TDC /ODD/SEM/COMHCC-302T/253
TDC (CBCS) Odd Semester Exam., 2019
COMMERCE(3rd Semester)
Course No: COMHCC-302T(Income Tax Law and Practice)
Full Marks: 50
Pass Marks: 20
Time: 3 hours
The figures in the margin indicate full marks for the questions
UNIT – I
1. Answer any two questions from the following: 2 x 2 = 4
(a) What is gross total income?
(b) Who is resident individual in India?
(c) What is previous year?
2. (a) Give ten examples of income which are totally exempt from income tax. 6
Or
(b) Discuss the residential status of an HUF and a company. 6
UNIT – II
3. Answer any two questions from the following: 2 x 2 = 4
(a) Define perquisite.
(b) Mention the treatment of professional tax under the head salary if paid by employer on behalf of an employee.
(c) What is taxable allowance?
4. (a) Mr. A. C. Ghosh is an Assistant Professor in the department of Political Science, Cachar College, Silchar. His monthly emoluments are given below:
(1) Basic salary Rs. 74,000 per month.
(2) Dearness Allowance @ 20% on basic salary.
(3) City compensatory allowance Rs. 3,000 per month.
(4) Fixed medical allowance Rs. 650 per month.
(5) Mr. Ghosh is living in Silchar at a monthly rent of Rs. 12,000 and received house rent allowance Rs. 8,000 per month.
(6) He contributes to RPF @ 15% of his basic salary + Dearness Allowance and his employer also contributes the same amount.
You are required to compute the net salary income of Mr. A. C. Ghosh for the A. Y. 2019-20. 6
Or
(b) Discuss the tax treatment of interest on housing loan while calculating ‘income under the head house property’. 6
UNIT – III
5. Answer any two questions from the following: 2 x 2 = 4
(a) State the concept of ‘actual cost’ as given under Section 43 (1).
(b) Define business as per the provisions of the Income Tax Act, 1961.
(c) What is long-term capital gain?
6. (a) Mention the different kinds of incomes specially mentioned as chargeable to tax under the head ‘income from other sources’. 6
Or
(b) Mr. Sharma sold his residential house on 1-11-2018 for Rs. 16,75,000 which he had purchased for Rs. 4,10,000 on 1-2-2002. He spent Rs. 56,100 for its improvement in 2003-04. In 2005-06, he had agreed to sell the house to Mr. Ashit Paul for Rs. 6,50,000 and had received an advance of Rs. 10,000 for the same. However, since Mr. Ashit Paul did not get the sale registered within the agreed time, the agreement was cancelled and the advance money was forfeited by Mr. Sharma.
Compute the capital gain for the AY, 2019-20, assuming that Mr. Sharma bought a new residential house on 1-11-2018 for Rs. 2,50,000 and invested Rs. 1,50,000 in the capital gains bonds of National Highway Authority of India.
The CII for the financial years, 2001-02, 2003-04, 2005-06 and 2018-19 were 100, 109, 117 and 280 respectively. 6
UNIT – IV
7. Answer any two questions from the following: 2 x 2 = 4
(a) What do you mean by assessment?
(b) State any two deductions with section from gross total income.
(c) When does Alternate Minimum Tax apply to an individual assessee?
8. (a) Briefly discuss the types of assessment. 6
Or
(b) A is a Professor in Kolkata University (population 25 lakhs), getting a salary of Rs. 35,000 per month plus 35% on account of dearness allowance. He contributes 12% of his salary to RPF and employer contributes the same amount. He is also hostel warden and has provided with rent free unfurnished accommodation whose annual rental value is Rs. 12,000 per month. He owns a house which is let out at Rs. 8,000 per month and he pays municipal taxes amounting to Rs. 9,600 per annum. During the previous year, he received the following incomes:
(1) 10% dividend on shares of Rs. 12,000.
(2) 15% dividend on Rs. 20,000 units of UTI.
(3) 12% interest on debentures of Rs. 60,000.
(4) Rs. 24,600 being one-third share of profit in an AOP.
(5) Rs. 2,400 dividend from a company.
(6) Rs. 13,000 as interest on bank deposit (Saving Bank A/c).
(7) Interest on government securities Rs. 19,400.
He had insured his life for Rs. 6,00,000 and paid Rs. 60,000 as premium.
Ascertain his total income for the assessment year, 2019-20. 6
UNIT – V
9. Answer any two questions from the following: 2 x 2 = 4
(a) What is ‘Permanent Account Number’?
(b) What is TDS?
(c) What do you mean by adjusted total income?
10. (a) State the provisions of the law regarding deduction of tax at source in respect of income from dividend. 6
Or
(b) Who has to submit return income as a statutory obligation? 6
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