Assam University B. Com 3rd Sem Hons Question Paper CBCS Pattern
Income Tax Law and Practice Question Paper 2022
2021/TDC /CBCS/ODD/COMHCC-302T/341
TDC (CBCS) Odd Semester Exam., 2021 held in March, 2022
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
SECTION – A
Answer any ten of the following questions: 2 x 10 = 20
1. Who is a person?
2. Explain the term ‘assessee’.
3. What are the main heads of income?
4. Write short note on standard rent.
5. What is meant by pre-construction period?
6. Define allowance.
7. What do you mean by the term ‘profession’ as per the Income-tax Act?
8. Point out any two exemptions u/s 54 of capital gains.
9. Define the term ‘dividend’ as given in under Section 2(22) of the Income-tax Act, 1961.
10. Write short notes on carry forward and set-off losses.
11. What do you mean by slab system?
12. Write two saving schemes which are allowed as deduction u/s 80C.
13. What is revised return?
14. Who cannot file return in ITR-4?
15. What is meant by ‘e-filing of income-tax return’?
SECTION – B
Answer any five of the following questions: 6 x 5 = 30
16. Discuss in brief the scope of total income of a person who is –
(a) resident but not ordinarily resident;
(b) non-resident.
17. Mr. Chinmoy Roy, a British citizen, whose father was born in India in 2001 and joined ITC Ltd. as its Director (marketing) at Kolkata on 01-04-2004.
He left India for London on 02-10-2016 and came back to India on 29-03-2017. Again he left for Islamabad on 12-06-2020
Determine his residential status for the Assessment Year, 2021-22.
18. Compute the income from house property from the information given below:
|
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 |
19. Mousumi Banik is the owner of a house at Belonia. The house has been let out at a monthly rent of Rs. 8,000. The municipal valuation is Rs. 40,000 and the fair rent is Rs. 42,000 p.a. The municipal tax paid by the owner during the year is Rs. 5,000.
The owner, however, paid the following expenses on tenants’ amenities:
|
Rs. |
|
|
Water charges Lift maintenance Salary of gardener Lighting of stairs |
800 1,000 600 300 |
The owner claims the following deduction:
|
Rs. |
|
|
Repairs Land revenue Collection charges Legal charges for acquisition of land Insurance premium paid |
12,000 1,200 400 5,000 1,000 |
Compute the income from house property for the Assessment Year, 2021-22.
20. Miss Trishadri purchased a residential house during the Previous Year, 2001-02 for Rs. 40 lakhs and sold it for Rs. 2 crores during the Previous Year, 2020-21.
She purchased two houses worth Rs. 38 lakhs each on 21-02-2021. Cost Inflation Index (CII) for the Financial Years, 2001-02 and 2020-21 are 100 and 301.
Calculate taxable capital gain u/s 54 for the AY, 2021-22.
21. The following is the Profit & Loss A/c of Mr. Amrit Lal Ghose for the year ending 31-03-2021:
Profit & Loss A/c
|
Particulars |
Rs. |
Particulars |
Rs. |
|
To Staff Salary To Advertisement To Bad Debts Written off To Fire Insurance Premium (House Property) To General Expenses To Expenses on the Occasion to Diwali To Interest on Capital To Interest on Bank Loan paid To Repairs and Maintenance To Depreciation To Net Profit |
94,000 12,600 3,400 2,100 23,400 - 6,900 8,000 7,800 11,700 24,000 2,90,600 |
By Gross Profit By Commission By Rent of Building By Sundry Receipts By Profit on Sale of Investments |
4,45,900 4,400 24,000 1,200 9,000 |
|
4,84,500 |
4,84,500 |
Compute the taxable profits from business.
The amount of depreciation allowable as per Income-tax Rules is Rs. 21,000.
22. Explain the provisions of the Income-tax Act, 1961 regarding carry forward and set-off losses.
23. What are the provisions relating to deductions from Gross Total Income of donations to certain funds, charitable institutions, etc. under Section 80G of the Income-tax Act, 1961?
24. State the provisions of the Income-tax Act regarding Tax Deduction at Source (TDS) for:-
(a) winning from lottery on cross-word puzzle;
(b) winning from horse races.
25. Write short notes on any two of the following:
(a) E-filing process.
(b) ITR-4 (Sugam).
(c) Latest procedure for filing E-TDS/TCS returns.
***
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