Income Tax Law and Practice Question Paper 2024
Dibrugarh University BCOM 3rd SEM CBCS Pattern
3 SEM TDC ITLP (CBCS) C 306
2023 (Nov/Dec)
COMMERCE (Core)
Paper: C-306 (Income Tax Law and Practice)
Full Marks: 80
Pass Marks: 32
Time: 3 hours
The figures in the margin indicate full marks for the questions
1. (a) Write True or False: 1*4=4
(i) In India, income tax was introduced in the year
1850.
(ii) Tax liability of a firm is fixed at 20%.
(iii) The maximum deduction under Section 80C is 1,80,000.
(iv) Penalty for late payment of income tax is
deductible.
1. (b) Fill in the blanks
with appropriate word(s): 1*4=4
(i) Unabsorbed depreciation is deducted from
________.
(ii) The term arising means to ________.
(iii) Income from salary is taxable under Section
________.
(iv) The process of indexation is applicable only
for ________.
2. Write short notes on
any four of the following: 4*4=16
(a) Agriculture income
(b) Gross total income
(c) Tax treatment of pension
(d) Deemed owner of house property
(e) Standard deduction of house property income
3. (a) Discuss about the tax liability of different
types of income and incidence of tax. 8
Or
(b) Enumerate any twelve incomes which are fully
exempted from tax under Section 10. 8
4. (a) Biman is an
employee of Guwahati-based company. He provides the following particulars of
his salary income: 12
Basic salary—₹ 50,000 p.m.
Bonus—₹ 1,15,000
Commission on turnover—₹ 50,000
Servant allowances—₹ 500 p.m.
Transport allowances—₹ 8,000 p.m.
Free education facility of three children (bill
issued in the name of employer) 24,000 p.a.
Interest credited to RPF @ 12% amounted to 24,000
Free use of motor car, 1.8 litre capacity, used for
both office and personal purposes expenses met by employer
Rent-free house provided by employer. Lease rent
paid by employer—₹ 30,000
Professional tax—₹ 9,000
Compute his income under
the head income from salary for the Assessment Year, 2023–24.
Or
(b) Mr. Naman is the
owner of house property in Guwahati. From the particulars given below, compute
income from house property for the Assessment Year, 2023–24: 12
Municipal value—₹ 42,000
Fair rent—₹ 45,000
Standard rent—₹ 44,000
Actual rent—₹ 4,400 p.m.
Municipal tax levied—₹ 4,400
Municipal tax paid during the year—50% of levied
Expenses on repair—₹ 6,000
He has taken a loan of ₹1,20,000 at 10% interest
per annum for the construction of a tennis court in front of his house.
5. (a) Write down the expenses that are allowed for
deduction under the head ‘profits and gains of business or profession’ as per
the instruction of CBDT. 12
Or
(b) (i) What are the rules regarding charge of
depreciation? 6
(ii) From the following information, compute
depreciation allowable for the Assessment Year, 2021–22: 6
(1) Rate of depreciation—15%
(2) WDV of plant and machinery—₹ 8,00,000
(3) Additional plant made on 1st July, 2020—₹
1,80,000
(4) Sale proceeds of machinery, which was
originally bought on 1st May, 2015 for ₹1,00,000—₹ 90,000
6. (a) What do you mean by capital asset? Explain
the different types of capital assets. 2+10=12
Or
(b) Discuss in detail the general and specific
income mentioned under Section 56(1) and 56(2) of the Income-tax Act. 12
7. (a) Mr. Abani
furnishes the following particulars of income and losses for the Assessment
Year, 2023–24: 12
|
Item |
₹ |
|
Taxable income from salary |
1,50,000 |
|
Income from house property |
16,000 |
|
Profit from hospital |
1,40,000 |
|
Speculative profit |
10,000 |
|
Long-term capital gain |
24,000 |
|
Short-term capital gain |
8,000 |
|
Share of profit from partnership firm |
7,800 |
|
Current year's depreciation |
4,500 |
The following items are
brought forward from the Assessment Year, 2022–23:
|
Item |
₹ |
|
Unabsorbed depreciation |
5,000 |
|
Speculative loss |
15,000 |
|
Long-term capital loss |
15,000 |
|
Short-term capital loss |
6,000 |
Calculate gross total
income for the Assessment Year, 2023–24.
Or
(b) What is tax
liability? How do you calculate the tax liability of an individual? 4+8=12
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