Basics of Income Tax Question Paper 2025 [Dibrugarh University BCOM 2nd SEM FYUGP]

Basics of Income Tax Question Paper 2025 (May/June)
Dibrugarh University BCOM 2nd SEM FYUGP Question Papers

COMMERCE (Generic Elective Course)

Paper: GECCOM2 (A) (Basics of Income Tax)

Full Marks: 60 (80 for 2023 Batch)

Time: 2 hours (3 hours for 2023 Batch)

1. (a) Fill in the blanks of the following: (1x4=4)

(i) Income tax was first introduced in India in the year ________.

(ii) Gratuity received by a government employee is ________.

(iii) In case of self-occupied house property, the annual value of two houses is taken as ________.

(iv) Capital gain arising from the transfer of a long-term capital asset is called ________.

(b) Write 'True' or 'False' of the following: (1x4=4)

(i) Dividend from Indian company is exempt from tax.

(ii) Short-term capital loss can be set off only against short-term capital gain.

(iii) Section 80 C applies only to individual and Hindu undivided family.

(iv) Health and Education Cess is levied at 4% on total income.

2. (a) What do you mean by the term 'residential status'? Explain how you would determine the residential status of an individual. (2+12=14)

OR

(b) Write short notes on the following: (3.5x4=14)

(i) Person

(ii) Gross Total Income

(iii) Assessment Year

(iv) Pension

3. (a) Mr. X is employed at Dibrugarh at a basic salary 25,000 p.m. and he is also getting the following allowances: (14)

Dearness Allowance	2,000
Lunch Allowance	1,000
Transport Allowance	2,000
Education Allowance (for three children) (per child)	300
Hostel Allowance to one child	500
House Rent Allowance	5,000

He paid professional tax 200 p.m. He was in a rented house and paying a rent of 7,000 p.m. His employer's contribution in RPF @ 10% of his salary. Interest on RPF balance @ 12% 9,000. Find out his salary income for the Assessment Year, 2024-25.

OR

(b) How will you determine the annual value of house property? Briefly explain the deductions u/s 24 in computing the taxable income from house property. (7+7=14)

4. (a) Mr. S submits the following particulars about the sale of assets during the year, 2023-24: (12)

Particulars	Jewellery	Land	Gold
Sale Price (Rs.)	5,00,000	18,50,000	3,50,000
Expenses on Sale (Rs.)	50,000	---	60,000
Cost of Acquisition (Rs.)	2,10,000	1,00,000	2007-08
Year of Acquisition	2004-05	2009-10	---
CII	113	148	---

Calculate the amount of capital gain chargeable to tax for the Assessment Year, 2024-25 if CII for 2023-24 is 348.

OR

(b) Mention the different kinds of income chargeable to tax under the head 'income from other sources'. (12)

5. (a) Explain the provisions of the Income-tax Act, 1961 regarding carry forward and set-off of losses. (12)

OR

(b) Mr. Ramnath (aged 45) furnishes the following particulars regarding his income and other information related to the Previous Year, 2023-24: (12)

Particulars	Amount (Rs.)
Gross income from salary	7,82,000
Income from house property (computed)	52,000
Long-term capital gain u/s 112	60,000
Dividend from foreign company	35,000
Interest from government bond	28,000
Winning from lottery (gross)	40,000

Mr. Ramnath made contribution of 60,000 towards Unit Linked Insurance Plan (ULIP). Compute the Total Income of Mr. Ramnath for the Assessment Year, 2024-25.

Additional Questions, 20 marks for 2023 Batch

6. (a) Explain the provisions of the Income-tax Act, 1961 regarding the following: (5+5=10)

(i) House Rent Allowance

(ii) Recognized Provident Fund

OR

(b) Write any ten expenses that are allowed for deduction u/s 37 under the head 'profits and gains of business or profession'. (10)

7. Explain the following: (5+5=10)

(a) Tax deducted at source

(b) Capital asset

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