Question paper for Income Tax PDF

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Question paper for Income Tax ...

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Sr. No.: ..............

Time: 03.00 Hrs.

Roll No.: ................ B.COM. (Hons) -5th SEMESTER EXAMINATION Income Tax: Paper Code Max. Marks: 75

Note: In all five question are to be attempted selecting one question from each unit. Question No. 1 is compulsory. All questions carry equal marks. Q.1 Attempt any five:  What do you mean by Casual Income? (02)  State any two fully exempted allowances (02)  What do you mean by Person? (02)  What do you mean by HRA? (02)  What is Sub-letting? (02)  What do you mean by GTI? (02) 



Compute total tax liability if income is Rs. 12 lakh?

What

do

you

mean

by

annual

(02)

value

of

house?

(01)

UNIT-I Q.2 Ascertain the residential status of the assesses in the following cases for the assessment year 2017-18: (a) Mr X is a citizen of India. He left on 18th April, 2016 and could not return to India till the end of financial year 2016-17. (b) Gita left for U.S.A. on 10th March, 2014 after having lived in India for 20 years. She returned to India on 10th September, 2016. (15) OR Q.3 Enumerate any fifteen items of income which are totally exempt for the employees. (15) UNIT-II Q.4 Write short notes on: 

House Rent Allowances



Provident Fund

(15)

OR Q.5 Determine the Annual value of the house in the following cases: A (Rs.)

B (Rs)

Municipal value

100000

100000

Fair rent

120000

120000

90000

140000

132000

96000

Standard rent Actual rent received Municipal tax 10% of M.V.

Paid by owner

Paid by tenant

(a) Ran took a loan of Rs. 16 Lakhs @ 10% p.a. on 1.7.2014 for constructing a house. The construction of the house was completed in the previous year 2016-17. Compute for the Assessment year 2017-18 the amount of interest deductible in computing the income from House property if the house is (i) let out, (ii) self occupied. (15)

UNIT-III

Q.6 Explain the following:  Short-Term capital Gain  Long Term capital gain

(15)

OR Q.7 what do you understand by the term capital gain used in the income tax act? What are the rules regarding exemption of income tax? (15) UNIT IV Q.8 In what circumstances is the income of one person treated as the income of another? (15) OR Q.9 Explain the provision regarding carry-forward and set-off of losses....