SECTION A (5 8 = 40 marks) Answer any FIVE questions. 1. Explain the regulatory objectives of taxation.

Transcription

1 MAY 2017 Time : Three hours Maximum : 100 marks SECTION A (5 8 = 40 marks) Answer any FIVE questions. 1. Explain the regulatory objectives of taxation. Á Âv ß JÊ[S øó õup[pøí ÂÁ. 2. Mr. Ganguly retired from his private company service on November 30, 2016 after rendering 31 years of service. He received 2,00,000 as his gratuity. His pension was fixed at 1,600 p.m of which he received ½ of the amount commuted for 1,00,000. Compute his taxable gratuity and pension (his salary at the time of retirement was 8,500 p.m). v. P[S¼ uû õº {ÖÁÚzv¼ x AßÖ 31 Á h o ö\ u ÓS K Ä ö ÖQÓõº. AÁº ouöpõøh öuõøp õp ¹. 2,00,000 ö ÖQÓõº. AÁμx K Ä Fv õu JßÖUS ¹. 1,600 GÚ {ºn UP mhx. AÁº Êz öuõøp õp ö ØÓ ½ K Åv ¹. 1,00,000. Á USm mh ouöpõøh ØÖ K Åv zvøúu PnUQkP. (AÁº K Ä ö Ö õx ö ØÓ \ Í õu JßÖUS ¹. 8,500). 3. Calculate income from house property from the following. MV FRV Standard Rent Actual Rent 6,000 per month 7,000 per month 6,250 per month 7,500 per month The house has been let out from 1 st January In the year 2006 and 2007 it was self occupied. Again from 1 st April 2007 it was let out. During current previous year half month rent could not be realized. ßÁ upáàpò» Ãmka ö\õzx Á õúzvøúu PnUQkP. Pμõm] v õu JßÖUS ¹. 6,000 { õ õú ÁõhøP v õu JßÖUS ¹. 7,000

2 uμ ÁõhøP õu JßÖUS ¹. 6,250 Esø õú ÁõhøP õu JßÖUS ¹. 7,500. Ãk uà ÁõhøPUS Âh mhx ØÖ 2007 À ö\õ u E õpzvøs ß kzu mhx. «sk uà ÁõhøPUS Âh mhx øu BsiÀ Aøμ õu ÁõhøP Á`¼UP hâàø». 4. From the following P and L account calculate income from business. To Rent 20,000 By Gross profit 1,25,000 To Salary to employee 12,500 By HP income 75,000 To Depreciation 5,000 By Income from other sources 1,00,000 To Donation 4,000 To Net profit 2,58,500 3,00,000 3,00,000 (a) Depreciation to be allowed as per income tax provision 4,000. (b) Business income of 6,000 is not shown in the profit and loss account. (c) 4,000 of the rent is of personal nature. RÌUPõq C»õ mhu PnUQøÚU öpõsk ÁoP Á õúzvøúu PnUQkP. ¹. ¹. ÁõhøP 20,000 ö õzu C»õ 1,25,000 o õíº \ Í 12,500 Ãmk ö\õzx Á õú 75,000 u õú 5,000 HøÚ Buõμ» Á õú 1,00,000 ßöPõøh 4,000 {Pμ C»õ 2,58,500 3,00,000 3,00,000 (A) Á õú Á \mhzvß i AÝ vup mh u õú ¹. 4,000. (B) ÁoP Á õú ¹. 6,000 C»õ mh PnUQÀ Põs UP hâàø». (C) ÁõhøP À ¹. 4,000 ö\õ u ö\»âøpõp ö\»âh mhx. 5. What are the incomes chargeable under income from other sources? HøÚ Buõμ Á õúzvøs Em mh Á õú Áμ PÒ õx? 2

3 6. How tax liability of individual is determined? uû ß Á ß ö õö PøÍ GÆÁõÖ wº õûup kqóx? 7. Explain deduction u/s 80 E. Á »US 80 E ß RÌ ØÔ ÂÁ. 8. From the following particulars, compute the income from other sources for the assessment year Winning from horse races 10,000 Winning from lottery tickets 50,000 Amount spent on lottery tickets 5,000 Dividend received 16,000. ßÁ  μ[pò» v mk BskUS HøÚ Buõμ Á õúzvøúu PnUQkP. Svøμ u» ö ØÓ Á õú ¹. 10,000 _a ^miß» Á õú ¹. 50,000 _a ^mk Áõ[Q ö\»ä ¹. 5,000 [Põuõ ö ØÓx ¹. 16,000, SECTION B (3 20 = 60 marks) Answer any THREE questions. 9. Explain the scope of income. Á õúzvß GÀø» øú ÂÁ. 10. The following particulars relate to income of an employee working in Tanjavur for the financial year (a) Salary 8,000 p.m. (b) D.A. 3,000 p.m. (c) Salary received in advance 24,000 (d) Bonus 6,000 (e) Education 300 p.m. each for his two children (f) Arrears of salary received 8,000 (g) House rent allowance 2,500 p.m. (Rent paid 2,000 p.m.) Find out the salary income of the employee. 3

4 ßÁ upáàpò» ug\õå À o ² o õí ß Á õúzvß {v À Bsk US PnUQkP. (A) \ Í õuzvøs ¹. 8,000 (B) g\ i õu JßÖUS ¹. 3,000 (C) ßTmi ö ØÓ \ Í ¹. 24,000 (D) FUPz öuõøp ¹. 6,000 (E) PÀ i õu JßÖUS ¹. 300 Ãu C SÇ øupðus (F) õuq \ Í ö ØÓx ¹. 8,000 (G) Ãmk ÁõhøP i õu JßÖUS ¹. 2,500 ( õuzvøs ö\¾zv ÁõhøP ¹. 2,000). o õí ß \ Í Á õúzvøú PõsP. 11. From the following P and L a/c of MNC Ltd., calculate income from business. To general 10,000 By gross profit 2,80,000 expenses To fire insurance 8,000 By bad debts recovered but 4,000 premium disallowed earlier To bad debts 2,000 By interest on Govt. 6,000 securities To salary 1,30,000 By rent received from 24,000 employees To advertisement 44,500 By interest from debtors for 12,000 (cash) delayed payment To proprietor 25,000 salary To interest on 4,000 capital (own) To income tax 2,000 To depreciation 4,000 To advance income 2,000 tax paid To donation 1,000 To motor car 1,500 expenses To municipal tax of 10,000 quarters let to employee To net profit 82,000 3,26,000 3,26,000 4

5 (a) General expenses include 5,000 paid as compensation to an old employee whose services were terminated in the interest of the business and 3,000 by way of help to a poor student. (b) Depreciation calculated according to the rates prescribed by the Act comes to 3,000. ßÁ ßÚõmk {Ö zvß C»õ mh PnUQøÚU öpõsk ÁoP Á õúzvøúu PnUQkP. ¹. ¹. ö õx ö\»äpò 10,000 ö õzu C»õ 2,80,000 wupõ k øú 8,000 ÁμõUPhß «mhx ßÚº 4,000 AÝ vup hõux ÁμõUPhß 2,000 Aμ_ Phß zvμ «x Ámi 6,000 \ Í 1,30,000 o õí ß ö ØÓ ÁõhøP 24,000 ÂÍ μ (öμõup ) 44,500 PhÚõÎPÒ Põ» uõìzv 12,000 ö õözx ÂvUP ö ØÓ Ámi E ø õíº \ Í 25,000 uà «x Ámi 4,000 (E ø ) Á õú Á 2,000 u õú 4,000 ßTmi ö\¾zv 2,000 Á õú Á ßöPõøh 1,000 E x Ási ö\»äpò 1,500 o õíº 10,000 Si US Pμõm] Á {Pμ C»õ 82,000 3,26,000 3,26,000 (A) Áø» ¼ x }UP mh o õí US AÎUP mh èh Dmk öuõøp ¹. 5,000, HøÇ õná US AÎzu EuÂz öuõøp ¹. 3,000 ö õx ö\»âà \º xòíx. (B) Á õú Á \mhzvß i PnUQh mh u õú ¹. 3, Mr. Raja provides the following data regarding his transaction for the sale of his residential house for the AY Compute the amount of capital gain to be the total income for AY House purchased in ,36,000 5

6 Sold in November ,50,000 Purchased another house in September ,00,000 Deposited in the capital gain account scheme in January ,00,000 The cost of inflation index for and was 109 and 1081 respectively. v. μõáõ ßÁ upáàpøí uúx Ãk ÂØ øúus v mk Bsk U S x. v mk Bsk US u¼ú»õ zvøúu PnUQkP À öpõò uà ö\ u Ãmiß v ¹. 4,36,000 Á º 2016 À ÂØÓ Âø» ¹. 22,50,000 ö\ h º 2016 À «sk J Ãk öpõò uà ö\ ux ¹. 3,00,000 áúá 2017 À u¼ú Buõ PnUS HØ õmià øá öuõøp õp ö\¾zv x ¹. 4,00,000 CII = 109; = Explain the basic principles for computing business income. ÁoP Á õúzvøú PnUQkÁuØPõÚ Ai øh öpõòøppøí ÂÁ. 6