41174 Seat No. Third Year B. B. A. Examination. April / May Taxation. Time : 3 Hours] [Total Marks : 100
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1 41174 Seat No. Third Year B. B. A. Examination April / May 2003 Taxation Time : 3 Hours] [Total Marks : 100 Instructions : (1) All the calculations work sheet should be a part of your answer. (2) Clearly mention the number of the question you are attempting. (3) Figures to the right indicate full marks of the question. 1 (a) Write short notes : (any two) 7 (1) Person (with illustrations) (2) Agriculture Income (3) Previous year and Assessment year. (b) Answer the following questions : (any two) 7 (1) Mr. Birla came to India for the first time on He stayed in India in earlier previous year as under : Previous year Days During previous year he was present in India from to From above information determine residential status of Mr. Birla for A. Y ] 1 [Contd...
2 (2) Mr. Tata is an Indian Citizan and person of Indian origin. He left India for the first time on for taking employment to USA. Determine his residential status for A. Y (3) Mr. Ambani provides the following information of his income for p.y Calculate his gross total income if he is (1) Ordinary resident (2) Notordinary resident and (3) Non-resident. (1) Dividend on shares of Indian companies... 10,000 (2) Agriculture income from land in Bangladesh... 1,00,000 (3) Agriculture income from land in Gujarat... 2,00,000 (4) Income from business in USA (managed from India)... 80,000 2 Shri Rohit (a specified employee) is employed with a company 14 at Ahmedabad since Particulars of his income for the year ended are as follows : (a) Basic Salary... 10,000 p.m. (b) Dearness allowance (part of salary for retirement benefits)... 2,500 p.m. (c) Children Education allowance of three children... 3,600 p.m. (d) Bonus... 10,000 (e) Entertainment allowance p.m. (f) Employer's contribution to recognized p.f ,500 (g) Employee's contribution to recognized p.f ,000 (h) Interest credited to Recognised 11%... 13, ] 2 [Contd...
3 (i) With effect from he is provided with a rentfree residential accommodation having fair rent value of 10,20,000/-p.a. The cost of furniture provided is 1,50,000/-. A sum of 750/- p.m. is deducted as rent from his salary towards this facility. (j) He is also provided with the facility of 1.5 ltr. motorcar with driver, which is used for personal and business purposes both. The company pays the running and maintenance expenses including driver's salary. A sum of 250/- p.m. is recovered from his salary for the use of the said car. (k) The employer has provided him with the services of the sweeper, watchman and cook each of whom is paid monthly salary of 400/- by the company. (l) During the year he has made following payments : Life insurance premium for self... 7,500 Deposit in public provident fund A/c... 10,000 Professional tax Income tax... 6,000 Repayment of housing loan... 25,000 Compute his Total income from Salary and Rebate u/s 88 of the Income Tax Act, 1961 for assessment year Mr. Shah has purchased 1200 equity shares of Tisco Ltd. 14 on for 100 per share. On the company has declared 1 bonus share for every four equity shares held. On the company offered one right share for every three shares held at 140 per share Mr. Shah applied and got all the shares. On the company has declared one bonus share for every four equity shares held. On the company offered on right share for every five equity share held at 400 per share. Mr. Shah applied and got all the shares ] 3 [Contd...
4 Mr. Shah has sold all the shares of Tisco Ltd. on 500 per share and paid 3,000 as brokerage. Market value of equity share of Tisco Ltd. as on was 120 per share. Compute taxable Capital Gain of Mr. Shah for A.Y : Relevant Index No. : Financial Year Index (a) Yogesh owns a building consisting of three identical 8 units, the construction of which was completed on April 1, The building was occupied from April 1, 2001 on wards. The particulars pertaining to the three units for the year ended March 31, 2002 are given below : Particulars Unit I Unit II Unit III Fair rent 70,000 70,000 70,000 Rent received 84,000 Municipal taxes - Paid by owner 4,500 6,000 4,500 - Due but not yet paid 4,500 6,000 4,500 Land revenue due but outstanding 1,000 1,000 1,000 Ground rent due, not yet paid 2,000 2,000 2,000 Insurance 1,250 1,250 1,250 Repairs 1,520 2,500 2,100 Nature of occupation Self-occupied Let out Used for for residence for residence own business 41174] 4 [Contd...
5 On April 1, 2000, Yogesh had borrowed a sum of 4,00,000 bearing interest at 12 percent per annum for construction of this building. The total cost of construction of the building was 10,00,000. Compute his income under the head "Income from House Property" for Assessment Year (b) Write notes on : 6 (1) Gross Annual Value (2) Deductions allowed from Net Annual Value. 3 Dr. Lakum provides his receipt and payment account for 14 the year ended : Receipt and Payment A/c Receipts Payments To Balance b/d 20,000 By Purchase of medicine 28,000 To Operation theatre rent 1,00,000 By Hospital rent 2,10,000 To Hospital room rent 3,40,000 By Electricity exp. 17,000 To Sale of medicine 40,000 By Telephone exp. 23,000 To Consulting fees 85,000 By Surgical equipment To Interest 15,000 purchased ( ) 2,00,000 To Dividend 10,000 By House hold exp. 37,000 To Gift from patient 35,000 By Insurance Premium : To Sale of jewellery 55,000 Hospital 10,000 Residential Bunglow 5,000 15,000 By Staff salaries 1,10,000 By Donation 20,000 By Balance c/f 40,000 7,00,000 7,00,000 Other information : (1) Written down value of surgical equipments as on is 80,000 and the rate of depreciation is 25%. (2) Donation is given to approved institution. From the above information calculate taxable business income of Dr. Lakum for the A.Y ] 5 [Contd...
6 4 (a) Write short notes : (any two) 7 (1) Set off and Carry forward of losses (2) Tax Deducted at Source (TDS) (3) Any seven exempted income (4) Permanent Account Number (PAN). 4 (a) (1) Dhirubhai has furnished the following particulars 5 of his investments for the year ending 31st March, 2002 : (i) 10% port Trust Bond... 2,00,000 (ii) 12% preference shares of Reliance Ltd.... 2,00,000 (iii) 10% Tax free debentures of Reliance Infocom Ltd.... 1,99,000 (TDS 20.40%) (iv) 8% debentures of Reliance Agro Ltd.... 3,00,000 On he has sold 1,00,000 debentures of Reliance Agro Ltd. and purchased 8% debentures of Reliance Capital Ltd. of 1,50,000. He had borrowed balance amount at 15% p.a. interest. Interest on all above investment were paid on 30th June and 31st December. Calculate his taxable income from other sources for A.Y (2) Mr. Anil has gross income of 2,54,000 which 2 includes winning from Horse-Race 3,500 and winning from card games 1, ] 6 [Contd...
7 Find out his net income for A.Y taking into consideration the following payment : (1) P.M. National Relief Fund... 20,000 (2) Indira Gandhi Memorial Fund... 20,000 (3) Approved Charitable Hospital... 40,000 (b) Write notes on : 7 (1) Registration under Gujarat Sales Tax Act. (2) Dealer under Gujarat Sales Tax Act. (b) Answer briefly keeping in mind the provisions of 7 Gujarat Sales Tax Act : (1) Sales Tax is the direct tax. Do you agree? (2) State the persons who are not considered dealer. (3) Specify the eligibility criteria for obtaining licence. (4) Specify the eligibility criteria for obtaining recognition. (5) Specify the eligibility criteria for obtaining permit. (6) Resale of goods purchased from other state is not taxable. Do you agree? (7) The transfer of right to use is taxed under the act. Give two illustrations. 5 (a) Write notes on : 7 (1) Registration under Excise Act (2) Manufacturer under Excise Act. (a) Answer briefly keeping in mind the provisions of 7 Excise Act : (1) Excise duty is collected at the stage of production. Do you agree? 41174] 7 [Contd...
8 (2) Excise duty is the direct tax. Do you agree? (3) Give definition of factory. (4) Excise duty is levied by the Central Government. Do you agree? (5) What do you understand by the term Retail Selling Price? (6) What do you understand by the term Sale and Purchase? (7) Mention any two provisions Under Section 4a (MRP) (b) Write notes on : 7 (1) Anti Dumping Duty under Customs Tariffs of India (2) Countervailing Duty under Customs Tariffs of India. (b) Answer briefly (keeping in mind the provisionss of 7 Customs Act) (1) There can be Custom Duty on importation of articles only. Do you agree? (2) Is protective duty levied on the permanent basis? (3) When can safeguard duty be imposed by Central Government? (4) Custom Duty is the direct tax. Do you agree? (5) The rates of Customs Duty are prescribed by Excise Act. Do you agree? (6) Who recommends the protective duty to Central Government? (7) The anti duping duty can be levied for the maximum period of 36 months ] 8 [Contd...
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