60139/BVZ5A/BPF5C/ BVC5A/BPG5C

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1 APRIL 2015 Time : Three hours Maximum : 75 marks 1. What is Tax? Á GßÓõÀ GßÚ? 2. Who is an ordinary resident? \õuõμn Si õº õº? PART A (10 2 = 20 marks) Answer any TEN questions. 3. Mention any two examples of allowances. ipò H uý CμsiøÚ SÔ kp. 4. What do you know about perquisites? Av Cuμ Á õú Gß x SÔz } AÔÁx õx? 5. What is provident fund? \» {v GßÓõÀ GßÚ? 6. What do you mean by standard rent? {ø» õú ÁõhøP Gß uß EÚx P zx õx? 7. What is meant by self occupied house? ö\õ u BUμª Ãk Gß uß P zx õx? 8. State any two exempted house property incomes. Á »USUS Em mh Ãmk ö\õzx Á õú H uý Cμsk u P. 9. Define Business. ÁoP GßÓ uzøu u P. 10. What is PAN? PAN GßÓõÀ GßÚ?

2 11. What is reassessment? Ö v k GßÓõÀ GßÚ? 12. Who is an assessing officer? v k A¾Á»º Gß Áº õº? PART B (5 5 = 25 marks) Answer any FIVE questions. 13. What are the objectives of taxation? Á ß õup[pò õøá? 14. Explain capital and revenue nature of income. uà ØÓ Á Áõ Ú ußø õú Á õú[pøí ÂÁ. 15. Mr. Sachin submits the following information for the previous year. How will you adjust the losses shown by him? Income from salary 50,000 Income from house property 7,500 Business loss 15,000 Bank interest 30,000 v \a]ß øu BsiØPõÚ ßÁ  μ[pøí \ º UQÓõº. AÁμõÀ Põs UP mh mhzøu GÆÁõÖ \ ö\ Áõ? \ Í» õú Á õú 50,000 Ãmk ö\õzx» õú Á õú 7,500 ÁoP mh 15,000 Á[Q Ámi 30, Mr. X resides in Chennai and gets 10,000 p.m. as basic salary 8,000 p.m. as DA (entering service benefits) 12,000 p.m. as HRA. He pays 10,000 p.m. as rent. Calculate taxable HRA. v. X Gß Áº ö\ßøú À Á]UQÓõº. AÁº õuzvøs 10,000 Ai øh \ Í 8,000 J õuzvøs GÚ APÂø» i² ( \øá Buõ AÔ P hß) J õuzvøs 12,000 GÚ Ãmk ÁõhøP i² ö ÖQÓõº. J õuzvøs 10,000 GÚ ÁõhøPø ² AÎUQÓõº. Á US Em mh Ãmk ÁõhøP iø PnUQkP. 2

3 17. From the particulars given below compute gross annual value. MRV 70,000 p.a. Standard Rent 79,000 p.a. FRV 76,000 p.a. Actual Rent 84,000 p.a. öpõkup mh ßÁ  μ[pøíu öpõsk, ö õzu Bsk v ø PnUQkP. MRV 70,000 BskUS {ø» õú ÁõhøP79,000 BskUS FRV 76,000 BskUS \ õú ÁõhøP 84,000 BskUS 18. Calculate deduction U/S 80 C from the following : Contribution to PPF 15,000 Contribution towards NSC VIII issue 11,000 Insurance premium on own life (sum assured 1,50,000) 25,000 Contribution towards equity linked savings scheme 2,500 ßÁ ÁÚÁØøÓU öpõsk 80CUS Em mh PÈÄPøÍ PnUQkP. PPFUS EshõÚ [PÎ 15,000 NSC VIII Áx öáî±k «uõú [PÎ 11,000 ö\õ u ÁõÌUøP «uõú Põ k øú ( õ¼] öuõøp 25,000 1,50,000) ö õx {ø» Cøn \ª vmh \õº u [PÎ 2, Calculate deduction U/S 80 C from the following : Contribution to RPF 25,000 Contribution towards NSC-VII issue 31,000 Insurance premium on own life(sum assured 1,50,000) 35,000 ßÁ ÁÚÁØøÓU öpõsk 80CUS Em mh ßÁ PÈÄPøÍ PnUQkP. RPFUPõÚ [PÎ 25,000 NSC-VII Áx öáî±mkupõú [PÎ 31,000 ö\õ u ÁõÌ «uõú Põ k øú ( õ¼] öuõøp 1,50,000) 35,000 3

4 PART C (3 10 = 30 marks) Answer any THREE questions. 20. List out any ten fully exempted income from tax. ÊÁx õp Á »USUS Em mh Á õú[pò H uý zvøú Á ø\ kzxp. 21. Compute salary income from the following : (a) 6,250 p.m. (b) 3,000 p.m. (50% enters for retirement benefits). (c) 2% on turnover of 8,00,000. (d) Bonus 6,000. (e) RPF contribution by employer and 14% of salary. (f) Interest credited during the year on RPF 11% being 5,500. Calculate salary income. ßÁ Âμ[PøÍU öpõsk, \ Í Á õúzøu PnUQkP (A) \ Í J õuzvøs 6,250 BP EÒÍx. (B) AP Âø» i, J õuzvøs 3,000 (50% o K Ä Buõ zvøs Em mhx) (C) BsiÀ Dmi Á õú 8,00,000v¼ x PÈÄ 2% BS (D) FUPz öuõøp 6,000 (E) RPF [PÎ öuõè»õíº ØÖ öuõè»õîus EshõÚx \ ÍzvÀ 14% BS (F) RPF «uõú h BsiÀ ÁμÄ øáup mh Ámi õúx 11%US 5,500 BP EÒÍx. \ Í Á õúzøu PnUQkP. 22. From the information furnished below, find out the income under the head income from house property for the assessment year House A House B Municipal value 1,80,000 1,80,000 Fair rent 1,75,000 1,75,000 Standard rent 1,60,000 1,60,000 Annual rent 2,00,000 1,70,000 Unrealized rent of ,000 20,000 Municipal tax paid is at the rate of 10 percent. 4

5 ßÁ  μ[pøíu öpõsk Ãmk ö\õzx» õú Á õúzøu v mk Bsk US PnUQkP. Ãk A Ãk B Pμõm] v 1,80,000 1,80,000 Esø ÁõhøP 1,75,000 1,75,000 {ø» õú ÁõhøP 1,60,000 1,60,000 Bsk ÁõhøP 2,00,000 1,70, US EshõÚ ö Ó hõ ÁõhøP 20,000 20,000 ö\¾zu mh Pμõm] Á 10% GÚ PnUQh mhx. 23. Compute the business income of the following particulars : Particulars Particulars To General expenses 10,000By Gross profit 1,00,000 To Salary of staff 12,000By Commission 10,000 To Purchase of typewriter 10,000By Rent received 50,000 To Advertisement (in cash) 25,000 To Interest on capital 3,000 To Net profit 1,00,000 1,60,000 1,60,000 ßÁ  μ[pøíu öpõsk, ÁoP Á õúzøu PnUQkP.  μ[pò  μ[pò ö õxa ö\»äpò 10,000ö õzu»õ 1,00,000 o õíº \ Í 12,000uμS 10,000 umha_ Áõ[Q x 10,000ÁõhøP ö ØÓx 50,000 ÂÍ μ (öμõup õp) 25,000 uà «uõú Ámi 3,000 {Pμ C»õ 1,00,000 1,60,000 1,60,000 5

6 24. Explain any 10 deductions allowable from the gross total income U/S 80. U/S 80 US Em mh, PÈÄUS ö õ uu Ti ö õzu TkuÀ Á õú H uý 10 ÂÁ UP. 6