BACHELOR'S DEGREE PROGRAMME Term-End Examination June, 2015

Transcription

1 No. of Printed Pages : 7 ECO-11 BACHELOR'S DEGREE PROGRAMME Term-End Examination June, 2015 ELECTIVE COURSE : COMMERCE ECO-11 : ELEMENTS OF INCOME TAX Time : 2 hours Maximum Marks : 50 Note : Question no. 1 is compulsory and attempt any three questions from the remaining questions. 1. Mr. Ram Niwas is employed in a government 14 college at Rampur. He receives salary of 40,000 per month, Dearness Allowance 20% of salary, and House Rent allowance 8,000 per month. The employer also paid his telephone bills of 12,000. He paid house rent of 10,000 per month. He was provided with a car with an engine capacity of 1600 CC for his office use, and also gets a facility of a servant who has been appointed by Ram Niwas himself. Salary of the servant is 2,000 per month which is paid by the employer. Compute his taxable salary for the assessment year (a) State the main provisions relating to 6, 6 residential status of a Hindu Undivided Family. (b) Define 'agricultural income' and state its various kinds. ECO-11 1 P.T.O.

2 3. (a) Mr. O.P. Goyal is the owner of a large house, the construction of which was completed in May, % area of the house has been let out for a rent of Z 20,000 per month, and the remaining part is used by him for his own residence. House comes under Rent Control Act. Other details are as follows : 8, 4 (b) Municipal Value 3,00,000 Standard Rent 6,00,000 Municipal Tax 30,000 Repairs 20,000 Interest on loan taken 2,00,000 for repairs Land Revenue 10,000 Annual charges 12,000 Fire Ins. Premium 15,000 Collection Expenses 2,000 Compute Mr. Goyal's taxable income from house property for the assessment year State the rules regarding taxation of encashment of earned leave on retirement by a non-government employee. 4. (a) State the provisions of Income Tax Act 8, 4 regarding exemption of long-term gain under Section 54 F. (b) State the rules regarding grossing up of interest on tax free commercial securities. Also give an example thereof. ECO-11 2

3 5. (a) Compute Mr. Ranveer's taxable income 6, 6 from other sources for the previous year based on the following data : (i) Dividend on equity shares 6,000 (ii) Income from letting on hire 27,000 of building and machinery under composite lease (iii) Interest on Bank Deposits 2,500 (iv) Directors fees 12,000 (v) Income from undisclosed 10,000 sources (vi) Winning from horse race 7,000 net received He claimed deduction of 4,000 on account of depreciation as allowed and 100 for fire insurance premium on building and machinery. (b) State the rules regarding deduction allowed from Gross Total Income in respect of : (i) Expenditure on preventive health check-up under sec. 80 D, and (ii) Expenses on treatment of specified diseases under sec. 80 DDB. 6. Write short notes on any two of the following : 6, 6 (a) Previous year (b) Inter-source and Inter-Head Adjustment for set off of losses (c) Residential status of HUF (d) Best Judgement Assessment 7. (a) Explain the concept of casual income with 6 three examples. (b) State three incomes which are exempted from tax under section ECO-11 3 P.T.O.

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5 2. (a) Lt) 1ft3lfq 1 1),;+-si frdtī1 fred 4cifirff 6, 6 1T 3rrqtrr91 wlf--4 (b) "t-frf 4-ze tarotrrirr 2.tr t is f9.1-r menit fftr I 3. (a) rh-zm t.) Trri o-w 8, 4 f914fui ITC 2010 TT atint ITPT Z 20,000 Ufa 1711 f*--u4 i Isir t **Er WI f9-4-aur P (5d : ti zff 4-14)11 fwtrzrr 4-d-r ti 31-P f-4-4tur 3,00,000 f*-1114t 6,00, t4troct)1 30,000 20,000 4-R4-11.t Itur TIT 2,00,000 Geitqf t-cf (Land Revenue) 10,000 Trik (Charges) 12,000 3-TFT9. 31-frp:Fr 15,000 ceig 2, fff4f 111 t For 71)Zr. 1-I ch 4 Tru A 47:{,tutit ECO-11 5 P.T.O.

6 (b) Amf9eft tr-{ t-k-ra,r ch t41t1 gl(1 31-F-47 3T-q-wprr 1a-4*o'.T-{ Tt-4tft W-A7 4. (a) TT7 NT-{154Ft 3faTia. faiuw9-wi1471-ff 8, 4 7f94 A 4.1.F9-ff 9-rwr9'i oaitym.w1-177 (b) chtilctcr ograirch -51fffirdzff 5T7 Ala girl oqis-t1 pct) GI i4 144*ft T1-177, T{,f At 3c11.11 q'lls"r 5. (a) P-14-1R1 atrir TR, T17 6, TP4 At 3fTrd q.111 3TP:f (i) tfazre fs s 6,000 (ii) 1:1fizATff tt (Composite lease) 27,000 3trf-ff f*-tir fq, -r7 Trt9t* vrtu 3Trr (m),1,4),a4-11 tlr I TR 0441,4 2,500 (iv) f9t7rw thth 12,000 (v) 3131Thteff At 3-rt7 atrzr 10,000 (vi) \i'lcr A ,000 4,000 3T-11d (allowed) 4-1,(-1vq tlqi.ff2tt Tqff tr 3-Tfr 4141 Hi411 z ECO-11 6

7 (b) dcf Trq'f kicirtiff kicno atrzt att:rd cit1 Tt4til ri 3- "U "Wir-A7 : (i) %TM 80 D 3-1"Th rt4i- 1 Ai-ci TIT cr) (ii) TR -mtf it-4tft VITT 80 DDB 33-d-Th tiff! dt-illt TIT rch W4-4 Tt4t11" 6. tgcf 4-4 ers-6 TR fffd317 : 6, 6 (a) Trd.44 (b) 3fff:71Thi 711 Ttqt 1114 (c) fil\ atf4111f7-ff (HUF) ftztfff (d) girt 7. (a) al MMTW a-771'4' W17 ki ogitsqf WrM7I (b) WU 10 3T- Tfff f*-11 c atril 6 wlf--4vwwwt -11-witi ECO-11 7