+3-III-S-CBCS-Com(H)-Core 6

2020
Time :As in Programme
Full Marks : 80
The figures in the right-hand margin indicate marks.

Income Tax Law & Practice

Part I
1. Fill in the blanks with appropriate terms/ words: (Anysix) 2x6=12
a. Income Tax Act is currently governed by I.T. act ________.
b. Income tax earned in ________ year is assessed to tax in assessment year.
c. Income tax is charged by ________ Govt.
d. On the basis of residential status, a company can be classified into ________ or ________.
e. Agricultural income in India is ________ from tax U/S 10 (1).
f. Education allowance is exempted up to maximum ________ children.
g. Reimbursement of medical bill for treatment in a private hospital is exempted up to Rs
________.
h. Interest on RPF is exempted up to ________ percentage.
Part II
2. Answer any four of the following questions in two to three sentences each: 4x4=16
a. Who is a representative assessee?
b. What is Gross Total Income?
c. State the rules for determining residential status of a company.
d. What is URPF?
e. What is Dearness Allowance?
f. State the rules for treatment of children education allowance.
g. What is less tax securities?
h. State the rules for carry forward of loss form House Property head.
Part III
3. Answer any five of the following questions within 50 words each: 5x5=25
a. Define Person.
b. How do you determine residential status of HUF?
c. What is unrealised rent?
d. Outline the rules for treatment of HRA.
e. What is adventure in the nature of trade?
f. How do you treat the expenditure on advertisement?
g. State briefly ‘Losses incidental to business’.
h. Write a note on casual income. Contd.
 Part IV
Answer the following questions (Any two) 13.5x2=27
4. Determine the Residential Status of an Individual.
OR
Write an essay on Agricultural Income and its treatment as per I.T. Act.
5. Mr. Gobind works in a Company in Jabalpur whose population is 15 lakhs. From the following
particulars calculate Salary Income for the previous year 2019-20.
Rs.
a. Basic Salary 12,000 pm
b. Profit Bonus 12,000
c. Commission on turnover achieved by 42,000
Govind
d. Entertainment Allowance 2,000 pm
e. Club Facility 6,000
f. Transport Allowance 18,000 pm
g. Free use of a big car for both personal
and office use; Expenses met by employer
h. Rent free house provided by employer,
Rent paid by employer 6,000 pm
i. Gas bills issued in name of employee
but paid by employer 16,800
j. Free education facility for three children
of the employee (Bills issued in the 22,500
name of employer)
OR
How do you determine Annual Value of Let Out House Properties?
6. From the following PIL A/C of Anil, Compute Business Income for the previous year 2019-20:

(2) Contd.
 Additional Information:
a. Allowable depreciation Rs 500
b. He owns another house which is self-occupied and for which he has paid Rs 12,000 as
interest on loan taxes for repairs.
OR
Discuss the procedure for Computation of Capital Gains as prescribed by I.T Act.
7. Discuss the provisions of I.T. Act regarding carry forward and set-off of losses.
OR
State briefly the law relating to Tax Deducted at Source.