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    Pavani Kunchalla
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    This document contains an examination for a B.Com II (Com & Hons) Internal Examination for the subject of Income Tax. It includes 5 multiple choice questions asking students to calculate tax liability based on various income sources including long term capital gains, salary income, income not included in total income, income from house property, and capital gains from selling a residential property. Students are asked to compute taxable amounts and liability based on the income details provided.

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    This document contains an examination for a B.Com II (Com & Hons) Internal Examination for the subject of Income Tax. It includes 5 multiple choice questions asking students to calculate tax liability based on various income sources including long term capital gains, salary income, income not included in total income, income from house property, and capital gains from selling a residential property. Students are asked to compute taxable amounts and liability based on the income details provided.

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    © All Rights Reserved
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    5 views1 page

    Income Tax Internal

    Uploaded by

    Pavani Kunchalla
    This document contains an examination for a B.Com II (Com & Hons) Internal Examination for the subject of Income Tax. It includes 5 multiple choice questions asking students to calculate tax liability based on various income sources including long term capital gains, salary income, income not included in total income, income from house property, and capital gains from selling a residential property. Students are asked to compute taxable amounts and liability based on the income details provided.

    Copyright:

    © All Rights Reserved
    Download as PDF, TXT or read online from Scribd
    Flag for inappropriate content
    of 1

    ANISH DEGREE COLLEGE – SAKET ANISH DEGREE COLLEGE – SAKET

    B.COM II (COM & HONS) B.COM II (COM & HONS)


    I INTERNAL EXAMINATION- 2022-23 I INTERNAL EXAMINATION- 2022-23
    SUBJECT: INCOME TAX SUBJECT: INCOME TAX

    ANSWER THE FOLLOWING 5 X 10 =50 ANSWER THE FOLLOWING 5 X 10 =50

    1. Sri Akash Dikshit is having income from long term gain Rs.2, 80,000 and 1. Sri Akash Dikshit is having income from long term gain Rs.2, 80,000 and
    Rs.7, 20,000 from other heads of income. Calculate tax liability. Rs.7, 20,000 from other heads of income. Calculate tax liability.

    2. a. Smt. Sravanthi is working as an officer in Andhra Pradesh Government. 2. a. Smt. Sravanti is working as an officer in Andhra Pradesh Government.
    Her salary particulars are Basic pay Rs.11, 000pm, CCA Rs.900pm, Her salary particulars are Basic pay Rs.11, 000pm, CCA Rs.900pm,
    Entertainment allowance Rs.800pm. Compute the amount of Entertainment allowance Rs.800pm. Compute the amount of
    entertainment allowance allowed as deduction. entertainment allowance allowed as deduction.

    b. Mr. Anant is employed in a firm at Mumbai, his salary details are b. Mr. Anant is employed in a firm at Mumbai, his salary details are.
    Basic pay Rs.16,000pm, DA Rs. 4,000pm (enters for retirement benefit), Basic pay Rs.16,000pm, DA Rs. 4,000pm (enters for retirement benefit),
    Commission 1% on sales amounting to Rs. 20 lakhs. He is getting HRA Commission 1% on sales amounting to Rs. 20 lakhs. He is getting HRA.
    Rs. 8,000pm and actual rent paid by him is Rs. 5,000pm. Calculate the Rs. 8,000pm and actual rent paid by him is Rs. 5,000pm. Calculate the
    unexempted HRA to be charged under the Income from salary. unexempted HRA to be charged under the Income from salary.

    3. Explain various incomes which do not form part of Total Income. 3. Explain various incomes which do not form part of Total Income.

    4. Mr. Mohan Reddy is the owner of house property whose 4. Mr. Mohan Reddy is the owner of house property whose
    Municipal Rental Value 250000 Municipal Rental Value 250000
    Standard Rent 360000 Standard Rent 360000
    Actual rent received 25000pm Actual rent received 25000pm
    Fair rental value 210000 Fair rental value 210000
    Municipal taxes 30000(out of which 15000 due) Municipal taxes 30000(out of which 15000 due)
    Interest on loan taken 45000 Interest on loan taken 45000
    Compute income from house property Compute income from house property

    5. Mr. Vigneshwar sold his residential house for Rs. 32,50,000 on 15th 5. Mr. Vigneshwar sold his residential house for Rs. 32,50,000 on 15th
    August 2020-21 (CII =317) which he purchased on 10-08-1988 for Rs. August 2020-21 (CII =317) which he purchased on 10-08-1988 for Rs.
    1,02,000 Fair market value on 1-4-2001 is Rs. 8,50,000 selling expenses 1,02,000 Fair market value on 1-4-2001 is Rs. 8,50,000 selling expenses
    2%. Compute the Income from Capital Gain and Income from other heads 2%. Compute the Income from Capital Gain and Income from other heads
    is 3,14,20,000. Calculate Tax liability. is 3,14,20,000. Calculate Tax liability.

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