73s22 M-80I3

DIGITIZED BY LIBRARY AND INFORMATION CENTRE, MAHARANI'S WOMEN'S COMMERCE AND MANAGEMENT COLLEGE, PADUVARAHALLI, MYSORE-12

DIGITIZED BY LIBRARY AND INFORMATION CENTRE, MAHARANI'S WOMEN'S COMMERCE AND MANAGEMENT COLLEGE, PADUVARAHALLI, MYSORE-12
ililililililililflililililililt

Sl.No. 14366 Total No. of Pages : 12

IIr Semester B.Com. Examination, OctoberNovember - 20lg
(Schemd : CBCS) (Freshers of oct.N ov.2019 and onwards)
INCOME TAX - I

Time : 3 Hours Max. Marks : 80

Instruction : Answer oll parts.
ae4 enddgdra en$ol.

PART - A
eyorl - o

Answer any four questions. Each question carries 5 marks. [4 x 5 -201

odo$ooddo oae.:r* dd4dpri w{oa. de dd4rl 5 etodriq;b.

QI) Define Assessee.

'ddoad'd$o aoran 0:r.

QZI Whatis allowances? Write any 5 taxable allowances.

{Qrrldcdde$? dorlrtosdc$d oirc{,1ooddo 5 dd.rlg$4 gp:r.

Q, ffie a note on previous year and Assessment year.

bo6.i ddr' drd:- 'dod ddr'rig ?Jrl

nsJ
[^3dC e,rdobo.

QQ Manon the lncomes exempt under 'Income from House property'.

4a "l smcl>'dgd dorl Doeoso8rlogdq eraoc$rlgd>n €er.

PTO.
DIGITIZED BY LIBRARY AND INFORMATION CENTRE, MAHARANI'S WOMEN'S COMMERCE AND MANAGEMENT COLLEGE, PADUVARAHALLI, MYSORE-12 *'i

DIGITIZED BY LIBRARY AND INFORMATION CENTRE, MAHARANI'S WOMEN'S COMMERCE AND MANAGEMENT COLLEGE, PADUVARAHALLI, MYSORE-12
73s22 M-8013
p.m. from a company' During the
Q5) Mr. Guru is getting a pension of {24;000
previous year he got his 213'd Pension Commuted and received {9'00,000-
graturty-
Compute the taxable Pension under the head salary if he also received

' gerb6; ddib a,od) dodOosrod 8or19ri {24,000 .boa3e6o$$4 ddobgqd'

bood ddrdeJ 2/3de qtorld .bods'Eo$d:n dod8r& {9,00,000 dogd$4
ddaoaod. n3aitjo3:d:o ddaqd, "add deddd dorirtn$dd)d
"dd)
eJooo$d$, eJd*oo3.

ee Fromthe following details calculate taxable HRAofMr. Murthy who is working

and living at MYsuru:

Basic salary {80,000 P.m.

Deamess Allowance (Part of salary) l7o/o ofBasic pay

House Rent Allowance { 14,000 P.m'

Rent paid { 15,000 P.m.

$etnnodg aonad3 wdorerldgdd Qe droero$dd d:s ddnd Dddzleod,

dorirfuagddd "bd ?,;oarl dd,f$Sn e3{oo3:

dme.: dedd 3or19ri <80,000

d>a^| zidd (deddd qtorl) dme:deddd l7%

d>d zmart ddo 3or19ri <14,000

zroGri mdelrdl 3or19ri {15,000

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DIGITIZED BY LIBRARY AND INFORMATION CENTRE, MAHARANI'S WOMEN'S COMMERCE AND MANAGEMENT COLLEGE, PADUVARAHALLI, MYSORE-12

DIGITIZED BY LIBRARY AND INFORMATION CENTRE, MAHARANI'S WOMEN'S COMMERCE AND MANAGEMENT COLLEGE, PADUVARAHALLI, MYSORE-12
73s22 M-8013

Answer any Three questions. Each question canies 10 marks. [3x10-301

oin{oaddo d}rod dd{rlerl w{o:r. de dd4ri 10 erodrlsb.

Q7) Mention any ten exempted incomes r.r/s 10.

doriorrod ioCneor earooo8rlood olndooddn dd> ero"o$rl9${ g9&.

Q8) Give the list of tax-free Perquisites.

dori-d)d ide-:d:il$ d€ Oea.

Q9) Sr\. Maruthi has the following incomes for the previous year ending
3r-3-20r9:
{
D Salary from a company in India 12,00,000

D Dividend (Gross) from Indian company received in India 2,00,000

ii) Income from investment in England(s}% received in India) 1,50,000

iy) Dividend from Foreign company earned and received in USA 75,000

v) Income fromAgriculture inBangladesh 50,000

u) Pr,ofits from business in UAE. (Controlled frortr India) 1,00,000

ti) Pr,ofits from business in Mumbai. (Controtled from China) 2,30,000

vu) Royalty received for technical services rendered in Tok-vo 65,000

Cmprfe ta:<able income if he is

a) Aresident
b) Not ordinary resident

c) Non-resident India

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M-80L3
DIGITIZED BY LIBRARY AND INFORMATION CENTRE, MAHARANI'S WOMEN'S COMMERCE AND MANAGEMENT COLLEGE, PADUVARAHALLI, MYSORE-12

DIGITIZED BY LIBRARY AND INFORMATION CENTRE, MAHARANI'S WOMEN'S COMMERCE AND MANAGEMENT COLLEGE, PADUVARAHALLI, MYSORE-12
73522
'- ddrdeJ $e drod>eo$dd E$dod
ivz-zolg dod: Sodrl:as)rd uQrd
e:o"o$dd>o dooo@od

l2;00,000
D
qDddde:d dodOoood dedd
ri

ii) zpdddeJ e€do&d zPd8eoJr dod0o9:od

2,00,000
uod enqnod (2"03,

uod q:doo$
iii) "aofloa"de: dloGdd)od
1,50,000
(50oA zpoddde) e€do&d)

i\) oil.ax'.a. de: i19& e€doRrd edeg dodoog:od

75,000
uod enzPod
50,000
v) qroorydeddg eedo:rd dra uo-ool>

vi) pdddeJ Oobog,tud odl-.r."a- oJ'$d drdaadd enzf [,00,000

viD zieooOod eo3:o$fi8d)d, $oa3rdeJ;s

2,30,000
d^daadood z^:od enqj
D

viii) u3oe3ola€dg aoo$d ded neJ:rdd*

65,000
rao0deJ e€dotud oaeldd

'o(cP\/Vt

a) xod:od, OaoloJodd

E) xodod, Oem'qrai:e-:d

,tu) o06otu zpdgeoS>

dorldogdd:d er6"obd$d e3d* oo3'

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73522 M-8013
DIGITIZED BY LIBRARY AND INFORMATION CENTRE, MAHARANI'S WOMEN'S COMMERCE AND MANAGEMENT COLLEGE, PADUVARAHALLI, MYSORE-12

DIGITIZED BY LIBRARY AND INFORMATION CENTRE, MAHARANI'S WOMEN'S COMMERCE AND MANAGEMENT COLLEGE, PADUVARAHALLI, MYSORE-12
Ql0)Dr. Sourabh is a CharteredA rt gives the following particui*-r. Cotffi
taxable income from profession for the A.y. 2OI9-20.

Receipts { Payments
Consultation fees 5,00,000 Rent 50,000
Gift from clients 40,000 Stipend to articled clerks 40,000

Gift fiom father 60,000 Books purchased 36,000

Appellate Tiibunal Appearance 24,000 Donation by cheque 9,000
Fees for Drafting Professional Tax 2,000
Nrlemorandum of Association 20,000 LIC Premium 5,000

Printing & Stationery 10,000

Additi onal Information :

l) Allow depreciation en books @ 40%.
2) 50Yo of the rent belongs to the properly self-occupied for residential
purpose.

td{cb er{dodJaedd crol f,dd?;fddd * dgnd addrig$, Oeaoo_d. cdd

2019-20c1e dori dCrd dr.J uooosdib{ ejd, oat.
e( (r

t drs { aodS t
idoeloee3oo S.* 5,00,000 zloGri aodS 50,000
3Soodood eruc$rlod 40,000 r$dDdd ioe^.r9 40,000
ScdoOod erud:ilod 60,000 dond $oeO 36,000
a3:ee;"d& c^3,e^l.i;f;do ooago 24,000 236r dlnerd deedrl 8,000

"$da d$ dz3dri $e-r,

q
20,000 -)cJd\9 JqJ
g(J/l 2,000
ded Odla dodr aed8 5,000
drdeo r eie$d F"d:O 10,000
da{do drobe:
l) d:ddr19 abeeJ 402 !dde dilooDo.
2) zroGrio$ 50% ipd aaxid d:drl ioa^.roQ:rd1.

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73522 F A- M-8013
DIGITIZED BY LIBRARY AND INFORMATION CENTRE, MAHARANI'S WOMEN'S COMMERCE AND MANAGEMENT COLLEGE, PADUVARAHALLI, MYSORE-12

DIGITIZED BY LIBRARY AND INFORMATION CENTRE, MAHARANI'S WOMEN'S COMMERCE AND MANAGEMENT COLLEGE, PADUVARAHALLI, MYSORE-12
retires in September 2018 after 37 years of service in a company'
afifirt7.fii.-mal l-4-20I8to 30-9-2018'
He draws the following emoluments during

Basic salary {30,000 p.m.

DearnessAllowance { 15,000 p.m.

Entertainment Allowance { 1,000 p.m.

on30-9-2018 he receives a Gratuity Act1972, <13,00,000.

( 1,80,000
Lump sum received from URPF (Employer contributes Equally)

He received pension of {20,000 p'm' from 1-10-2018

Compute taxable income under the head salary for the A'Y'
2019-20'

g€ cld:refddcb 37 ddrrld iedo$ dodd e.od) dodoo3:od f{oud

iora o*3 Odrg dooaqd . r-4-20r8 ood 30-e-2018 erdQosQ eddr
e
dsnd deddd$o ddooaod:

droe.:dedd {30,000 qi'3 Soilgrl

dr€ qJdd {15,000 5ie eorlgri

d:ddoaioa ddo {1,000 qiS Sortgri

3O-g-2018 dod) €r?3)[^3 doo9Dd 1972d drod {13,00,000 @r"SE^3 ddod)ggd'

drodddo$gd qJa{oa (dooedd n$ dosri) ooDod Q"oe doq {1,80,000

:re dOienno.

1-10-2018 ood dodoilod {20,000 .roz3ed ddOqd ' 2Ol9 - 20de dorl
ddrd* dedd ed,,o$dd>. eJd-, aa6.
 73522 M-8013
DIGITIZED BY LIBRARY AND INFORMATION CENTRE, MAHARANI'S WOMEN'S COMMERCE AND MANAGEMENT COLLEGE, PADUVARAHALLI, MYSORE-12

DIGITIZED BY LIBRARY AND INFORMATION CENTRE, MAHARANI'S WOMEN'S COMMERCE AND MANAGEMENT COLLEGE, PADUVARAHALLI, MYSORE-12
J

Answer any Two questions. Each question carries 15 marks. 12x15=301

o3nd;aoddo add: dd4r19d w{o&. d.9 dd4ri 15 erodrlsb.

QI2)Smt Savita is an employee of a company in Bengalum. She has submitted the

following particulars of her income for the financial year 2018- 19.
1) Basic pay {40,000 p.m.

2) Deamess Allowance (part of salary) { 10,000 p.m.

3) MedicalAllowance { 1,000 p.m.

4) EftcafunAllowance for 2 children @<200 p.m. per child.

t TrardliryAllowance t50,000 (Actual amount spent {35,000)

O EnteraimtAllowance {1,000p.m.
7) She resides in tre Bungalow of the company. A watchman, cook and
. gardener have b€en povided by the company at a salary of { 1,000 p.m.
each.

8) She has be€n provided with a large Car, with a driver, for official and
personal use. The nmning & maintenance costs are borne by the company.

9) Employer's contribution to RPF is {84,000 and the interest credited at

9.5yo amounted to <9,500. o

10) She has been provided Laptop and Telephone facility at her residence at
a cost of {40,000 and <5,000 respectively.

11) LIC Premium of {18,000, professional tax <2,400 and Club bill {3,000
were paid by the company on behalf the employee.

12) Encashment of eamed leave {40,000.

Compute Income from salary for the A.Y.2019-20.

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73522 M-8013
DIGITIZED BY LIBRARY AND INFORMATION CENTRE, MAHARANI'S WOMEN'S COMMERCE AND MANAGEMENT COLLEGE, PADUVARAHALLI, MYSORE-12

DIGITIZED BY LIBRARY AND INFORMATION CENTRE, MAHARANI'S WOMEN'S COMMERCE AND MANAGEMENT COLLEGE, PADUVARAHALLI, MYSORE-12
- g**re iDaoddd: z3origoOd dcdOor:g *dtfR, 2018-19d ('QFd ddrd-,
d{ dgnd adddg$d ie]:roood.

'1) droe-:dedd, drcdojod {40'000

2) 6€eJdd (deddd zPii) eod$c <10,000

.{i8
3) drdrEeo3: 4jd, gorteri {1,000

4) 2 d:drerl, ds 8or19: <200 dod dgid* zJdo.

s) gioSoeo ?idd (50,000- $z$r doadl <35,000

6) d>ddoagdD aJd, goiigrl <1,000

7) dodoo3: uorleSo$eJ m:rloedl, e^lai tade,::rrod ElGri sJut abE

dnOc$d$4 d,3 eorl.gr {eotoa;ortn i1,000 dedddod z.dflienAd'

8) d6*o id:ed e-od> dro€tadn deieo Eoirl9refi

,r*l* z.dflierofld. erdi Odr 0o3:e dold'

e) R.p.F. rl droodd doSd (84,000 d)d)^ erdd *eod Dq 95x dod

{9,500 ad> drodenftd.

10) en afooat abE dodaaed ide;dd:. e$d.$aen <40,000 abdl

{5,000d)d z"dfliohd.

l1) dedado <18,000, dd.1 dori <2,400 d)dl g?Jeirgd <3.000 dodO
0eGd.

12) r19E dd ddOeddeo <40,000

20lg-20d dorl ddsd* .add deddd ero"o$ ejd* droa.

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 73s22 M-8013
DIGITIZED BY LIBRARY AND INFORMATION CENTRE, MAHARANI'S WOMEN'S COMMERCE AND MANAGEMENT COLLEGE, PADUVARAHALLI, MYSORE-12

DIGITIZED BY LIBRARY AND INFORMATION CENTRE, MAHARANI'S WOMEN'S COMMERCE AND MANAGEMENT COLLEGE, PADUVARAHALLI, MYSORE-12
813)\,/k.Arunesh is the owner ofthree houses. The particulars for the year ending
3 I -3 -2019 are given belou,:

Particulars House I House II House III

(Let out) { (Let out) { (s.o.P) {
Municipalvalue 80,000 50,000 60,000
FairRent 70,000 70,000 to,oo:
Standard Rent 1,00,000 70,000
Annual R.entreceived 1,20,000 1,80,000
Municipal Tax:
Paid by the owner 8,000 15,000 10,000
Paid by the Tenant 7,000
Incidental charges 30,000 30,000 15,000
UnrealisedRent 15,000
Vacancy loss 10,000
Interest on loan for construction 30,000 30,000 30,00;
Unrealised rent recovered (allowed earlier 12,000

Compute income from House property for the A.Y.2019 - 20.

9s erd>ded 3 $drl doOedd> 3I-3-2019 dod> Eodrloodod edd

addd e-dfl!enAd
adddsb a$d II d)d III
(emari) t mn) t
ub)C'q)def dfoe.:,
-d 80,000 50,000 60,000
ilu,o$oJrrd eroGrl 70,000 70,000 80,000
ddDrdd zroGrl 1,00,000 70,000
do&Fd
'o5O zroGrl &sdo&$_ 1,20,000 1,80,000
dr)O&det dori:
doOedd> aad8tdq 8,000 * 15,000 10,000
zroGzioad ArDu3c$
e.J O
7,000
eFont $a3rr 30,000 30,000 15,000
diraOojDrld sDari 15,000
anoog)od dd CJ
10,000
d€Jd
eJdG
DairoreoE ddd xoe.:d e^lB 30,000 30,000 30,00;
d!.JaOoJDd, diroe)o3rorld ztoGil
(d>oz^3 aanogc8 .ad) 12,000

4,4 oA erdoo$d$4 2019-20de dori ddrd* dd* doa.

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73522 M-80L3
DIGITIZED BY LIBRARY AND INFORMATION CENTRE, MAHARANI'S WOMEN'S COMMERCE AND MANAGEMENT COLLEGE, PADUVARAHALLI, MYSORE-12

DIGITIZED BY LIBRARY AND INFORMATION CENTRE, MAHARANI'S WOMEN'S COMMERCE AND MANAGEMENT COLLEGE, PADUVARAHALLI, MYSORE-12
bta)Fr"^thefollowing particulars of Mr. Uday for the year ende d 3'l-3-2019,
compute income from business for the A'Y' 2019 - 20'

Particulars Particulars {

To salary to staff 1,20,000 By Gross profit 5,55,000

" General exPenses 16,000 " Dividend from

Indian company 20,000
" Provision for Bad debts 6,000

" Advertisement 10,000 " Dividend from

Foreign comPany 20,000
" Proprietor's salary 20,000

" Donation 4,000 " Agiculturallrcome 80,000

" Purchase ofbuilding 2,40,000 '' Bad debts recovered

(Allowed earlier) 30,000
" Income Tax 12,000

" Audit fees 15,000

rr lnterest on loan (for business 50,000

" Gift to emPloYees 10,000

" Depreciation 24,000

" Legal expenses for breach

of contract 3,000

" Net profit 1,75,000

7,05,000 7,05,000

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 73s22 M-9013
DIGITIZED BY LIBRARY AND INFORMATION CENTRE, MAHARANI'S WOMEN'S COMMERCE AND MANAGEMENT COLLEGE, PADUVARAHALLI, MYSORE-12

DIGITIZED BY LIBRARY AND INFORMATION CENTRE, MAHARANI'S WOMEN'S COMMERCE AND MANAGEMENT COLLEGE, PADUVARAHALLI, MYSORE-12
Other information:

l) General expenses include a sum of {6,000 being charged for godown

oy"d by the Assessee.
2) Staff salary include {20,000 being salary of a domestic servant at the
residence of the Assessee.

3) Depreciation on fixed assets as per Income Tax Rules amounted to

{20,000.

3l-3-20l9Er arodrtraodod erudoJfddd z.,dA,fud Egnd dDbedDod d^.dood

e:mo$d$.q,oejd, oo6: a

C^JC^, L/ c^Jc!()

ri &aioa dedd 1,20,000 osDod nub{ en4l 5,55,000

FDdDcJ^
,\
dz3rlsb
'J
16,000 " qodgeo3: dod&od>
tl
ddd: FDed 0e 6,000 enzpood 20,000
tl
zro&e ood> 10,000 " &deg dodOol>
ds6o$ Boug 20,000 enzpood 20,000
desd,i 4,000 I' drai s:6o$ 80,000
d€d $oe6 2,40,000 " ddd) me.l ddoO
ermo$ dori 12,000 (bod AilDo3J:rd) 30,000
dddoaoedND $.* 15,000
Fe;d abeeJ e^:q 50,000
a$;rdOri e,DC$rtrrd 10,000
Bdde 24,000
zdod erugofrddroo'.od
6adra$ d?i 3,000
tl
0{e en$ 1,75,000

7,05,000 7,05,000

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 73s22 M-80L3
DIGITIZED BY LIBRARY AND INFORMATION CENTRE, MAHARANI'S WOMEN'S COMMERCE AND MANAGEMENT COLLEGE, PADUVARAHALLI, MYSORE-12

DIGITIZED BY LIBRARY AND INFORMATION CENTRE, MAHARANI'S WOMEN'S COMMERCE AND MANAGEMENT COLLEGE, PADUVARAHALLI, MYSORE-12
"ado dr?b.9:
l) doOedd c.,lrrBsodr iodaieted <6,000d1 sodrodd d€de] ieod.ooGd.
2) .rfd de:lrmdod Araelcbd {20,000d) :rz*oO dedddeJ deodoo6d.
3) fu*l d:eOd iddeob {20,000 d*d.
2019-2C dgd dddaldd soeo$dd:n dd* aa8.

QlS)Explain different kinds of Provident Funds under Income Tax Act, 1961.
AAd srrlo$ dDEDOdg$* zndgeoJc saeo$ dori aeoOod, 1961d dmd
AdO:r.

ETIE

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