Wednesday, November 18, 2015

University Of Pune Question Paper,CNO 105 (FIN) : Finance Specialization – III,M.B. (Semester – I),2014 Question Paper

University Of Pune Question Paper
M.B. (Semester – I) Examination, 2014
CNO 105 (FIN) : Finance Specialization – III
INCOME TAX (Part – I)
(2013 Pattern)
Time : 21/
2 Hours Max. Marks : 50
Instructions : 1) All questions are compulsory.
2) Each question has an internal option.
3) Each question carries 10 marks.
4) Your answers should be specific and to the point.
5) Support your answers with suitable live examples.
1. a) Define assessee, assessment year, previous year. 10
OR
b) Explain residential status of an individual. 10
2. a) Explain the concept of Taxability of Gratuity. 10
OR
b) Mrs. A was assistant Manager of M/s PQR Metal Co. Ltd. during the financial year 2014-15.
She got the following emoluments. 10
Sr. No. Particulars
1 Basic salary Rs. 20,000 per month
2 Dearness allowance Rs. 1,500 per month
3 Transport allowance Rs. 2,000 per month
4 Contribution to RPF was 15% of basic salary
5 Children education allowance for two children was Rs. 500 per month
6 City compensatory allowance Rs. 300 per month
7 Hostel expenses allowance for two children was Rs. 700 per month
8 Tax paid on employment Rs. 2,500
Compute the taxable salary of Mrs. V for the financial year 2014-15.
3. a) Explain the deductions available from the house property. 10
OR
b) Mr. Ramesh is the owner of the house property. The particulars are as follows for
FY 2014-15 : 10
a) Municipal valuation Rs. 3,18,000
b) Fair rent Rs. 3,20,000
c) Standard rent Rs. 3,30,000
d) Rent received Rs. 3,35,000
Expenses incurred by Mr. Ramesh are :
e) Municipal taxes paid Rs. 30,000
f) Repairs Rs. 12,400
g) Interest on borrowed capital Rs. 35,000
Calculate income from house property of Mr. Ramesh.
4. a) Which are the exceptions for set off and carry forward of losses ? 10
OR
b) Explain the deductions applicable to individual and HUF.
5. a) What are rates of income tax for AY 2015-16 ? 10
OR
b) Write notes on : 10
a) Tax Credit
b) Advance Tax.
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