University Of Pune Question Paper
B. B. A. ( Semester - IV ) Examination - 2013
BUSINESS TAXATION
(New 2008 Pattern)
Time : 3 Hours] [Max. Marks : 80
Instructions :
(1) Attempt any five questions.
(2) All questions carry equal marks.
Q.1) What are the different categories of Assesses according to their Residential
Status ? How is this Status determined ?
Q.2) State and explain difference between of the following :
(a) Capital Expenditure and Revenue Expenditure
(b) Capital Receipts and Revenue Receipts
Q.3) (A) Explain various Deductions from Income from House Property.
(B) Income Chargeable under the head ‘Income from Other Sources’.
Q.4) Write short notes : (Any Four)
(a) Previous Year
(b) Deductions u/s 80C
(c) Slab of Income Tax (Female Assessee)
(d) Long Term Capital Gain
(e) Powers of Commissioners
(f) Agricultural Income
[4372]-403 1 P.T.O.
Seat
No.
Q.5) From the following particulars of Mr. Suraj an employee of an XYZ
Company, find out his Taxable Income from Salary for the A.Y. 2013-14 :
(1) Basic Salary Rs. 30,000 p.m
(2) Dearness Allowance Rs. 6,000 p.m. (part of the salary)
(3) Bonus @ 20% per annum of Salary (Basic + D.A.)
(4) Entertainment Allowance Rs. 9,000 p.m.
(5) Employers contribution to R.P.F. @ 13%.
(6) Interest credited to R.P.F. Balance @ 12% Rs. 24,000.
(7) Free furnished quarter was allotted to him by the employer at Mumbai
w.e.f. lst May, 2012 which he could occupy only 1st June, 2012
onwards. Fair Rent Rs. 5,000 p.m., Cost of Furniture Rs. 30,000.
(8) Gas, Electricity and Water Charges Rs. 5,000 per annum paid by the
employer.
(9) Reimbursement of Educational Expenses Rs. 10,000.
(10) Reimbursement of Medical Expenses Rs. 12,000 per annum.
(11) His contribution to R.P.F. Rs. 4,000.
(12) A Motor Car (cc of the engine is 1.8 1iters) is provided to Mr. Suraj.
The Motor Car is used both for the private and official work expenses
on maintenance of private use and borne by Mr. Suraj.
(13) Insurance Premium on his own policy Rs. 4,200 p.a. and on his wife's
policy Rs. 3,600 p.a. are paid by the employer.
Q.6) Mr. Chandan is the proprietor of the business. His Profit and Loss Account
for the year ending on 31st March, 2012 is as follows :
Particulars Amt. (Rs.) Particulars Amt. (Rs.)
To Establishment 19,600 By Gross Profit 2,49,680
To Rent, Rates, Taxes 15,800 By Interest on Govt.
To Household Expenses 13,460 Securities 10,800
To Commission 26,100 By Rent from House
Property 20,700
[4372]-403 2 Contd.
Particulars Amt. (Rs.) Particulars Amt. (Rs.)
To Discount and
Allowances 3,440
To Provisions for Bad
Debts 12,400
To Law Charges 13,400
To Gifts and Presents
to Employees 1,300
To Fire Insurance
Premium (for goods) 1,720
To Sales Tax Paid 12,900
To Repairs and Renewals
(for house property) 1,960
To Loss on Sale of
Motor Car (used
for private purposes) 13,600
To Life Insurance
Premium 13,580
To Wealth Tax 11,480
To Interest on Capital 1,700
To Audit Fees 1,600
To Interest on Bank Loan 12,760
To Provision for
Depreciation 15,000
To Provision for
Income Tax 17,800
To Net Profit 71,580
2,81,180 2,81,180
Other Information :
(1) Actual Bad Debts written-off during the year Rs. 1,100.
(2) Amount of Income Tax actually paid during the year is Rs. 8,400.
(3) Depreciation allowable as per Income Tax Rules is Rs. 3,400.
[4372]-403 3 P.T.O.
(4) Advertising Expenses include Rs. 1,100 spent on special advertising
campaign to open a new shop in the market.
(5) Law Charges are in connection with protection of a trademark.
(6) Mr. Chandan carries on his business in a rented premise, half of which
is used as his residence. Rent, Rates and Taxes include Rs. 14,800
paid as rent of the premises during the year.
(7) Bank Loan is taken for business purposes.
Compute the Business Income of Mr. Chandan for the A.Y. 2013-14.
Q.7) Mr. Deshmukh Arun, Pune who is handicapped (50% disability) has furnished
the following details of his income for the year ending 31st March, 2013.
You are required to compute his Total Income and Tax Payable by him
for A.Y. 2013-2014 :
(1) Salary Rs. l7,200 p.m.
(2) Bonus equal to 2 months salary.
(3) Conveyance Allowance spent for performance of duty at Rs. 550 p.m.
(4) Entertainment Allowance at Rs. 450 per month.
(5) Advance Salary for April, 2013 Rs. 30,000.
(6) He received House Rent Allowance of Rs. 2,000 per month from
the employer. But he paid a rent of Rs. 2,700 p.m.
(7) Personal Medical Bill of Rs. 10,000 were reimbursed by the employer.
His treatment has been made in a private hospital not belonging to
the employer.
(8) His contribution to the Companies R.P.F. is Rs. 1900 per month and
the employer contributes an equal amount. The Interest credited to
Provident Fund Account at 12% per annum - Rs. 4,800.
(9) Income from Business Rs. 1,50,000.
(10) Interest on Government Securities (Gross) Rs. 3,000.
(11) Interest on Bank Deposits received Rs. 3,000.
(12) Donation paid to National Children's Fund Rs. 2,500.
(13) Donation paid to Government for the promotion of Family Planning
Rs. 2,000.
(14) Deposited Rs. 60,000 in S.B.I. as Term Deposits for five years.
(15) Professional Tax paid Rs. 2,700.
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