University Of Pune Question Paper,2010 Question Paper,INCOME TAX ACT,D.T.L.

University Of Pune Question Paper
D.T.L. Examination, 2010
INCOME TAX ACT
(2005 Course) (Old)
(Paper – II)
Time : 3 Hours Max. Marks : 100
 N.B. : 1) Question No. 1 is compulsory. Out of the remaining
attempt any five questions.
2) Figures to the right indicates full marks.
1. Mr. Ram an employee in a company is drawing Rs. 9,000 p.m. as salary plus
10% of his salary as dearness pay. He is getting entertainment allowance of
Rs. 1,000 p.m. He has spent Rs. 5,000 on entertainment of the company’s
customers. He is provided with a rent-free unfurnished house at Pune of the fair
rental value of Rs. 2,000 p.m. The house is owned by the company. He is also
provided with a small car for his personal and office use and all the expenses of
its maintenance and running are met by the company. Find out his taxable salary
for the assessment year 2009-10.
2. Explain the powers of Income Tax Authorities under the Act.
3. What is meant by annual value of house property ? How is it determined ?
What deductions are allowed from annual value of the house property.
4. There are certain expenditure which are specifically disallowed while computing
business income. Discuss.
5. Although there is a transfer of capital asset and there are capital gain but they
exempt from tax. Discuss.
6. What are the provisions relating to deductions from Gross Total Income in respect
of deductions to certain Fund Charitable Institution etc. under Section 80 G of
Income Tax Act.
7. Discuss the provisions regarding Tax to be deducted at source under
Income Tax Act, 1961.
8. What are the provisions regarding set off, carry forward and set off of losses
under Income Tax Act.
9. Write short notes on any two of the following :
a) Indexed cost of acquisition
b) Provisions regarding Banking cash transaction which is taxable.
c) Agricultural Income
d) Appeal and Revision.
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University Of Pune Question Paper,INCOME TAX ACT, 1961,D.T.L.,2010 Question Paper

University Of Pune Question Paper
D.T.L. Examination, 2010
INCOME TAX ACT, 1961
 (New) (2006 Course) (Paper – II)
Time : 3 Hours Max. Marks : 100
N.B. : 1) Question no. 1 is compulsory and carries 20 marks.
2) Answer any five of the remaining carrying 16 marks each.
1. Mr. Bharat an employee of ‘X’ Ltd. has submitted the following data regarding
his income. Compute his income from salary for the A.Y. 2009-10
1) Basic Salary Rs. 15,000 p.m.
2) D.A. Rs. 2,000 p.m.
3) Contribution to RPF @ 14% of salary (by employer)
4) City compensatory allowance Rs. 100 p.m.
5) Interest on RPF balance @ 14% is Rs. 2,800
6) H.R.A. Rs. 1,000 p.m.
7) Entertainment allowance Rs. 200 p.m.
8) Travelling allowance Rs. 2,000 (unspent amount Rs. 200)
9) He has been allotted equity shares of which fair market value was Rs. 62,000
under employee’s stock option plan. The company deducted Rs. 27,000
from his salary for these shares.
10) The assessee is suplied with free gas, water and electricity for which the
employer pays Rs. 1,000 to an outside agency p.a.
11) Rent paid by the assessee for the house is Rs. 1,500 p.m.
12) Profession tax deducted from salary is Rs. 200 p.m.
2. Mr. Ravi is a member of Housing Co-operative Society in Mumbai and Resides
in half the portion of the house, under Hire purchases scheme of the society’.
The remaining half portions is let out at Rs. 2,000 p.a. The fair rental value of the
house assessed by the corporation is Rs. 30,000 per annum. Local taxes in
respect of the house paid Rs. 12,000. Expenses incurred include the insurance
premium Rs. 400 and ground rent Rs. 400. Interest payable to society is
Rs. 16,000.
Compute his income from house property for the A.Y. 2009-10.
3. Discuss the provisions regarding determination of Residential status of an
Individual.
4. What are those expenses which are expressly disallowed while computing business
income ?
5. Explain the provisions regarding set off, carry forward and set off if losses under
Income Tax Act, 1961.
6. Discuss the provisions regarding Income Tax Authorities and their powers under
Income Tax Act.
7. Explain the provisions regarding advance payment of Tax under Income Tax
Act.
8. Write short notes on any three :
a) Best Judgement Assessment
b) Income
c) Return of Income
d) Agricultural Income
e) Previous year.