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Monday, December 5, 2016






Roll No. ...........
Total No. of Questions : 07

BBA (Sem. - 4th)
INCOME TAX ACT
SUBJECT CODE : BBA - 405
                                        Paper ID [A2375]   
  
Time : 03 Hours
Instruction to Candidates:
1) Section - A is Compulsory,.
2) Attempt any Four questions from Section - B.

Section - A
1.      
a.     Define Assesses
b.     Exemption u/s 54F
c.      Explain the treatment of House Rent Allowance
d.     Dedication u/s 80D
e.      Treatment of Preliminary expenses in Business and profession
f.       Treatment of Recognized provident Fund
g.     Integration Scheme for Agricultural Income
h.     Deduction u/s 16 (ii) for Entertainment Allowance
i.       What is PAN
j.       Residential status of company

                             Section –B

2.     What do you mean by residential status? Explain the provision to determine residential status of individual.

3.     Define agricultural income as defined under section 2(1A) of Income Tax Act, 1961, what is partly agricultural and partly non agricultural income.

4.     What do you mean by Annual Value of house property? Explain the procedure to determine Annual Value of house property in case of let out, self occupied and partly let out houses.

5.     Ms Rashmi is a software engineer employed in software company at Mumbai. Following are the details of her salary:
a.     Salary         20000 p.m
b.     D.A             5000 p.m
c.      Company provided her a loptop for personal use, the cost of which is Rs. 350000.
d.     Company sold her a washing machine for Rs 20000, cost of which was Rs 30000.
e.      Travelling expenses to abroad Rs 40000 are borne by the company.
f.       Employer contributed Rs. 10000 towards unit linked insurance plan.
g.     She is provided with rent free furnished quarter in Mumbai valuing Rs. 5000 p.m and furniture and fittings value Rs 15000. Population of Mumbai is 1.5 crore.
h.     Special marriage gift given to the employee Rs. 50000
i.       Planning allowance Rs 500 p.m
j.       Medical expenses paid by company Rs10000
k.     Medical allowance Rs. 1250 p.m,
l.       Employer company has provided a big car ofr her personal use and expenditure incurred by the company on the car during the year is Rs 60000. Cost of car is Rs 900000. Assume that the salary is due on the last day of every month.

6.     What is short term and long term capital gains? Explain how to calculate short term and long term capital gain.

7.     Mr Rohit furnishes the following particulars of his income for the financial year 2012-13
a.     Dividend received from UTI Rs 10000
b.     Net amount received as wining form horse race Rs 21000
c.      Wining from camel race (net) Rs 15000
d.     Wining form lottery(net) Rs 70000. Cost of lottery ticket was Rs 500. Commission paid to lottery seller Rs 1000 out of prize money.
e.      Income tax refund rs 10000 (related to past year).
f.       Interest on income tax refund Rs 1000.
g.     Amount won from Kaun Benega Krorepati Rs 200000
h.     Interest on 8% tax free relief bonds issued by RBI Rs 5000
i.       On 1-10-2012 he subscribed for 1000, 8% debentures of Rs 100 each of Hexa limited company from open market @ 105. Dates of interest payment are June 30 and December 31 every year.
j.       On 1-10-2012 he subscribed for 1000, 10% debentures of Rs 100 each of pearl ltd. The data of interest payment is March 31 every year.,
k.     Interest received on Punjab government loan Rs 20000
l.       Interest received on 8% debentures of Phymox ltd rs 4500
m.  Gift from  father Rs 50000
n.     Family pension received Rs 48000
o.     He lives in a rented premises paying rent @ 10000 p.m he sub 1/3 portion of the house on rent of Rs 4500 p.m the municipal tax Rs 6000 and repairs of whole house Rs 2700 gave been borne by him.
Calculate income form other sources.

8.     Explain in detail the deduction under section 80G of income tax act, 1961.

9.     From the particulars given below, compute the total income and tax payable of Mr. Deb a Central Government employee working at Chandigarh.
a.     Salary                                                                            20,000 p.m
b.     Travelling allowance (expenditure incurred 6,000 p.a)  5,000 p.a
c.      His contribution to SPF                                                 1,700 p.m
d.     Employer’s  contribution to SPF                         10% of salary
e.      Interest on accumulated balance of SPF @ 13%            12,000
f.       Entertainment allowance                                                         1,000 p.m
He owns two houses, one of which is let out at a rent of Rs 400 p.m and other (whose annual value is Rs 1000) remained vacant throughout the year on account of his employment at Amala where he taken a house on rent. The two houses are subject to municipal taxes of Rs 600 and 100 respectively.

During the year he sold shares of Hero Honda Ltd and earned a short term capital gain of Rs 50,000 [STT paid]
He earned Rs 11,500 as interest form the government securities and bank interest on fixed deposits Rs 11,000 and on a saving account Rs 10,600.

He pays life insurance premium of Rs 25,000 on his life policy of Rs 4,00,000. His deposited Rs 10,000 in home deposit account.  



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