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Wednesday, June 28, 2023

BBA - Bachelor of Business Administration 3rd Semester 
BBA-206: Tax Laws - I

Time allowed: 3 Hours] [Max. Marks: 80

NOTE: Attempt four short answer type questions from Section-A and carries 5 marks each. Attempt two questions each from Section B and C respectively and carries 15 marks each.

Section - A

1. X is a pilot in NEPC airlines at Chennai [population above 25 lakh]. He draws Rs 80,000 p.a as salary, Rs 16,000 p.m as DA (not considered for computing retirement benefits) Rs 80,000 bonus and Rs 24,000 p.a as education allowance. He has got two children studying in the nearby school. He is also paid a flight allowance of Rs 4,000 p.m to meet his personal expenses while on duty. He has been provided with unfurnished RFA fair rental value of which is Rs 2,40,000 p.a. Determine the taxable value of the perquisite and gross salary. 

2. The following particulars of plant and assets (15% block) area furnished by a limited company relating to the accounting year ending on 31-3-20221:

Written down value as on 1-4-2020                    Rs 7,50,000


New machinery installed on 15-6-2020     Rs 1,20,000

2nd hand machinery installed on 30-6-2020     Rs 30,000

An item costing Rs 10,000 which was in full use till 1-10-2020 was sold on this date for Rs 15,000 and WDV of this asset on 1-4-2020 was Rs 6,100

You are requested to compute depreciation and WDV to be carried forward

3. Mr Singh purchased a plot in 2002-03 for Rs 4,00,000. It was sold on 15-1-2021 for Rs 15,80,000 and he paid Rs 20,000 as brokerage charges. He invested Rs 2,00,000 in bond of NHAI on 31-3-2021 and Rs 3,10,000 in bonds issued by REC Ltd on 1-6-2021. Compute the taxable amount of capital gain if CII for 2002-03 was 105 and for 2020-21 is 301.

4. Calculate income from other sources from the information given below: 

a. Winning from lottery Rs 1,00,000

b. Amount received from race winnings Rs 35,000.

c. Received gift Rs 20,000 from his friend.

d. Received Rs 1,00,000 as gift from his elder brother.

e. Received Rs 1,40,000 as gift on his marriage.

f. Received Rs 80,000 as gift from his NRI friend on 1-1-2021.

g. Another gift of Rs 18,000 received from his friend.

5. Write short note on Gratuity.

6. Explain unabsorbed depreciation.

Section - B

7. Mr. K is the assistant manager of a textile company of Jaipur, since 1986. He has submitted the following particulars of his income for the financial year 2020-21.

1. Basic salary Rs 46,000

2. Dearness allowance Rs 5,000 per month (Rs 200 per month enters into retirement benefits) 

3. Education allowance for two children at Rs 150 per month.

4. Commission on sales 1% of turnover of Rs 10,00,0000.

5. Entertainment allowance Rs 700 per month.

6. Travelling allowance for his official tours Rs 30,000. The entire amount is spent on the official tour.

7. He was given cloth worth Rs 1,000 by his employer free of cost.

8. He resides in the flat of the company. Its market rent is Rs 2,000 per month. A watchman and a cook have been provided by the company at the bunglow who are paid Rs 400 per month each.

9. He has been provided with a motor car of 1.8 ltr engine capacity for his official as well as his personal use. The running and maintenance costs are borne by the company.

10. Employer's contribution to R.P.F is Rs 8,000 and the interest credited to this fund as 13% rate amounted to Rs 16,250.

11. Contribution by K to R.P.F is Rs 5,400.

12. Rent of house recovered from K is Rs 4,600.

13. Tax deducted at source from the above payments Rs 6,000.

Compute income from salaries for the assessment year 2021-22. Assume the population of Jaipur is 26 lakh.

8. Mr. X has three house properties which he uses for his own residential purposes:


9. Explain any 15 exempted incomes as provided under section 10 of the income tax act.

10. Define agricultural income. What is the tax treatment of agricultural income?


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