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B.C.O.C-136
INCOME TAX LAW & PRACTICE
Maximum Marks: 100
Attempt all the questions.
Section-A
(This section contains five questions of 10 marks each)
Q 1 What do you understand by casual income? How are they treated under the Income Tax Act?
Q 2 From the following particulars, calculate gross taxable salary of Mr. Ashish for the A.Y.
Basic Pay | 10,000 |
D.A. (Under the terms of employment) Bonus | 5,000 |
Taxable part of Gratuity received | 3,00,000 |
Completed year of service | 35 years |
Leave consumed during service | 28 months |
Actual amount of leave encashment | 1,50,000 |
Q 3 Define annual value and state the deductions that are allowed from the annual value in computing the income from house property.
Q 4 Prof. R.K. Mittal has a GTI of Rs. 30, 00,000 including LTCG of Rs. 5 lakh during P.Y. 2021-22. He made the following donations:
- i) Rs. 1,00,000 to National Defence Fund
- ii) Rs. 70,000 to PMNRF
iii) Rs. 1,60,000 for repair of Temple (Notified)
- iv) Rs. 90,000 to a Political Party
- v) Books worth Rs. 70,000 to poor children
- vi) Rs. 1,00,000 to a Public Charitable Institution
vii) Rs. 1,00,000 for promotion of family planning programme of UP Government.
Calculate the amount of deduction u/s 80 G
Q 5 From the information given below, compute the total income of the firm and tax payable by it for the Assessment Year 2022-23.
Particulars | Rs. |
---|---|
Profit from small scale industrial undertaking | 6,50,000 |
Profit from the animal breeding business | 2,20,000 |
Short term capital loss | 2,50,000 |
Long term capital gain | 4,50,000 |
Interest from bank (Gross) | 80,000 |
Donation to charitable institution (approved) by cheque | 1,30,000 |
Section-B
(This section contains five short questions of 6 marks each)
Q 6 What are the provisions for calculating House rent allowance?
Q 7 What are the provisions regarding unrecognized provident fund in Income Tax Act, 1961.
Q 8 Discuss the various kinds of Securities? Explain the rule regarding grossing up of interest on Tax-Free Commercial Securities.
Q 9 Explain with example the term Book Profit in relation to the assessment of firms.
Q 10 What is ITR? List the various documents required for filing ITR.
Section-C
(This section contains four short questions of 5 marks each)
Q 11 The income of the previous year is taxed in the current year”. Explain.
Q 12 State the conditions which a Hindu Undivided Family has to fulfill in order to be called as resident in India.
Q 13 List any five incomes that shall be chargeable under head ‘Profit and gains of Business or profession’.
Q 14 What does the term ‘Capital Gains’ signify under the Income Tax Act?
BCOC136, BCOC 136 ENGLISH MEDIUM
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