Income Tax Law and Practice Question Paper 2022
Dibrugarh University BCOM 3rd Sem Core
COMMERCE (Core)
Paper: C – 306
(Income Tax Law and Practice)
Full Marks: 80
Pass Marks: 32
Time: 3 hours
The figures in the margin indicate full marks for the questions
In this Post you will get Income Tax Law and Practice Question Paper 2022 [Dibrugarh University BCOM 3rd Sem Core. Core and Regular. Past exam question papers will be very much usefull for upcoming exams.
1. (a) Fill in the blanks of the following: Â Â Â Â Â Â Â 1 x 4 = 4
(1) A person who is liable to pay tax not only on his own income but on the income of another person is called _______.
(2) Gratuity received by a government employee is _______.
(3) Long-term capital loss can be carried forward for _______ succeeding previous years to be set-off only from long-term capital gain.
(4) Income received as rent from subletting would be taxable under the head _______.
(b) Write True or False of the following: Â Â Â Â Â Â Â 1 x 4 = 4
(1) An individual who wants to be resident of India u/s 6 (1) (a) must stay in India for at least 730 days in 7 previous years.
(2) Tax is levied on total income of an assessee.
(3) Income from sale of household furniture is short-term capital gain.
(4) Deduction u/s 80C is available to industrial only.
2. (a) Write short notes on any two of the following: Â Â Â Â 4 x 2 = 8
(1) Assessment year.
(2) Maximum marginal rate.
(3) Pension.
Or
(b) How will you determine the residential status of an individual? Explain. Â Â Â Â Â Â Â Â 8
3. Explain any three of the following: Â Â Â Â 4 x 3 = 12
(a) Perquisites.
(b) Tax deducted at source.
(c) Capital gain exempted from tax.
(d) Relief u/s 89 (1).
4. (a) What is Provident Fund? Explain the tax treatment of different types of Provident Fund. Â Â Â 3+7=10
Or
(b) Mr. X is employed at Dibrugarh at a basis salary Rs. 25,000 p.m. and he also getting the following allowances:
|
|
Rs. (p.m.) |
|
Dearness allowance Lunch allowance Servant allowance Transport allowance Education allowance @ Rs. 200 per month for three children Hostel allowance to one child House rent allowance |
2,000 1,000 1,000 2,000 – 500 5,000 |
He paid professional tax Rs. 250 per month. He was in a rented house and paying a rent of Rs. 7,000 p.m. His employer contribution in RPF @ 10% of his salary. Interest on RPF balance @ 12% Rs. 9,000.
Find out his salary income for the Assessment Year 2022-23. Â Â Â Â Â Â Â Â Â Â 10
5. (a) (1) Write a note on annual value of house property. Â Â Â Â Â 4
(2) Explain briefly the different types of income from house property which are not chargeable to tax. Â Â 6
Or
(b) Mr. Sanjoy Das owns a house property in Delhi. From the particulars given below, compute the income from house property for the Assessment Year 2022-23: Â Â Â Â Â 10
|
|
Rs. |
|
Municipal value Fair rent Standard rent Actual rent (per month) Municipal tax – 20% of municipal value, municipal tax paid during the year 50% of tax levied Expenses on repairs Insurance premium |
2,00,000 2,52,000 2,40,000 23,000 – 20,000 5,000 |
Mr. Sanjoy Das borrowed a sum of Rs. 12,00,000 @ 10% p.a. on 01-07-2018 and the construction of the property was completed on 28-02-2020.
6. (a) Define capital gain. Discuss the procedure for computation of capital gain. Â Â Â Â 4+6=10
Or
(b) Mr. Dilip submits the following particulars about sale of assets during the year 2021-22:
|
|
Jewellery |
Gold |
Plot |
|
Sale price (in Rs.) Expenses on sale (in Rs.) Cost of acquisition (in Rs.) Year of acquisition CII |
5,00,000 Nil 1,50,000 2007-08 129 |
2,50,000 Nil 80,000 2009-10 148 |
21,74,000 24,000 7,00,000 2004-05 113 |
He has purchased a house for Rs. 12,00,000 on 01-03-22.
Calculate the amount of taxable capital gain if CII for 2021-22 is 317. Â Â Â Â Â Â Â 10
7. (a) What are the provisions of the Income Tax Act, 1961 regarding set-off of losses? Discuss briefly the provisions of the Income-tax Act regarding the carry forward of losses from business income and capital gain. 4+8=12
Or
(b) Mr. Z submits the following particulars for the year ending 31-03-22. Calculate his taxable income for the Assessment Year 2022-23: Â Â Â Â Â 12
|
|
Rs. |
|
Income from salary Income from house property: House – A House – B (self-occupied) Profits and gains of business or profession: Business I Business II Business III (discontinued) Unabsorbed carried forward loss from Assessment Year 2015-16 Capital gain: Short-term capital loss Short-term capital gain Other sources: Loss from card games Winning from lotteries Interest on fixed deposit |
2,80,000 1,05,000 – 1,50,000 – 1,08,000 – 46,000 – – 80,000 –50,000 90,000 – – 40,000 1,00,000 50,000 |
Mr. Z invested in PPF Rs. 1,00,000 and tuition fee paid for his son Rs. 65,000 p.a.
8. (a) How will you compute the total income of a firm? Explain. Â Â Â 10
Or
(b) Explain the tax rate applicable to a firm for the Assessment Year 2022-23. Â Â Â Â 10
This is all about Income Tax Law and Practice Question Paper 2022. For BCOM Notes you can follow our official website or can download our mobile application.
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