Income Tax Law and Practice Question Paper 2022 [Dibrugarh University BCOM 3rd Sem Core]

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 RegularPast exam question papers will be very much usefull for upcoming exams.

1. (a) Fill in the blanks of the following:         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:         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:        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.          8

3. Explain any three of the following:        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.      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.            10

5. (a) (1) Write a note on annual value of house property.       4

(2) Explain briefly the different types of income from house property which are not chargeable to tax.    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:          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.         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.         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:          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.       10

Or

(b) Explain the tax rate applicable to a firm for the Assessment Year 2022-23.      10

This is all about Income Tax Law and Practice Question Paper 2022For BCOM Notes you can follow our official website or can download our mobile application.

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