Income Tax B.Com Question Paper : tnou.ac.in

University : Tamil Nadu Open University
Degree : B.Com
Department : Accounting and Finance
Year : III
Subject : Income Tax
Document Type : Question Paper
Website : tnou.ac.in

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TNOU Income Tax Question Paper

B.Com. DEGREE EXAMINATION :
JANUARY, 2012 :
Third Year
Accounting and Finance
Time : 3 hours
Maximum marks : 75

Related / Similar Question Paper :
TNOU B.Com Business Statistics Question Paper

PART A

(3 * 5 = 15 marks)
Answer any THREE questions :
1. Give the rules for determining residential status of an individual.
2. What is perquisite? Give an examples of perquisites exempted from Tax.
3. How would you calculate the annual rental value?
4. What are the no limit deductions to be allowed out of gross total income?
5. Mrs. Priya purchased a plot in 1986-87 for
Rs. 2,00,000 and it was sold on 15-1-2011 for
Rs. 12,80,000. She paid Rs. 20,000 as brokerage charges. She invested Rs. 2,00,000 in bonds issued by National Highway Authority of India on
31-3-2011 and Rs. 3,10,000 in bonds issued by Rural Electrification corporation on 1-8-2011
(Both notified U/S 54 EC).
Compute the taxable amount of capital gain if CII for 1986-87 is 140 and for 2010-11 is 711.

PART B

(4 * 15 = 60 marks)
Answer any FOUR questions.
6. Write short notes on :
(a) Incidence of tax
(b) Agricultural income.

7. Mr. R is working with reliance industries Ltd at Ahmedabad (population above 25 lakhs). The particulars of his salary income are as under :
Rs.
Salary 30,000 p.m
D.A (Treated as part of salary
for calculation of P.F) 5,000 p.m
Bonus (out of which 15000 is gratuitous) 25,000
Commission 2,00,000
Employees and employer’s contribution to RPF (Each) 3,000 p.m
The employer has provided a rent free house. Calculate the value of perquisite of rent free house if:
(a) House is owned by employer and its FRV is Rs. 45,000 p.a.
(b) House is hired by employer at Rs. 4,000 p.m.

8. Compute income from house property from the particulars given below for the assessment year 2011-12
Rs.
Municipal rental value 24,000 p.a
Actual rent received 30,000 p.a
Municipal taxes 2,400 p.a
Date of completion 31-3-2007
Date of letting 1-4-2007
Fire insurance premium (due) 400 p.a
Ground rent (due) 600 p.a
Interest on loan taken to construct the house :
2004-05 to 2009-10 @ 15,000 p.a
2010-11 10,000
Interest on delayed payment of interest 1,000

9. Dr. Chakravarthy is a medical practitioner. He gives you the following summary of cash book for the year ending 31-3-2011 :
Rs. Rs.
To balance 10,000 By rent of clinic 18,000
To consultation fee 60,000 By purchase
To visiting fee 45,000 of medicine 38,000
To gifts and presents 8,000 By staff salaries 24,000
To sale of medicine 42,000 By surgical
To dividend from U.T.I 6,000 equipment 40,000
To life insurance maturity 1,00,000 By motor car expenses 8,000
To interest from national By purchase of motorcar 1,40,000
defence bonds 6,000 By house hold expenses 7,000
By closing balance 2,000
2,77,000 2,77,000

Other information :
(a) 50% of the motor car expenses incurred in connection with profession. Car was purchased in December 2010
(b) House hold expenses include Rs. 6,800 for life insurance premium
(c) Gifts and presents include Rs. 3,000 from relatives
(d) Closing stock of medicine Rs. 12,000 and on 1.4.2010 opening stock was Rs. 4,000. Compute his professional income on the assessment year 2011-12.

10. From the particulars given below, compute the taxable income of Mr. Balu for the assessment year 2011-12
Rs.
(a) Sale price of shares of A ltd acquired on 2,00,000
1-6-2009 and sold on 1-5-10
Cost price of these shares 1,00,000
(b) Sale price of shares of B Ltd acquired in
1989 -90 (C.I.I. 172)
Sold on 1.12.2010 (C.I.I = 711) 1,90,000
Cost price of shares in B Ltd 50,000
(c) Sale price of Jewellery sold on 1.9.2010 3,50,000
Cost of Jewellery acquired in 1985-86 (C.I.I. = 133) 50,000
Long term capital loss of Rs. 1,00,000 has been B/F for assessment year 2009-10

11. From the following particulars for the year ended 31st March, 2011 compute the income under the head ‘‘Income from other sources’’
Rs.
Dividends 25,200
Dividends 12,000
Collection charges in respected of dividends @ 1% of dividend
Rent from let out of a building Along with plant and machinery 30,000
Depreciation on buildings 4,000
Insurance on buildings 1,600
Office expenses relating to buildings 1,600
Repairs, rates etc 1,600