INCOME TAX I Subj.Code :113020 SECTION-A 1. What is assessment year? 2. What do you mean by agriculture income? 3.

Define the term salary. 4. What is pension? 5. What is annual value? 6. What do you mean by self-occupied house? 7. What is Profession income? 8. Define the term Business 9. Who is an assessing officer? 10. What is Advance tax?

SECTION-B

11. Explain the types of assessed in income tax. 12. From the following details calculate the total income of Ms.Patil, if she is ordinary resident or not ordinary resident and Non resident a. Dividend from Indian company Rs.1, 00,000 B.Dividend from a foreign company Rs.1, 50,000 received in India. C.Income from business in Kenya but controlled from India Rs.2, 00,000 D.Income from business in Dubai but controlled from China Rs.5, 00,000 e.Income accrued in Indonesia Rs.1,00,000 received in India. 13 . From the following information of Mr.X resides in Pune calculate his taxable House rent allowance. Basic Salary Rs.60,000 p.a DA Rs.36,000(Forming part) p.a HRA received Rs.72000 p.a(Rent paid Rs.48,000 p.a) 14.From the following information calculate the Net Annual value Municipal rental value Rs.28,000 Fair rent value Rs.34,000

Standard rent Rs.35,000 Actual rent Rs.3,000 per month Municipal tax Rs.1,500 paid by the owner.

15. From the following P&L A/c ,Calculate income from business To Rent To Salary To Depreciation To donation To Net profit 40,000 25,000 10,000 8,000 5,17,000 6,00,000 a. Depreciation to be allowed as per income tax provision Rs.8,000 b. Business income of Rs.12,000 is not shown in the P & L A/c c. Rs.8,000 of the rent is of personal nature 16.Mr.Abdul an employee of MN Ltd, received Rs.68,000 as gratuity. He is covered by the payment of gratuity act 1972. He retired on 15th July 2012 after rendering service of 36 years and 9 months. At the time of retirement his basic salary was Rs.3,200 and DA(forming part) was Rs.1,000 respectively . Calculate the exempted gratuity. 17. Explain exempted house property incomes. 18.Discuss the due dates of filing of returns. 6,00,000 By gross profit By House Property income By income from other sources 2,50,000 1,50,000 2,00,000

SECTION-C 19. Explain the various types provident fund. 20.From the particulars given below, compute salary income of Mr.Sunny who is working in Chennai and receives the following during the previous year. Basic Pay DA Education allowance Tribal area allowance Rs.20,000 p.m Rs.1,500(enters into service benefits) Rs.200 p.m per child for his two children Rs. 300 p.m

CCA Conveyance Helper allowance

Rs.125 p.m Rs.100 p.m Rs.50 p.m

21. Following income and expenditure account of Ramana & Co, chartered accountants. Calculate income from profession from the details given

Expenditure Charity and donation Subscription to journals Institute fee Office rent Drawings Electricity bill Salary to trainee Net Profit

Rs 1,00,000 2,000 4,000 5,000 50,000 9,000 20,000 2,10,000

Incomes Audit fess Examiner fee Fee for other account work Dividend from UTI

Rs 3,00,000 25,000 40,000 35,000

4,00,000 Rs.5,000 can be claimed as depreciation for office asset as per income tax. 22. Discuss the various powers of Assessing officer while filing of returns. 23. Mr D owns a house at Vijay Nagar and submits the following particulars. Rent received Standard Rent Municipal Valuation Fair Rental Value Municipal Tax Interest on loan taken for construction Rs.1,75,000 Rs.1,60,000 Rs.1,70,000 Rs.1,72,000 Rs.20,808 Rs.10,000

4,00,000