University of Pune 2009-3rd Sem B.B.A Program-Income Tax Previous Year Model Pune University - Question Paper

BBA previous year ques. paper (University of Pune).

Total No. of ques. : 8] [Total No. of Printed Pages : 3
[3672]-35
B. B. A. ( Semester - III ) exam - 2009
INCOME TAX
(2005 Pattern)
Time : three Hours] [Max. Marks : 80
Instructions :
(1) Attempt any 5 ques..
(2) All ques. carry equal marks.
Q.1) discuss provisions regarding residential status of Hindu Undivided
Family and other Associations U/s. six of Income Tax Act, 1961. [16]
Q.2) discuss provisions under Income Tax Act, 1961 regarding Clubbing
in Income. [16]
Q.3) explain Method of evaluation of the subsequent perquisites for the
purpose of Income Tax : [16]
(1) Residential Accommodation
(2) Free Education
(3) Free Domestic Servants
(4) Reimbursement of Medical Expenses
Q.4) Write short notes : (Any Four) [16]
(a) Foreign Company
(b) Agricultural Income
(c) Demerger
(d) Assessment Year
(e) Domestic Company
(f) Short Term Capital Gain

Q.5) discuss deductions in respect of certain payments from Gross Total
Income U/s 80C, 80D and 80E. [16]
Q.6) Write short notes : [16]
(a) Income chargeable under the head 'Income from other Sources'.
(b) describe Annual Value. How does computation of annual value differ
based upon the nature of house property ?
Q.7) Mr. Anupam is working as General Manager of A Com Ltd., Pune.
Details of his salary for the Assessment Year 2009-10 are as beneath :
(1) Basic Salary Rs. 7,500 per month.
(2) Dearness Allowance - Rs. 24,000 per annum (Consider for
retirement).
(3) Education Allowance for 2 children Rs. 4,400.
(4) Traveling Allowance for his official traveling Rs. 40,000. However,
he has truly spent only Rs. 30,000.
(5) He stays in the furnished flat given by the company. He pays
Rs. 2,000 per month from his salary towards the rent. Cost of
Furniture given is Rs. 50,000.
(6) He is also given with a watchman and a servant whose salary
is Rs. 400 per month and Rs. 300 per month respectively and
is paid by the company.
(7) He has been given with a motor car of 1.8 liter engine capacity
for his official as well as personal use. Repairs and maintenance
expenses are borne by the company.
(8) The company has contributed Rs. 18,000 to his RPF. Interest
credited to his account @ 14% per annum amounted to
Rs. 14,000.
compute Income from Salaries for Mr. Anupam for the A.Y.
2009-10. [16]

Q.8) Mr. Suhas is the owner of a business. He has submitted his P and L
Account for the year ending on 31-3-2009. calculate Business Income
of Mr. Suhas for the A.Y. 2009-10 : [16]
P and L Account
Particulars Rs. Particulars Rs.
To Salary 25,000 By Gross Profit 50,000
To General Expenses 7,000 By Profit on Sale of Car 15,000
To Interest on Capital 2,000 By Bad Debts recovered 5,000
To Bad Debts 1,000 By Interest on Govt.
Securities 4,000
To Advertisements 2,700 By Dividend (Gross) 4,000
To Fire Insurance 1,000 By Interest on Post
Office Savings A/c. 4,000
To Depreciation 3,000
To Provision for
Doubtful Debts 1,000
To Income Tax 4,000
To Donation 3,000
To Car Expenses 3,000
To Net Profit 29,300
82,000 82,000
Additional info :
(1) Depreciation allowed as per Income Tax rules Rs. 2,500
only.
(2) General Expenses included Rs. 500 spent on printing calendars.
(3) Advertisement include Rs. 1,000 paid for distribution of pamphlets.
(4) General Expenses include Rs. 3,000 as a Banking Transaction
Tax.
(5) Salary includes Rs. 10,000 paid to watchman working at
proprietors residence.

Earning:   Approval pending.