Veer Narmad South Gujarat University 2010 M.Com Commerce Texation : - II , ( Part -1 ) - - Question Paper
RE-3368
M. Com. (Part - I) Examination April/May - 2010 Taxation : Paper - II
(Law of Direct Taxes & Practice Income Tax Act)
Time : 3 Hours] (0
[Total Marks : 70
Seat No.:
M CnsLLnlcj.L{l [qoicu u? snqw <h>h41.
Fillup strictly the details of signs on your answer book.
Name of the Examination :
M. Com. (Part - 1)
Name of the Subject:
Taxation : Paper - 2
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-Subject Code No.: |
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-Section No. (1,2,.....): Nil |
(0 'YH'Sfl. ,Hl<gvll H&dl %|R d.
Student's Signature
(y) 3*1 oiSld& %lM.
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OPld |
Ul<Hl | |
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OOO-O 3- |
OO-OC; 3- | |
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H*U*l (3Hl*dl W-tidl HHLdl d$l crfdl H*U*l |
HO, OOO 1,000 *0,000 |
YH,000 *0,000 00,000 |
1.006-0(1 M.'i *llR5[l OOCi-'lO HL8 Hdd-ft 5HL=lM 5>l5ld& S$L :
* aidtH C-tHl : (LH d >l?l) *1
(*l) K4H 80G
(0 K4H 44AE HHkI *iafofd
(3) K4H 11(1) HHlSL 41 5HL=lM SGd
M K4H 40(b) (HPdSRM Htiddl'SlWl (m) iVHLHq. kUHld HW HIS. HlcL Midi.
3 *161 HHlsi ilH&Hl K4H 12 A ih&i *1
fclM (3W ('IH-'l-ooe) ....................eOOO
fcll'Sldl. H*ll ..................................... OOO
vHta-O. nih Bnd ('lo-vooo)............3,eo,ooo
H&k-t d=(l \ii [Hetid-fl &Hd :
*m1l 'I ........................................H,-* ,000
*i.WH 3. ........................................0,00,000
Hd %3LlHL HHW il d$Hl 5>l5ld& S$L.
H*l<U
(<l) (OdK ) ?Hd d-(l MiUWdl
(0 (HkdL Hia
Y sftHcft .Hd faoM $Hd &. dl.3*l HL<, OOCdl *ldl *1 ddl d$L-MLd HW & :
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3- |
3- | ||
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Ld*T. |
1 *, MOO |
SiaD. d$L |
*,00,000 |
|
ULL* |
*0,000 |
HL3MLH U*d OhhG | |
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:>LUL(3d CHI |
e,ooo |
SHld Hl<H d.) |
M,000 |
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<*Ld H |
10,000 |
q.2Lq. |
M,000 |
|
HL3MLH HdLHd |
H,000 |
10,000 | |
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iA U* au* |
11,000 |
(ulxt d*4) |
10,000 |
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HHKL Hl&l ULL* |
*Y,000 |
ClVM 5HLlir |
10,000 |
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hlsmlh |
1,MOO |
3>Uq.*L |
H,000 |
|
1,000 | |||
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0,MOO | |||
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rAhRi 3.*l |
M,MOO | ||
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h%irI |
1*,000 | ||
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Hi2WR H |
0,000 | ||
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Hd HL<HdL d\dl |
1,000 | ||
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$Pfo* tod'l 5%IK |
*,HOO | ||
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q.2iq. ml HdiHd |
*,HOO | ||
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e,ooo | |||
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iftLH* 61*1 fcaUHd |
10,000 | ||
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<M : | |||
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1,000 | |||
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RteofMl |
M,000 | ||
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$LG& \klA | |||
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ny <H*di ii |
1,000 | ||
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h4 |
Y,000 | ||
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JUPlS (<llKs 6HdO |
M,000 | ||
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lWl dl : \il HLd | |||
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<H& LHL |
d 1,000 | ||
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i,YH,000 |
i,YH,000 |
(*0 Hla*L*dl *0% (i/h) ?H0Ld (3HH>L l*il d.
(*) H<HL HHKL U*M M<Y 41 *1,000 ?Hd
H< 3. MOO (HHKL) IHLL d.
(3) ?HL<*L Hl=lLHW H*U*l 3. 10,000 d, %HL Hla*L*dl |C-l H*U*l 3. H,000 d.
(y) Oi<H 3. 1,000 Hiil d, %dl (3U*dl *hh'l
&HLUL 2-lHC-t d.
(m) ViMlhh 3. ho,000 d, % io hhi Hlil d.
aRStl OOC-'IO Hia .Hddl HHlHl HHW ?HlHdl oiSldl S*l.
a**l<U
Y A ((3*1* 3fc)dl 3*1 HL<, *00<;dl *1 *1 ldl <tfdl -flat Hl'M.Sl *13 d$L-MLd Hldl U**(l dHdl aHLSR'iG. v{ OOC'-'lO-ft |<H M.m ?Hd
25dl LlSLd:l &:
|
fold |
3- |
fold |
3- |
|
HHl |
<IH,000 |
HHi H$l |
3,<10,<COO |
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HK1HIH |
11,000 |
iOUK |
6,00 |
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<1 <1,000 |
&C-lM |
30,000 | |
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cflHl |
3,000 |
H'SL HWi |
,HOO |
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l$A UIR |
1,000 |
5HHLr3 ik-i HK1HIH | |
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.il HK1HIH Ud |
<1 <1,000 | ||
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AH 3ii4<H UIR |
31,000 |
qw - i\,ooo | |
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21.1.3*41. - HHO |
.XHO | ||
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3,000 |
Au-Cl OMs-i | ||
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- <13,000 | |||
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2l.il. 31. - <13.0 |
n.eo | ||
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SttHcfl. A41 CilH-i <*UTf |
*1,000 | ||
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A41 |
3,000 | ||
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H&R'l |
X6,000 | ||
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fclt&ld |
0,000 | ||
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HlrH $Lll |
<13,000 | ||
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Hi. H$l |
<i,ee,<i3o | ||
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y, 11,130 |
Y, 11,130 |
M'H Hltetfl. :
(*l) mU HL-H H&Rl 30,300 d dHL MHHI \MLHL
?Hm ilSd HlSdl H&Rldl IHLL d.
(0 m*ld HalHi HHldl MHHl \MLHL MlVil aitfd HlSdl 3. 3000dl IHLL mOL &.
(3) A ?H 00,000(1 SsmcftHl UlM. 3. 6000 <* 6.
(y) YHOO 3.-ft ?HWidl dtH d$L-MLd HLdLHL ?Hlc(l d(l.
(m) &IHI-H HalHi dlAdl HLHdldl IHLL UH d :
(i) id-M MM [Wt llHdl A?H ?HLHC-i PHHI 3. noo.
(ii) USld HlUC-t $lll 3. lOOO.
(?) ClHdl A URi acl HIS eftd <HHLHL *Ucfl
M X, Y *id Z *{ <HlflAl U&dl 3:3:3dl UHL'SLHL 4-MH *1
ciSafl &dl (HPftfcRl d. dl.3<l-3-300<;dl. 3l<Y 31 *ldi l-K Hid dR & :
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Y *id Z U<kl (HPftfcRl & dH<Y dHd Mld H6ddl <HlflAl HdUH d. Udl |<H ?HLM *id Hl?H ajq.q.M.1 *ldl 3dl Sldft 3l. |
*l*l<U
.Hd L-*itHk tflaUHl ilRll ctf 300(;-cl0 HIS |C-t ?HLM *1 *id 3dl WHRM al'SkRT. 3=11 Hia Hlfecft HU & : (<l) &<Wl 6RL (3IUcILHL *llcU{l HcM (3Wdl 3. hl5l-CI M.m............................................ex, 300
(3) &<Wl &RI HdM (3Wdl lMki3lHi*(l HC-i M.m :
(*i) H <W3............. lM,YOO
(h) cfl.'ywtWl H &fed............ el3,'lOO...........30,HOO
(3) Uldldl &<Wl gRL ?H[?td 3C-t (3LU<1 %H *id
de(lP>lHL *RRd [351 3<U*(l ?HLM ...........36,300
(y) tflailHWl Hl&ildl &3 (3>LHL(l M.m ...............30,YOO
(m) H'YdL HHlHI M.m.....................................Ml,OOO
(e) *i-H %16M& ftPu-i..............................0,000
(0) Uldldl Hldl afeHRl (3UH>ldl HH\........... *13,300
(d) H&k-t HK-idl !3rHd'r0. 0l<L0id USQ. U3 &<Wl UlM
Hl<3. cHL'Y....................................................3,300
(fc) HK-[HeiM-{l M.m ......................................60,H00
? R, S, T V au* H*l=ldi. ||<Hdl Ml R?H 1
3HIH<3. 41M Hlfecft H**(l HUF41 |<H 3>uq dH'tf WWal d&T.
3-
(I) *i.M HSW faeiM-ft <HUl4l M.m ..............33,0*0
(0 A &. *M Sd Hl<3. HIR............................ 1,10,000
(3) HUFdl HHldl d$l ..................................... *,*,000
(y) HUFdl tftdldl ailSl(l HC-i <HL<HL LLaLKL \ii d$l .... 36,000 (h) Hdl (Rdl din) H*U<3. *R dl.H-ll-Odl
fcldi & 3lllldl il d$l ..................... 30,000
(?) ||<Hdl Rdl dlH Hlkl .OHa H* Wl
ftPu-i (9(X%L).............................................. 1H,000
(0) HUFdl Ml Rd <HlflAl& H&dl d$l*M Wl (HLL ... 3H,000
U) Hdl d*ld<3. seuei 4iHl ld ..................l*,ooo
(fc) cil[M0Ld eUHSlddl eflft Ah41hL(1 Td Wl (&5a*
H6ddl................................................. 1, HO, OOO
(lo) E*l2l ?Hlk?H-a4 $4dl .GHa H* R. Wl
(ddl <*lGUld H*U<3. .OHa H*) ................. 10,000
(II)(3H*dL y.GHal dl.lH-ll-Odl Shf qldi
aL ouqidl il d$l .................................... 1,3Y,000
(1*) P.P.F.HL Hdl Midi dlH W *<3. *H......3?,000
(l3)M ||<HdL <HU ?HLHC-i Hlddl OtfeiH<H *fol ml ..3,000
(lY)M Hdl <HU 5HLH<y. HMddl kHl .............H,000
? X (*? ctf), Y {\6 v{), Z (0* <1)41 <H0lclldS.l;y. ail-i h. 1
(AOP) dl.31-3-*OOC;dl l ldl <1 d$l-Mld HL 413. d :
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H-H Hltetfl. : |
(*l) AOP do,MOO 3. K HHLU HlUC-t d. % d$l-Hid (3HRC1 d*(l dH'tf doG <Ul Uldd HW d.
(0 K4H Y3B ?H-H HHi flHLH<3. YM,MOO 5. H<SR Hl<UHM. d*(l. HiRStl OOC-'IO Hia AOP-tt HWir ?Hd 41 WHRM oisidl -fldL *m2LlHi S$L :
fl'sM-'l : X, Y ?Hd Z. d$L-MLd JIHISI 3: <1:6 d.
?H-H *U<lL dlA d :
3-
X..............<i, <10,000
Y..............*i ,*0,000
Z..............t,0,000
StoM-* : =>H faM AhHI d ?Hd X &., Y ?Hd Z. d$l-Mld UHISI OHfeld ir;iclLHL *U<*i d(l. ?H-H 5Hiqil dR d :
3-
X fel......,(0,000
Y..............*i, (>0,000
Z............'i'i,o,ooo
Instructions : (1) As per the instruction no. 1 of page no. 1.
(2) Figures to the right indicate full marks of the question.
(3) Question number one is compulsory
(4) Show necessary calculation
1 (a) Explain briefly "Charitable purpose". 2
(b) Discuss the differences between the Dayabhaga 2 and Mitakshara Hindu Law.
(c) Explain briefly Section 80D. 2
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(d) Anant submits the following particulars : 4 | ||||||||
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Determine the income of Anant for the assessment year 2008-09 and 2009-10. | ||||||||
2 Write short notes : (any three) 15
(a) Section 80 G
(b) Provisions of presumptive business income u/s 44 AE
(c) Provisions of exemption for the income of a charitable trust u/s 11(1)
(d) Payment of remuneration to the partners u/s 40(b)
(e) Special deduction available for co-operative societies.
Cost of new capital asset purchased:
Situation 1...........................................................5,58,000
Situation 2...........................................................7,00,000
Find out the taxable amount of capital gain under both situations.
OR
Write Short Notes :
(a) Specified Trust and Its taxability
(b) Accumulation of Income of a Charitable Trust.
Mrs. Suman is a business woman. Profit and Loss A/c of 13 her business for the year ending 31st March, 2009 is as under :
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Rs. |
Rs. | ||
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To Stationery |
12,500 |
By Gross Profit |
2,00,000 |
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To Salary |
20,000 |
By Bad-debts recovery | |
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To Godown rent |
6,000 |
(allowed as loss in | |
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To Advertisement |
10,000 |
earlier year) |
5,000 |
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To Bad-debts Reserve |
5,000 |
By Discount |
5,000 |
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To Int. on Capital |
11,000 |
By Dividend |
10,000 |
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To Owner's Salary |
24,000 |
By Gift (from her | |
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To Bad-debts |
1,500 |
husband) |
10,000 |
|
To Sales-tax |
1,000 |
By Lottery Income |
10,000 |
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To Income-tax |
7,500 |
By Income-tax Refund |
5,000 |
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To Wealth-tax |
5,500 | ||
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To Depreciation |
12,000 | ||
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To Motor expenses |
7,000 | ||
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To Free samples (goods) |
2,000 | ||
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To Loss on sale of | |||
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Furniture |
2,500 | ||
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To Discount Reserve |
2,500 | ||
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To Office expenses |
6,000 | ||
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To Defalcation of cash | |||
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by Cashier |
10,000 | ||
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To Insurance: | |||
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Shop |
2,000 | ||
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Life |
5,000 | ||
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To Penalty for late filing | |||
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of Sales-tax Return |
2,000 | ||
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To Legal expenses |
4,000 | ||
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To Preliminary | |||
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Expenses (first | |||
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installment) |
5,000 | ||
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Net Profit |
81,000 | ||
|
2,45,000 |
2,45,000 |
Other details :
(A) l/5th of use of motor-car is for personal purposes.
(B) Office expenses include Rs. 1,000 of daughters' college-fees and Rs.500 of Pooja expenses, (business).
(C) Admissible depreciation under Income-Tax rule is Rs. 10,000, which includes Rs.5,000 for the motor-car.
(D) Stationery bill of Rs. 1,000 is unpaid which has been included in the above figure.
(E) Total preliminary expenses are Rs.50,000, which are to be written off in 10 years.
Compute MRs. Suman's taxable business income for the assessment year 2009-10.
4 From the Profit and Loss Account of A (age: 39 years) for 13 the year ending March 31, 2006, ascertain total income and tax liability for the assessment year 2006-07 :
|
Rs. |
Rs. | ||
|
General Expenses |
15,000 |
Gross profits |
3,17,900 |
|
Bad debts |
22,000 |
Commission |
8,600 |
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Advance tax |
11,000 |
Brokerage |
37,000 |
|
Insurance |
3,000 |
Sundry receipts |
2,500 |
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Salary to staff |
26,000 |
Bad debt recovered | |
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Salary to A |
32,000 |
(earlier allowed as | |
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Interest on Overdraft |
3,000 |
deduction) |
11,000 |
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Interest on |
Interest on debentures : | ||
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Loan to Mr s. A |
42,000 |
Gross amount Rs.25000- | |
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Interest on capital of A |
23,000 |
tax deducted at | |
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Depreciation |
48,000 |
source: Rs.2,550) |
22,450 |
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Advertisement |
Interest on deposit | ||
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expenditure |
7,000 |
with a company | |
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Contribution to |
(non-trade) | ||
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employees' |
(Gross 13,000 - tax | ||
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provident Fund |
13,000 |
deducted at source: | |
|
profit net |
1,66,130 |
Rs. 1,320) |
11,680 |
|
4,11,130 |
4,11,130 |
Information :
(A) The amount of depreciation allowable is Rs.37,300 as per the Income-tax Rules. It includes depreciation of sign board.
(B) Advertisement expenditure includes Rs.3,000, being cost of permanent sign board fixed on office premises.
(C) A pays Rs.6,000 as premium on own life insurance policy of Rs.70,000.
(D) Income of Rs.4,500, accrued during the previous year, is not recorded in the Profit and Loss Account.
(E) General Expenses include
(a) Rs.500 given to Mrs. A for arranging a party in honour of a friend who has come from Canada.
(b) Rs. 1,000 being contribution to a political party.
(F) Loan was taken from Mrs. A for payment of arrears of income tax.
12
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X, Y and Z are partners in a firm, sharing profits and losses in the proportion of 3:3:2 respectively. The Profit and Loss Account for the year ended 31-3-2007 is as follows : | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Compute the total income of the firm and tax payable by the firm Y and Z are working partner and the remuneration is given to them as per partnership deed.
Suman Co-operative Society furnishes the following 12
information for the computation of its total income and tax liability for the assessment year 2009-10 :
(A) Income from marketing of agricultural Rs.
produce grown by its members.........................94,200
(B) Income from processing of agricultural
produce of its members :
(a) Without aid of power......................................15,400
(b) With aid of power...........................................12.100
27,500
(C) Income from supplying milk and oilseeds to
Government raised by its members..................36,300
(D) Income from cottage industry own
by the society........................................................37,400
(E) Income from agency business..............................51,700
(F) Dividend from other
Co-operative Societies...........................................7,700
(G) Income from collective disposal of labour..........13,200
(H) Interest from members on delayed
payment of the price of goods
purchased................................................................2,200
(I) Income from house property................................60,500
6 From the following information submitted by R, the Karta 10 of a HUF consisting of four members viz. R, S, T and U sharing the income equally, compute the Total Income of the HUF and the tax hability of the HUF for the assessment year 2009-10 :
RE-3368] 12 [Contd...
(A) Rent received from a joint family Rs.
property let out.....................................................33,720
(B) Salary received by S from A Ltd......................1,10,000
(C) Profit from Business of HUF.............................2,28,000
(D) Long-term capital gain on sale of gold
belonging to HUF.................................................36,000
(E) Short-term capital gain on sale of shares
on 5-11-2008 through a recognized stock
exchange held in the name of R
(purchased out of family funds)..........................30,000
(F) Dividends received from units held in the name of R (purchased out of
family funds) (Gross)...............................................15,000
(G) Share of profit from a firm in which
the karta was a partner representing
the HUF.................................................................35,000
(H) Donation to National Cultural Fund
(out of family funds)...............................................12,000
(I) Director's remuneration received by T
on account of his personal qualifications from a company in which shares are held by R, the Karta (shares purchased
out of family funds)...........................................1,50,000
(J) Dividend received by R on units of
equity oriented fund purchsed out of
his own funds........................................................10,000
(IQ Short-term capital gains on sale of above units on 15-11-2008 through recognized stock exchange....................................................1,34,000
(L) Amount deposited in PPF account in the
name of Karta out of family funds......................36,000
(M) Mu. Taxes paid for joint family
property let out.......................................................3,000
(N) Repairing expenses for joint
family property let out.............................................5,000
OR
6 X (26 years), Y (28 years), and Z (72 years) are three 10 members of B & Co. (an AOP). Profit and Loss account of
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the year ending March 31, 2009 is as follows : | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Information : |
(A) The AOP gives a donation of Rs.80,500 to a public charitable trust (not debited to P & L. A/c) which is eligible for 80 G deduction.
(B) Out of other expenses, Rs.45,500 is not deductible by virtue of Section 43B. Find out the tax liability of the AOP for the assessment year 2009-10 under the following situations :
RE-3368] 14 [Contd...
Situation: 1 The profit-sharing ratio of X, Y and Z is 3:1:6. Other income of members are as follows :
Rs.
X....................1,10,000
Y.................... 1,40,000
Z....................2,40,000
Situation : 2 One of the members X is a foreign company and the profit-sharing ratio is not determined. Other income of the members is as follows :
Rs.
X Ltd.............2,80,000
Y.................... 1,90,000
Z................. 11,20,000.
RE-3368] 15 [ 200 ]
Shraddha Charitable Trust, is registered u/s 12 A of the 10 Income Tax Act. A Plot is transferred by the trust. The following particulars are given :
Sale proceeds (15-1-2009) ..................................6,48,000
Expenses on transfer............................................18,000
Cost of acquisition of plot (10-2-2007).............3,60,000
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Attachment: |
| Earning: Approval pending. |
