Nalanda Open University 2009 B.Com Final , , Part-III -VII (Taxation Law and Accounts) - Question Paper

Final Examination, 2009 B.Com, Part-III Paper-VII (Taxation Law and Accounts)

Time: 3.00 Hrs.    Full Marks: 70

Answer any Five Questions. All questions carry equal marks

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3.    What is casual income? What are the provisions of Income tax Act in respect of it?

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4.    Distinguish between capital and revenue receipts and explain those important principles which are helpful in clarifying these differences.

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5. State the powers of income-tax officers.

6 From the following informations, compute taxable salary of Mr. Atul Gidwani for the assessment year 2006-2007.

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(i)    Monthly salary )    Rs. 20,000 p.m.

(ii)    Entertainment Allowance    p.m.

(iv)    Facility of Rent free house whose fair rental value is Rs. 1, 10,000 and the employer paid Rs. 48000 during the previous year for the rent of the house

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(v)    The employer spent Rs. 50,000 on the education of his son who went to U.SA. for higher education.

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7. Sri Mohan owns a house property at Delhi which is let out for Rs. 20,000 p.m. Its municipal valuation and municipal taxes are respectively Rs. 20,00,000 and 20%. Sri 'Mohan paid municipal taxes of past 4 years alongwith those of current previous year. Other expenses are:-

(i)    Repairs and insurance premium Rs. 50,000

(ii)    Interest on loan for purchase of house Rs. 1,00,000 Compute income from house property for the assessment year 2006-07.

Compute income trom nouse property tor tne ass<

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