Osmania University (OU) 2008 B.Com Computer Science INCOME TAX - Question Paper

Municipal value 55,000 65,000

Fair rental value 75,000 80,000

Standard rent 60,000 90,000

true rent 70,000 75,000

Municipal taxes 6,000 9,000

Library cess 4,000 5,000

Interest on loan (for construction) 10,000 12,000

Pre-construction interest 60,000 40,000

Date of construction 1-6-2003 1-8-1997

Ground rent 8,000 6,000

Land revenue - 3,000

Fire insurance premium 2,000 -


Note: (1) Municipal taxes of the House-1 are paid by tenants

(2) Library cess of the House-2 is still outstanding.

11. a. beneath provided is the Receipts and Payments A/c of Dr. Satish a Medical Practitioner. calculate income from profession:


Receipts and Payments A/c for the year ended 31-3-2007

Dr.Cr.
Receipts Rs. Payments Rs.
To Opening balance 40,000 By Dispensary expenses 60,000
To Consultation fee 80,000 By Salaries 40,000
To Interest 20,000 By Books and Journals 10,000
To Dividends 10,000 By Donations 10,000
To Rent 40,000 By Income tax 12,000
To Gifts from patients 20,000 By Surgical equipment 18,000
To Examiners fee 40,000 By Medicines purchased 28,000
To Operation fee 30,000 By shares purchased 32,000
To Royalty on the books By Traveling 20,000
of medicine 40,000
To Visiting fee 40,000 By Life Insurance 4,000
To Lecture fee 20,000 By Subscription to
medical council 2,000

Earning:   Approval pending.