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University of Mumbai 2006 B.A Economics Direct and Indirect Taxation omber - Question Paper

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Direct & Indirect Tax
Octomber 2006
Time: three HoursMarks: 100
ques. No. one is compulsory and carries 22 marks.
ans any 3 ques. from ques. Nos. two to ques. no. 6, every carrying 16 marks.
Attempt ques. No. seven to ques. No. nine every carrying 10 marks.
Answers to both the parts should be written in the identical answer-book.
part I
Q.1 (a) Mr. Sham provides the subsequent Profit and Loss account for the year ended 31-3- 2005. 22
Profit and Loss Account for the year ended 31st March, 2005
Payments Rs. Receipts Rs.
To Salaries 1,30,000 By Gross Profit 7,67,000
To Rent 30,000 By U.T.I. Dividend 9,000
To Printing and Stationery 25,000 By Income form LIC Mutual Fund 5,000
To Advertisement Expenses 50,000 By Gift from Mother 5,000
To Entertainment Expenses 18,000 By Winning from Cross Word Puzzle 12,000
To Motor Car Expenses 30,000 By Interest on National Saving Certificates 3,000
To Personal Drawings 60,000
To Embezzlement by an Employee 7,000
To Staff Welfare Expenses 70,000
To Donations 30,000
To Depreciation 35,000
To Income Tax 16,000
Net Profit 3,00,000
Total 8,01,000 Total 8,01,000

Additional Information:
Depreciation as per Income Tax Rule is Rs. 38,000.
Staff welfare expenses include Rs. 20,000 for his own medical treatment.
50% of the rent is paid for his residential house.
Printing includes Rs. 5,000 paid for printing wedding cards for his daughter's wedding.
Donations are made to
(a) The National Sports Fund Rs. 10,000.
(b) The Indira Gandhi Memorial Trust Rs. 8,000.
(c) The Prime Minister's National Relief Fund Rs. 12,000.
calculate the net taxable income of Mr. Sham for Assessment year 2005-06.

Q 2. Mr. Kadam a severally handicapped person (85%) took voluntary retirement on first Jan., 2005 after completing 25 years of service in a Private Company. He furnishes the subsequent info for the year ended 31st March, 16
Basic Salary Rs.20,000 p.m.
Dearness Allowance @ 80% of Basic Salary
Conveyance Allowance Received Rs.800/- P.M.
(Actual Conveyance Expenses Rs. 800/- p.m.)
Voluntary Retirement Compensation Rs. 7,65,000
Profession Tax Paid Rs.2,500/-
Gratuity Received (Fully exempt.) Rs.1,78,600/-
Commuted Pension (1/3 rd exempt.) Rs. 84,000/-
Uncommuted Pension. Rs. 3,000 p.m.
Leave Encashment (Exempt. Upto 10 months) two Months Basic.
Reimbursement of Medical Expenses Rs. 12,000

He was presented a gift cheque of Rs. 10,000 by his colleagues by collecting voluntary contribution.
He paid Medical Insurance Premium on tenth March, 2005 of Rs. 15,000/- by cheque.
calculate his net taxable income for year 2005-06.
Q. three Mr. Wadekar owns 2 houses in Mumbai, the particulars of which are as follows for the previous year 2004-05: 16

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