University of Mumbai 2009-1st Year Diploma Financial Management Pgdfm tax - Question Paper
TAXATION 09
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Br-sfywr Diploma in PmocKW rHCamn , WH
1 sthalf-09-nkD 63
(3 Hours) [Total Marks : 100
N.B.:(1) Question No. 1 is compulsory.
(2) Attempt any three questions from remaining.
(3) Figures to the right indicates full marks.
(4) Working notes and necessary assumptions forms part of answer.
(5) Apply provisions for Assessment Year 2008-2009.
1. Dr. Samarth provides following'information of his Income and Expenditure for Year 25 1-4-2007 to 31-3-2008. '
|
(A) |
Income |
Rs. |
|
(a) |
Consulting Fee p;,; |
. 3,90,000 |
|
'(b) |
Visiting Fee 4 |
1,44,000 |
|
(c) |
Sale of Medicines v |
57,600 |
|
(d) |
Charges from Hospital |
, 96,000 |
|
<e) |
Rent Received |
, 55,000 |
|
(f) |
Investment Income |
39,600. |
|
(B) |
Expenditure | |
|
(a) |
Salary to Staff |
1,95,000 |
|
(b) |
Rent for Clinic |
28,800 |
|
(c) |
Cost of Machines |
44,400 |
|
<d) |
Electricity |
19,200 |
|
. (e) |
Printing and Stationery |
22,400 |
|
(f) |
Medical Associates Fee |
3,600 |
|
(g) |
Books and Journals |
6,900 |
|
(h) |
Interest on Loan |
o-i cnn C, 1 |
|
(i) |
Insurance Premium |
13,600 |
|
(i) |
Car Expenses |
33,300 |
|
(k) |
Telephone Expenses |
16,800 |
|
Addition) |
Information : |
(i) He owns a Car, with W.D.V. of Rs. 2,65,000 on 1-4-2007. Depreciation to be charged @ 15 % p.a.
(ii) Insurance Premium includes Rs. 10,000 for Life Insurance Premium.
Out of remaining 25% is for rented property and balance is for clinic.
(iii) Interest on Loan includes Rs. 5,400 for loan taken for rented property.
(iv) Staff includes a domestic servant to whom salary is paid @ Rs. 1,000 p.m. for full year and bonus equal to one month salary.
(v) He has deposited Rs. 15,000 in his PDF a/c. ;
(vi) Investment Income includes Rs. 8,400 as interest on PfljF and Rs. 12,600 as Dividend on Shares.
(vii) He paid Rs, 10,000 as advance .Tax. - !
(viii) He is physically handicapped with hands amputed and is affected to extent of 75%.
Ascertain his taxable income and tax payable.
[TURNOVER
y
2. Mrs. Maldar purchased a plot of land costing Rs. 24,000 in 15-7-1975 and paid 25 stamp duty Rs. 1,000.
He constructed a building which was ready for occupation on 31-8-1986. The cost of construction was Rs. 6,60,000. He occupied for own residence till 1 -8-2005. Thereafter he let out one-third of building at a rent of Rs. 7,500 p.m. and remaining was used for residence. Totai property tax is Rs. 36,000, till 31-12-2007. .
The entire property was sold on 1-1-2008 for total consideration of Rs. 32,00,000, out of which be incurred expenses Rs. 1,60,000.
- He receivedHnteres'ron-debenturesand depositsRs. 49,200/-.
He deposited Rs. 50,000 in PPF A/c.
Compute total income and compute tax payable.
Note:- CCI1981-82 100 2007-08 540. - '
1986-87 140 I v
3. (a) .Ms, P riyan ka entered into a contract with a Swiss Corripany for Modelling 15
from July 2000 for ten years. & ';i / V
The contract required her to remain in Switzerland for 150 days and in Los Angeles for 126 days each year. During period May to February each year. For remaining period she stayed in India,
Ascertain her residential status for Assessment Year 2007-08 and 2008-09.
(b) Her income and expends for financial year 2007-08 was 10
(i) Modelling Contract Fee
(in equivalent Rs. 2,88,000.)
(ii) Expenses for Modelling @ 40% of receipt
(iii) Remuneration for Model Consultancy Outside India Rs. 84,000
In India Rs. 24,000
(iv) investment Income Rs. 72,000 .
(Out of which 30% in India and balance outside India.)
(v) She paid Life Insurance Premium Rs. 45,000 and Medi-Claim Premium Rs. 12,000
Calculate her income and tax payable in accordance with her Residential Status ascertained in Q. 3(a).
4. (a) Mr. Anmol Shah is the proprietor of M/s Anmol Traders furnishes following information for Financial Year 2007-08.
15
(i) Sales was Rs. 36,00,000, with Gross Profit Margin @ 33-% on Sales.
. . 'O . '
(ii) Cash Operating Expenses were 12*5% on sales. Depreciation allowable u/s 32 of I.T. Act is Rs. 78,000
U/S 10. I ' : , !
%
(iv) He is Tfgibie for deduction u/s 80 C Rs. 51,000 :
80 D- Rs. 12,000
(v) He paid Advance Tax Rs. 10,000.
Calculate total income tax and tax payable.
(T)
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(a) fn-o duc-t-to/)
(b) M/s Amrut Industries a partnership firm provides following information of trans- 10 actions in assets.
|
Particulars |
Building |
Furniture |
Plant |
Truck |
Computer |
|
Rate of Depreciation |
10%. |
10% |
15% |
30% |
60% |
|
W.D.V. 1-4*07 |
3,60,000 |
96,000 |
5,75,000 |
2,70,000 | |
|
Purchase 31-7-07 |
30,000 |
90,000 |
45,000 | ||
|
Purchases 15-10-07 |
__ |
24,000 |
60,000 |
30,000 | |
|
SalesProceeds on | |||||
|
25-11-07 |
4,50,000 |
6,000 |
85,000 |
90,000 | |
|
Sales Book Value |
1,80,000 |
16,000 |
1,15,000 |
1,08,000 |
The profit before depreciation is Rs. 6,60,000.
Income from other sources is Rs 57,000.
Amount paid to partners as per agreement and deductible is Interest on Capita Rs. 33,000 and remuneration to Partners is Rs. 1,20,000./,
Calculate Total Income and Tax Payable by firm.
5. Explain the following terms : (Any five)
(i) Person '
(ii) Capital Asset
(iii) Business
(iv) Annual Value
(v) Transfer --c ' (vi) Previous Year -w"
(vii) Salary.
6. Explain provisions for Deductions/Allowances Exemptions for following :
(i) Gratuity u/s 10(10)
(ii) Investments /Paymentsu.s 80.C
(iii) Depreciation u.s 32.
(a) What are provisions for allowance of payments to partners by a Firm ?
(b) Explain the provisions for presumptive taxation relating to Retail Trader.
5
5
5
5
5
5
5
25
10
7.
15
10
15
8.
Write short notes on (any five)
(i) Clubbing of Income of Minor Child Cost Inflation Inolex
Double Taxation Relief . '
Rates of Taxation for different categories of individual Deeme Owner of House Property. f
Preliminary Expenditure. '
5
5
5
5
5
5
(ii)
(iii)
(iv)
(v)
(vi)
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