Madras University (UnOM) 2006 B.Com Corporate Secretaryship-Income Tax-SY6B - Question Paper

April 2006
Subject code: 21115/SY6B
Time : three Hours
Maximum: 100 marks

Part A - (10x3=30 marks)
ans any Ten ques..
All ques. carry equal marks.
every ans should not exceed 50 words.

1. What is Cost Inflation Index?
2. describe 'Capital Asset' and 'transfer' under capital gain.
3. elaborate the incomes chargeable under income from other sources?
4. What is 'clubbing of Income'?
5. Mention any 3 tax free perquisites?
6. Write a note on PAN.
7. elaborate the deductions allowed from salaries?
8. Mr.Rao sold urban land for Rs.5,00,000 on 1.10.04 which had been acquired by him in Oct.84,for Rs.50,000.He wants to utilise the stated amount of sale consideration for purchase or construction of a new residential house.He had deposited Rs.4,00,000 under the capital gains deposit account scheme with a specified bank on 30.4.05. Ascertain the capital gains taxable in Rao's hands for the A.Y.2005-06.
9. During the previous year Sri Gurucharan Singh had the subsequent securities:
(a) Rs. 56,000, 10% tax-free debentures of Malwa textile
(b) Rs. 36,000, 10% tax-free debentures of a Sugar Mill Company (Listed on Stock Exchange)
(c) Rs. 22,000, 8% relief bonds
(d) Rs. 22,500, 8% tax-free bonds issued by Public Sector Company.
The interest is paid on 31st December annually,he paid 2% commission to his bank for collection of interest.Calculate his taxable income.
10.The business income of an individual for the assessment year 2005-2006 has been determined by the assessing officer at Rs.1,50,000.Later,it is obtained that he has not considered the subsequent while determining the income:
(a) Depreciation for the current year Rs.12,000
(b) Unabsorbed depreiation carried forward Rs.15,000
(c) Unabsorbed business loss carried forward from Assessment Year 2003-04 Rs.3,000
Determine the total income for the Assessment year 2005-06.
11.Mr.X has the subsequent incomes for the previous year ended 31st March,2005:
(a) Business Profit Rs.50,000
(b) Capital gains in respect of short term capital assets Rs.12,000
(c) Capital gains in respect of capital assets other than short term capital assets Rs.23,000; and
(d) Winning from Delhi State Lottery Rs.1,00,000
calculate X's total income for the assessment year 2005-06.
12.Sri A earned GTS of Rs.5,00,000 in the PY and made the subsequent donations during the year:
(a) Rs. 10,000 to CM's Earthquake relief fund Maharastra.
(b) Rs. 15,000 to National foundation for communal harmony.
(c) Rs. 40,000 to Municipality for family planning.
(d) Rs. 25,000 to approved institutions.
calculate the amount of deduction admissible u/s.80 G for the current A.Y.

Earning:   Approval pending.