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

Part B - (5x6=30 marks)
ans any 5 ques.
All ques. carry equal marks.
every ans should not exceed 200 words.

13. elaborate deemed incomes
14. When does payment of advance tax arise?
15.Ramnath sells the subsequent capital assets during the previous year 2004-05.Compute the capital gains.
particulars shares House property
sale consideration Rs.3,30,000 Rs. 4,35,000
Year of acquisition 1992-93 1985-86
Cost of Acquisition Rs.2,90,000 Rs.18,000
Cost of Improvement
incurred in 1991-92 ---- Rs.70,000
16.Following are the particulars of Income of Raghavan -Compute his income under the head income from other sources for the current assessment year.
(a) Dividend reeived from an Indian company Rs.11,000
(b) Winning from lottery amount received Rs.68,500
(c) Winning from card games (gross) Rs.25,000
(d) Interest received on Government securities held as investments Rs.14,000
(e) Family pension received Rs.24,600
He incurred the subsequent expenses:
(i) Interest paid on amount borrowed for purchasing shares Rs.7,000.
(ii) Collection charges in respect of interest on government securities @ 2 and half percent on amount collected.
(iii) Purchased lottery tickets of Rs.500.
17. Shri Aggarwal is employed at Lucknow in Railways.He furnishes the subsequent info for the year ended 31.3.2005:
(a) Salary @ Rs. 7,500 p.m.
(b) Bonus equal to four month's salary
(c) Conveyance allowance Rs.800 p.m which is fully spent in the fulfillment of official duties.
(d) House Rent Allowance @ Rs.500.He paid Rs.2,000 p.m as rent of the house where he resides.
(e) The employer reimbursed his personal bills of Rs. 5,000 and he also gave education allowance in respect of his 2 children @ Rs.300 p.m.
(f) The Railway Co.contributed to Statutory Provident Fund @10% whereas the asses see contribution was 20%.
(g) Interest on government securities Rs.6,000
(h) Interest received on Bank fixed deposit Rs.12,000
(i) Income from Units of U.T.I Rs.4,000
He incurred the subsequent expenses:
(i) He paid premium of Rs.8,000 on his life policy
(ii)Donation to Gorakhpur Zila Saksharta samiti Rs.5,000.This Samiti has been constituted under the partnership of the District collector.

Earning:   Approval pending.