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

(iii) He paid Rs.500 as tax on employment
calculate the total income of Aggarwal for the assessment year 2005-06.
18.Vijayakumar is employed with Music House Corporation as a Programme Director on a monthly salary of Rs.10,000. He gets dearness allowance of Rs.1,500 per month.He contributes @12%of his salary to the Recognised Provident fund with an equal contribution by the corporation.Interest credited to his RPF account is Rs.2,100 @Rs.10.5%.He is also getting entertainment allowance Rs.16,800 annual.Besides ,the above he is in receipt of the following:
(a) Dividend on TELCO equity shares Rs.2,000
(b) Dividend from a Co-operative Society Rs.500
(C) Income from M.F.(Gross) Rs.4,000
(d) Winnings in a horse race (gross) Rs.8,000
(e) 1st Prize in U.P Lottery Rs.1,00,000
(f) He also lost Rs.5,000 in card games.
calculate his total income for the assessment year 2005-06.
19.The subsequent are the particulars of income of Shri.R.P.Seth for the previous year ended 31st March,2005:
Loss from House Property Rs.6,000
Interest received on sundry advances Rs.3,000
Business income (from Cloth) Rs.70,000
Share of loss in a firm Rs.18,000
Loss in speculation Rs.3,200
Dividends from an Indian Company Rs.5,000
Capital gains from short-term capital assets. Rs.22,500
Capital gains from long-term Capital assets Rs.21,000
calculate the gross total income of Shri Seth after setting of the various losses against other incomes and state the amount of losses to be carried forward.

Part C - (4x10=40 marks)
ans any 4 ques.
All ques. carry equal marks
every ans should not exceed 500 words.

20. explain the provision of Income Tax Act regarding exempted capital gains.
21. discuss the different kinds of assessment.
22. Mr. X purchases a house property for Rs.26,000 on tenth May 1962. He gets the 1st floor of the house constructed in 1967-68 by spending Rs.40,000. He dies on twelfth September 1984.The property is transferred to Mrs.X by his will.Mrs.X spends Rs.80,000 and Rs.26,700 during 1985-86 and 1986-87 respectively for renewals/reconstruction of the property.Mrs.X sells the house property for Rs.41,50,000 on 15th March 2005(brokerage paid by Mrs.X is Rs.41,500).The fair market value of the house on first April 1981 is Rs.4,60,000.
The Cost of Inflation index of relevant years: 1981-82 =100; 1984-85=125; 1985-86=133; 1986-87=140; 2004-05 =480.
calculate Capital gains chargeable to tax for Assessment year 2005-06.
23.Following incomes are received by Mrs.Radha during financial year:
(a) Honorarium received for writing articles in magazines Rs.1,000
(b) Income from agriculture in Srilanka Rs.2,500
(c) Ground Rent from land in Gwalior Rs.5,000
(d) Interest on P.O.S.B. a/c. Rs.1,000
(e) Interest on deposits with Industrial Finance Corporation Rs.250
(f) Dividend from foreign company Rs.350
(g) Rent from letting of building along with plant repairs to above stated plant Rs.2,000
(h) Winnings from Horse Race Rs.100
(i) Interest on Rs.12,000, 10% Tax-free debentures (listed) of Aravind Co. Rs.2,000
You are needed to compute 'Income From Other Sources' for the assessment year 2005-06.
24.Mr.Ravi is employed in AB Ltd, as the General Manager.He received the subsequent incomes during the financial year 2004-05:
Salary Rs. 8000 p.m. Dearness Allowance Rs. 625 p.m. Interest on Fixed Deposit Rs.11,800
Remuneration for evaluation of general knowledge examinations Rs.6,400
Prizes from Crossword puzzles Rs.25,000(gross) Casual income Rs.27,000
Royalty from books Rs.30,000 : he has spent Rs.3000 in preparing the book
Dividend on 1000 equity shares of Rs.10 every at 10%
Dividend on 100 preference shares at Rs.8 per share
Dividend Collection charges paid Rs.25.
You are needed to compute his gross total income for the assessment year 2005-06
25.From the subsequent particulars of Dr.Prakash,find out his total income for the previous year,2004-05:
(a) Salary Rs.4,500 per month from which 10% is deducted for statutory provident fund.
(b) Rent free house of the annual value of Rs.4,000
(c) Wardenship allowance Rs.1,200 per annum
(d) 12% interest on government loan of Rs.65,000
(e) Income from House Property,(computed) Rs.4,800
(f) Received Rs.3,500 for writing articles in a Journal
(g) Paid Rs.2,000 by Cheque to G.I.C under mediclaim
(h) Interest on postal savings deposit Rs.800
(i) Interest (gross) Rs.2,500
(j) Examinership remuneration Rs.6,000
During the year he paid Rs.2,400 as life insurance premium on his own polices and spent Rs.1,000 on books purchased for his own use.

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