M.Com-M.Com Accountancy 2nd Year Paper - V : Taxation (Acharya Nagarjuna University - Center for Distance Education, Guntur, Andhra Pradesh-2013)
(DCM 25)
M.Com. (Final) DEGREE EXAMINATION, DEC. - 2013
Second Year
A - ACCOUNTING
Paper - V : Taxation
Time : 03 Hours Maximum Marks : 80
SECTION-A
Answer any Five of the following
(5 × 4 = 20)
1) a) Person
b) PAN
c) Resident
d) Perquisite
e) Previous Year
f) Long-term Capital gain
g) Partly exempted income
h) Search
SECTION-B
Answer any Four of the following
(4 × 5 = 20)
2) Discuss the relationship between residential status and incidence of tax.
3) What are the powers of ITO?
4) State the penalties levied under the law.
5) How do you to compute annual value of house property?
6) Define salary income
7) Explain the assessment of agricultural income.
8) List out the income from other sources.
SECTION-C
Answer any Two of the following
(2 × 20 = 40)
9) From the following particulars of Mr. Pratap compute his total income for the assessment year Pratap is employed in Bangalore.
Rs.
Pay 20,000 p.m.
D.A. 12,000 p.m.
H.R.A. 3,500 p.m.
Commission 7,000
Bonus 20,000
Rent paid 3,000 p.m.
He received in cash, the following income as interest (Net) during the year.
Rs.
On tax free Govt. securities 5,000
On tax free limited co-debentures (listed) 12,000
On tax free debentures on textile 10 (not listed) 6,000
On A.P. Government securities 7,000
He paid Rs. 4,000 as interest on loan taken to purchase securities and Rs. 1,400 bank charges
to collect interest
Rs.
Income from house property 1,80,000
Donation to national defence fund 20,000
Prime ministers relief fund 3,000
Tsunami relief fund 5,000
Medical insurance premium 8,000
10) Smt. Latha, an accountant in a Limited Company at Hyderabad submits the following particulars of her income for the year.
a) Salary @ Rs. 12,000 p.m.
b) D.A. @ Rs. 3,000 p.m. (enters into salary for calculating retirement benefits)
c) Bonus Rs. 10,000 p.a.
d) Commission Rs. 12,000 p.a.
e) Own contribution to R.P.F. @ 15% of salary and the company also contributes similar amount.
f) Interest on Provident Fund at 16% rate Rs. 6,400
g) Free furnished house at Hyderabad. Fair rent of the house is Rs. 18,000 p.a. Cost of furniture is Rs. 15,000.
h) 18 H.P. car is provided for official and personal purposes. All expenses of the car including driver’s salary of Rs. 500 p.m. are paid by the employer.
i) Education allowance for 3 children @ Rs. 100 per child, p.m. paid by the company
j) Profession tax paid by her Rs. 1,200. Compute her income from salary for the assessment year.
11) Describe the procedure of claiming refund of tax. 12) Bring out the provisions of law relating computation of income from companies.
Earning: Approval pending. |