Acharya Nagarjuna University (ANU) 2007 B.B.M Direct

* (iv) He paid Rs. 4,000 by cheque to GIC for Medical Insurance for his health.
* calculate the total income of Mr. Chintan Chitale for the Assessment Year 2006-07.
* Q. three Ms. Netra who is totally blind, has let out her house property situated at Navi Mumbai for Residential purpose. The details of the stated property for the year ended 31st March 2006 are as follows: 14
*
* (a) Rent Received Rs. 1,20,000.
* (b) Municipal evaluation Rs. 1,00,000.
* (c) Fair Rent Rs. 1,50,000.
* (d) Municipal Taxes paid by Tenant Rs. 10,000.
* (e) Interest on Loan taken from ICICI Bank for construction of house property Rs. 35,000. Loan was taken in April 1997.

subsequent are the details of other income earned by her during the year.
* (i) Interest accrued on NSC, Rs. 20,000.
* (ii) Interest accrued on Public Provident Fund account Rs. 5,000.
* (iii) Dividend from M/s. Raymond Ltd. Rs. 10,000.
* (iv) Interest Accrued on private loans to friend and relatives Rs. 60,000.

calculate the Net Taxable Income of Ms. Netra for Financial Year 2005-06, relevant to Assessment Year 2006-07.
* Q.4 (a) Mr. Abhijeet, an Indian Citizen, furnishes the subsequent particulars of income earned during the previous year relevant to assessment year 2006-07. 6
*
(a) Professional Fees received in India Rs. 22,000
(b) Income earned in India but received in Paris Rs. 24,000
(c) Dividend on shares of Indian Companies Rs. 10,000
(d) Salary earned and received in France Rs. 28,000
(e) Income from Agriculture in Nepal Rs. 30,000
(f) Income from Business in UK controlled from India Rs. 32,000
* calculate his Income for Assessment Year 2006-07 assuming the residential status as:
* (a) Resident and Ordinarily Resident in India.
* (b) Non Resident in India.

(b) Mr. Kanade purchased a House property for Rs. 1,25,000 on 16th August, 1971. He made the subsequent addition to the House Property. Cost of Construction of first Floor in Financial Year 1985-86 Rs. 2,25,000.(6)
* The Fair Market value of the property on 1-4-81 was Rs. 3,50,000. He sold the property on 15th September, 2005 for Rs. 35 lakhs. He paid the Brokerage of Rs. 25,000 for the sale transactions. The cost inflation index for Financial Year 1981-82 is 100, for Financial Year 1985-86 is 133 and for Financial Year 2005-06 is 497.
* calculate the Capital Gain of Mr. Kanade chargeable to tax for Assessment Year 2006-07.
* Q.5 (a) describe and discuss the subsequent as per Income Tax Act, 1961 (any two): six
* (i) Assessee.
* (ii) Person.
* (iii) Previous Year.

(b) Enumerate and discuss any 4 deductions allowable from the Income under the Head Profits and Gains of Business under the Income Tax Act, 1961. (8)
* Q. six ans any 7 of the subsequent ques. briefly with reference to Assessment Year 2006-07: 14
*
* (a) Mr. Ajinkya donated articles worth Rs. 20,000 to flood affected areas. Can he claim this as a deduction u/s 80G?
* (b) Vinayak received Rs. 15,000 as a birthday gift from his dad. Vinayak claims Rs. 15,000 is not taxable in his hands. Is he right?
* (c) Manoj working as a manager of an agricultural estate received Rs. 1,20,000 as salary and claims it as his agricultural income. Is he right?
* (d) Mr. Purohit, lecturer in Adarsh College Mumbai, received Rs. 8,000 as examinership fees from University of Mumbai. He claims it as income from other sources. Is he right?
* (e) Ajay has 2 house properties. Both are self occupied. He claims that annual value of both houses shall be NIL. Is he right?
* (f) Varun paid interest on loan of Rs. 1,30,000 before commencement of production in his business. He claims this as a revenue expenditure. Is he right?
* (g) Mrs. Savitribai received a family pension of Rs. 60,000 during 2005-06. She claims a standard deduction to the extent of one /3rd of such pension. Is she right?
* (h) Shri Kamble pays Rs. 1,25,000 as premium on his Life Insurance Policy. What is the maximum amount of deduction available u/s 80C?
* (i) M/s. Sanglikar Pvt. Ltd. paid to M/s. Kokane & Co. Chartered Accountants sum of Rs. 30,000 as retainership fees during the previous year ending 31st March 2006 without deducting any tax at source. Are they right?
part – II
* Q. seven describe and discuss the term 'Sale' as per the provisions of the Central Sales Tax Act, 1956. 10
*
OR

discuss with reasons, whether the subsequent are 'sale' as per the provisions of the Central Sales Tax Act, 1956.
* (a) Pledge of Goods.
* (b) Sale of Washing Machines on Hire Purchase System.
* (c) Sale of Medicines by a Doctor.
* (d) Catering Services in a wedding Function.
* (e) Transfer of Goods from 'Factory' to the Branch.
* Q. eight Mr. Lele commenced his Business on first February, 2006. obtain out from which month he will be liable for Registration and to pay Tax as per the provisions of MVAT Act, 2002. provide reasons for your ans. The details of his sales and purchases are as under: 10
*

Purchases

Sales

Month Taxable
Rs. Tax Free
Rs. Taxable
Rs. Tax Free
Rs.
February 2006 8,000 50.000 4,000 95,000
March 2006 3,000 32,000 5,000 45,000
April 2006 4,000 2,10,000 1,000 3,05,000
May 2006 5,000 1,75,000 6,000 1,90,000
June 2006 2,000 2,00,000 2,000 2,10,000
July 2006 4,000 2,50,000 5,000 2,75,000
August 2006 4,000 1,70,000 4,000 1,90,000
September 2006 6,000 1,80,000 8,000 2,20,000

OR

compute the Set Off and Tax Payable under MVAT Act 2002 from the subsequent details of August 2006 of M/s. Ragnekar Associates.
Particular Total
Rs.
Local purchases from Registered Dealers 12,00,000
Purchases from Unregistered Dealers 2,00,000
Sales Price of Goods 20,00,000
Inter State Stock Transfer 4,00,000
*

The ratio of Stock Transfer to total sales 20%. M/s. Ragnekar Associates had an Opening Balance (Credit) in VAT Credit Receivable Account of Rs. 12,500.

Earning:   Approval pending.