Acharya Nagarjuna University (ANU) 2006 M.Com Commerce Taxation - - - Question Paper

M.Com. (Final) DEGREE EXAMINATION, DECEMBER 2006.
(A - ACCOUNTING)
Paper V - TAXATION

Time : 3 hours Maximum : 100 marks

part A - (5 X four = 20 marks)
ans any 5 of the subsequent.

1. (a) provide few examples of Capital and Revenue incomes.

(b) What is Residential status?

(c) provide 4 examples of incomes which are totally exempt from income tax.

(d) What is meant by deemed owner of house property?

(e) elaborate tax free commercial securities?

(f) elaborate unexplained investments and money?

(g) elaborate the powers during the survey?

(h) discuss about various kinds of firms.

(i) discuss about advance payment of tax.

(j) What is appellate tribunal?

part B - (4 X 10 = 40 marks)
ans any 4 of the subsequent.

2. describe ‘Income’. discuss various kinds of incomes.

3. How do you determine the Residential status of Firm and a company?

4. discuss the provisions of legal regulations relating to tax holiday in respect of Free trade zones.

5. Under what circumstances can the powers of search and seizure be exercised under 132?

6. Mr. Lakshman own 3 houses. He furnishes the subsequent particulars pertaining to them for the previous year 2004-05. calculate his income from house property.

Particulars House one House two House 3

(a) Year of completion of 1-4-90 31-3-94 31-3-2002
construction.
(b) House used Let out for office Let out for Self occupied.
residential purpose
(c) Municipal value Rs. 50,000 60,000 1,00,000
(per annum)
(d) Rent received per month 5,000 4,000 -----
(e) Local taxes 10% of municipal 10% of municipal 15% of municipal
value value value

Expenses incurred:
(i) Repairs 12,500 5,000 1,000
(ii) Ground Rent 2,000 1,000 500
(iii) Rent collection 200 200 -----
charge
(iv) Interest on money
borrowed for
repairing the house ---- 10,000 45,000
(v) Annual charge 1,000 ---- -----
(vi) Land revenue 500 600 -----

7. The subsequent are the particulars of income of an assessee for the assessment year 2005-06.
Rs.
Gold speculation profit 40,000
Agency business loss 2,000
Profits from cloth business (Before charging depreciation
of Rs.20,000) 12,000
Profits in Hardware business 32,000
Income from house property 4,000

subsequent losses/allowable allowances are brought
forward from assessment year 2004-05
Silver speculation loss 20,000
Agency business loss 12,000
Unabsorbed depreciation 4,000

Earning:   Approval pending.