— fal.) CBCS ) es 1 / Subject Code: 72206 / Group A: os uO ounting, oe counting and Financial Management : Direc 0? twit 7 Duration: 2 Hours Total Marks :60 Use of Simple Calculator is allowed. All.questions are relevant for assessment year 2018-19. All.questions are compulsory carrying 15 marks each and having internal option, Working note should form part of your answer. Figures to right indicate full marks allotted to that question. a eaiasea ie sso of Reins and Payrtients of Dr. Dharam of ek the vee B RS 1,500 By Salaries 10 3,000 e 1,85,000_| By Bonus 4400 14,500 _| By Stationes 13,600 6,000 | By Rent of CI 12,000 Wife) 10,000 11,150. 30,000 30,000 48,000 18,000 Purchase of Equipments 12,000 + By Misc. Expenses. 12,000 Ey Balance e/d. ; Cash 2,600 nce e/d. : Bank 42,250 2,50,000, anal 2,50,000 jidered as a reasonable rent of the clinic. a incurred for personal purposes. for deduction w/s.80G. ‘allowable on equipments according to Income Tax Act is Rs.4,000/-. business or profession of Dr. Dharam for the Assessment Year 2018-19. as) oR LA) Mr. Krishna Sharma who i is an Indian citizen resides in U.K. and came to India on 1" April, 7 and again leaves India to proceed to U.K. on 25" September 2017 for the purpose of employment. was in India for more than 365 days during the preceding previous years 2013-14 to 2016-17. What will be residential status of Mr. Sharma for the assessment year 2018-19. Give necessary justification of your answer. (08) 61960 Page 1of § ‘GAS4PFA210DBCE476F85AC3B7C260391‘Advanced Accounting, Corporate Accounting and Finca: Management Q.1B) Mr. Shyam has occupied two hoy Ganesh Niwas, uses for his own recidential purposes vie Shanti Niwas and * Particulars of which are as follows : Ganesh Niwas ] 40,000 . Land Revenue You are required to ascertain which Pr incoune for the as ie taxable sessment year 2018-19 of Mr Shyam, we prior to 1 April, 1999, ° (07) 2) Mrs. Lajwanti aged about 66 years isa Finanes manager of MislLakimesd Co. Lt based at Calcutta. She isin continuous service Since 2005 and received the f lary and perks from the company during the year ending 31.03.2018 % J) Basic Salary (50,000 x 12)= Rs. ,00,000 2) DA (20,000 x 12) = Rs.2,40,000 3) Bonus : 2 months Basic Pay 4) Commission 0.1% of the Turnover hich was Rs.15 Crores 5) Contribution of the Employer A count Rs.3,00,000 each, 6) Interest credited to PF Account F Rs.60,000, 7) Rent free unfuumished accor vided by the company for which the company Pays a rent of Rs.70,000 per 8) Entertainment Allowances : 9) Children’s ‘education all the hoste! ‘expenditure of children : Rs.15,000 (Exempt Rs.7,200. . ‘She makes the and investments | 1) Premiu insurance the life oF her major son : Rs 15,000 a 2) Medi * Premium fOrseif:Rs.22,000 and spouse Rs 5,000 3) “Py ind : Rs. 18,000 3-19, (15) uma is employed with Mis, Sagar Internation at Kalbadevi, Mumbai since 2008, of contract salary become due.on the last day of eves "Y month. Due to the financial _ by the employer M/s ‘Sagar International, the Salary of March 2018 to May 2018 was Pitidon 31" May 2018, He is entitled for salary oF Rs 4000/- pm, During the year ended on 3}3 March 2018 he received from the. employer as follows : 61960 Pagezots OASIFFA2IODBCESI6FSS.C387¢26039)_ Abject Code: 72206 / Group A: Advanced Accounting, Corporate Accounting and Financial Management : Direc 1) Net salary of Rs.39,820- after deduction of PF contribution of Rs.3,520/- and Profession Tax ‘OF Rs.2200/-for 11 months from April 2017 to February 2018. 2) Bonus Rs.8,000/- 3) Anaward of appreciation of Rs.4,000/- on account of saving of the shop from fire in Diwali. 4) Compensation of Rs.6,000/- due to modification of terms and conditions of contract of service. ‘You are required to ascertain the taxable income under the head “Salaries” of Mr, Sukumar assessment year 2018-19. Q2.B) Mr. Vijay Kaushik acquired residential property on 01* March, 1982 for Rs.20 thes ) Additional information pertaining to property was as follows: 1) Fair market value as on 01.04.2001 was Rs.24 Lakhs. > - 2) Cost of Improvement made by him : Financial Year Amount 1984-85 1,50,000 2003-06 1,20,000 2008-09 4,00,000 2010-11 _3,80,000 3) He sold residential property on 25" January 201 80 Lakhs 4) He acquired new residential house for akh$on19" March 2018. 5) He also invested Rs. 15 Lakhs in Rur ication Bonds on 19 March 2018. 6) Expenses on Transfer amounted to 0. Compute Taxable Long Term Capital Gain for asessment year 2018-2019 after considering the relevant cost inflation indices (CII) i) Cit 100. 7 137, 167 272 fiving allowance mission (@2% on Turnover) Rent Allowance (Rent paid in Mumbai Rs 90,000) 1,00,000 snsion from a former Employer 85,600 Profits and Gains of small scale industrial undertaking 37,000 Profits from Publications of Books 145,000 Profit from business of dealing in Equity Shares, 35,000 Dividend from British Company 25,000 61960 Page 30f5 ‘OASSFFA2IODBCES76F8SAC3B7C260391Interest from British Company Interest received on Debentures in “S” Ltd, Mr. Akash contributes at 12% to recognized PF & employer also contribute @12% Remuneration from other company for Visits Life Insurance Premium paid on his life N.S.C. Investment during the assessment year 2018-19 Mediclaim insurance premium on own life Determine the net taxable income of Mr. Akash for Assessment Year 2018-19. OR G5; Ms, Pooja is « social worker. She owns a house property at Vasai which is let out rent of Rs. 25,000/ She incurred following expenses'In respect of house property : Particulars Ground Rent Repairs Insurance Municipal Taxes Paid ‘Her other income is as follows : 1) Interest on Bank deposits Rs.12,500 2) Dividend on share of Indian Cor Premier Automobiles Ltd. Rs. 1. charges and Rs. 2000 as interes e Ltd. She ps 4) Accrued Interest on NSC Rs 5) Dividend from foreign companies Rs,14,500/- Compute Ms. Pooja’s Gross for assessment year 2018-2019, QA) Multiple Ch 1. Mumbai Universifjyis as8essable under the Income Tax Act, as a. An{ Individual b. Anartficial judicial person rity d. None of these is the income tax liability computed : ssessment Year b. Previous Year inancial Year d. Calendar Year rates of income tax are laid down + a. foreach calendar year . for each assessment year ©. foreach previous year di for each of head of income 4. Tax is allowed as a deduction while computing the business income a. Wealth Tax Income Tax ©. Sales Tax . All of the above Page sof s OA S4FFA2ODBCES76FRSAC3B7C260391 2,000 15,000 36,000 10,000 15,000 12 © / Subject Code: 72206 / Group A: Advanced Accounting, Corporate Accounting and Financial Management’ 10, ( »' ) inual 1x0 Pharma Ltd. Rs. 750 from Rs.25/- for collection ed for purchase of Jindal Agro Ltd. Shares, «sy (08)206 / Group A: Advanced Accounting, Corporate Accounting and Financial Management : Direc 5. The rate of tax applicable to a firm for A.Y.2018-19 is a 30% b. 35% 40% 4.45% 6 Standard Deduction under section 24(a) from Income frum House Property is & IBofNAV 6. repairs actually incurred by the owner - a Allassesses b. Individual only © ¢.30% of NAV Rs, 30,000 7. Exemption under section 4, shall be available 8. Deduction under section 80CCC is aliowed to the extent of : a Rs.2,00,000 b. Rs.1,00,000 © Rs2,50,000 4. Rs.1,50,000 Column B Q4 Short motes (any three) 2) Salient features of tion of firm and partner b) Any Five general laiming deduction wis. 37 c) Fiveitems of chapter VIA : pare. ¢) LongT recente 61960 Page Sof 5 ‘GAS4FFA2I0DBCE476F85AC3B 70260391 ©. Individual and HUF 4d. None of the above > ° @ of Income Tax Act 7) (as)