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D 50022 (Pages : 4) Name.........................................

Reg. No.....................................

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FIFTH SEMESTER (CUCBCSS—UG) DEGREE EXAMINATION
NOVEMBER 2023

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B.Com.

BCM 5B 09—INCOME TAX LAW AND ACCOUNTS

(2018 Admissions)

Time : Three Hours Maximum : 80 Marks

Part A

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This part consists of two bunches of questions carrying equal mark 1.
Each bunch consists of five objective type questions.
Answer all questions.

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(A) Fill in the Blanks :

1 Income from a farm house is ———————— income.

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2 Standard deduction from salary income is ————————.

3 The annual value of a self occupied house will be ————————.

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4 Audit is compulsory if the total receipts from profession exceeds ————————.

5 Rate of tax on long term capital gain is ————————.

(B) Choose the correct answer from the bracket :

6 Income Tax act was passed in the year ————————.

a) 1961. b) 1962.

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c) 1965. d) 1985.

7 Entertainment allowance is deductible in the case of :

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a) All employees. b) Government employees.

c) Private employees. d) None of these.

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8 Interest for pre-construction period is deductible in ————————.

a) Five years. b) Three years.

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c) Two years. d) One year.

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9 The following is an expense allowed :

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a) Provision for income tax. b) Provision for gratuity.

c) Sales tax paid. d) Wealth tax paid.

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10 Sale of depreciable assets will have :

a) Long term capital gain.

b) Short term capital gain.

c) Long term or short term capital gain.

d) None of these.

(10 × 1 = 10 marks)

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Part B

Answer any eight questions in one or two sentences each.

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Each question carries 2 marks.

11 What is meant by assessment year ?

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12 What is PPF ?

13 Who is an Assessee ?

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14 Who is a specified employee ?

15 What is capital asset ?

16 What is composite rent ?

17 Explain block of assets ?

18 What is co-owners under income from house property ?

19 Explain the meaning of business as per income tax act ?

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20 What is transfer of capital asset ?

(8 × 2 = 16 marks)

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Part C

Answer any six questions.

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21 What is meant by exempted income ? Write any six incomes which are treated as exempted.

22 Mr.Aron a Canadian citizen came to India for the first time on 12th February 2019. He stayed

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in India up to 18th January 2021 and went back to Canada. Determine his residential status
for the previous year 2020-21.

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23 Compare the provisions regarding tax treatment of gratuity, if gratuity act is applicable and

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not applicable ?

24 Written down value of furniture on 1.4.2020 is Rs. 1,30, 000. Furniture purchased on 1.08.2020

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is Rs. 70,000. Furniture purchased on 8.01.2021 is Rs. 40,000. Compute depreciation on
furniture for the assessment year 2021-22 ?

25 Explain unrealised rent as per rule 4?

26 Distinguished between long-term capital gain and short-term capital gain ?

27 How will you calculate income from profession?

28 Mr. Regu owns a residential house which he acquired in July 2011 for Rs. 4,30,000. He sold

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the house in January 2021 for rupees 35,70,000 and acquired a house in July 2021 at a cost
of rupees 25,00,000 and deposited Rs. 2,00,000 in a capital gains accounts scheme, compute
taxable capital gain if CII of 2011 -12 is 184.

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(6 × 4 = 24 marks)

Part D

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Answer any two questions.
Each question carries 15 marks.

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29 What is meant by allowances ? Explain the various types of allowances ?

30 The following are the details of Mrs Rakhi who owns three houses. Compute income from
house property :

A B C

Nature of occupation let out let out self occupied

Municipal Value 80,000 15,000 26,000

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Fair rent 78,000 16,000 28,000

Monthly rent 7,000 1,500 —

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Municipal tax 3,000 800 10,000

Interest on loan 12,000 — 15,000

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Vacancy 2 months — —

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31 The following are the particulars of Mr Anish an employee in a company in Bhopal (population

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exceeds 25 lakhs). He is drawing rupees 40,000 per month as salary and dearness allowance
@ 20 % of his salary. He is also getting City compensatory allowance of rupees 4,000, medical
allowance of rupees 6,000, bonus Rs. 16,000 and commission rupees 4,000. He is provided

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with a rent free unfurnished house owned by the employer of the fair rental value of rupees
60,000 per annum. He is provided free of charge a sweeper and a cook whose wages are
Rs. 300 and Rs. 700 pm respectively and a gardener whose wages are Rs. 250 p.m. He is also
given free electricity for personal use for which the employer has paid rupees 6,000 during
the year to electric supply company, compute his taxable salary for the assessment year
2021-22.

(2 × 15 = 30 marks)

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D 50022-A (Pages : 4) Name........................................

Reg. No.....................................

3
FIFTH SEMESTER (CUCBCSS—UG) DEGREE EXAMINATION
NOVEMBER 2023

1
B.Com.

BCM 5B 09—INCOME TAX LAW AND ACCOUNTS

(2018 Admissions)
(Multiple Choice Questions for SDE Candidates)

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Time : 15 Minutes Total No. of Questions : 20 Maximum : 20 Marks

1 3 3 1.

2.

3.

4.
INSTRUCTIONS TO THE CANDIDATE
This Question Paper carries Multiple Choice Questions from 1 to 20.

The candidate should check that the question paper supplied to him/her contains all the
20 questions in serial order.

Each question is provided with choices (A), (B), (C) and (D) having one correct answer.
Choose the correct answer and enter it in the main answer-book.

The MCQ question paper will be supplied after the completion of the descriptive
examination.

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BCM 5B 09—INCOME TAX LAW AND ACCOUNTS

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(Multiple Choice Questions for SDE Candidates)
1. Previous year started from ————————.

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(A) April. (B) March.

(C) January. (D) September.

2. Section 10 of Income Tax Act deals with ————————.

(A) Deductions. (B) Exempted incomes.

(C) Income from salary. (D) Casual incomes.

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3. What are the exemption limit in Hostel Expenditure Allowance ?

(A) Rs. 200 p.m. (B) Rs. 300 p.m.

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(C) Rs. 400 p.m. (D) Rs. 500 p.m.

4. Due date of filing of return by a non business assessee is ————————.

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(A) 30th June. (B) 31st August.

(C) 31st July. (D) 30th November.

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5. Family pension received by the widow of a deceased employee is taxable under the head
————————.

(A) Income from salary.

(B) Capital gains.

(C) Profits and gains of business or profession.

(D) Income from other sources.

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6. An individual who wants to be resident of India must stay in India for at least ————————.

(A) 730 days in 10 previous years. (B) 182 days in the previous year.

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(C) 365 days in the previous year. (D) 150 days in the previous year.

7. Income received in India is taxable in the hands of ————————.

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(A) Resident only. (B) Resident and ordinarily resident only.

(C) Non-resident only. (D) All assessees.

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8. Past untaxed income brought to India is taxable in the hands of ————————.

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(A) Resident and not ordinarily resident.

(B) Resident and ordinarily resident.

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(C) Non-resident.

(D) None of these.

9. Incomes on which Income tax is not charged are called ————————.

(A) Exceptional incomes. (B) Privileged incomes.

(C) Exempted incomes. (D) None of the above.

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10. Value of rent free accommodation in case of Government employee shall be taxable up to
————————.

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(A) 15 % of employees salary. (B) 7.5 % of employees salary.

(C) License fee fixed by Government. (D) 10 % of employees salary.

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11. Free food provided to employees is exempted upto ——————— per meal.

(A) Rs. 40. (B) Rs. 50.

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(C) Rs. 60. (D) Rs. 15.

12. Repairs incurred before installation of an assets is ————————.

(A) Capital expenditure. (B) Revenue expenditure.

(C) Non business expenditure. (D) None of these.

13. Rate of depreciation on non residential building is ————————.

(A) 10 %. (B) 15 %.

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(C) 20 %. (D) 25 %.

14. Under section 44AB ‘specified date’ means, ————————.

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(A) 30th June. (B) 30th September.

(C) 30th November. (D) 31st December.

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15. Which of the following income from other sources is not taxable ?

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(A) Dividend from co-operative society.

(B) Dividend from foreign company.

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(C) Dividend from domestic company.

(D) Winnings from lottery.

16. Tax is reduced from casual incomes at ————————.

(A) 10 % + surcharge and cesses. (B) 20 % + surcharge and cesses.

(C) 30 %. (D) None of these.

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17. Which of the following is not a capital asset ?

(A) Stock in trade. (B) Goodwill.

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(C) Agricultural land in Mumbai. (D) Jewellary.

18. Donation is deductible u/s ————————.

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(A) 80 C. (B) 80 D.

(C) 80 E. (D) 80 G.

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19. Which among the following deduction is available only to disabled persons ?

(A) 80 C. (B) 80 G.

(C) 80 Q. (D) 80 U.

20. When a loan is taken for the education of a child, the father is entitled to deduction u/s ?

(A) 80 C. (B) 80 G.

(C) 80 E. (D) 80 U.

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