Paper Code: MJC-491

Roll Number:
EXAMINATION: April-May 2024
B.Com. PART-II (Semester-IV)
Subject: Commerce Paper: Major
Title: Income Tax Law and Practices
Maximum Marks: 60 Duration: 3 hrs. (Part-A: 20 min. and Part-B & C: 2:40 hrs.)
Note: All questions are compulsory. Distribution of marks is given in the relevant section. In the question paper do not write
anything other than roll number.
lHkh iz'u vfuok;Z gSaA vadksa dk forj.k lEcfU/kr [k.Mksa esa fn;k x;k gSA iz’ui= esa vuqØekad ds vfrfjDr dqN Hkh uk fy[ksaA

PART - A
(MULTIPLE CHOICE QUESTIONS)

Note: Separate OMR Sheet for marking the correct options of multiple choice question paper is provided. Mark your option
on the OMR Sheet by properly darkening the circle.
cgqfodYih; iz’uksa ds lgh fodYi vafdr djus ds fy;s i`Fkd OMR Sheet nh xbZ gSA vius fodYi blh 'khV ij iw.kZ :i ls xksys
dks Hkj dj vafdr djsaA
Marks: 12 (12 questions of 1 mark each)

A-01: The Rate of income tax are determined by:

vk;dj dh njsa fu/kkZfjr dh tkrh gS%
(A) The Income Tax Act vk;dj vf/kfu;e }kjk
(B) The Finance Act foÙk vf/kfu;e }kjk
(C) An ordinance v/;kns’k }kjk
(D) Notification of C.B.D.T. C.B.D.T. dh vf/klwpuk }kjk

A-02: Salary received by an agricultural farm’s manager is:

d`f"k QkeZ ds eSustj dks feyus okyk osru ------------- gSA
(A) Professional income is’ks ls vk; (B) Salary income osru ls vk;
(C) Agriculture Income d`f"k vk; (D) Capital income iwath vk;
A-03: Salary includes
osru esa ’kkfey gksrs gSa%
(A) Cash receipts uxn izkfIr;ka (B) Perquisites vuqykHk
(C) Profit in lieu of salary osru ds LFkku ij ykHk (D) All of the above mi;qZDr lHkh
A-04: The base of computation of income under the head ‘Income from house property’ is:
^edku laifÙk ls vk;* ’kh"kZd ds varxZr vk; x.kuk dk vk/kkj gksrk gS%
(A) Municipal value uxjikfydk ewY; (B) Rent received izkIr fdjk;k
(C) Standard rent ekud fdjk;k (D) Annual value okf"kZd ewY;
A-05: In which section of the Income Tax Act is exempted income mentioned?
dj eqDr vk;ksa dk mYys[k vk;dj vf/kfu;e dh fdl /kkjk esa fd;k x;k gS\
(A) Sec. 10 (B) Sec. 80C (C) Sec. 13 (D) Sec.2

A-06: Cost inflation index for the year 2022-23 is:

o"kZ 2022&23 dk eqnzk LQhfr lwpdkad gS%
(A) 100 (B) 301 (C) 331 (D) 317

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 Paper Code: MJC-491
A-07: An individual received a family pension of Rs.60,000. How much standard deduction shall be allowed to
him?
,d O;fDr dks 60]000:- ifjokj isa’ku esa izkIr gq,A ekud dVkSrh fdruh feysxh\
(A) Rs. 20,000 (B) Rs. 25,000 (C) Rs. 40,000 (D) Rs. 15,000

A-08: Loss from speculation business can be set-off from:

lV~Vk O;kikj dh gkfu dh iwfrZ dh tk ldrh gS%
(A) Income from speculative business lV~Vk O;kikj dh vk; ls
(B) Income of non speculative business xSj lV~Vk O;kikj dh vk; ls
(C) Under any head of income vk; ds fdlh Hkh ’kh"kZd ls
(D) Not from any income fdlh Hkh vk; ls ugha
A-09: Top Authority is in Income Tax Authorities.
vk;dj inkf/kdkfj;ksa esa loksZPp inkf/kdkjh gS%
(A) Income Tax Commissioner vk;dj vk;qDr
(B) C.B.D.T. izR;{k djksa dk dsanzh; cksMZ
(C) I.T.O. vk;dj vf/kdkjh
(D) None of the above mi;qZDr esa ls dksbZ ugha
A-10: Getting Permanent Account number is compulsory for:
LFkkbZ [kkrk la[;k izkIr djuk vfuok;Z gS%
(A) Income Tax assessee vk;dj nkrk
(B) Importer vk;krd
(C) Assessee under service tax lsok ’kqYd ds varxZr djnkrk
(D) All of the above mi;qZDr lHkh
A-11: Tax deducted at source made by:
mn~xe LFkku ij dj dh dVkSrh dh tkrh gS%
(A) Employer fu;ksDrk }kjk (B) Government ljdkj }kjk
(C) Income Tax Department vk;dj foHkkx }kjk (D) Income Tax payer vk;dj nkrk }kjk

A-12: Every year the residential status of an assessee:

djnkrk dh fuoklh fLFkfr izR;sd o"kZ --------A
(A) May change cny ldrh gS (B) Will certainly change fuf’pr cnysxh
(C) Will not change ugha cnyrh gS (D) None of the above buesa ls dksbZ ugha

PART - B
(SHORT ANSWER TYPE QUESTIONS)
Marks: 16(4 questions of 4 marks each)

B-01: Who will be Resident in India under the Income Tax Act?
vk;dj vf/kfu;e ds vUrxZr dkSu O;fDr fuoklh ekuk tk;sxk\
Or/vFkok
What are the Deductions that are admissible in determining the income from business?
O;kikj dh vk; fudkyus ds fy, dkSulh NwVs Lohd`r gS\

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 Paper Code: MJC-491

B-02: An employer has taken a house on rent @Rs.15000 pm. He allotted half of the house to Mr. A and the
other half to Mr. B for residential purposes. The annual salary of Mr. A is Rs.3,00,000 and of Mr B is
Rs.7,00,000. Find out the value of rent free house for Mr. A and Mr. B.
,d fu;ksDrk us ,d edku 15]000 :- ekfld fdjk, ij fy;kA mlus vk/kk edku feLVj , ,oa ’ks"k vk/kk edku
feLVj ch dks jgus ds fy, ns fn;kA feLVj , dk okf"kZd osru 3]00]000:- ,oa feLVj ch dk okf"kZd osru
7]00]000:- gSA feLVj , ,oa feLVj ch ds fy, fdjk;k eqDr edku dk ewY; Kkr dhft,\
Or/vFkok
Mr. Krishna purchased a piece of land on 04-01-1998 for Rs. 50000. This land was sold by him on
02-09-2022 for Rs.15,00,000. The market value of land as on 01-04-2001 was Rs.1,00,000. Expenses
on sales were 2% of the transfer price. Compute the capital gain (taxable) for the assessment year
2023-24. Assume the cost inflation index for 2022-23 to be 331 and for 2001-2002 to be 100.
Jh d`".kk us 04-01-1998 dks ,d Hkw Hkkx 50]000:- esa [kjhnkA bl Hkwfe dks mlus 02-09-2022 dks
15]00]000:- esa cspkA 01-04-2001 dks bldk cktkj ewY; 1]00]000 :- FkkA fcØh O;; LFkkukarj.k ewY; ds 2
izfr’kr gq,A dj fu/kkZj.k o"kZ 2023&24 ds fy, dj ;ksX; iwath ykHk dh x.kuk dhft,A ;g eku yhft, dh ykxr
lwpdkad 2022&23 dk 331 ,oa 2001&2002 dk 100 gSA

B-03: Compute the income for the year ending 31st March, 2023 under the head of ‘Income from Other
Sources’ of Mr Abhinay Johri his investment were:
31 ekpZ] 2023 dks lekIr gksus okys o"kZ ds fy, vfHku; tkSgjh dh ^vU; lk/kuksa ls vk;* ’kh"kZd esa vk; Kkr
dhft, muds fofu;ksx Fks%
(a) 5% Government security 5 izfr’kr ljdkjh izfrHkwfr;k¡ Rs.70,000
(b) 7.5% Agra Municipal bonds 7-5 izfr’kr vkxjk E;qfufliy ckW.M Rs.50,000
(c) 9% Debentures of a company 9 izfr’kr ,d daiuh ds _.k i= Rs.30,000
(d) 7% Capital Investment bonds 7 izfr’kr iwath fofu;ksx ckW.M Rs.20,000

Or/vFkok
To whom an appeal lies against the assessment order? What is the limitation period for filing such
appeal?
dj&fu/kkZj.k vkns’k ds fo:) fdlds lEeq[k vihy dh tk ldrh gS] ,slh vihy fdruh vof/k esa dh tk ldrh
gS\

B-04: Describe the various types of assessment.

dj fu/kkZj.k ds fofHkUu izdkjksa dks le>kb,A
Or/vFkok
An employee ‘C’ would receive the following during the financial year 2022-23:
Salary after standard deduction Rs.8,67,500. His annual contribution to Recognised Provident Fund
Rs.62,000 and he has paid Life Insurance Premium of Rs.12,000 on his own life. He has participated in
the Unit Linked Insurance Plan, 1971 and pays Rs.1,000 towards that. Compute his income from salary
liable to deduction of tax at source and the amount of tax to be deducted.
,d deZpkjh ‘C’ dks foÙkh; o"kZ 2022&23 esa fuEu izkIr gksxk%
Oksru ekud dVkSrh ds ckn 8]67]500:-A izekf.kr izkWfoMs.V Q.M esa mldk va’knku 62]000:- gS rFkk mlus
12]000:- vius thou ij thou chek izhfe;e pqdk;k gSA og ;wfuV fyaDM bU’;ksjsal Iyku] 1971 esa 1]000:-
pqdkrk gSA mldh osru ls vk; dh x.kuk dhft, ftl ij mn~xe LFkku ij dj dh dVkSrh gksuh pkfg, rFkk dVus
okyh dj dh jkf’k Hkh Kkr dhft,A

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 Paper Code: MJC-491
PART -C
(ESSAY TYPE QUESTIONS)
Marks: 32 (4 questions of 8 marks each)

C-01: An Individual has estimated the following taxable income for the financial year 2022-23:
,d O;fDr dks foÙkh; o"kZ 2022&23 esa fuEufyf[kr dj;ksX; vk; izkIr gksus dk vuqeku gS%
Rs.
Income from House Property edku lEifÙk ls vk; 80,000
Profit from Business O;olk; ls ykHk 7,50,000
Interest on Fixed Deposit from bank (Gross) cSad esa LFkk;h tek ij C;kt ¼ldy½10,000
Determine the amount payable as an advance tax on prescribed dates during the financial year 2022-23
if he does opt for the new tax regime.
foÙkh; o"kZ 2022&23 esa fu/kkZfjr frfFk;ksa rd ns; vfxze dj jkf’k dh x.kuk dhft, ;fn og ubZ dj O;oLFkk dks
viukrk gSA

Or/vFkok

Discuss the provisions of Income Tax Act regarding penalties to be imposed in the following cases:
fuEu n’kkvksa esa vFkZ&n.M yxkus ds laca/k esa vk; dj vf/kfu;e ds izko/kkuksa dk o.kZu dhft,%
(a) Under –reporting of income vk; dh de fjiksVZ djukA
(b) Misreporting of income vk; dh feF;k fjiksVZ djukA

C-02: In the following cases calculate the tax liability of an individual resident in India for the Assessment Year
2022-23:
(a) Total Income Rs.1,80,000 Agricultural Income Rs.50,000
(b) Total Income Rs.4,30,000 Agricultural Income Rs.4,000
(c) Total Income Rs.11,00,000 Agricultural Income Rs.15,000
Unabsorbed Agricultural Loss Rs.5,000 brought forward from the Assessment Year 2022-23.
fuEu n’kkvksa esa dj&fu/kkZj.k o"kZ 2022&23 ds fy, Hkkjr esa fuoklh ,d O;fDr ds dj nkf;Ro dh x.kuk dhft,%
¼d½ dqy vk; 1]80]000:- d`f"k vk; 50]000 :-
¼[k½ dqy vk; 4]30]000: d`f"k vk; 4]000 :-
¼x½ dqy vk; 11]00]000: d`f"k vk; 15]000 :-
v'kksf/kr d`f"k gkfu tks dj&fu/kkZj.k o"kZ 2022&23 ls vkxs yk;h x;h gS 5]000 :-A
Or/vFkok
From the following particular of an individual calculate his total income and net tax liablility for the
Assessment Year 2023-24.
,d O;fDr ds fuEukafdr fooj.k ls dj fu/kkZj.k o"kZ 2023&24 ds fy, mldh dqy vk; ,oa ’kq) dj nkf;Ro dh
x.kuk dhft,%
Rs.
(i) Rent from let out properties edku laifÙk ls izkIr fdjk;k 20,000
(ii) Long-term capital gains (computed) nh?kZdkyhu iwath ykHk ¼vkdfyr½ 30,000
(iii) Profit from own business Lo;a ds O;kikj dk ykHk 6,31,000
(iv) Income from lottery (gross) ykWVjh lss vk; ¼ldy½ 1,00,000
(v) Net Agricultural income ’kq) d`f"k vk; 10,000

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 Paper Code: MJC-491

C-03: What is Income Tax? Describe the history of income tax in India. What are the basis and procedure of
charging income tax?
vk;dj D;k gS\ Hkkjr esa vk;dj ds bfrgkl dk o.kZu dhft,A vk;dj yxkus dk vk/kkj vkSj fof/k D;k gS\
Or/vFkok
What do you understand by advance payment of Tax? Explain clearly the provisions of the Income Tax
Act in this respect.
dj ds ^vfxze Hkqxrku* ls vki D;k le>rs gSa\ bl laca/k esa vk;dj vf/kfu;e ds izeq[k izko/kkuksa dh Li"V O;k[;k
dhft,A

C-04: Compute taxable income under the head salary of Mr. X (an employee of a company) for the
Assessment year 2023-24:
(a) Salary Rs.60,000 p.m.
(b) D.A. Rs.10,000 P.m.
(c) Entertainment Allowance Rs. 1,000 p.m.
(d) Employer’s contribution to Recognized Provident Fund Rs.88,800. His own contribution was
Rs.88,800.
(e) Interest @10% p.a. on Credit Balance of Recognized P.F. amounted to Rs.50,000.
(f) City Compensatory Allowance Rs.500 p.m.
(g) Medical Allowance Rs.1,200 p.m.
(h) He has been provided with a large Car for both official and personal use. Employer bears all the
expenses of the car.
(i) He is provided an unfurnished house by the employer in a city (population 12 lakh). The fair rental
value of the house is Rs.90,000 p.a. Employer charges Rs.2,000 from him per month as rent.
dj&fu/kkZj.k o"kZ 2023&24 ds fy, fe- ,Dl ¼tks ,d dEiuh dk deZpkjh gS½ dh osru ’kh"kZd dh dj&;ksX; vk;
dh x.kuk dhft,%
¼d½ osru 60]000 :- izfr ekgA
¼[k½ egaxkbZ HkRrk 10]000 :- izfr ekgA
¼x½ euksjatu HkRrk 1]000 :- izfr ekgA
¼?k½ izekf.kr izkWfoMs.V Q.M esa fu;ksDrk dk va’knku 88]800 :-A mldk Lo;a dk va’knku 88]800 :-A
¼M-½ izekf.kr izksfoMsUV QUM ds lafpr ’ks"k ij C;kt 10 izfr’kr okf"kZd nj ls 50]000 :-A
¼p½ uxj {kfriwfrZ HkRrk 500 :- izfr ekgA
¼N½ fpfdRlk HkRrk 1]200 :- izfr ekgA
¼t½ mlds fu;ksDrk us mls ,d cM+h dkj dk;kZy; rFkk futh nksuksa dk;ksZa ds fy, nh gSA dkj ds lHkh O;; fu;ksDrk
djrk gSA
¼´½ fu;ksDrk us mls ’kgj esa ¼tula[;k 12 yk[k½ vlqlfTtr edku dh lqfo/kk nh gSA fu;ksDrk 2]000 :- izfr
ekg fdjk;k ysrk gS] edku dk mfpr okf"kZd fdjk;k 90]000 :- gSA

Or/vFkok
Describe the method of computing income under the head ‘Income from other Sources.’
^vU; lk/kuksa ls vk;* ’kh"kZd esa vk; dh x.kuk djus dh fof/k dk o.kZu dhft,A

The End

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 Paper Code: MJC-491

fo’ks"k Vhi% osclkbV ij izdkf’kr ikVZ&, dh dqta h ds lanHkZ esa fdlh izdkj dh folaxfr gksus ij fo|kFkhZ viuk izfrosnu ijh{kk fu;a=d dks
osclkbV ij izdkf’kr frfFk ls vkxkeh rhu dk;Zfnolksa esa izLrqr dj ldrs gSaA blds i'pkr~ izLrqr izfrosnuksa ij fopkj fd;k
tkuk laHko ugha gksxkA
ijh{kk fu;a=d

Key to Part-A
(Objective Type Questions)
Paper Code: MJC-491
Question Answer Key
A-01: B

A-02: B

A-03: D

A-04: D

A-05: A

A-06: C

A-07: D

A-08: A

A-09: B

A-10: D

A-11: A

A-12: A

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 Paper Code: MJC-491

Number of Printed Pages: 7 1 Date, Day: 02-05-2024