Download OU (Osmania University) B.Com 2019 Dec 2nd Year 10053 Income Tax I Previous Question Paper
FACULTY OF COMMERCE
B.Com. III ? Semester (CBCS) Examination, November / December 2019
(Common Paper for General / Computers /Computer Applications /
Advertising / Foreign Trade and Tax Procedure Courses)
Subject: Income Tax - I
Paper Code ? BC ? 305
Time: 3 Hours Max.Marks: 80 PART ? A (5x4 = 20 Marks)
[Short Answer Type]
Note: Answer any five of the following questions in not exceeding 20 lines each.
1 Direct taxes Vs Indirect Taxes
2 Partly Agricultural Income
3 Salary
4 Annual Value
5 Deemed Profits
6 Calculate Gross Annual Value from the particulars given below:
MRV ? Rs.65,000; FRV ? Rs.69,000; Standard Rent ? Rs.55,000 and Annual Rent ?
Rs.1,02,000. During the previous year 2018-19 the Assessee could not realize rent
for one month and the house also remained vacant for three months.
7 Mr.Srinivasu, a Canadian National came to India during the Financial Year 2018-19
for 180 days, find out his Residential Status for the Assessment Year 2019-20.
8 Mr.Hari Krishna receives Rs.50,000 per month as Salary. He is also getting D.A. of
Rs.26,000 per month. He receives Rs.50,000 as Bonus. On 30-5-2018, he retired
from his service. He had service of 29 years and 5 months. He received
Rs.10,00,000 as Gratuity under the Payment of Gratuity Act. Compute the Taxable
Gratuity for the Assessment Year 2019-20.
PART ? B (5x12 = 60 Marks)
[Essay Answer Type]
Note: Answer the following questions in not exceeding four pages each.
9 a) Explain the Incomes exempted from tax under Income Tax Act.
OR
b) Following are the incomes of Sri Amaranth for the financial year 2018-19
Interest on Saving Bank Account in Punjab National Bank, Hyderabad
Rs.2,500 o Income from Agriculture in America invested in Nepal Rs.1,50,000
o Dividend received in U.K. from a China Company, a part of which Rs.5,000
remitted to India Rs.20,000
o Pension computed received in Belgium for services rendered in India with a
Limited Company.
You are required to compute Rs. 30,000, his is Gross Total Income for the
Assessment Year 2019-20 if he is a resident, not ordinarily resident and non-resident.
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Code No. 10053
FACULTY OF COMMERCE
B.Com. III ? Semester (CBCS) Examination, November / December 2019
(Common Paper for General / Computers /Computer Applications /
Advertising / Foreign Trade and Tax Procedure Courses)
Subject: Income Tax - I
Paper Code ? BC ? 305
Time: 3 Hours Max.Marks: 80 PART ? A (5x4 = 20 Marks)
[Short Answer Type]
Note: Answer any five of the following questions in not exceeding 20 lines each.
1 Direct taxes Vs Indirect Taxes
2 Partly Agricultural Income
3 Salary
4 Annual Value
5 Deemed Profits
6 Calculate Gross Annual Value from the particulars given below:
MRV ? Rs.65,000; FRV ? Rs.69,000; Standard Rent ? Rs.55,000 and Annual Rent ?
Rs.1,02,000. During the previous year 2018-19 the Assessee could not realize rent
for one month and the house also remained vacant for three months.
7 Mr.Srinivasu, a Canadian National came to India during the Financial Year 2018-19
for 180 days, find out his Residential Status for the Assessment Year 2019-20.
8 Mr.Hari Krishna receives Rs.50,000 per month as Salary. He is also getting D.A. of
Rs.26,000 per month. He receives Rs.50,000 as Bonus. On 30-5-2018, he retired
from his service. He had service of 29 years and 5 months. He received
Rs.10,00,000 as Gratuity under the Payment of Gratuity Act. Compute the Taxable
Gratuity for the Assessment Year 2019-20.
PART ? B (5x12 = 60 Marks)
[Essay Answer Type]
Note: Answer the following questions in not exceeding four pages each.
9 a) Explain the Incomes exempted from tax under Income Tax Act.
OR
b) Following are the incomes of Sri Amaranth for the financial year 2018-19
Interest on Saving Bank Account in Punjab National Bank, Hyderabad
Rs.2,500 o Income from Agriculture in America invested in Nepal Rs.1,50,000
o Dividend received in U.K. from a China Company, a part of which Rs.5,000
remitted to India Rs.20,000
o Pension computed received in Belgium for services rendered in India with a
Limited Company.
You are required to compute Rs. 30,000, his is Gross Total Income for the
Assessment Year 2019-20 if he is a resident, not ordinarily resident and non-resident.
Code No. 10053
-2-
10 a) Define Integration and how to determine the Tax on Integration Process.
OR
b) Compute Agricultural Income of Mr. Harish from the details of cultivation of
land: Sale proceeds of agricultural produce Rs. 1,60,000
Depreciation of Equipment Rs.6,000
Labour Charges Rs. 24,000
Cost of Seeds Rs. 6,000 Cost
of Fertilizers Rs.3,000
Electricity Charges Rs. 12,000.
11 a) Explain the different kinds of Provident Funds and its tax treatment.
b) Mr.Kiran is working as Sales Executive in Maruthi Ltd. Hyderabad and his salary
details are as follows for the Previous Year 2018 -19. Basic Salary Rs.51,000 per
month, Bonus equal to two months Basic Salary, Commission 3% on Sales
(During the year he reached sales target of Rs.5,00,000), Dearness Allowance
Rs.17,000 per month (eligible for retirement benefits), Medical Allowance
Rs.5,400 per month, (Medical Expenses Rs.54,000), Children Hostel Allowance
for his two children @ Rs.1000 per month per child. Children Education
Allowance for his two children Rs.1200 per month per child. RPF Contribution by
the Company Rs.6000 per month. RPF Contribution by Employee Rs.5000 per
month. Interest credited on RPF 8% Rs.44,000. He has been provided with
company?s owned rent free furnished house in Mumbai and Cost of Furniture
provided is Rs.60,000. Mr.Kiran paid his Professional Tax Rs.2,400 per annum,
Compute Taxable Salary for the Assessment Year 2019-20.
12 a) What are the deductions allowed from Annual Value, while computing the income
from House Property?
OR
b) Mr.Bhaskar (resident) owns a big house, the construction of which was
completed in May 2010, 50% of the floor area is let-out for residential purposes
on a monthly rent of Rs.6000. However, this portion remained vacant for one
month during 2018-19, 25% of the floor area is used by the owner for the purpose
of his profession, while remaining 25% of the floor area is utilized for the purpose
of his residence. Other particulars of the house are as follows:
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Code No. 10053
FACULTY OF COMMERCE
B.Com. III ? Semester (CBCS) Examination, November / December 2019
(Common Paper for General / Computers /Computer Applications /
Advertising / Foreign Trade and Tax Procedure Courses)
Subject: Income Tax - I
Paper Code ? BC ? 305
Time: 3 Hours Max.Marks: 80 PART ? A (5x4 = 20 Marks)
[Short Answer Type]
Note: Answer any five of the following questions in not exceeding 20 lines each.
1 Direct taxes Vs Indirect Taxes
2 Partly Agricultural Income
3 Salary
4 Annual Value
5 Deemed Profits
6 Calculate Gross Annual Value from the particulars given below:
MRV ? Rs.65,000; FRV ? Rs.69,000; Standard Rent ? Rs.55,000 and Annual Rent ?
Rs.1,02,000. During the previous year 2018-19 the Assessee could not realize rent
for one month and the house also remained vacant for three months.
7 Mr.Srinivasu, a Canadian National came to India during the Financial Year 2018-19
for 180 days, find out his Residential Status for the Assessment Year 2019-20.
8 Mr.Hari Krishna receives Rs.50,000 per month as Salary. He is also getting D.A. of
Rs.26,000 per month. He receives Rs.50,000 as Bonus. On 30-5-2018, he retired
from his service. He had service of 29 years and 5 months. He received
Rs.10,00,000 as Gratuity under the Payment of Gratuity Act. Compute the Taxable
Gratuity for the Assessment Year 2019-20.
PART ? B (5x12 = 60 Marks)
[Essay Answer Type]
Note: Answer the following questions in not exceeding four pages each.
9 a) Explain the Incomes exempted from tax under Income Tax Act.
OR
b) Following are the incomes of Sri Amaranth for the financial year 2018-19
Interest on Saving Bank Account in Punjab National Bank, Hyderabad
Rs.2,500 o Income from Agriculture in America invested in Nepal Rs.1,50,000
o Dividend received in U.K. from a China Company, a part of which Rs.5,000
remitted to India Rs.20,000
o Pension computed received in Belgium for services rendered in India with a
Limited Company.
You are required to compute Rs. 30,000, his is Gross Total Income for the
Assessment Year 2019-20 if he is a resident, not ordinarily resident and non-resident.
Code No. 10053
-2-
10 a) Define Integration and how to determine the Tax on Integration Process.
OR
b) Compute Agricultural Income of Mr. Harish from the details of cultivation of
land: Sale proceeds of agricultural produce Rs. 1,60,000
Depreciation of Equipment Rs.6,000
Labour Charges Rs. 24,000
Cost of Seeds Rs. 6,000 Cost
of Fertilizers Rs.3,000
Electricity Charges Rs. 12,000.
11 a) Explain the different kinds of Provident Funds and its tax treatment.
b) Mr.Kiran is working as Sales Executive in Maruthi Ltd. Hyderabad and his salary
details are as follows for the Previous Year 2018 -19. Basic Salary Rs.51,000 per
month, Bonus equal to two months Basic Salary, Commission 3% on Sales
(During the year he reached sales target of Rs.5,00,000), Dearness Allowance
Rs.17,000 per month (eligible for retirement benefits), Medical Allowance
Rs.5,400 per month, (Medical Expenses Rs.54,000), Children Hostel Allowance
for his two children @ Rs.1000 per month per child. Children Education
Allowance for his two children Rs.1200 per month per child. RPF Contribution by
the Company Rs.6000 per month. RPF Contribution by Employee Rs.5000 per
month. Interest credited on RPF 8% Rs.44,000. He has been provided with
company?s owned rent free furnished house in Mumbai and Cost of Furniture
provided is Rs.60,000. Mr.Kiran paid his Professional Tax Rs.2,400 per annum,
Compute Taxable Salary for the Assessment Year 2019-20.
12 a) What are the deductions allowed from Annual Value, while computing the income
from House Property?
OR
b) Mr.Bhaskar (resident) owns a big house, the construction of which was
completed in May 2010, 50% of the floor area is let-out for residential purposes
on a monthly rent of Rs.6000. However, this portion remained vacant for one
month during 2018-19, 25% of the floor area is used by the owner for the purpose
of his profession, while remaining 25% of the floor area is utilized for the purpose
of his residence. Other particulars of the house are as follows:
Code No. 10053
-3-
Municipal Valuation Rs.60,000, Standard Rent Rs.90,000, Municipal taxes paid
Rs.12,000, Repairs Rs.3,000, Interest on Capital borrowed for repairs Rs.28,000,
Ground Rent Rs.4,000, Annual Charges Rs.6000, Free Insurance Premium
Rs.1200. Compute the Income from House Property of Mr. Bhaskar for the
Assessment Year 2019-20.
13 a) Define Block of Assets. Explain in detail about the Tangible Assets and Intangible
Assets.
OR
b) From the following Profit and Loss Account of Sri Murthy a Sole Trader, compute
his Business Income for the Assessment Year 2019-20.
Particulars
To General Expenses
To Staff Salaries
To Bad Debts
To Depreciation
To Advertisement
To Income Tax Appeal
To Fire Insurance
Premium on Stock
To Donations to
National Defense Fund
To Patents Purchased
Audit Fees
To Provision for
Doubtful Debts
To Life Insurance
Premium
To Net Profit
Total
Other Information
Amount
Particulars (Rs.)
18,000 By Gross Profit
7,000 By Bad Debts
Recovered
3,000 By Income Tax Refund
4,000 By Dividend on Shares
5,000 By Dividend on
Units of U.T.I.
11,000
2,000
7,000
10,500
1,000
3,800
5,200
30,000
1,07,500 Total
Amount
(Rs.)
89,000
1,000
4,500
8,000
5,000
1,07,500
1) Patents are purchased in the previous year.
2) Bad debts recovered is allowed earlier.
3) Depreciation on Assets other than Patents is Rs. 4,800.
****
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Code No. 10053
FACULTY OF COMMERCE
B.Com. III ? Semester (CBCS) Examination, November / December 2019
(Common Paper for General / Computers /Computer Applications /
Advertising / Foreign Trade and Tax Procedure Courses)
Subject: Income Tax - I
Paper Code ? BC ? 305
Time: 3 Hours Max.Marks: 80 PART ? A (5x4 = 20 Marks)
[Short Answer Type]
Note: Answer any five of the following questions in not exceeding 20 lines each.
1 Direct taxes Vs Indirect Taxes
2 Partly Agricultural Income
3 Salary
4 Annual Value
5 Deemed Profits
6 Calculate Gross Annual Value from the particulars given below:
MRV ? Rs.65,000; FRV ? Rs.69,000; Standard Rent ? Rs.55,000 and Annual Rent ?
Rs.1,02,000. During the previous year 2018-19 the Assessee could not realize rent
for one month and the house also remained vacant for three months.
7 Mr.Srinivasu, a Canadian National came to India during the Financial Year 2018-19
for 180 days, find out his Residential Status for the Assessment Year 2019-20.
8 Mr.Hari Krishna receives Rs.50,000 per month as Salary. He is also getting D.A. of
Rs.26,000 per month. He receives Rs.50,000 as Bonus. On 30-5-2018, he retired
from his service. He had service of 29 years and 5 months. He received
Rs.10,00,000 as Gratuity under the Payment of Gratuity Act. Compute the Taxable
Gratuity for the Assessment Year 2019-20.
PART ? B (5x12 = 60 Marks)
[Essay Answer Type]
Note: Answer the following questions in not exceeding four pages each.
9 a) Explain the Incomes exempted from tax under Income Tax Act.
OR
b) Following are the incomes of Sri Amaranth for the financial year 2018-19
Interest on Saving Bank Account in Punjab National Bank, Hyderabad
Rs.2,500 o Income from Agriculture in America invested in Nepal Rs.1,50,000
o Dividend received in U.K. from a China Company, a part of which Rs.5,000
remitted to India Rs.20,000
o Pension computed received in Belgium for services rendered in India with a
Limited Company.
You are required to compute Rs. 30,000, his is Gross Total Income for the
Assessment Year 2019-20 if he is a resident, not ordinarily resident and non-resident.
Code No. 10053
-2-
10 a) Define Integration and how to determine the Tax on Integration Process.
OR
b) Compute Agricultural Income of Mr. Harish from the details of cultivation of
land: Sale proceeds of agricultural produce Rs. 1,60,000
Depreciation of Equipment Rs.6,000
Labour Charges Rs. 24,000
Cost of Seeds Rs. 6,000 Cost
of Fertilizers Rs.3,000
Electricity Charges Rs. 12,000.
11 a) Explain the different kinds of Provident Funds and its tax treatment.
b) Mr.Kiran is working as Sales Executive in Maruthi Ltd. Hyderabad and his salary
details are as follows for the Previous Year 2018 -19. Basic Salary Rs.51,000 per
month, Bonus equal to two months Basic Salary, Commission 3% on Sales
(During the year he reached sales target of Rs.5,00,000), Dearness Allowance
Rs.17,000 per month (eligible for retirement benefits), Medical Allowance
Rs.5,400 per month, (Medical Expenses Rs.54,000), Children Hostel Allowance
for his two children @ Rs.1000 per month per child. Children Education
Allowance for his two children Rs.1200 per month per child. RPF Contribution by
the Company Rs.6000 per month. RPF Contribution by Employee Rs.5000 per
month. Interest credited on RPF 8% Rs.44,000. He has been provided with
company?s owned rent free furnished house in Mumbai and Cost of Furniture
provided is Rs.60,000. Mr.Kiran paid his Professional Tax Rs.2,400 per annum,
Compute Taxable Salary for the Assessment Year 2019-20.
12 a) What are the deductions allowed from Annual Value, while computing the income
from House Property?
OR
b) Mr.Bhaskar (resident) owns a big house, the construction of which was
completed in May 2010, 50% of the floor area is let-out for residential purposes
on a monthly rent of Rs.6000. However, this portion remained vacant for one
month during 2018-19, 25% of the floor area is used by the owner for the purpose
of his profession, while remaining 25% of the floor area is utilized for the purpose
of his residence. Other particulars of the house are as follows:
Code No. 10053
-3-
Municipal Valuation Rs.60,000, Standard Rent Rs.90,000, Municipal taxes paid
Rs.12,000, Repairs Rs.3,000, Interest on Capital borrowed for repairs Rs.28,000,
Ground Rent Rs.4,000, Annual Charges Rs.6000, Free Insurance Premium
Rs.1200. Compute the Income from House Property of Mr. Bhaskar for the
Assessment Year 2019-20.
13 a) Define Block of Assets. Explain in detail about the Tangible Assets and Intangible
Assets.
OR
b) From the following Profit and Loss Account of Sri Murthy a Sole Trader, compute
his Business Income for the Assessment Year 2019-20.
Particulars
To General Expenses
To Staff Salaries
To Bad Debts
To Depreciation
To Advertisement
To Income Tax Appeal
To Fire Insurance
Premium on Stock
To Donations to
National Defense Fund
To Patents Purchased
Audit Fees
To Provision for
Doubtful Debts
To Life Insurance
Premium
To Net Profit
Total
Other Information
Amount
Particulars (Rs.)
18,000 By Gross Profit
7,000 By Bad Debts
Recovered
3,000 By Income Tax Refund
4,000 By Dividend on Shares
5,000 By Dividend on
Units of U.T.I.
11,000
2,000
7,000
10,500
1,000
3,800
5,200
30,000
1,07,500 Total
Amount
(Rs.)
89,000
1,000
4,500
8,000
5,000
1,07,500
1) Patents are purchased in the previous year.
2) Bad debts recovered is allowed earlier.
3) Depreciation on Assets other than Patents is Rs. 4,800.
****
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This post was last modified on 16 July 2020