Download OU B.Com 2018 June 2nd Year 2nd Semester 3545 Income Tax Question Paper

FACULTY OF COMMERCE

B.Com. (CBCS) (IV – Semester) Examination, May/June, 2018

INCOME TAX II

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Paper Code - BC - 405

Time: 3 Hours Max. Marks: 80

PART - A (5X4=20 Marks)

Note: Answer any FIVE of the following questions not exceeding 20 lines each.

1. Cost of Acquisition

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2. Casual Income
3. Deemed Incomes
4. 80E Reduction
5. Tax provisions regarding family pension
6. Define persons as per Income Tax Act

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7. Best Judgment Assessment
8. E - Return

PART - B (5X12=60 Marks)

Note: Answer all the questions in not exceeding 4 pages each.

1. a) What are the Capital Gains exempted u/s 10.?
   

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   OR
   b) Mr. Raju owned one residential house sold for Rs. 11,80,000 in Oct. 2016 which was actually purchased for Rs.1,00,00 in 1982-83. He spent Rs.10,000 for the construction of another room in 1984-85. Expenses incurred in the execution of sale deed were Rs.10,000 which were born by him. Cost Inflation Index no.s in 1982-83, 84-85 and 2016-17 were 109, 125 and 1125 respectively. Compute his capital gain.
2. a) Mention the different kinds of income specially mentioned as chargeable to tax under the need “income from other sources”.
   OR
   b) From the following Information compute the Income From other sources for the AY:
   

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   i) Loss from owning and maintaining horse for race purpose	Rs.12,000
   ii) Loss at Bombay	Rs. 40,000
   iii) Profit at Bangalore	Rs.20,000
   iv) Dividend(Gross) From Indian Companies	Rs.6,000
   v) Betting on Horse Races	Rs.4,000

3. a) What are the tax provisions regarding Alternate Minimum Tax (AMT) on Individual?
   OR
   b) For the accounting year ended 31st March 2017 Mrs. Shashi furnishes the following particulars of his income.
   

   i) Salary received in India	Rs. 60,000
   ii) Profit from business in Germany but received in India	15,000
   iii) Income from House Property in Pakistan deposited in Bank there	12,000
   iv) Profit from business established in Bangladesh but business controlled from India	46,000
   v) Income occurred in India but received in Sweden	25,000
   vi) In this accounting year Mr. Sashi has brought into India foreign income of earlier years	42,700
   vii) Profit from sale of plant at Mumbai (50% received in Bangkok)	1,60,000
   viii) Interest on Japan Development Bonds (60% received in India)	1,00,000

   Compute his total Income if he is resident.

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4. a) What is time Limit for filing of return of income under the Income Tax Act.?
   OR
   b) Discuss the tax provisions relating to rectification of mistake.