C-353005 Seat No. B. Com. (Sem. III) (CBCS) Examination October - 2017 Taxation : CC - 305 (New Course) Time : Hours} [Total Marks : 70/100 agate: (1) at wetda A Roni B (2) our Wyae WA Aeeda oi Marella wz d. (3) Rows aa Aeeta Ravlada anad 8. (4) yar Revell a2 ava 2:15 sais AA Beeda Prewellall Hz aH 3:00 als 8. Rout - a 1 (i) carat ah wat muds Aa aD wAa SAR ad ed? 2 @ 1961 Gi) 1861 (ii) 1922 (iv) 1860 (a) Aleu Gaa awd : 3x5=15 (2) By mA 2 vel BA dia avi. (2) ‘Aga olf als sese 2Baa’ Ba aia avi (3) aad avai deci lad aellseet sal @ nga 6a Gi) stir Hor we Daal Gi) 529 yaa (iv) wae (vy) ate otal. aaa C-353005] 1(a) Ast Gua ai : 3x5=15 (@) Ade Boyna BA ia avd. (2) wala at Red gf 2 det seria youd, (3) AA pended aad Alas suas ve 3 Ad A vend : (i) cll Og We wal aarfl Aad AZ ayaidl wlll Buds Gi) Adlade seri Aste Adlei curler ard wR. Gil) ReUaiel mas Gv) wurde daedlell eas (vy MrmaL aA Alas oreutaatdl adl eas, 2 (a) aa Baal % Fel nasi dar} aad ta anda all, 2 PALS aXf 2017-18 AZ SAA- 139(1) Hse MLAS Vals HLA 2% seared Bel ad oS B 7? @ mise ate 31 yard Gi) wsrel vel 310 wel Gi) mUseel VL 30-41 aeae (iv) Guraiel AS usr tel (a) fat Gar au : BxS=15 G) yall Rirg Rrirdla 8 mA 1991 ated sai 22 8. wil at. 19-2-2015-1 Qe surari sel aate HZ WEL ald B rusieell af 2017-18 A Water eva ale. Gi) AS yer via aysl says weadleai avr veud. Gil) la avd, ‘sell mtd ee” aaal C-353005] 23 (or) fet Ga aut : 3x5=15 (Dia avi, ‘meuGel 52 Asad.’ (2) die amd, Gad ausieell) (3) all RAs BL.a. 2017-181 wild Ua afi sua AAA BIA lA Bid 2 HB, *La. 2017-18 Ae Ast aaAoiai ddl ada was tél sa: @ ava wha da Gi) wha dee Gii) Breda da 4a. Ral Rasdl wed avs... murda sll Boas Bulle we ony & MIRA SIR ADA Bo eeceeeeeeeeeee 3. 17,000 dotai sua A Auda wouGei ail Haida aa % aq usar at eabart aiedti aida 8... 3. 1,00,000 dora ataat tated tél, Fd aur ardriell ++ 8. 3,80,000 a &. (40% Aa ord wR AMA B) 2. 2,00,000 ayd sadly Ws WA 4 RaZaAi dia Vea ss. 3. 3,00,000 (ai) afl ot A cit. 1el ABA 2010 Aewell 3. 15000-500-17000- 2 1000-25000e1 Wur Devi Frys ad eel. wea at 2016- 17 M2 aflorrid via uur Bed ad ? @ 3. 2,04,000 Gi) 3. 2,28,000 (ii) 3. 2,16,000 (iv) 3. 2,76,000 (o) ofl BRve sd B. lA aude Maid wee Wa. 16 2016-17 WZ dell Seta VOU ssl sal: wlaad ove (1/3 curr Fight avo we ow 8.) YA YOUR 50% Alsa ore 3. 20,000 C-353005] 3 [ Contd...rae od (3 ound wz) 3. 8,000 dea wed (1 ous 42) 3. 5,000 aus 12% Mt Rise esHi mM ada eure 3. 36,000 Aa, flv mA welll arias %A WS Asda (2/3 Gua rid Bq HZ aA B) 3. 18,000 vila ey eePrud ala da vA va andr 3. 30,000 wis aia gdaad arasafl 1.8 Geel arcade der ada &. Fil oi Oa We Gur aa B, Ft wal wes ard B, WA aL aras HA dra YURI WBS 2. 1000 sul a 8. His aie BMELaLEMi Watwrll Blas AAA B, Fd aUvll WIRS HE 2. 5,000 8. 43 rule saad ya Baa 2. 4,00,000 8, at aaad A drat YoUriell 3. 16,5504 suid adl B. mia wise esHi Suelledl ev 2. 45,200 8, wR sfaudd sid 3. 38,000 8. shard adl wes asda aie rll + sao 2 ails 2. 10,000, wardlat BolaH 3. 3,000 alls at. 3041 4012, 2016 ae ar Hs YA Your 2, 22,500 edl. ¥ at. 1efl RA, 20162 aida mikas 2. 30,000 sal edi. mad (a) geile avi : 2x8=16 () daysA Gi) yes Arad C-353005] 4 [ Contd...4 (mi) A Ry Aster Aste Ws 8, Fi awl Da 22 8. 2 Usted awl Ug 3. 25,000, 4. AUSIReMl 3. 30,000, 2alls $2421 3. 2,000 Hist HIZAl dtd eux 3. 5,000 8. adel asir-rasall svutt ruas lA yx «ssl ad 6d + @ 3. 14,600 (ii) 3. — 5,000 (i). 23,000 (iv) at 4 (4) Arch wile UA Asir-PasdA aardl fla eel 16 Raid wee ait.a, 2017-18 We del Astt-Pasdiel seuvt salasell aretadl sa + Rad Astt 1 3. Astt 2 3. wah. ausrell yo alls yer 30,000. 60,000. avraell og 44,400 57,600 vale ails ong (east HL aL aura) 48,000 48,000 aairsh ee. 42,000 54,000 otis YZ aa ail 31-3-13 31-3-15 2016-171 at erat asda ails aan = UGE UUIAL aXttL 12,000 - = Ug wat arta 6,000 12,000 oiasi He AA dad uy : 6,000 9,600 mad (o1) ateall ast Asid 421d _B. Fell AIBA AA ye B : 16 Raa aH 3. | UL 3. | MAaL 3. Guar WH Og Ua faa-auaia | 2a-aURUZL aR. musteell 90,000 | 20,000 40,000 Uell og 96,000 | 26,000 36,000 yaar aig (fas) 10,000 - 7 C-353005] 5 [ Contd...ey. s2dat (asda) 18,000 10% | 10% (oisl) oust 3 avid He Ma dled ane (asaatd ost) 4,000 6,000 3,000 otiasee YZ aa ately 1-4-2014 |31-3 2012 clash aA eathalt Asda uy -| 10,000 12,000 Malt Hd WZ AAdL altel ved qsaell -|__ 10,000 12,000 aig aA 10 Araett Ost 254 AY ASttAL OUgrud HAA AAA tal, SAW AStreAL ALELR OALYRULA AL. 28-2-2017Ht Aw Ast Mel Ra B, Ue UL a set tell Wa B. La. 2017-18 NE Atal aste-Prasdell mtasat Hat ofl seta mUasell rela 52. Rona - 4 5 AS war At Gar awd : 2x15=30 (1) A ude areas As ASA Awa AAA sD 8B, aad mele Wise Ssett BOA B, Ard was YH YOUR 3. 25,000 B. me Hiaaidl oy Att YA YOURML 30% B. Ari YO WRAL 20% AA arouse Hed AMA B. aml ws 3. 5,500 ARoUs ysl &. dad yO woud 15% AA WM. sri sed a B AA UAL wat dadl % 25H ana 8. 28 ale eilsdl yal sl aad tl. 1el rarer, 2016 Dell pat a4 &, dai se ssi Asa ade ous Bi 3. 4,83,000 Aad B, Fi 3. 1,92,0001 254 iA watt ge SIL Yd CU wad &. aria deysdat 2. 5,40,800 yet you 8. ght MUG aM CUT AL BRL AIRS YH YOUR 3. 25,0004 edd. C-353005] 6 [ Contd...Idl Raz, 20162 ari His 3. 30,0001 UIA UAV oles Asi Aue Adal Asai Asta 8. al dal wr Wise Sst VOU B. AHA Wa Ra dust ue 5% AV sPrad HA 8, at. 31 wl, 2017 Qe YR Act 4 AA eae AVA ale 3. 16,80,0004 Aust 22] ed. AHA AUS ArsAl Ret amazaat sitll wias Al B, ¥ 2A AAA alls 2. 72,0004 Mg aed WB, ALL Wise ssHi are sill 2. 27,180 8. VA vor dal % WH andl B. mel at 2017-18 Ae Aref gat Seta YoU mUasell LEIA 42L. (2) al gar al. 20-10-2016 Ay ord Yatsid WA B. WAL tl, 30-4-2017 Yeh aari Asta B. att MoUGAL UVAi aT tt ORAL aaatedt Reale ava lA yx B: 2012-13 100 Raw 2013-14 120 Raat 2014-15, 240 Raw 2015-16 238 Raw A awl cuedly wis da di wa. 2017-18 We ada VWarwtetl eral verdad sal. tat Al ealda aad well dull g4 Plas ASél 521. Reel mld wed owe (40% eH oudi Holl eel) 3. 1,80,000 ourdla surflat Read Guz Reeari wa eux 3. 1,00,000 mnetateni 21a Haid tél Sq dua Revd aa 8. 2. 14,25,000 MURA SLA WAG Asttell otLatell BLAS 2. 6,20,000 (3) dll was dat rata: dll as aren, @) fan Ba dia ad : @ alls yer Gi) ry alls yer C-353005] 7 [ Contd...ENGLISH VERSION Instructions : @ 2) () (4) TA) ®) @®) ‘This question paper is in two sections. Section-A is to be attempted by both regular and external students. Section-B is to be attempted by the external students only. ‘Time for regular student is 2:15 hours and external student :00 hours respectively. SECTION - A When did India's 1 Income Tax Act come into 2 being ? @ 1961 Gi) 1861 iii) 1922 (iv) 1860 Answer the following 3xB=15 (1) Write a note on Step and Slab method. (2) Write a note on ‘Central Board of Direct Taxes’. (3) Classify the following as per the definition of a person : (i) Praful Dave (i) Gandhidham Chamber of Commerce (iii) Kachchh University (iv) ATIRA (v) Shah Brothers, OR Answer the following : 3BxB=15 (1) Write a note on ‘Appellate ‘Tribunal’, (2) What is Indirect Taxes ? State its merits (3) Below stated income, consider as a Agricultural income or not, state it : C-353005] 8 [ Contd...2 “ (B) (B) (i) Income from land used for grazing cattle required for agricultural purposes, Gi) Salary of a partner of a firm engaged in agriculture. ii) Income from fisheries (iv) Royalty income from mines (¥) Income from butter and cheese making. ‘The last date of filing the return of income U/s 139(1) 2 for the assessment year 2017-18 in case of an individual as ‘e, who does not have any income from profits and gains of business or profession is.... (@) 31° July of the assessment year (ii) 315* March of the assessment year (iii) 30 September of the assessment year (iv) None of the above Answer the following : 3x5=15 () Ms. Bindu, a non-resident, residing in New York since 1991 came back to India on 19-2-2015 for permanent settlement in India. Explain her residential status for A.Y. 2017-18 (ii) Give the name of Exempted Income, any five (iii) Write a note on, ‘Permanent Account Number". OR Answer the following : 3Bx5=15 (1) Write a note on ‘Advance Payment of Tax’ (2) Write a note on ‘Self Assessment’, (3) Shri Dipak furnishes the following particulars of his income earned during the previous year relevant to the AY. 2017-18. Compute his gross total income for the A.Y. 2017-18 in the following circumstances, if he C-353005] 9 [ Contd...(i) Ordinarily resident Gi) Resident but not ordinarily resident Gii) Non-resident - Interest from property in U.S.A.........Rs. 8,80,000 - Interest on fixed deposit with Indian Company received outside India...........Rs. 17,000 - Business profits earned in earlier years and received in London brought to India during current previous year. .. Rs. 1,00,000 - Profit from a business in London, business managed from India (40% of the profit is received outside India) Rs. 2,00,000 Pension from a former Indian employer received in U.S.A... eresterecnees ERB, 3,00,000 3 (A) Mr. B was employed on 1% April 2010 in the salary 2 scale of Rs. 15000-500-17000-1000-25000. What would be the gross salary of Mr. B for the previous year 2016-17. (Rs. 2,04,000 Gi) Rs. 2,28,000 Gii) Rs. 2,16,000 (iv) Rs. 2,76,000 (B) Mr. d is a specified employee. Determine his taxable 16 salary for P.Y, 2016-17 from the following particulars. C-353005] Dearness Allowance (1/3"4 for retirement benefit) 50% of basic pay. Medical Allowance Rs. 20,000 Education Allowance (for 3 children) Rs. 8,000 Hostel Allowance (for 1 child) — Rs. 5,000 Interest at 12% p.a. credited to R.P.F. Alc. Rs. 36,000 Gas, water and electricity charges paid by company (2/3 for personal use) Rs.18,000 10 [ Contd...- Compensation paid for injury suffered while performing office duty Rs. 30,000 - Employer has provided a Chauffeur (capacity 1.8 litres) for official and personal purpose. All expenses are met by employer. Rs. 1000 p.m. is deducted from his salary for the said facility. - The employer has provided him residential accommodation (in Ahmedabad) whose fair rental value is Rs. 5,000 p.m. Furniture costing Rs. 4,00,000 is also provided by employer. The employee has contributed Rs. 16,550 towards this perquisite. Company's contribution to R.P.F. Rs. 45,200 and employee contributed Rs. 38,000. Expenses paid by company on behalf of employee Club fees Rs. 10,000 p.a, LIC premium Rs. 3,000 p.a. - Basic salary Rs. 22,500 p.m. upto 30‘ November, 2016 and thereafter Rs. 30,000 p.m OR (B) Write short notes on 2x8=16 @ Gratuity (i) Commuted pension. 4 (A) Mr. 'S' is owner of only one house. It is selfoccupied. 2 Fair rent Rs, 25,000, Municipal Assessment Rs. 30,000, Local Taxes Rs. 2,000, Interest on loan for the construction Rs. 5,000. His taxable income from house property would have been determined as under : @ Rs. 14,600 Gi) Rs. 23,000 Gi) Rs. — 5,000 (iv) Nil C-353005] i [ Contd...(B) From the following details of house property of Smt. 16 Gayatri Devi, you are required to compute her taxable income from house property for the A.Y. 2017-18. Particulars House No. 1 | House No. 2 Rs. Rs. Annual value as per Municipal records 30,000 60,000 Fair Rent 44,400 57,600 Annual rent received (let out for residence) 48,000 48,000 Standard rent 42,000 54,000 Date of completion of construction -2013 2015 Municipal tax paid during 2016-17 - of earlier previous year 12,000 - of current previous year 6,000 12,000 Interest on loan taken for construction purpose 6,000 9,600 OR (B) Mansi owns 3 houses, particulars of which are as 16 follows Particulars Tap Rs. | ‘Tyag Rs. | Mamta Rs. Use of Property Let out | Self occupied | Self occupied Municipal Valuation 90,000 20,000 40,000 Fair Rent 96,000 26,000 36,000 Rent receivable (p.m) 10,000 Municipal taxes paid 18,000 10% | 10% (unpaid) C-353005] 12 [ Contd...Interest (unpaid) on housing loan (for construction or repairs) 4,000 6,000 3,000 Date of completion of construction 14-14 B1-3-12 Int. of loan paid during construction period ‘ 10,000 12,000 Repayment of housing Loan - 10,000 12,000 ‘The tenant who was in possession on Tap upto 28-2-2017 has not paid 10 months rent. The house Tap has remained vacant in March 2017. Compute the taxable income of Mansi under the head income from house property for the A.Y. 2017-18. SECTION - B 5 Answer any two : 2x15=30 (1) Shri Parikh is employed with a sole trader's firm in Ahmedabad. He is a member of unrecognized provident fund. He draws a basic salary of Rs. 25,000 p.m. and D.A. @ 30% of his basic salary. He also gets house rent allowance @ 20% of his bas house rent @ Rs. 5,500 p.m. He contributes 15% of his salary, He has to pay basic salary to the fund and the firm also contributes equally. He retires on 1** November, 2016 after 28 years of service. He gets Rs. 4,83,000 as accumulated balance from the provident fund. It consists of Rs. 1,92,000 as interest on total contribution made by both the parties. He also gets Rs. 5,40,800 as gratuity. His average monthly salary of the year preceding the month of retirement amounted to Rs. 25,000. C-353005] 13 [ Contd...On 1 December, 2016 he joins another sole trader's firm in Rajkot at a salary of Rs. 30,000 p.m. He also gets 5% commission on sales effected by him. The total sales made by him, during 4 months ending on 31% March, 2017 amounted to Rs. 16,80,000. He has been provided rent-free unfurnished house for which the firm has to pay an annual rent of Rs. 72,000. His contribution to the recognized Provident Fund based on basic pay is Rs. 27,180, the firm has also contributed an equal amount. Compute his taxable salary income for the as ent year 2017-18. @) Shri Kumar, an Indian citizen comes to India on 20-10-2016 and stays upto 30-4-2017. Particulars of his stay in India in earlier previous years are as follows : 2012-13 100 days 2013-14 120 days 2014- 5 240 days 2015-16 238 days YY, 2017-18 and also on basis of the said residential status, compute Determine his residential status for A his total income from the following particulars, Interest on Foreign Securities (40% of which is received in India) Rs. 1,80,000 Interest on debentures of Indian company's received abroad Rs. 1,00,000 Profit from business in Ahmedabad controlled from abroad .. sore RS. 14,25,000 Rent from property situated outside India....Rs. 6,20,000 C-353005] 4 [ Contd...(8) Explain Agricultural Income and Partly Agricultural Income. (4) Write notes on @ Annual Value (i) Net Annual Value. C-353005] 15 [ 3420 - 108/18 ]