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UNIVERSITY BAREILLY
Retunte’ nae POR Wwe PAM IPF

Even Semester Examination 2021-22

BBA — IV Semester
Subject Code: BBA406
~ooa NCOME
TAX LAW
PRACTICES
AND
(Time: 05:00 Hirs.j Maximum Marke: 701
NOTE: Attempt all three sections.

"SECTION-Ar
~ NOTE:Attempt all parts of the following question. (14 Marks)

Q. 1. Recall the following: (1x7 = 7 Marks)

i Person
il. Assessment year
fii. Previous year
iv. Tax evasion
v. Tax avoidance !
vi. Deemed to be assessee
vii. Casual income aes
Q.2. Define thefollowing ; :1*7:=7 marks)
i. House rent atlowesice-
ii. Entertainmentallowance

iv. Incomefrom house pröperty

v Agriculture income
vi. Gross total income
vii. Total income

SECTION - ‘B’
NOTE: Attempt all the questions. ia, (14x2 = 28 Marks)

Q3. (i) a) Draw the difference between gross total income and total income
DM Raj ohiet acoomntant of company tm Mourn yet thie tanaibie eatery Frey
the following information

Basic salary 50000 P.M

Bonus equal to 3 months’ salary
House rent allowance 250p.m actual rent paid 2250 pm
He contribution to RPF @ 14.5% of salary. His employer contribution ı
equal amount. Interest credited to his provident fund account is 18000at 15'
pa
* He has been provided with a 2000cc car for office and personal purposes. Ex
paid by employer . (7 Marks)
Q.3 (i) a) Draw the Car perquisites (7 Marks)
Or
5) Ms. Shiva sells his only house in Kanpur for Rs 3000000 on 3% may 2020. The
house was purchased by his father in 1982 for Rs 100000 and inherited by Mr. Shiva
on the death of his father in march 1990. Its fair market value as on 1* April 2001 was
300000. On 23r Dec 2020, he purchased three flats for 700000 each in Kanpur.
Compute capital gains for the assessment year 2021-22. Cost inflation index for 2001-
@2 is 100 (7 Marks)
Q.4. (1) a) focus on income which are neither included in total income nor is the
imcome tax payable on them (7 Marks)
Or

b) Mr. Amaris owner of four house. He paid local tax @ 10% of their municipal
value determine their annual value from the information

A B c D
Reni received 24000 28000 30000 25000
Municipal value 20000 20000 20000 20000
Fair rent 26000 26500 283000 27000
Standard rent 25000 26000

Q. 4.(ü) a) explain the Structure ofdeduction 80 C and 80 D (7 marks)

Or
b) Integraie the condition which an individual must fulfill in the order to be
resident, not ordinary resident and non-resident
called

ng here
Q. 5. 2) Discuss the provisionof set off of losses and carry forward of losses
a. (8 marks)
b) Gross tt Whcome of Mr. Jai Prasad from the following
® loss from house property 150000
en» loss from self-occupied house property 150000
profit from general business 55000
profit from speculation 40000
long term capital gain 120000 (6 marks)
.».

or
Explain criteria agriculture income and explain non agriculture income (14 marks)

Q. 6.Mr. Manukant is own of a house in Agra. Municipal value of house is 40000 and
fair rent is 32000. Rent control act does not apply on it. He incurred the following
expenses in respect of his house municipal tax Rs 6500 repair Rs 3500 fire insurance
premium 3500 ground rent. Interest on borrowed capital ( the construction of the house
was completed by borrowing Rs. 300000 on January 1, 2014@ 12% interest p.a.
construction was completed on 1" march 2017) Rs 100000 ofthis loan was repaid
before the previous year.

Compute the taxable income of Mr. Manukant under the head “income from House
property for the assessment year 2021-22 if(i) the house self-occupied(ii) the house is
let out at Rs. 3500 per month (14 marks)

Or
Dr. Rajan Porwar has following income during the previous year 2020-21

salary taxable accrued and received in Delhi

g Hg 888 829;
income from business in England but received in India
income earned from business in Lucknow but received in England
Income from business carried on in America ( out which Rs 20000 is from
a business controlled in India and 10000 from a profession set up in india
Accrued in India but received in Nepal
Past untaxed foreign income brought in India
Salary accrued out ofemployment in England this salary is received in
India
Profit from business in Bangkok, 5000 ofthese were brought to India
Income from investment in England Rs. 1000 ofit has been brought to
india
Income from house property situated in India , this income is received in

Computation Dr. Porwal total income for assessment year 202 1-22 if he is (i) resident
(ii) Not ordinary resident and (iii) non-resident.