Seat Number 3l2fcP - 015

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.•••152 1 *

A 4.2
Direct & Indirect Taxes in India
. (New) (June 2018) (72402)
P. Pages: 3
Max. Marks : 60
Time: Two Hours

Instructions to Candidates:
1. Do not write anything on question paper except Seat No.
2. Graph or diagram should be drawn with the black ink pen being used
for writing paper or black HB pencil. •
3. Students should note, no supplement will be provided.
4. Simple calculator is allowed.
5. Answer any 3 questions from Section I & any 2 questions from
Section - II. -

SECTION -I
12
Mr. Ram gets the following emoluments in P:Y. 2017-18. -
1.
'{ 30,000 p.m.
Basic Salary
Dearness allowance '{ 20,000 p.m.
Conveyance allowance '{ 2,000 p.m.
City compensatory allowance ~2,000 p.m.
Medical allowance _ ~ 3,000 p.m.
Entertainment allowance '{ 1,000 p.m.

Other Information-

He contributes 11 % of salary in recognised provident fund. Some

contribution is done by employer. Calculate Income from salary on the
assumption that he is working in private company.

2. Mr. Arjun has a self-occupied property. He incurs the following expenses- 12

'{ 4,000
Municipal tax
Interest on borrowed capital ~20,000
~ 2,000
Repair charges
'{ 2,000
Maintenance

He earns income from business '{ 1,60,000. He interest '{ 10,000 on

account of PPF. He paid medical insurance premium of ~ 10,000.
Calculate his taxable income for A.Y. 2018-19.

P.T.O
1
3l2fcP - 015
 ~.015
3. Mr. Laxman chartered Accountant in Jalgaon maintain his books of account 12
on cash basis. He furnishes the following information as on 31/03/2018.

Receiot & Pavment Nc .

Receiot AmI. Pavment AmI.
To op. Bal. 18,000 By purchase of computer 80,000
To fees, from clients By household exps. 30,000
2017-18 2,20,000 By car expenses 20,000
2016-17 36,000 By providing exps. 10,000
2018-19 14,000 By Audit exps. 12,000
Gift from clients 10,000 By Salary 36,000
By L1CPremium 20,000
By CI. Bal. 90,000
2,98,000 2,98,000

Other Information-

Car is partly (50%) used for personal purPose.

Calculate Income from profession for AY. 2018-19. .1

4. Following is the profit and loss account of Mr. Bharat for the year ended 12
31/3/2018. .

Profit and Loss Nc

Particulars "AmI. Particulars AmI.

To general exps. 10,000 Bv Gross Profit 336,000
To leaal exps. 8.000
To R.D.D. 4,000
To Bad debts. 6.000
To Salarv 40000
To office exos. 30,000
To household exps. 12,000
To fire insurance 10.000
To Deoreciation " 36,000
To Net Profit 180,000
Total 336.000 336000

Other Information

i) As per I-Tax rules depreciation lanes to ~ 24,000

ii) Partly (50%) fire insurance paid on account of Mr. Bharat home
calculate income from Business for AY. 2018-19

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5. Calculate Income from house properly for following two different properties. 12

Particulars Prooerty 'A' Propertv '8"

Municipal value 180000 160000
Fair rent 178000 162000
Standard Rent 182000 170000
Annual Rent 184000 172000
Unrealised Rent 8000 12000
Municioaltax 10% 10%
Interest on borrowed capital for 30000 20000
acquiring house prooertv

SECTION-II

6. Explain objective and scope of GST. 12

7. Explain merits and Demerits of GST. 12

8. Explain types of GST. 12

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