DIRECT TAX QB 30-9-2016-1 | Employee Benefits | Expense

46 pages
of 46
All materials on our website are shared by users. If you have any questions about copyright issues, please report us to resolve them. We are always happy to assist you.
Qb of tax
  1 REGISTER NO . : ……….. Q.P.CODE. : ………..  (Batch 2014) RATHNAVEL SUBRAMANIAM COLLEGE OF ARTS AND SCIENCE, (AUTONOMOUS), SULUR B.COM / B.COM (CA) / B.COM (IT) DEGREE EXAMINATIONS, NOVEMBER 2016 COMMERCE FIFTH SEMESTER - DIRECT TAX Time: THREE HOURS Maximum : 75 MARKS UNIT - I SECTION A - (10x1=10 Marks) (Choose the Correct Answer) 1.    An individual who wants to be resident of India u/s (i)(a) must stay in India for at least a) 182 days b) 365 days c) 730 days in 7 previous years. d) 230 days in 2 previous years. 2.   Income accruing in India but received outside India is taxable in respect of a) Only ordinary resident b) Only NOR c) Only NR d) All 3.   The maximum exemption of Entertainment allowance shall be a) Rs. 2100 b) Rs. 2500 c) Rs. 5000 d) Rs. 10000 4.   Salary paid by an Indian Co. to its employee working in one of its branches outside India is a) Salary accruing in India b) Salary accruing outside India c) Salary deemed to accrue in India d) Salary deemed to accrue in outside India 5.   The term previous year means a)   The accounting period of the assessee b)   Financial year before the assessment year c) Calendar year before the assessment year d) Financial year after the assessment year 6.   Tax benefit for senior citizen is available to an assessee who has attained the age of a) 60years b) 65years c) 70years d) 66Years 7.   Under the Income-tax Act, the incidence of taxation depend on a) The citizenship of the taxpayer b) The age of the taxpayer c) The residential status of the taxpayer d) Both a& c 8.    An individual who want to be resident of India must satisfy at least a) One of Two basic condition b) Both the basic conditions c) Both the additional conditions d) One of Two additional condition 9.   Income tax Act is applicable to a) Whole of India b) Whole of India except State of J & K c)Whole of India except the state of Sikkim d) Whole of India except State of Jammu 10.   The year in which income is earned is called a) Previous year b) Current year c) Assessment year d) None of these  2 SECTION-B REASONING QUESTIONS 1.   Compute the tax liability for the assessment year 2016-2017 of an individual from figures given below PARTICULARS AMOUNT(RS) Gross salary 2,46,000 House property rent 20,000 Long term capital gains 20,000 Winning from lottery 50,000 Interest on debentures 4,400 Qualifying amount for deduction u/s 80C: 10,000 2.   Determine the status of the following persons i) Punjab National Bank; ii) Madras University; iii) Calcutta Municipal Corporation iv) Kalyani Publishers Ltd. v) RBI vi) LIC. 3.   Mr. Ram an Indian citizen left India on 22.09.2015 for the first time to work as an officer of a company in Germany. Determine the Residential status of Ram for the assessment year 2016-17 and explain the conditions to be fulfilled for the same under the Income Act, 1961. 4.    ‘Every assessee is a person, but every person need not be an  assessee. Examine. 5.   The following are the incomes of ShriKiran for the previous 2015-16. (i)   Profit from Business in Dharwad Rs.7,000. (ii)   Income accrued in India but received in India Rs.6,000. (iii)   Profit from business in England received in India Rs.5,000. (iv)   Income from house property in Africa received in India Rs.4,000. (v)   Profit from business established in Iran and deposited in a bank there, the business being controlled from India Rs.3,000. (vi)   Income from house property in Pakistan and deposited in bank there Rs.2,000. (vii)   Past untaxed foreign income brought to India during this previous year Rs.1,000. Compute the total income of ShriKiran foe the assessment year 2016-17 if he is (a) Ordinary Resident (b) Not Ordinarily Resident and (c) Non-Resident. DESCRIPTIVE QUESTIONS  1. How the Previous year and Assessment year can be defined? 2. Give rate of tax schedule for senior citizen.  3 3. Determine the status of the following person. (i) Tata steels (ii) Andhra bank (iii) Bharathiar University (iv) Coimbatore Municipal Corporation (v) Narendramodi, Prime minister of India (vi) Village Panchayat 4. A person after about 26 years stay in India went to West Indies in April 2013 and returned to India on 15th February 2015 to take up a salaried appointment. What is his residential status for the previous year 2015-16? 5. Analyze the situations that When the individuals became OR, NOR and NR. 6. List out the features of Income tax in India. 7. Mr. B, a married citizen of India left for Germany for the first time on 15.9.2013 on a business. He returned to India on 5.6.2014. During his absence from India he maintained a dwelling house for himself in Calcutta. Determine his residential status in the previous year 2015-16. 8. Prashant went to Germany for course on 5 th  August 2015 and came back to India on 25 th  February. His family remained in India. He had never been out of India before. Identify his residential status for the assessment year 2016-17. 9. Following are the incomes of Mr.A for the previous year. Calculate his taxable income on the assumption that he is (a) Ordinary resident (b) Not ordinary resident and (c) Non-resident. a. Salary drawn during the year for employment outside India from govt. of India  – Rs. 93,500. b. Salary for employment in London office of an Indian company for three months  – Rs.18,000. c. Profits earned abroad and received in India  – Rs.25,000. d. Income from business outside India and kept in bank there - Rs.18,000. e. Dividend received from an Indian company - Rs.3,000. 10. Which of the following incomes are taxable when the residential status of Amaranth is: (i) Resident (ii) Not ordinarily resident (iii) Non- resident a) Interest on bank deposit in Allahabad bank  –  Rs.1,200 b) Income from agriculture in Africa invested in Nepal  –  Rs.10,000 c) Dividend received in UK from an American company a part of which Rs.2,000 remitted to India  –  Rs.10,000 d) Pension received in Belgium for services rendered in India with a limited company  – Rs.20,000.    4 SECTION- C REASONING QUESTIONS 1. Mr.Dey, non-resident, residing in US since 1960, came back to India on 1.4.2014 for permanent settlement. What will be residential status for assessment years 2015-16 and 2016- 17. 2. Following are the particulars of Income of Mr. RTM for the assessment year 2016-17: (i)   Income from business in Mumbai Rs.80,000. (ii)   Income from house property in Pune Rs.20,000. (iii)   Pension from former employer for service rendered in India but received in UK Rs.24,000. (iv)   Profit from business in UK but controlled from Mumbai Rs.1,60,000. Out of this Rs.20,000 were received in India. (v)   Dividend from an Indian company but received in UK Rs.16,000. (vi)   Income from agriculture in Nepal: received there but later on remitted to India Rs.60,000 (vii)   Interest on Bonds issued by UK Government out of which 50% is received in India Rs.40,000. (viii) Past untaxed income of 2012-13 to 2014-15 brought in to during 2015-16 Rs.4,00,000. (ix) Income from house property in UK and denoted there to be a notified charitable Institution Rs.20,000. Compute the total income for the assessment year 2016-17 if Mr. RTM is: (a) Resident (b) Resident but not ordinarily resident and (c) Non resident 3.From the following particulars compute the total income of Mr.C.A for the assessment year 2016-17 if he is (a) Ordinary resident (b) Resident but not Ordinarily resident or (c) Non-resident. (i)   Income from house property in India [Computed] Rs.32,000. (ii)   Income from house property in England received there and deposited in bank there Rs.90,000. (iii)   Business income in India Rs.2,60,000. (iv)   Loss from business in England Rs.1,20,000. (v)   Profit from business in England which is controlled from there Rs.1,00,000. (vi)   Interest on debentures of an Indian company Rs.10,000. (vii)   Income from profession set up in India received in England for services rendered in India Rs.2,00,000. 4. Mr. B, a Canadian Citizen, Comes to India for the first time during the P.Y. 2011-12. During the financial years 2011-12, 2012-13, 2013-14, 2014-15 and 2015-16, he was in India for 55 days, 60 days, 90 days, 150 days and 70 days, respectively. Determine his residential status for the A.Y 2016-17.
Related Search
We Need Your Support
Thank you for visiting our website and your interest in our free products and services. We are nonprofit website to share and download documents. To the running of this website, we need your help to support us.

Thanks to everyone for your continued support.

No, Thanks