B.Com. (Sem.

IV) ABST (I)

B. Com.(Pass / Subsidiary) Fourth Semester Examination, May- 2019
(Faculty of Commerce)
ACCOUNTANCY & BUSINESS STATISTICS
FIRST PAPER
Income Tax Law & Practices
Paper Code: 4411(Pass)
4221(Hons. EAFM)
24407(Hons. B.Adm.)
Time Allowed:Three Hours Maximum Marks: 70
(1) No supplementary answer book will be given to any candidate. Hence the candidates should write the
answers precisely in the main answer book only.
fdlh Hkh ijh{kkFkhZ dks iwjd mÙkjiqfLRkdk ugha nh tk;sxhA vr% ijh{kkfFkZ;ksa dks pkfg;s fd os eq[; mÙkjiqfLRkdk esa gh leLr iz’uksa ds mÙkj fy[ksAa
(2) All the parts of one question should be answered at one place in the answer book. One complete
question should not be answered at different places in the answer book.
fdlh Hkh ,d iz’u ds vUrxZr iwNs x, fofHkUu iz’uksa ds mÙkj mÙkj&iqfLrdk esa vyx&vyx LFkkuksa ij gy djus ds ctk; ,d gh LFkku ij
gy djsaA
(Attempt all five questions)
(lHkh ikWp iz’u djs)
Part I (Question no. 1 & 2) is compulsory & Part II (Question no. 3, 4 & 5) has internal choice.
Hkkx I ( iz’u ua 1o 2) vfuok;Z gS rFkk Hkkx II (iz’u ua 3, 4 rFkk 5 ) esa vkUrfjd fodYi fn;k gqvk gSA
PART-I
1. Answer all the questions. Each question carries 1 mark. 10X1=10
fuEufyf[kr lHkh iz’uksa ds mRrj nhft;sA izR;sd iz’u 1 vad dk gSA
(Words limit upto 20 words each)
‘(izR;sd iz’u dk mRrj 20 ’kCnksa ls vf/kd u gks)a
i. What is the time limit to set off and carry forward of unabsorbed depreciation?
v’kksf/kr ákl dh iwfrZ ,oa vkxs ys tkus dh le; lhek D;k gS\
ii. Write the name of deduction 80JJA.
/kkjk 80 JJA dh dVkSrh dk uke fyf[k,A
iii. Write the names of any two specific deduction which are allowed to only individual assessee.
fdUgha nks dVkSrh;ksa ds uke fyf[k, tks fo’ks"kdj O;f"V dj nkrk dks nh tkrh gSA
iv. Write the meaning of gross total income.
ldy dqy vk; dk vFkZ fyf[k,A
v. Who is senior citizen for income tax purpose?
vk;dj ds fy, ofj"B ukxfjd fdls dgk tkrk gS\
vi. Can a female member become a co-partner of a HUF?
D;k efgyk lnL; fgUnq vfoHkkftr ifjokj dh lgHkkxh lnL; gks ldrh gS\
vii. What do you mean by Hindu Coparcenary?
fgUnq lgHkkfxrk ls D;k rkRi;Z gS\
viii. What is e-return?
bZ&fjVuZ D;k gS\
ix. What is advance payment of tax?
dj dk vfxze Hkqxrku D;k gS\
x. What is the rate of surcharge in case of Hindu Undivided family?
fgUnq vfoHkkftr ifjokj dh n’kk esa vf/kHkkj dh D;k nj gS\ P.T.O.
 2. Answer all the questions. Each question carries 3 marks. 5X3=15
fuEufyf[kr lHkh iz’uksa ds mRrj nhft;sA izR;sd iz’u 3 vad dk gSA
(Words limit upto 50 words each)
(izR;sd iz’u dk mRrj 50 ’kCnksa ls vf/kd u gks)a
a) Explain the deduction in respect of rent paid.
edku fdjk;s ds Hkqxrku ds lEcU/k esa dVkSrh dks le>kb;sA
b) Explain alternate minimum tax.
oSdfYid U;wure dj dks le>kb;sA
c) Explain the provision of Section 80 U of the Income Tax Act, 1961.
vk;dj vf/kfu;e 1961 dh /kkjk 80 U ds izko/kkuksa ds le>kvksA
d) An assessee purchased some listed shares of a company for Rs. 45,750 in year 1999-2000 of
which fair market value as on 1-4-2001 was Rs. 1,10,000 and sold it for Rs. 10,00,000
personally during the previous year. Find the tax liability, if there is no other income of assessee
during the previous year.
,d djnkrk us ,d dEiuh ds dqN lwfpr va’k 45]750 :- esa o"kZ 1999&2000 eas Ø; fd;s ftldk 1&4&2001 dks
mfpr cktkj ewY; 1]10]000 :- Fkk] dks xr o"kZ esa 10]00]000 :- esa O;fDr’k% csp fn;sA ;fn djnkrk dh xr~ o"kZ esa
vU; dksbZ vk; ugha gks rks dj nkf;Ro dh x.kuk dhft,A
e) Explain the process of re-assessment.
iqu% dj&fu/kkZj.k dh izfØ;k dh O;k[;k dhft,A

PART-II
Unit-I
3. The following are the particulars of taxable income of Shri Rajesh for the A.Y. 2018-19:
Rs.
(i) Income from house property 2,06,000
(Computed)
(ii) Long term capital gains 20,000
(iii) Short-term capital loss 10,000
(iv) Profit of cloth business 2,80,000
(before charging depreciation)
(v) Profit of oil speculation 10,000
After taking into consideration the following matters, compute his gross total income:
(a) Depreciation allowable for the A.Y. 2018-19 is Rs. 20,000.
(b) Losses brought forward from A.Y. 2017-18 are: Textile business Rs.70,000 and oil speculation is
Rs. 15,000.
(c) Short-term capital loss brought forward from A.Y. 2017-18 is Rs. 5,000.
(d) Unrealised rent brought forward Rs. 5,000.

fu/kkZj.k o"kZ 2018&19 ds fy, Jh jkts’k dh dj ;ksX; vk; ls lEcfU/kr fooj.k fuEufyf[kr gS%
Rs.
(i) Ekdku lEifÙk ls vk; ¼vkdfyr½ 2,06,000
(ii) nh?kZdkyhu iw¡th ykHk 20,000
(iii) vYidkyhu iw ¡t h gkfu 10,000
(iv) diM+s ds O;kikj ds ykHk ¼ákl ls iwoZ½ 2,80,000
(v) rsy ds lV~Vs ls ykHk 10,000
fuEu ckrksa dks /;ku esa j[krs gq, mldh ldy dqy vk; Kkr dhft,A
¼v½ 2018&19 fu/kkZj.k o"kZ dk Lohd`r ákl 20]000 :- gSA
¼c½ 2017&18 fu/kkZj.k o"kZ ls vkxs ykbZ xbZ gkfu;k¡% diM+s ds O;kikj dh 70]000 :- ,oa rsy ds lV~Vs dh 15000:-
¼l½ fu/kkZj.k o"kZ 2017&18 ls vkxs ykbZ xbZ vYidkyhu iw¡th gkfu 5]000 :-A
¼n½ u olwy gqvk fdjk;k vkxs yk;k x;k 5]000:-A 15

OR
 What do you mean by gross total income? Explain the various deductions allowed from the
gross total income in respect of certain expenses. 5+10
ldy dqy vk; dk D;k vFkZ gS\ ldy dqy vk; esa ls O;;ksa ds lEcU/k esa nh tkus okyh dVkSfr;ksa dks le>kb;sA

Unit-II
4. From the following particulars of Shri Vaibhav for the assessment year 2018-19, you are required to
find out his taxable income and net tax liability: 15
Jh oSHko ds fuEu fooj.k ls dj fu/kkZj.k o"kZ 2018&19 ds fy, mudh dqy vk; ,oa 'kq) dj nkf;Ro dh x.kuk dhft,A
i) Net Salary received 7,07,300
ii) Tax deducted by employer from salary 92,700
iii) Gross receipts from cultivation and processing of tea 85,000
iv) Expenses of Tea business 10,000
v) Deposited in Tea, Coffee and Rubber Development A/c in previous year 15,000
Jh oSHko ds fuEu fooj.k ls dj fu/kkZj.k o"kZ 2018&19 ds fy, mudh dqy vk; ,oa 'kq) dj nkf;Ro dh x.kuk dhft,A
i) 'kq) osru ls izkIr fdjk;k 7,07,300
ii) osru ls fu;ksDrk }kjk dkVk x;k dj 92,700
iii) pk; mRiknu ,oa izfØ;k ls ldy izkfIr 85,000
iv) pk; O;olkl; ds O;; 10,000
v) xr o"kZ esa pk;] dkWQh ,oa jcj fodkl [kkrs esa tek djk;s 15,000
OR
Explain the whole process of assessment of HUF. 15
,d fgUnq vfoHkkftr ijfokj ij dj fu/kkZj.k dh iw.kZ izfØ;k le>kb;sA

Unit-III
5. The net profit of XY and company a limited liability partnership firm for the previous year is
Rs. 50,00,000. This includes:- 15
(i) Income from establishment in Special Economic Zone Rs. 15,00,000. Eligible for exemption
u/s 10AA.
(ii) LTCG from gold (Computed) Rs. 5,00,000.
(iii) Donation to PM National Relief Fund Rs. 5,00,000
(iv) Interest to partners @ 15% Rs. 5,00,000
(v) Salary to working partners Rs. 20,00,000
(vi) Firm was allowed tax credit of Rs. 1,20,720 in 2017-18 A.Y.
Compute the tax liability of LLP for the assessment year 2018-19

XY ,.M dEiuh] lhfer nkf;Ro okyh lk>snkjh laLFkk dk 'kq) ykHk xr o"kZ ds fy, 50]00]000 :- gSA blesa fuEu
lfEefyr gS%
¼1½ fo’ks"k vkfFkZd {ks= esa LFkkfir m/kksx ls ykHk ¼t® /kkjk 10 AA dj eqfDr ;ksX; gS½ :- 15]00]000
¼2½ lksus ls nh?kZdkyhu iwt a h ykHk ¼vkadfyr½ :- 5]00]000
¼3½ iz/kkuea=h lgk;rk dks"k esa nku :- 5]00]000
¼4½ lk>snkjksa dks iwt
a h ij 15% dh nj ls C;kt :- 5]00]000
¼5½ dk;Z’khy lk>snkjksa dks osru :- 20]00]000
¼6½ QeZ dks 2017&18 dj fu/kkZj.k o"kZ esa :- 1]20]720 dh dj tek izkfIr gqbZ FkhA
lhfer nkf;Ro lk>snkjh QeZ dk dj fu/kkZj.k o"kZ 2018&19 ds fy, dj nkf;Ro Kkr fdft,A
OR
Write short note on followings:- 5+5+5
fuEu ij laf{kIr fVIi.kh fyf[k, %&
(a) Best Judgement assessment
loksZÙke fu.kZ; dj fu/kkZj.k
(b) Self-assessment
Lo;a dj fu/kkZj.k
(c) Regular assessment
fu;fer dj fu/kkZj.k
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