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Fourth Semester Tirne: 3 hrs.

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VIax. Marks:100

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SECTION - A

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Note : Answer any FOUR questions from Q.No.l to Q.No.7.

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What is

MAT?

What are the basic conditions for levy of Central Excise

List any six

assets

which are not considered as capital

(03 torarks) (03 Marks)

Act.

assets.

(03 Nlarks) (03 Marks)

SECTION . B Note : Answer uny FOUR questions from Q.No.tr to Q.No"7.

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Mr. Steve, an American citizen has been visiting India for a period of

102 days every year since 2005-06. During the previous year 2015-16 also he visited India for the same period. What is his residential status for the AY 2016-17 . (07 Ntarks)

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Mr. Harish retired on 31" Jan 2016 from a private company after 30 years a d

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What are the conditions for allowing Interest on borrowed capital as deduction under section

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I months of service. He gets Rs 3,80,000 as gratuity. I-lis salary details for the Financial year 2015-16 arc, Basic pay Rs 16,000 PM, DA Rs 8000 PM, CCA Rs 2,000 PM & HRA Rs 5500 PM. DA enters into retirement benefits. What is the taxable value of gratuity if he is covered underpayment of gratuity Act? (07 Marks)

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(03 Marks)

duty?

Briefly explain deduction avaiiable under Section 80E of Income Tax

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What is the amount of deduction allowed against Entertainment allowance for Government Employee U/S 16(ii)? (03 Marks)

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Name any six persons whose property income is not

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Ernployee?

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Who is a Specified

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2016

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24(b)?

(07 Marks)

WDV of a machinery (Rate of Depreciation @ 15% Rs 5,00,000. New machinery purchased on 3111212015 having sarne rate of depreciation Rs 1,00,000. Compute the depreciation for the AY

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(07 Marks)

Explain deduction under section 54F of Income Tax Act while computing income from capital galns.

(07 Marks)

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List any seven incomes which are taxed under the head 'lncome from other sources'.

(07 Marks)

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Mr. Prasad aged around 60 years earned. a lottery income of Rs 1,20,000 (gross) during the PY l5-16. He also had a business income of Rs 30,000. He invested an amount of Rs 10,000 in PPF account and Rs 24,000 in NSC. \,Vhrt is the total income of Mr. Prrsad fbr the AY 2016-11?

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(07 Marks)

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What are the basis of computing excise Cuty payable?

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SECTION .. C Note : Answer sny FOUR qwestions from Q.No.I to Q.No.7. (10 Marks)

Mr. Raju acquired a residential house in Jan 2000 for Rs 10,00,000 and made some improvement by way of additional constmction to the house incurring an expendifure of Rs 2,00,000 in October 2A04. He sold the properly in Oct 2015 for Rs 75,00,000. The value of property was adopted as Rs 80,00.000 by the state valuation authority for Registration purpose. He acquired a residential house in Dec 2015 for Rs 25,00,000. He deposited Rs 20,00,000 in capital gain bonds of NHAI in July Z}rc. Compute the capital gain chargeable to tax for the AY (10 Marks)

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24rc-t7. ICI I for 1999 - 2000:389 ,2A04 -05 :480,2A15-16: i08l].

What are the conditions for aliowing deduction U/S 37(1) while computing income from

proiession?

(lo Marks)

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Briefly explain any 5 deduction which are available to a salaried individual under section 80C to 80u. (10 Marks)

Mr" Karthik, a qualified CA has acquired the following

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assets for his office during the FY 2015-16. Calculate the amount of depreciation that can be claimed from his professional incorne for the AY 2016-17 . (10 Marks) Sl.No Description Rate of Date of Date when Amount put to use (Rs) nreciation Acquisition I Computer 60% 27l9lts Utalt5 3s000 2 Computer Software 60% 2trctL5 8/10/l 5 8500 Computer Printer Books Office furniture Laptop

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60%

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12500 I 3000

300000 43,000

Abhishek, Basavaraj and Chandru are paftners (3:2:3) of Xx & Co., a firm engaged in manufacturing of plastic goods. The profit & loss account for the previous year ending 3l " March 2016 is as foilows : Rs Rs (10 Marks) Cost of goods sold

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Salarv to staff

Income tax Depreciation Remuneration to partners Abishek

24000 1,80,000 :

Sales

LTCG STCG U/S 1i i A Other STCG Debenture Interest

29.04.000 4.00.000 50,000 40,000 40,000

204000

Basavaraj

60000

Chandru Interest on capital to partners Abishek (2{t%) Basavaraj t24%) Chandru (20%\ Other expenses Net profit Abishek

1,50,000 19,00,000

204000 Other business receipts

:

30.000 2,2C.004 70"000 i 80,000

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Interest drawings received from Abishek

4000

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6000

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Basavaraj

Chandru Total

97,000 58,000 87,000 34,54,000

Total

34,54,000

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Briefly explain the provisions relating to set - off and carry forward of losses.

SECTION . D CASE STUDY - J Cornpulsory

(10 Marks)

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Answer both the Questions : Mr. Rithwik , employed as a Manager in a company fumishes the following information for the year ended 3l-3 -2A16 i) Basic salary upto 3 1- 10- l5 Rs 50,000 PM. From 1-1 1-15 Rs 60,000 PM. ii) Dearness allowanc e - 40% of Basic pay (not part of Retirement benefit) iii) Bonus Rs 50,000. iv) Contribution of ernployer to RPF. @), 16% of Basic pay. v) Professional tax paid by Ritwik Rs 3000. vi) 1.9 Ltr car is provided by employer frorn 1-11-2015. All expenses are rnet by employer. Ritwik is using the car for both official and private purpose. Compute taxable salary of Mr. Ritwik. (ro Marks)

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Dr. Krishna, a Medical practionerprovides details of his professional income. Compute Income ng*n p*&rsion roresslon for or th.e AY J916-11. (10 Marks) Mark Receipts To Balance bid To, consultation fees 2At3-14 20 L4-15 20t s-16 To visiting fees To loan from bank for professional purpose To sale of medicine To gift from patients To remuneration from articles in profess ional .journal To, rent from house property To, interest on POSB

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Other Information : a) The firm satisfu conditions U/S 184 and 40(b). b) The firm is not eligible for deduction LfiS 80 lA/8018. c) Depreciation as per sec 32 is Rs 96,000. d) Other expenses to the tune of Rs 82,000 is not deductable U/S 30 to 43D. From I't April 2015,, Partnership deed amended to pay remuneration as follows : Abishek (working partner) Rs 17,000 PM ; Basavaraj (sleeping parlner) Rs 5000 PM. Chandru (working partner) Rs 17,000 PM. Compute lncome from business of a firm for the AY 2\rc-17.

Total

Payments

1Rs)

35,000

By Rent of clinic By Electricity and water

Rs) 85,000

I2,000

25000 130,000 2,25 ,0A0

2,25,00A

By Purchase of professional books By Household expenses

97,000

1,73,000 15,000 26,AA0

By Purchase of car By purchase cf surgical equioment By Income tax

2,50,00c 44"000 40,000

1,30,000

96,000 17,000

10,97,000

By Life insurance premium By Interest on loan By Medical council fees By, balance C/d Total

18,000

80,000 20,000 10,000

4,41,000 10,97,000

AdditionalInfonnation:a)Depreciationon.'@b)C*tofmeoi.ln. of Rs 80,000 is not included in the above receipt and payment account c) Depreciation surgical instrument is allowed @ 15% and book rcA%. )k?t*?t*

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