Solapur University Question Paper
M.Com. (Part – I) (Semester – I) Examination, 2014
TAXATION (Paper – II) (Gr.C)(New)
Day and Date : Monday, 21-4-2014 Total Marks : 50
Time : 3.00 p.m. to 5 p.m.
Instruction : Figures to right indicate full marks.
1. Select the right answer from given alternatives : 10
1) Assessee having business income have to file the return of income in the
form
a) ITR-1 b) ITR-7 c) ITR-4 d) ITR-2
2) Filling of income tax return for every partnership firm assessed as “Partnership
Assessed as such” is
a) Optional b) Compulsory
c) Exempt d) None of above
3) Central Board of Direct Taxes works under the
a) Income Tax Act b) Central Excise Act
c) State MVAT Act d) Banking Regulation Act
4) TDS Certificate for payment other than salary is to be given in
a) Form No. 10 b) Form No. 16
c) Form No. 16 D d) Form No. 16 A
5) Interest for defaults in furnishing return of income is applicable
a) u/s 234A b) u/s 234B
c) u/s 234C d) u/s 234D
6) TDS for payment of rent is to be made u/s
a) 194D b) 194H
c) 194C d) 194I
7) A company assessee has to make payment of advance tax installments in
a) 3 b) 4 c) 5 d) 1
SLR-NN – 21 -2-
8) Interest on partners capital which a partner received from a firm which is
assessed as firm shall be
a) Fully exempt in the hands of partner
b) Partially taxable in the hands of partner
c) Taxable in the hands of partner
d) Included for rate purpose in the hands of partner
9) Agriculture income is exempt provided the land is situated in
a) India b) Pakistan
c) Bangladesh d) Sri Lanka
10) Deduction for donation is allowed u/s
a) 80C b) 80G
c) 80GG d) 80D
2. A) Write short notes on any two : 5
1) Time limit for Submitting Quarterly TDS Statement
2) Interest u/s 234 A
3) E-Filling of income tax return
4) Partition of HUF
B) Write short notes on any two : 5
1) Prescribed forms of return of income for different types of assessee
2) Best judgement assessment
3) TDS u/s 194 C
4) Installment for payment of advance tax.
3. A) Mr. Parulkar aged 45 years is required to file his return of income for the
assessment year 2013-14 in July 2013 but he filed his return on 1st November,
2013. The other details are as follows : Tax paid on the date of filing the return
of income as self assessment tax 6,300, tax deducted at source 5,200, taxable
income as per return 5,00,000. Calculate the interest u/s 234A of the Income
Tax Act, 1961. 5
-3- SLR-NN – 21
B) Calculate the amount of interest under Section 234 A in the following cases for
the assessment year 2013-14. Assume A is a man below 65 years of age. 5
A M/s. ABC
(Partnership Firm)
a) Due date of filing return 31.07.2012 30.09.2012
b) Date of actual filing return not filed 15.01.2013
c) Date of completion of assessment 20.03.2013 25.06.2013
d) Income declared – 2,20,000
e) Income assessed 3,00,000 3,00,000
f) Advance tax paid NIL 30,000
g) Tax deducted at source 2,000 NIL
h) Tax paid under Section 140A – 9,000
4. A) From the following details furnished by Mr. Subash, Karta of Hindu Undivided
Family, compute total income for the assessment year 2013-14. 10
Particulars Rs.
Profit from business 6,00,000
Salary received by a member of the family from his
service in a college 1,00,000
LIC Premium on Life of family members paid by Karta 20,000
Director’s fees received by the Karta 10,000
Annual rental value of the property let out 1,20,000
Municipal taxes paid 6,000
Interest on Bank Deposit (TDS Rs. 1,000) Net 9,000
Donation to Chief Minister’s Flood Relief Fund 8,000
Marriage expenses of Son of Karta 1,20,000
OR
SLR-NN – 21 -4-
B) Raju is the Karta of H.U.F. From the following particulars compute the total
income of the family for A.Y. 2013-14 and the tax liability : 10
a) Salary received by Yogi a coparcener Rs. 5,000 per month from
Government department.
b) Salary received from the family business by Raju and Giri, another
assessing members of the family Rs. 3,800 p.m. and Rs. 4,800 p.m.
respectively. The assessing officer considers that Giri’s salary is
excessive and the justified amount is only Rs. 4,000 p.m.
c) Interest and dividend income :
i) Interest on government securities, held in the name of Karta purchased
from family funds amounted to Rs. 10,000
ii) Dividend on Units of U.T.I. Inherited by the family Rs. 3,500.
d) Family business income :
The profit and loss account showed a net profit of Rs. 90,000 after charging
salary of Raju and Giri and also after debiting and crediting as the case
may be the following.
1) Taxable income from house property Rs. 56,000.
2) Loss from speculation business Rs. 10,000.
3) Winning from cross word puzzles Rs. 8,000 gross.
4) Insurance premium paid on the lives of members of family Rs. 10,000.
5) Contribution to public provident fund in the name of Raju Rs. 10,000.
6) Expenditure on religious function of family Rs. 2,000.
5. A) Samta, Mamta and Jaya are equal partners in a firm. The Profit and Loss
Account for the year 31-3-2013 is as under : 10
Particulars Rs. Particulars Rs.
Trade Expenses 25,000 Gross Profit 2,12,000
Provision for bad debts 2,300 Commission 5,000
Postage and Stationery 2,700 Interest on Govt. Securities 3,000
Donation 4,000 Dividends 7,000
Depreciation 3,000
Rent of building paid to Sam 10,000
Interest on Capital 21,000
Net Profit 1,59,000
Total : 2,27,000 Total : 2,27,000
Additional information :
i) Trade expenses include Rs. 3,200 for a printer purchased on 01-10-2012
for office use and Rs. 2,720 for income tax.
ii) Furniture was purchased on 05-07-2012 for Rs. 30,000. There is no other
depreciable asset other than the furniture and the printer in the business.
iii) Donations of Rs. 4,000 are given to approved institutions.
iv) Interest on capital has been paid @ 18% p.a. in accordance with the
terms of the partnership deed.
Compute the total income of the firm for the previous year 2012-13 and
ascertain the tax payable by it.
OR
B) X and Y are the partners in a professional firm sharing profits and losses in
proportion of 3/5 and 2/5 respectively. X is the working partner and their
capital accounts are Rs. 40,000 and 60,000 respectively showing credit
balance. The following is the profit and loss account of the firm for the year
ending 31-03-2013 : 10
Particulars Rs. Particulars Rs.
Salary to staff 41,000 Gross Receipts 3,69,300
Salary to Partners : Commission received 8,700
X 35,000 Rent from house property 6,000
Y 5,000 40,000 Bad debts recovered 5,000
Commission to Partners
X 25,000
Y 5,000 30,000
Interest on capital
X 5,600
Y 8,400 14,000
General expenses 10,000
Income Tax 10,000
Municipal Taxes 1,000
Repairs 750
Collection charges of rent 250
Bad debts 2,000
Reserve for doubtful debts 4,000
Depreciation 6,000
Net profit transferred to
Partners Capital A/c 2,30,000
Total 3,89,000 Total 3,89,000
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Other Particulars :
a) Municipal taxes, repairs and collection charges pertain to house property
let out.
b) General expenses include Rs. 6,000 for purchase of stamp paper for
executing the partnership deed, Rs. 1,000 private loans irrecoverable,
Rs. 1,500 being loss of cash at partner’s residence and balance to defend
the title to the premises of profession.
c) Of the bad debts recovered, Rs. 3,500 only were allowed as deduction in
the earlier assessments.
d) Depreciation allowable as per rules is Rs. 6,500.
Compute the total income of the firm.
M.Com. (Part – I) (Semester – I) Examination, 2014
TAXATION (Paper – II) (Gr.C)(New)
Day and Date : Monday, 21-4-2014 Total Marks : 50
Time : 3.00 p.m. to 5 p.m.
Instruction : Figures to right indicate full marks.
1. Select the right answer from given alternatives : 10
1) Assessee having business income have to file the return of income in the
form
a) ITR-1 b) ITR-7 c) ITR-4 d) ITR-2
2) Filling of income tax return for every partnership firm assessed as “Partnership
Assessed as such” is
a) Optional b) Compulsory
c) Exempt d) None of above
3) Central Board of Direct Taxes works under the
a) Income Tax Act b) Central Excise Act
c) State MVAT Act d) Banking Regulation Act
4) TDS Certificate for payment other than salary is to be given in
a) Form No. 10 b) Form No. 16
c) Form No. 16 D d) Form No. 16 A
5) Interest for defaults in furnishing return of income is applicable
a) u/s 234A b) u/s 234B
c) u/s 234C d) u/s 234D
6) TDS for payment of rent is to be made u/s
a) 194D b) 194H
c) 194C d) 194I
7) A company assessee has to make payment of advance tax installments in
a) 3 b) 4 c) 5 d) 1
SLR-NN – 21 -2-
8) Interest on partners capital which a partner received from a firm which is
assessed as firm shall be
a) Fully exempt in the hands of partner
b) Partially taxable in the hands of partner
c) Taxable in the hands of partner
d) Included for rate purpose in the hands of partner
9) Agriculture income is exempt provided the land is situated in
a) India b) Pakistan
c) Bangladesh d) Sri Lanka
10) Deduction for donation is allowed u/s
a) 80C b) 80G
c) 80GG d) 80D
2. A) Write short notes on any two : 5
1) Time limit for Submitting Quarterly TDS Statement
2) Interest u/s 234 A
3) E-Filling of income tax return
4) Partition of HUF
B) Write short notes on any two : 5
1) Prescribed forms of return of income for different types of assessee
2) Best judgement assessment
3) TDS u/s 194 C
4) Installment for payment of advance tax.
3. A) Mr. Parulkar aged 45 years is required to file his return of income for the
assessment year 2013-14 in July 2013 but he filed his return on 1st November,
2013. The other details are as follows : Tax paid on the date of filing the return
of income as self assessment tax 6,300, tax deducted at source 5,200, taxable
income as per return 5,00,000. Calculate the interest u/s 234A of the Income
Tax Act, 1961. 5
-3- SLR-NN – 21
B) Calculate the amount of interest under Section 234 A in the following cases for
the assessment year 2013-14. Assume A is a man below 65 years of age. 5
A M/s. ABC
(Partnership Firm)
a) Due date of filing return 31.07.2012 30.09.2012
b) Date of actual filing return not filed 15.01.2013
c) Date of completion of assessment 20.03.2013 25.06.2013
d) Income declared – 2,20,000
e) Income assessed 3,00,000 3,00,000
f) Advance tax paid NIL 30,000
g) Tax deducted at source 2,000 NIL
h) Tax paid under Section 140A – 9,000
4. A) From the following details furnished by Mr. Subash, Karta of Hindu Undivided
Family, compute total income for the assessment year 2013-14. 10
Particulars Rs.
Profit from business 6,00,000
Salary received by a member of the family from his
service in a college 1,00,000
LIC Premium on Life of family members paid by Karta 20,000
Director’s fees received by the Karta 10,000
Annual rental value of the property let out 1,20,000
Municipal taxes paid 6,000
Interest on Bank Deposit (TDS Rs. 1,000) Net 9,000
Donation to Chief Minister’s Flood Relief Fund 8,000
Marriage expenses of Son of Karta 1,20,000
OR
SLR-NN – 21 -4-
B) Raju is the Karta of H.U.F. From the following particulars compute the total
income of the family for A.Y. 2013-14 and the tax liability : 10
a) Salary received by Yogi a coparcener Rs. 5,000 per month from
Government department.
b) Salary received from the family business by Raju and Giri, another
assessing members of the family Rs. 3,800 p.m. and Rs. 4,800 p.m.
respectively. The assessing officer considers that Giri’s salary is
excessive and the justified amount is only Rs. 4,000 p.m.
c) Interest and dividend income :
i) Interest on government securities, held in the name of Karta purchased
from family funds amounted to Rs. 10,000
ii) Dividend on Units of U.T.I. Inherited by the family Rs. 3,500.
d) Family business income :
The profit and loss account showed a net profit of Rs. 90,000 after charging
salary of Raju and Giri and also after debiting and crediting as the case
may be the following.
1) Taxable income from house property Rs. 56,000.
2) Loss from speculation business Rs. 10,000.
3) Winning from cross word puzzles Rs. 8,000 gross.
4) Insurance premium paid on the lives of members of family Rs. 10,000.
5) Contribution to public provident fund in the name of Raju Rs. 10,000.
6) Expenditure on religious function of family Rs. 2,000.
5. A) Samta, Mamta and Jaya are equal partners in a firm. The Profit and Loss
Account for the year 31-3-2013 is as under : 10
Particulars Rs. Particulars Rs.
Trade Expenses 25,000 Gross Profit 2,12,000
Provision for bad debts 2,300 Commission 5,000
Postage and Stationery 2,700 Interest on Govt. Securities 3,000
Donation 4,000 Dividends 7,000
Depreciation 3,000
Rent of building paid to Sam 10,000
Interest on Capital 21,000
Net Profit 1,59,000
Total : 2,27,000 Total : 2,27,000
Additional information :
i) Trade expenses include Rs. 3,200 for a printer purchased on 01-10-2012
for office use and Rs. 2,720 for income tax.
ii) Furniture was purchased on 05-07-2012 for Rs. 30,000. There is no other
depreciable asset other than the furniture and the printer in the business.
iii) Donations of Rs. 4,000 are given to approved institutions.
iv) Interest on capital has been paid @ 18% p.a. in accordance with the
terms of the partnership deed.
Compute the total income of the firm for the previous year 2012-13 and
ascertain the tax payable by it.
OR
B) X and Y are the partners in a professional firm sharing profits and losses in
proportion of 3/5 and 2/5 respectively. X is the working partner and their
capital accounts are Rs. 40,000 and 60,000 respectively showing credit
balance. The following is the profit and loss account of the firm for the year
ending 31-03-2013 : 10
Particulars Rs. Particulars Rs.
Salary to staff 41,000 Gross Receipts 3,69,300
Salary to Partners : Commission received 8,700
X 35,000 Rent from house property 6,000
Y 5,000 40,000 Bad debts recovered 5,000
Commission to Partners
X 25,000
Y 5,000 30,000
Interest on capital
X 5,600
Y 8,400 14,000
General expenses 10,000
Income Tax 10,000
Municipal Taxes 1,000
Repairs 750
Collection charges of rent 250
Bad debts 2,000
Reserve for doubtful debts 4,000
Depreciation 6,000
Net profit transferred to
Partners Capital A/c 2,30,000
Total 3,89,000 Total 3,89,000
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Other Particulars :
a) Municipal taxes, repairs and collection charges pertain to house property
let out.
b) General expenses include Rs. 6,000 for purchase of stamp paper for
executing the partnership deed, Rs. 1,000 private loans irrecoverable,
Rs. 1,500 being loss of cash at partner’s residence and balance to defend
the title to the premises of profession.
c) Of the bad debts recovered, Rs. 3,500 only were allowed as deduction in
the earlier assessments.
d) Depreciation allowable as per rules is Rs. 6,500.
Compute the total income of the firm.
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