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14490 Roll No.

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No. of Pages
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Total No. of Questions : 07

B.Com.(P) (2011 & Onwards) (Sem.–5)
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INCOME TAX – I
Subject Code : BCOP-502
Paper ID : [B1151]
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Time : 3 Hrs. Max. Marks : 60

INSTRUCTION TO CANDIDATES :

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1. SECTION-A is COMPULSORY consisting of TEN questions carrying T WO marks
each.
2.
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SECTION-B contains SIX questions carrying T EN marks each and a student has

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to attempt any FOUR questions.
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SECTION-A
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1) Write short notes on :

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a. Define the term Assessee.

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14490 14490 c. Explain b

b. Explain expenditure on scientific research.

14490 casual incomes.

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a p
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d. Explain unabsorbed depreciation.
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e. Explain the term block of assets.
b
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f. Define short term capital gain and long term capital gain.
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g. Explain deduction u/s 80D.

h. How to calculate long term capital gain?

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i. Explain exemption u/s 54B.

14490 14490 j. What is unrealized14490

14490 rent? 14490 14490 14490 14490 14490

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SECTION-B
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2) Discuss various expenses which are expressly allowable under sections 30-37 of Income
tax Act while computing income under the head profit and gains of business or
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profession.
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3) Explain the circumstances under which the income of any other person can be clubbed
with the income of assessee under Income tax Act, 1961.
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4) Explain the deductions under sections 80C and section 80G as given under Income tax
Act, 1961.

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5) What is14490 14490
Residential Status? Explain14490 14490
the provisions to determine14490 14490
residential status of an 14490

individual as given under Income Tax Act, 1961.Explan the incidence of tax liability.

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6)
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i) Mr.14490
B an employee14490
working 14490
in D Ltd (Mumbai)
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has furnished
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the 14490
following 14490
particulars of his salary. Calculate his salary income for the previous year 2012-13.

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a. Basic salary Rs 20,000 p.m. [due on the last day of the month].
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b. D.A 80% of salary [50% of D.A forms part of salary].

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c. Bonus — one month basic salary.

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d. Commission - Rs 66,000.

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b
e. Entertainment Allowance - Rs 20,000
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f. Helper Allowance Rs 1500 p.m. he has engaged a helper at Rs 1,200 p.m. for the
performance of official duties.
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b
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g. Reimbursement of medical bills Rs 75,000

i.
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in a notified hospital Rs 22,000 (for notified disease).

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ii. in a private hospital Rs 53000

h. Mobile telephone bill for official use paid by his employer Rs 15,000.
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i. Professional tax paid by employer Rs 2,500.

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j. He 14490
and his employer contribute Rs
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3,200 p.m each
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towards RPF.
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k. Interest credited on the accumulated balance of RPF @ 10% is Rs 2000.

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received Rs 20,000
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14490 concession but has not 14490
14490 travelled anywhere.
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m. He is provided with free use of car of 1.8 lt .capacity which is partly used for
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personal and partly for employment purposes, all expenses are met14490by the 14490

employer which amounts to Rs.75000 during the year

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n. He 14490
is provided with
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a rent free
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house owned
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by employer
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(FRV of 14490
which is 14490
Rs. 8,000 p.m) Cost of furnishing is Rs 100000 along with facility of gardener
costing employer Rs 6,000 p.a.

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personal club 14490
bills paid by the employer Rs14490
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p. LIC premium on his life paid by the employer Rs 5,000.

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7) Compute income from house property of Mr. A if 14490 14490
he owns two independent 14490
units having 14490

2/3 and 1/3 area.

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Date of14490
completion 14490 14490
1-11-2007
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MRV Rs. 1,92,000

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14490 14490 Rs. 1,68,000
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Self occupied

p a 2/3 portion
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Let out14490

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1/3 portion
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onwards) b
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(let out from 1-4-2012 to 31-08-2012 @ Rs 14400 p.m and self occupied from 1-9-2012
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rp
Municipal taxes Rs 12000 p.a

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Fire insurance
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Ground rent
premium
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b
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Rs 4000 p.a
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Rs 8000 p.a
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14490 14490 Interest14490

on loan 14490 14490 Rs 15000
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