Income New Course)

*SE-7461* SE-7461

Seat No.__________

Second Year B. Com. Examination March / April – 2006

Income Tax (New Course) Time : 3 Hours]

1

[Total Marks : 100

lÌ flΑıU›Î‹ ±ı¿ ωÏÂWÀ ¿‹˝«ÎflÌ »ı. ÷ı‹fiÌ ’λ·Î ‰Ê˝fiÌ ±Î‰¿fiÌ Ï‰√÷˘

20

fiÌ«ı ‹…⁄ »ı. ±Î¿ÎflHÎÌ ‰Ê˝ 2005-06 ‹ÎÀı ÷ı‹fiÌ ’√ÎflfiÌ ±Î‰¿ ÷◊Î ¿·‹-88 fiÌ«ı ‰‚÷flfiÌ √HÎ÷flÌ ¿fl˘ — (1) ’√Îfl ÿfl ‹ÏËfiı w. 20,000 (2) ‹˘ÓCΉÎflÌ ¤J◊_ ‹Ò‚ ’√ÎflfiÎ 40Ñ »ı. (3) ⁄ÎıfiÁ ÷flÌ¿ı ÷ı±˘ «Îfl ‹ÎÁfi˘ ‹Ò‚ ’√Îfl ‹ı‚‰ı »ı. (4) ‰ı«ÎHÎ ¿Ï‹Âfi ‰ÎÏÊ˝¿ w. 40,000 (5) ÷ı±˘ ‹ÎÏÁ¿ w. 1,500 CÎfl¤ÎÕÎ ¤J◊_ ‹ı‚‰ı »ı, F›Îflı w. 2,000 ‹ÎÏÁ¿ CÎfl¤ÎÕ<_ «Ò¿‰ı »ı. (6) ¿o’fiÌ ÷flŒ◊Ì ÷ı‹fiı fiÌ«ı ‹…⁄fiÌ Á‰·÷˘ ‹‚Ì »ı — (i)

1.6 ·ÌÀfl◊Ì ‰‘ @›Ï⁄¿ ¿ı’ıÁÌÀÌ ‰Î‚Ì ‹˘Àfl¿Îfl ÕˇÎ›‰fl ÁÏË÷ (¿o’fiÌ ÷ı‹… ±_√÷ µ’›˘√ ‹ÎÀı)

(ii) ÷ı‹fiÌ ¿·⁄ ŒÌ w. 3,000 (iii) ÷ı‹fiÌ ∞‰fi ‰Ì‹Î ’Î"Ï·ÁÌ ’fl w. 7,000 ≠ÌÏ‹›‹ (iv) ÷ı‹fiÎ hÎHÎ ’h΢fiÎ ÏÂZÎHÎ ±_√ı ÿfl‹ÏËfiı w. 1,200 ÏÂZÎHÎ ¤J◊_ (v) √ıÁ ±fiı ‰Ì…‚ÌfiÌ Á‰·÷ ±_√ı w. 6,000. (7) ⁄Lfiı ’ZÎ ‹ÎL› ≠Î"ωÕLÀ ŒoÕ‹Î_ ‹Ò‚ ’√ÎflfiÎ 14Ñ ·ı¬ı ŒÎ‚˘ ±Î’ı »ı. (8) ÷ı‹fiÎ ‹ÎL› ≠Î"ωÕLÀ ŒoÕ‹Î_ 11.5Ñ ·ı¬ı w. 8,050 T›Î… …‹Î ◊›_ »ı. SE-7461]

1

[Contd...

(9) ÷ı±˘ 10 ‰Êa› ’˘VÀ ±Î"ÏŒÁ C.T.D. ¬Î÷΋Î_ ÿfl ‹ÏËfiı w. 1,000 …‹Î ¿flΉı »ı. (10) ΩËıfl ¤Ï‰W› ÏfiÏ‘‹Î_ ÷ı‹HÎı w. 24,000 ¤›Î* Ë÷Î. (11) ÷ı‹HÎı ’λ·Î ‰Ê˝ ÿflÏ‹›Îfi w. 20,000 fiÎ_ flÎWÀˇÌ› ⁄«÷ ’h΢ (lıHÎÌ-8) ¬flÌzÎ_ Ë÷Î_. ±◊‰Î 1

’_ÕÏfl¿ ±ı¿ ¿Î"·ı…‹Î_ ≠ÎK›Î’¿ ÷flÌ¿ı ¿Î‹ ¿flı »ı. ÷ı‹fiı ‰ÎÏÊ˝¿ 20 3,60,000 ’√Îfl ÷flÌ¿ı ‹‚ı »ı. ÷ı±˘ ‹ÎL› ≠Î"ωÕLÀ ŒoÕ‹Î_ ‰ÎÏÊ˝¿ 30,000fi˘ ŒÎ‚˘ ±Î’ı »ı. ÷ı‹fi_ ≠Î"ωÕLÀ ŒoÕ‹Î_ …‹Î ◊›ı·_ T›Î… 45,000 Ë÷_. ÷ı±˘ ±ı¿ ‹¿ÎfifiÎ ‹ÎÏ·¿ »ı, …ı ÷ı‹HÎı ‹ÎÏÁ¿ w. 2,000fiÎ ¤ÎÕÎ◊Ì ¤ÎÕı ±Î’ı· »ı. ÷ı ‹¿Îfi ±_√ı ÷ı‹HÎı ¿flı·Î ¬«Î˝ ±Î ‹…⁄ »ı — (±) Q›ÏfiÏÁ’· ‰ıflÎ w. 1,200 (⁄) ‹¿Îfi ⁄Î_‘‰Î ·Ì‘ı· ·˘fi ’fl T›Î…fiÎ w. 11,600 ÷ı‹fiÌ Áfl¿ÎflÌ Ω‹Ìfi√ÌflÌ ’flfiÎ T›Î…fiÌ ±Î‰¿ w. 9,600 ◊›ı· »ı. ±Î Ω‹Ìfi√ÌflÌ ¬flÌÿ‰Î ·Ì‘ı· ·˘fi ’fl T›Î…fiÎ ÷ı‹HÎı w. 1,600 «Ò¿‰ı· »ı. ÷ı‹HÎı ±√ε ¬flÌÿı· flÎWÀˇÌ› ⁄«÷ ’h΢ ’fl ’λ·Î ‰Ê˝ ÿflÏ‹›Îfi ·ıb_ ◊›ı· T›Î… w. 5,874 Ë÷_. ÷ı‹fiı ±ı¿ ¤Îfl÷Ì› ¿o’fiÌfiÎ Â"fl ’fl w. 8,400fiÌ √˛˘Á ÏÕωÕLÕfiÌ ±Î‰¿ ◊¥ »ı. ÷ı‹ … C΢ÕÎÿ˘Õ ËfľΥ ÷◊Î ·˘ÀflÌ‹Î_ ±fiø‹ı w. 28,000 ±fiı w. 30,000fiÎ_ √˛˘Á ≥fi΋˘ ÷ı‹fiı ‹Y›Î_ Ë÷Î_. ÷ı‹HÎı ’˘÷ÎfiÌ ∞_ÿ√ÌfiÌ w. 2,50,000fiÌ ‰Ì‹ÎfiÌ ’Î"·ÌÁÌ ’fl w. 28,000 ≠ÌÏ‹›‹ ¤›* Ë÷_. ÷ı‹… w. 40,000fiÎ_ flÎWÀˇÌ› ⁄«÷ ’h΢ ¬flÌzÎ_ Ë÷Î_. ’λ·Î ‰Ê˝ ÿflÏ‹›Îfi ÷ı‹HÎı w. 30,000fi_ ±_√÷ {‰ıflÎ÷ (1987-”88‹Î_ ¬flÌÿı·) w. 1,00,000‹Î_ ‰ıE›_ Ë÷_ ±fiı w. 50,000fiÌ Ï¿o‹÷fi_ fi‰_ {‰ıflÎ÷ ¬flÌz_ Ë÷_. …^fiÌ ¬flÌÿÌ ±fiı ‰ı«ÎHÎfiÎ ‰Ê˘˝fiÎ ÁÒ«¿ ±Î_¿ ±fiø‹ı 150 ±fiı 180 »ı. ÷ı‹fiı ’flÌZο ÷flÌ¿ı w. 10,500 ‹Y›Î Ë÷Î. ’λ·Î ‰Ê˝ ÿflÏ‹›Îfi ÷ı‹HÎı ±ı¿ ‹ÎL› Ï‹ÂfiflÌ Á_V◊Îfiı w. 5,000fi_ ±fiı ≠‘Îfi ‹_hÎÌfiÎ flÎWÀˇÌ› flÎË÷ ŒoÕ‹Î_ w. 10,000fi_ ÿÎfi ±ÎM›_ Ë÷_. ±Î¿ÎflHÎÌ ‰Ê˝ 2005-”06 ‹ÎÀıfiÌ ÷ı‹fiÌ ¿<· ¿fl’ÎhÎ ±Î‰¿ ¢‘˘.

lÌ w. w. w.

SE-7461]

2

[Contd...

2

(±) lÌ flËı‹Îfi fiÌ ‹ÎÏ·¿ÌfiÎ ‹¿Îfi Ï‹·¿÷fiı ·√÷Ì fiÌ«ı ±Î’ı·Ì ω√÷˘ 14 ’fl◊Ì ±Î¿ÎflHÎÌ ‰Ê˝ 2005-”06 ‹ÎÀı ÷ı‹fiÌ ‹¿Îfi Ï‹·¿÷˘fiÌ ¿fl’ÎhÎ ±Î‰¿fiÌ √HÎ÷flÌ ¿fl˘ — ω√÷

‹¿Îfi fi_.1 ‹¿Îfi fi_.2 w.

w.

(1) Q›ÏfiÏÁ’· ±Î¿ÎflHÎÌ ‹…⁄ ‰ÎÏÊ˝¿ ‹ÒS› 18,000

36,000

(2) ‰Î…⁄Ì ¤ÎÕ<_

26,640

34,560

(3) ‹‚ı· ‰ÎÏÊ˝¿ ¤ÎÕ<_

28,800

28,800

(4) VÀÎLÕÕÛ flıLÀ

25,200

32,400

(5) ⁄Î_‘¿Î‹ ’Òfl_ ◊›Î ÷Îfl̬

31-3-95 31-3-97

(6) ’λ·Î ‰Ê˝ ÿflÏ‹›Îfi «Ò¿‰ı·Î V◊ÎÏfi¿ ¿fl‰ıflÎ — (1) ±√εfiÎ ’λ·Î ‰Ê˝fiÎ

7,200

—

(2) «Î· ’λ·Î ‰Ê˝fiÎ

3,600

7,200

(7) «Ò¿‰ı· ‰Ì‹Î ≠ÌÏ‹›‹

1,800

2,600

(8) …‹Ìfi ¤ÎÕ<_

1,000

700

(9) …‹Ìfi ‹ËıÁÒ· «Ò¿‰‰Îfi_ ⁄οÌ

1,500

930

3,600

—

780

—

4,680

6,240

(10) ⁄Î_‘¿Î‹ ‹ÎÀı ·Ì‘ı·Ì ·˘fifi_ T›Î… — (1) ±√εfiÎ ‰Ê˝fi_ ⁄Î¿Ì T›Î… «Ò¿T›_ (2) ±Î√εfiÎ ‰Ê˝fiÎ ⁄Î¿Ì T›Î… ’flfi_ T›Î… «Ò¿T›_ (3) «Î· ‰Ê˝fi_ «Ò¿‰‰Îfi_ ⁄Î¿Ì T›Î…

6

(⁄) Á‹Ω‰˘ — «˘A¬_ ‰ÎÏÊ˝¿ ‹ÒS›. ±◊‰Î SE-7461]

3

[Contd...

2

6

(±) ¬ÁfiÌ T›ÎA›ÎfiÎ Á_ÿ¤˝‹Î_ fiÌ«ıfiÎfi_ ‰√a¿flHÎ ¿fl˘ — (1) lÌ ≠dS· ÿ‰ı (2) flÎ…¿Î"À «ıQ⁄fl ±Î"Œ ¿Î"‹Á˝ (3) ‹"ÁÁ˝ ∞‰fi·Î· ±"LÕ ⁄˛‘Á˝ (4) fl˘‹ıZÎ ≠Î¥‰ıÀ Ï·Ï‹ÀıÕ (5) Á˙flÎWÀˇ ›Ïfi‰ÏÁ˝ÀÌ (6) …^fiÎ√œ Q›ÏfiÏÁ’· ¿Î"’˘˝flıÂfi. (⁄) ±‹ıÏfl¿fi fiÎ√Ïfl¿ lÌ ΩıfiÁfi ≠◊‹‰Îfl ÷Îfl̬ 1-…^fi 2000fiÎ

8

fl˘… ¤Îfl÷ ±ÎT›Î. ÷ı ‹ fiÌ fiÌ«ı fi Ì Ï‰√÷˘ ’fl◊Ì ±Î¿ÎflHÎÌ ‰Ê˝ 2004-05 ±fiı ±Î¿ÎflHÎÌ ‰Ê˝ 2005-06 ‹ÎÀı ÷ı‹fi˘ flËıÃÎHÎfi˘ ÿflFΩı fiyÌ ¿fl˘ — ¤Îfl÷ ±ÎT›Î ÷Îfl̬

¤Îfl÷ ⁄ËÎfl √›Î ÷Îfl̬

(1) 1-6-2000

15-8-2000

(2) 1-3-2001

1-5-2002

(3) 21-1-2004

2-4-2004

(4) 15-3-2005

15-5-2005

(¿) Á_…›ı 2004-”05fiÎ ‰Ê˝ ÿflÏ‹›Îfi fiÌ«ıfiÎ_ fl˘¿ÎH΢ ¿›Î* »ı. ÷ı‹fiı

4

¿·‹-88 fiÌ«ı ¿ıÀ·Ì fl¿‹ flÌ⁄ıÀ ÷flÌ¿ı ‹‚Âı ÷ı fiyÌ ¿fl˘. (÷ı‹fiÌ ¿<· ±Î‰¿ w. 1,75,000 »ı.) (1) ‹ÎL› ’˛Î"ωÕLÀ ŒoÕ‹Î_ ŒÎ‚˘ w. 20,000 (2) ΩËıfl ≠Î"ωÕLÀ ŒoÕ‹Î_ ŒÎ‚˘ w. 16,000 (3) ≥L¡ÎVÀˇ@«fl ¿o’fiÌfiÎ Â"fl‹Î_ fl˘¿ÎH΢ w. 33,000 (4) ›ÏfiÀ ÀˇVÀfiÎ ‹ÎVÀfl ≥„@‰ÀÌ M·Îfi‹Î_ fl˘¿ÎHÎ w. 5,000 (5) flÎWÀˇÌ› ⁄«÷ ’h΢ (lı‹Ì-8)‹Î_ fl˘¿ÎHÎ w.20,000 (6) HDFC fiı ‹¿ÎfifiÌ ·˘fifiÌ ’fl÷ «Ò¿‰HÎÌ w. 24,000. SE-7461]

4

[Contd...

3

ÕÎ". …›ıLƒ ΩfiÌ fiÌ “‘_‘Î ¿ı T›‰ÁΛfi˘ fiŒ˘ ¿ı ·Î¤” ÏÂÊ˝¿ fiÌ«ıfiÌ ¿fl’ÎhÎ 20 ±Î‰¿ ±Î¿ÎflHÎÌ ‰Ê˝ 2005-06 ‹ÎÀı fiÌ«ıfiÌ ’λ·Î ‰Ê˝fiÌ Ï‰√÷˘fiı ±Î‘Îflı fiyÌ ¿fl˘ — (±) ±Î‰¿ — (1) ω{ÌÀ ŒÌ .......................................................... w. 1,60,000 (2) ¿LÁSÀıÂfi ŒÌ..................................................... w. 1,50,000 (3) ÿ‰Îfi_ ‰ı«ÎHÎ .........................................................w. 20,000 (4) ±Î"’flıÂfi ◊Ì›ıÀflfiÎ ¤ÎÕÎfiÌ ±Î‰¿ ........................w. 80,000 (5) ÏÕωÕLÕ ..................................................................w. 14,000 (6) Àˇı{flÌ Áıω_BÁ ÁÏÀÛÏŒ¿ıÀ˚Áfi_ T›Î… ............................. w. 5,000 (7) ÿÿa±˘ ÷flŒ◊Ì ⁄ÏZÎÁ ............................................w. 40,000 (8) ‰Îœ¿Î’fiÎ_ ÁΑfi˘fi_ ‰ı«ÎHÎ ....................................... w. 8,000 (⁄) Ω‰¿ — (1) ÿ‰Î¬ÎfiÎfi_ ¤ÎÕ<_ .....................................................w. 72,000 (2) VÀÎŒfi˘ ’√Îfl ........................................................w. 90,000 (3) ¿LÁ„SÀo√ w‹fi_ ¤ÎÕ<_-‰ıflÎ .......................................w. 24,000 (4) ‰Ì…‚̬«˝ .............................................................w. 15,000 (5) ÿο÷flÌ ‹ı√ıÏ{LÁfiÌ ¬flÌÿÌ....................................... w. 5,000 (6) ‰Îœ¿Î’fiÎ_ ÁΑfi˘fiÌ ¬flÌÿÌ (1-7-04) .................... w. 2,000 (7) ÿÌ‰Î‚Ì ¬«˝ ...........................................................w. 10,000 (8) ÿ‰ÎfiÌ ¬flÌÿÌ ........................................................w. 20,000 (9) ‹˘Àfl ¬«˝ .............................................................w. 36,000 (10) ±Î"ÏÕÀ ŒÌ ................................................................ w. 2,000 (11) ‹"ÏÕ¿· ±ıÁ˘ÏÁ±ıÁfifiÌ ÁP› ŒÌ................................. w. 600

SE-7461]

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[Contd...

(¿) ‰‘ÎflÎfiÌ ‹ÎÏË÷Ì — (1) ‹˘Àfl¿Îflfi˘ 1/2 ¬«˝ ’˘÷ÎfiÎ ±_√÷ Ëı÷ ‹ÎÀı »ı. (2) ‹˘Àfl¿Îflfi˘ CÎÁÎfl˘ w. 12,000 »ı. (3) ÿ‰Îfi˘ Âw±Î÷fi˘ ±fiı ±Î¬flfi˘ VÀÎ"¿ ±fiø‹ı w. 16,000 ±fiı w. 8,000 »ı. (4) ‰Îœ¿Î’fiÎ_ ÁΑfi˘ ’fl 20Ñ »ı. ‰Îœ¿Î’fiÎ_ ÁΑfi˘fiÌ Âw±Î÷fiÌ ⁄Î¿Ì w. 24,000 Ë÷Ì. ±◊‰Î 3

(±) lÌ flHÎ∞÷ı fiÎHÎÎ_¿Ì› ‰Ê˝ 2004-05 ÿflÏ‹›Îfi ‰ı«ı· ‹ÒÕÌ Ï‹·¿÷˘fiÌ 14 ω√÷ fiÌ«ı ≠‹ÎHÎı »ı ÷ıfiÎ ’fl◊Ì ±Î¿ÎflHÎÌ ‰Ê˝ 2005-”06 ‹ÎÀı ÷ı‹fiÎ ¿fl’ÎhÎ ‹ÒÕÌ fiŒÎfiÌ √HÎ÷flÌ ¿fl˘. (‰ı«ÎHÎ ‰Ê˝fi˘ ÁÒ«¿ ±Î_¿ 480 »ı.)

ω√÷

¬flÌzÎ

‹Ò‚ ’Õ÷fl

¬flÌÿÌ

‰Î…⁄Ì Ï¿o.

‰ı«ÎHÎ

‰ı«ÎHÎ

‰ı«ÎHÎ

÷Îfl̬

w.

‰Ê˝fi˘

(1-4-81)

÷Îfl̬

Ï¿o‹÷

¬«Î˝

ÁÒ«¿±Î_¿

w.

w.

w.

100

20,000

14-4-04 1,31,600 5,000

(1) {‰ıflÎ÷ 25-1-81 1,80,000

(”81-”82) (2) Â"Á˝

1-4-90

54,600

182

ó

14-8-04 1,56,000 2,400

(3) ÏÕ⁄ıÓ«Á˝ 15-1-01

20,000

406

ó

7-11-04

182

ó

25-12-04 10,80,000 18,000

24,000

240

(4) …‹ÌfiM·Î"À 15-7-90 2,40,000

(⁄) ·Î_⁄Î √΂ÎfiÎ ‹ÒÕÌ fiŒÎ ±_√ı Á‹…^÷Ì ±Î’˘. SE-7461]

6

6 [Contd...

4

(±) Á_’ÏkÎ ‘ÎflÎ Ëı ““‹ÎfiÌ ·Ì‘ı· Ï‹·¿÷˘”” Á‹Ω‰˘.

10

(⁄) ¿fl‹@÷ Ï‹·¿÷˘fiÎ_ µÿÎËflHÎ ±Î’˘.

10

±◊‰Î 4

(±) Á_’ÏkΉıflÎ ‹ÎÀı Ï‹·¿÷˘fiÌ Ï¿o‹÷ ¿ı‰Ì flÌ÷ı fiyÌ ¿fl‰Î‹Î_ ±Î‰ı »ı ?

10

1957fiÎ Ï‹·¿÷ ‰ıflÎ ¿Î›ÿÎ Ëı …^ÿÌ …^ÿÌ Ï‹·¿÷˘fiÌ ±Î_¿HÎÌfiÎ Ïfi›‹˘fi_ À>_¿‹Î_ Ïfiÿ½fi ¿fl˘.

5

(⁄) Á_’ÏkΉıflÎ ¿Î›ÿÎ fiÌ«ı “‹ÒS›Î_¿fi ÷Îfl̬” ±_√ıfiÌ Ωı√‰Î¥ ·¬˘.

10

À>_¿ fi˘Ó‘ ·¬˘ — (¿˘¥ ’HÎ «Îfl)

20

(1) ±Î¿ÎflHÎÌ ‰Ê˝ ±fiı ’λ·_ ‰Ê˝ (2) ¬ı÷̉ÎÕÌfiÌ ±Î‰¿ (3) flËıÃÎHÎfi˘ ÿflFΩı (4) ¿Ï‹Âfifl ±Î"Œ ≥L¿‹ÀıZÎ (5) ±ı’ı·ıÀ ÏÀˇO›Òfi· (6) ÁıÀ·‹ıLÀ ¿Ï‹Âfi (7) «Ò¿‰‰ÎfiÎ_ ⁄Î¿Ì ÿı‰Î_ (8) «˘A¬_ ‰ÎÏÊ˝¿ ‹ÒS›.

SE-7461]

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[Contd...

ENGLISH 1

VERSION

Shree Radheshyam is specified employee. Find out his

20

taxable income from salaries for the assessment year 2005-06 from the details of previous year as given below and calculate the rebate under Section - 88. (1)

Salaries per month Rs. 20,000

(2)

Dearness allowances is calculated @ 40% on basic pay.

(3)

Four months basic salaries as bonus.

(4)

Sales commission for the year Rs. 40,000.

(5)

House rent allowance Rs. 1,500 per month, Rent paid by him Rs. 2,000 per month.

(6)

Company has provided him following perquisites : (i)

Motor car having cubic capacity more than 1.6 litters along with driver (which is used both for company and personal purposes)

(ii)

Club fees Rs. 3,000

(iii) Life Insurance Premium Rs. 7,000 (iv) Educational allowance Rs. 1,200 per month for his three sons. (v)

Payment of Rs. 6,000 against his gas and electricity bills.

(7)

Contribution at the rate of 14% toward recognized provident fund by employer and employee each.

(8)

Amount of Rs. 8,050 was credited as interest @ 11.5% to his provident fund A/c

SE-7461]

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[Contd...

(9)

He deposits Rs. 1,000 per month towards his post office C.T.D. account (duration of 10 years)

(10) He had deposited Rs. 24,000 in his public provident fund account. (11) He had purchased National Saving Certificates (VIII issue) worth Rs. 20,000. OR 1

Shri Pundarik is working in a college as a lecturer

20

getting Rs. 3,60,000 as salaries per year. He and his employer both are contributing towards his provident fund Rs. 30,000 each per year. The interest credited toward his provident fund A/c was Rs. 45,000. He is an owner of a house which was rented at Rs. 2,000 per month, for that he had paid : (a)

Municipal taxes Rs. 1,200

(b)

Interest on loan for construction of house Rs. 11,600 in previous year. He had earned Rs. 9,600 as interest on investment

in Government Securities, for that he paid Rs. 1,600 as interest on loan to purchase the securities. The interest of Rs. 5,874 was accrued on National Savings Certificates. Purchased in earlier years. He also received Rs. 8,400/- as gross dividend on shares of an Indian company. He won the prizes of Rs. 28,000 and Rs. 30,000 from horse race and lottery tickets respectively. He had paid Rs. 28,000 as premium on his life policy of Rs. 2,50,000 and Rs. 40,000 for purchase of National Savings Certificates. SE-7461]

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[Contd...

In

previous

year

he

had

sold

his

personal

jewellery (purchased in 1987-88 at Rs. 30,000) in Rs. 1,00,000 and purchased new jewellery worth Rs. 50,000. (Indexes of purchase and sales years were 150 and 480 respectively). His income as examiner was Rs. 10,500. He also donated Rs. 5,000 and Rs. 10,000 towards recognized missionary institution and Prime Minister's Relief Fund respectively. Find out his total taxable income for the assessment year 2005-06. 2

(a)

Find out the taxable income of Mr. Rehman from

14

House properties for the assessment year 2005-06 from the particulars given below : Particulars

House

House

No.1

No.2

Rs.

Rs.

municipal assessment

18,000

36,000

(2)

Reasonable expected rent

26,640

34,560

(3)

Rent actually received

28,800

28,800

(4)

Standard rent

25,200

32,400

(5)

Date of completion of 31-3-95

31-3-97

(1)

Annual value as per

construction (6)

SE-7461]

Local taxes paid during previous year : (1) Earlier previous year

7,200

—

(2) Current previous year

3,600

7,200

(7)

Insurance premium paid

1,800

2,600

(8)

Rent of Land paid

1,000

700

10

[Contd...

(9)

Land revenue - outstanding

(10) (a)

1,500

930

Interest paid on loans for construction : (1) Earlier year

36,000

—

(2) Interest on due amount of earlier years

780

—

4,680

6,240

(b) Previous year's interest (outstanding) (b)

Explain : Net Annual Value.

6

OR 2

(a)

Classify the following with respect to definition of

6

"Person".

(b)

(1)

Prafull Dave

(2)

Rajkot Chamber of Commerce

(3)

Messrs Jivanlal & Brothers

(4)

Romax Private Limited

(5)

Saurashtra University

(6)

Junagadh Municipal Corporation.

Mr. Johnson, the American citizen visited India first

time

on

1 st

June-2000.

Find

out

8

his

residential status for the Assessment Years 2004-2005 and 2005-06 respectively from the information given below : Date of Visits

SE-7461]

Dates of Leavings

(1)

1-6-2000

15-8-2000

(2)

1-3-2001

1-5-2002

(3)

21-1-2004

2-4-2004

(4)

15-3-2005

15-5-2005 11

[Contd...

(C) From the investments of Mr. Sanjay during the

4

year 2004-05, as given below, calculate the amount of rebate under Section-88. (His total income was Rs. 1,75,000) (1)

(2)

Contribution towards : (i)

Recognized Provident Fund Rs. 20,000

(ii)

Public Provident Fund Rs. 16,000

Investments in : (i)

Shares

of

infrastructure

companies

Rs. 33,000 (ii)

Master equity plan of UTI Rs. 5,000

(iii) National Savings Certificates (VIII issue) Rs. 20,000 (3)

Part repayment of H.D.F.C. loan for own building Rs. 24,000

3

Calculate the taxable income of Dr. Jayendra Jani

20

under head of 'Incomes and gains from business or profession for assessment year 2005-06' from the following details : (a)

Incomes : (1)

Visit fees ............................................. Rs. 1,60,000

(2)

Consultation fees ................................ Rs. 1,50,000

(3)

Sales of medicines ................................ Rs. 20,000

(4)

Rent of operation theatre .................... Rs. 80,000

(5)

Dividend.................................................. Rs. 14,000

(6)

Interest on Treasury Savings Certificates ........................ Rs. 5,000

SE-7461]

(7)

Gifts from patients ............................... Rs. 40,000

(8)

Sales of surgical instruments ............... Rs. 8,000 12

[Contd...

(b)

Payments : (1)

Hospital rent .......................................... Rs. 72,000

(2)

Staff salaries .......................................... Rs. 90,000

(3)

Rent, rates and taxes of consulting room ............................. Rs. 24,000

(4)

Electricity charges ................................. Rs. 15,000

(5)

Purchase of medical magazines ............ Rs. 5,000

(6)

Purchase of surgical instruments (1-7-04).................... Rs. 9,000

(7)

Motor car expenses ............................... Rs. 36,000

(8)

Audit fees ................................................. Rs. 2,000

(9)

Dewali expenses .................................... Rs. 10,000

(10) Purchase of medicines .......................... Rs. 20,000 (11) Membership fees for medical association............................... Rs. 600

(c)

Additional information : (1)

50% Motor car expenses are to be taken as personal.

(2)

Depreciation on motor car Rs. 12,000

(3)

Opening and closing stock of medicines were Rs. 16,000 and Rs. 8,000 respectively.

(4)

Depreciation

on

surgical

instruments

is

allowable @ 20% at reducing installment system. Opening stock of such instruments was of Rs. 24,000 OR SE-7461]

13

[Contd...

3

(a)

Find out the profit under head 'capital gain' of

14

Shri Ranjit for financial year 2004-05 from following information :

Particulars

Date

Cost

of

value

of

nable

purc-

Rs.

purc-

value

hase

on

year

1-4-81

hase

Index Reaso- Selling Selling Selling date

price

expe-

Rs.

nses Rs.

Rs.

(1) Jewelleries

25-1-81 1,80,000

100

20,000 14-4-04 1,31,600

5,000

('81-'82) (2) Shares 1-4-90

54,600

182

—

14-8-04 1,56,000

2,400

15-1-01 20,000

406

—

7-11-04

15-7-90 2,40,000

182

—

25-12-04 10,80,000 18,000

(3) Debentures

24,000

240

(4) LandPlot

4

(b)

Explain the term "Long Term Capital Gain".

6

(a)

Explain the term "Deemed Assets" under Wealth

10

Tax Act.

(b)

Give illustrations of tax free assets.

10

OR SE-7461]

14

[Contd...

4

(a)

How the values of assets are

ascertained under

10

Wealth Tax ? Explain in short the general rules of different assets under Wealth Tax Act 1957. (b)

Give the provisions regarding 'valuation date' under

10

Wealth Tax Act. 5

Write short notes : (any four) (1)

Assessment year and previous year

(2)

Agricultural income

(3)

Residential status

(4)

Commissioner of Income Tax

(5)

Appelate Tribunal

(6)

Settlement Commission

(7)

Debts owed

(8)

Net annual value.

SE-7461]

15

20

[ 13,000/395-115 ]