In this Post we have shared Gauhati University Bcom 3rd Sem Income tax Law and Practice Question Paper 2023 CBCS Pettern. Which Can be Very Useful For Your GU B.Com 3rd Semester Sessional or Final Semester Examination. GU B.com 3rd Income Tax Law and Practice Question paper 2023 in PDF Gauhati University.
Guwahati University BCom 3rd semester Income tax Law and Practice question paper 2023
4 (Sem-3/CBCS) ITLP HC/RC
2023
COMMERCE
(Honours Core/Regular)
Paper: COM-HC-3026/COM-RC-3026
(Income Tax Law and Practice)
Full Marks: 60
Time: Three hours
The figures in the margin indicate full marks for the questions.
1. Answer the following questions as directed: 1x7=7
(a) The present Income Tax Act came into force from the year______.
(Fill in the blank)
((b) The term "Salary" has been defined as per section______of the Income Tax Act.
(Fill in the blank)
(c) The maximum deductions from gross total income of an individual as per section 80C of the Income Tax Act, 1961, is Rs ________.
(Fill in the blank)
(d) Previous year has been defined under section_______of the Income Tax Act, 1961. (Fill in the blank)
(e) An Indian citizen is always considered as "resident and ordinarily resident in India". (Statement is true or false)
(f) Income Tax is charged by the Central Government.
(Statement is true or false)
(g)Rate of Statutory deduction in case of Income from house property is_______.
(Fill in the blank)
2. Answer the following questions: 2×4=8
(a) When an individual is considered "Non- resident in India" for Income Tax purposes ?
(b) Write the meaning of "Total Income" as per Income Tax Act.
(c) Explain the meaning of Long term Capital Gain.
(d) Define "Assessee" as per Income Tax Act, 1961.
3. Answer any three of the following questions: 5×3=15
(a) Briefly explain various heads of income.
(b) Mr. K is the owner of a house property which is let-out by him at a monthly rent of Rs.3,200 p.m. The following particulars of the house are given below :
(i) Municipal Valuation (MV) Rs. 30,000 p.a.
(ii) Fair Rent (FR) Rs. 45,000 p.a.
(iii) Standard Rent Rs. 40,000 p.a.
(iv) Municipal Taxes paid during the previous year Rs. 3,000.
(v) Fire insurance premium paid Rs. 600 p.a.
Determine his Income from House Property for the assessment year 2023-24.
(c) Explain the manner of determining the residential status under "resident and ordinarily resident in India".
(d) Mention the items of General Income under the head "Income from other source".
(e) Define "Agricultural Income". Give examples of incomes which are related to land, but are not agricultural income.
4. Answer the following questions: 10×3=30
(a) Describe briefly the procedure of ascertaining the income under the head "Profits and Gains Business or Profession".
Or
State the deductions available from gross total income under section 80C of Income Tax Act, 1961.
(b) Explain the process of setting off of losses and their carry forward as per provisions of the Income Tax Act, 1961.
Or
Briefly explain any five forms of return of income.
(c) Mr. R is employed in a private limited company in Kamrup, Assam. During the previous year he received the following payments from his employer:
Basic Salary Rs. 15,000 p.m.
Dearness allowance Rs. 8,000 p.m.
Entertainment allowance Rs. 1000 p.m.
Servant Allowance Rs. 500 p.m.
Bonus for the year Rs. 70,000
Commission received 35,000 p.m.
Free furnished accommodation was provided to him which the employer paid a rent of Rs. 6000 p.m.
Employer's contribution to R.P.F. @15% on basic salary.
Compute his income from salary for the relevant assessment year.
Or
Mr. Bora had purchased a residential house property on 16.06.2004 for Rs.2,20,000. He had spent Rs. 1,50,000 on improvement of the house during the year 2008-09. On 04.10.2022, he sold the house for Rs.21,50,000 (Stamp Duty Value Rs.20,40,000). His expenses on transfer amounted to Rs.36,000.
Compute the 'Capital Gains' for the Assessment Year 2023-24.
Previous year Cost Inflation Index (CII)
2004-05 113
2008-09 137
2022-23 331
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