In this post, we have shared the Gauhati University Direct & Indirect Taxes Question Paper 2015 (Non-CBCS). This question paper is highly beneficial for FYUGP NEP 4th Semester students across all Major specializations.It is particularly useful for students pursuing Accountancy Major, Finance Major, HRM Major, and Marketing Management Major, as the syllabus for Direct & Indirect Taxes under both Non-CBCS and NEP patterns shares significant similarities.
![Direct & Indirect Taxes Question Paper 2015 [Gauhati University BCom 4th Sem FYUGP NEP]](https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEi66Xg8mYP6GWzz68GIBbx52CoG_g3_GsQ7O3kWVr7ghmkqG3UHmmfMZeMTJX0Z6BYsENLw0xymB_ZMYISeTjk1hHXVgtFpMVrEolASQPmtYuuGS0hk4qv59cGClmUpj4mPTpg-dSjiFdMcKGpvIiNPgSOSKpNUvrVRzI5dawCgmKeBV7dUSWfoWdZlCpTj/s960/Direct%20&%20Indirect%20Taxes%20Question%20Paper%202015%20%5BGauhati%20University%20BCom%204th%20Sem%20FYUGP%20NEP%5D.webp "Direct & Indirect Taxes Question Paper 2015 [Gauhati University BCom 4th Sem FYUGP NEP]")
We strongly recommend studying this Gauhati University FYUGP NEP B.Com 4th Sem Direct & Indirect Taxes question paper from 2015 to boost your preparation for the FYUGP NEP 4th Semester Honours Course. This previous year’s Non-CBCS question paper will serve as a valuable resource for understanding key topics and improving performance in all major courses under the FYUGP NEP 4th-semester syllabus
2015
DIRECT TAXES
PART - A
Full Marks: 80
Time: 3 hours
(The figures in the margin indicate full marks for the questions)
1. (a) Fill in the blanks with appropriate word/ words: 1x5=5
1) As per section _______ a person by whom any tax or any other sum of money is payable under the Income Tax Act is known as assessee.
2) Salary is taxable on due or receipt basis whichever is _______.
3) Rate of statutory deduction in case of income from house property is _______.
4) Section 54 provides exemption to equal gains arising from the transfer of a _______ house property.
5) Interest received by an employee on his own contribution to unrecognized provident fund is taxable under the head _______.
(b) State whether the statement is true or false: 1x5=5
1) An Indian citizen is always considered as resident and ordinarily resident in India.
2) Perquisites cannot be given in monetary form.
3) The highest rate of personal income tax as per the Income Tax Act is 30%.
4) An asset (except shares and debentures) is termed as short term capital asset if it is held for 36 months.
5) Cash in hand in excess of Rs. 20,000 in case of individual are to be considered as an asset for determining net wealth.
2. Write short answers to the following in about 50 words each: 2x5=10
a) An assessee commences his business on:
1) 1st July, 2014 and
2) 16th January, 2014
In each case, what will be his assessment year and what period will be his treated as his previous year for the concerned assessment year?
b) When is an individual considered ‘non-resident in India’ for income tax purpose?
c) Define assets under the Wealth Tax Act.
d) Write the meaning of ‘Total Income’ as per Income Tax Act.
e) State two expenses which are admissible while computing taxable profit of a business.
3. Describe briefly any four of the following: 5x4=20
a) State the procedure of filing of return by an individual assessee.
b) State the consequences of not deducting tax at source as per the provisions of Income Tax Act.
c) What deductions are allowed while computing income from house property?
d) Name any five allowances which are exempted from tax upto the link of actual expenditure.
e) Give five examples of expenses/provisions which are not allowed as deduction while computing the profits and gains of business or profession.
f) State the meaning of ‘long-term capital gains’ and ‘short-term capital gains’.
g) Mention five items of ‘general income’ under the head ‘Income from other sources’.
4. Answer the following questions:
(a) (1) Kasturi Das is the owner of a house property located at Guwahati. From the particulars given below compute the income from house property for the assessment year 2015-16.
Municipal taxes paid during the year 50% of tax levied.
(2) Mr. Bikash Bora purchases a house property for Rs. 76,000 on September 30, 1975. In 1989-90 he spent Rs. 4,30,000 for reconstruction of the house. The house property was sold by Mr. Bora on June 15, 2014 for Rs. 50,00,000 (expenses incurred on transfer of house property was Rs. 35,000).
Fair market value of the property on 1.4.1981 is Rs. 5,00,000. Cost inflation index for 1981-82: 100; 1989-90: 172; 2014-15: 1,024
Compute the amount of capital gain for the assessment year 2015-16.
Or
The following are the incomes of Shree Deepak for the previous year 2014-15:
Compute his taxable income if he is
a) Resident,
b) Not ordinarily resident,
c) Non-resident. 10
(b) Mr. Naidu, aged 58 is an employee of Public Ltd. Co., Guwahati. As per terms of the agreement with the company he received the following: 10
Bonus for the year @ 20% on his basic salary, House rent allowance Rs. 4,000 p.m. (Rent paid by him Rs. 5,000 p.m.)
Contribution to recognized Provident Fund @ 10% of basic salary
During the previous year 2014-15, his employer deducted Rs. 3,000 as professional tax and income tax at source Rs. 6,000 p.m. from his salary. During the previous year, Mr. Naidu paid Rs. 20,000 as life insurance premium on a policy of Rs. 3,00,000 and deposited Rs. 40,000 in PPF account.
Ascertain his income from salary for the assessment year 2015-16 and also show the net amount of tax payable by him.
Or
Write a note on the deduction available under the Section 80C of the Income Tax Act for the assessment year 2015-16.
(c) (1) What do you mean by Agricultural Income under Income Tax Act, 1961?
(2) Explain the procedure of ‘Regular assessment’ under the Income Tax Act. 5+5=10
Or
Mr. A retired from government service and took up a job with a company thereafter. The following are the particulars of his income etc. for the financial year ending 31st March, 2015:
He deposited Rs. 60,000 in 6 years fixed deposited in S.B.I. and Rs. 50,000 in the Public Provident Fund.
Compute the total taxable income of Mr. A for the assessment year 2015-16. 10
(d) (1) When does the liability for payment of advance tax arise? How is it computed?
(2) Discuss the use of ‘PAN’. How can this be procured as per the Income Tax Act? 5+5=10
Or
What is net wealth? How is it computed? Discuss. 10
INDIRECT TAXATION
PART - B
Answer either in English or Assamese
The figures in the margin indicate full marks for the questions
1. Answer the following as directed: 1x10=10
a) Define the term ‘Goods’ under the Central Sales Tax Act.
b) As per which of the following sections, a ‘dealer’ has been defined under the Central Sales Tax Act?
1) Section 2 (a).
2) Section 2 (c).
3) Section 2 (d).
4) Section 2 (b).
c) The application for compulsory registration should be submitted by a dealer within _____ days of making an inter-state sale. (Fill in the blank)
d) Central Excise duty is levied and collected by the Central Government. (State whether the statement is ‘true’ or ‘False’.
e) Write the meaning of ‘manufacturer’ as per Central Excise Act, 1944.
f) State the meaning of ‘wholesaler dealer’ under the Central Excise Act, 1944.
g) What is ‘Coastal Goods’ under the Customs Act, 1962?
h) According to section 2(53) of the Assam VAT Act, 2003, “taxable goods” means goods other than _____ goods. (Fill in the blank)
i) State the meaning of ‘importer’ as per Assam VAT Act.
j) What is ‘TIN’ for the purpose computation?
2. Explain the following in brief: 2x5=10
a) Two features of the Central Sales Tax Act.
b) Meaning of ‘Excisable goods’ as per the Central Excise Act.
c) ‘Imported goods’ as per the Custom Act, 1962.
d) ‘Dutiable goods’ under the Customs Act, 1962.
e) Meaning of ‘Casual dealer’ as per the Assam VAT Act.
3. Describe briefly any four of the following: 5x4=20
a) Different types of registration under the Central Sales Tax Act.
b) Features of Inter-state sales under the Central Sales Tax Act.
c) Scope of Central Excise Act.
d) ‘Bill Entry’ as per the customs Act, 1962.
e) Persons exempted from registration under Central Excise Act.
f) Features of Value Added Tax.
4. Explain the transactions not regarded as sale under the Central Sales Tax Act. What are the circumstances that lead to the levy of Central Sales Tax? 6+4=10
Or
Explain the procedure of payment of Central Sales Tax by a dealer under Central Sales Tax Act. 10
5. Explain the different types of excise duties under the Central Excise Act. State the powers of concerned authorities regarding granting exemption from excise duty. 6+4=10
Or
Explain the procedure of registration under the Central Excise Act. 10
6. What is meant by ‘Shipping Bill’ as per Customs Act? Describe the procedure of clearance of imported goods for home consumption under this Act. 2+8=10
Or
Describe different types of customs duties under the Customs Act. 10
7. Who are the persons liable to pay tax under the Assam VAT Act? Explain the advantages of Value Added Tax. 4+6=10
Or
State the meaning of ‘Sale’ under Assam VAT Act. What are the rates of Value Added Tax applicable to various commodities under this Act? 2+8=10
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