Paper Code: C-495/496

Roll Number:
EXAMINATION: April-May 2022
B.Com. (Honours) Part-II (Semester-IV)
Subject: Accounts/Management Paper: Subsidiary (Gr-I:A/c and Mgt)
Title: Income Tax
Maximum Marks: 150 Duration: 3 hrs. (Part-A: 20 min. and Part-B & C: 2:40 hrs.)
Note: All questions are compulsory. Distribution of marks is given in the relevant section. In the question paper do not write
anything other than roll number.
lHkh iz'u vfuok;Z gSaA vadksa dk forj.k lEcfU/kr [k.Mksa esa fn;k x;k gSA iz’ui= esa vuqØekad ds vfrfjDr dqN Hkh uk fy[ksaA

PART - A
(MULTIPLE CHOICE QUESTIONS)

Note: Separate OMR Sheet for marking the correct options of multiple choice question paper is provided. Mark your option
on the OMR Sheet by properly darkening the circle.
cgqfodYih; iz’uksa ds lgh fodYi vafdr djus ds fy;s i`Fkd OMR Sheet nh xbZ gSA vius fodYi blh 'khV ij iw.kZ :i ls xksys
dks Hkj dj vafdr djsaA
Marks: 30 (20 Questions of 1.5 Marks each)

A-01: Income tax is payable on:

vk;dj yxrk gS%
(A) Every income izR;sd vk; ij (B) Taxable income dj ;ksX; vk; ij
(C) Receipt izkfIr ij (D) Profit ykHk ij
A-02: Heads of Income are:
vk; ds ’kh"kZd gS%
(A) 02 (B) 03 (C) 05 (D) Many dbZ

A-03: Sum of various heads of Income is called:

fofHkUu ’kh"kZdksa dh vk; dk ;ksx dgyk;sxk%
(A) Taxable income dj ;ksX; vk; (B) Total income dqy vk;
(C) Gross Total Income ldy dqy vk; (D) Adjusted income lek;ksftr vk;
A-04: Non-agricultural income is:
xSj d`f"k vk; gS%
(A) Milk Dairy income nw/k Ms;jh ls vk; (B) Income from mines [knkuksa ls vk;
(C) Income from fishery eNyh ikyu ls vk; (D) All of the above mi;qZDr lHkh
A-05: Minor income is exempt to the extent of:
voL;d dh vk; djeqDr gksrh gS%
(A) Rs. 1000 (B) Rs. 1500 (C) Rs. 5000 (D) Fully exempt iw.kZr% dj eqDr

A-06: Company may be:

dEiuh gks ldrh gS%
(A) Resident fuoklh (B) Non-resident vfuoklh
(C) Not ordinarily resident vlk/kkj.k fuoklh (D) Resident or Non-resident fuoklh ;k vfuoklh

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 Paper Code: C-495/496
A-07: Amount allowed as standard deduction against gross salary:
ldy osru esa ls izekf.kr dVkSrh dh jkf’k Lohd`r gksxh%
(A) Rs. 5000 (B) Rs. 50,000 (C) Rs. 60,000 (D) Rs. 1,00,000

A-08: Facilities are taxable to specific employee:

fof'k"V deZpkfj;ksa dks lqfo/kk,sa dj;ksX; gS%
(A) Gas and electricity xSl ,oa fctyh (B) Sweeper QjkZ’k
(C) Education f’k{kk (D) All of the above mijksDr lHkh
A-09: Salary includes: osru esa ’kkfey gS%
(A) Cash receipts uxn izkfIr;ka (B) Perquisites vuqykHk
(C) Profit in lieu of salary osru ds LFkku ij ykHk (D) All of the above mi;qZDr lHkh
A-10: Maximum deduction is allowed in respect of interest on loan against self occupied house:
Lo;a ds vkokl dh n’kk esa _.k ij C;kt dh vf/kdre dVkSrh feyrh gS%
(A) Rs. 30,000/2,00,000 (B) Rs. 30,000 (C) Rs. 2,00,000 (D) None of the above

A-11: Municipal tax is allowed for:

Ukxjikfydk dj dh NwV feyrh gS%
(A) Current year tax pkyw o"kZ dk dj
(B) Proceeding year tax fiNys o"kZ dk dj
(C) Paid during previous year xro"kZ esa pqdk;k x;k dj
(D) Tax paid by tenant fdjk;snkj }kjk pqdk;k x;k dj
A-12: Reserve or provision in Business and profession is:
O;kikj ,oa is’ks esa lap; ;k izko/kku gS%
(A) Allowed Lohd`r (B) Disallowed vLohd`r
(C) Partly Allowed vkaf’kd Lohd`r (D) None of the above buesa ls dksbZ ugha

A-13: Capital gain arises:

iwath ykHk mfnr gksrk gS%
(A) on business capital O;kikj dh iwath ij (B) on transfer of capital assets iwath lEiÙkh ds gLrkarj.k ij
(C) Stock of trade O;kikj ds eky ij (D) All of the above mijksDr lHkh
A-14: Income from other sources are:
vU; lk/kuksa ls vk; gS%
(A) Bank interest cSad C;kt (B) Royalty jk;YVh
(C) Director fees lapkyd ’kqYd (D) All of the above mijksDr lHkh
A-15: Income from lottery is: ykVjh ls vk; gS%
(A) Casual income vkdfLed vk; (B) Income from other source vU; lk/kuksa dh vk;
(C) Taxable income dj ;ksX; vk; (D) All of the above mijksDr lHkh
A-16: Loss from speculation business can be set off from:
lV~Vs ds O;kikj dh gkfu dh iwrhZ iwjh dh tk ldrh gS%
(A) Profit of speculation business lV~Vs ds O;kikj ds ykHk ls
(B) Gain from gambling tq,sa ds ykHk ls
(C) Lottery price ykWVjh ds buke ls
(D) None of the above mijksDr esa ls dksbZ ugha

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 Paper Code: C-495/496
A-17: Minor’s income is clubbed to:
vo;Ld dh vk; ’kkfey dh tkrh gS%
(A) Father’s income firk dh vk; esa
(B) Mother’s income ekrk dh vk; esa
(C) Father’s or mother’s income, which is greater firk ;k ekrk dh vk; ls] ftldh vk; vf/kd gks
(D) Both of father’s and mother’s income firk vkSj ekrk nksuksa dh vk; essa lsA
A-18: Deemed Income means: Ekkuh x;h vk; ls vk’k; gS%
(A) Unearned income vuqikftZr vk;
(B) Estimated income vuqekfur vk;
(C) Such amount which is not income but taxable as income
vk; ugha gkus ds ckotwn vk; ds :i esa dj;ksX;
(D) All of the above mi;qZDr lHkh
A-19: Deduction u/s 80G is for: /kkjk 80 th dh dVkSrh nh tkrh gS%
(A) Charity /kekZnk ds fy, (B) Computer dEI;wVj ds fy,
(C) Royalty jk;YVh ds fy, (D) Donation nku ds fy,

A-20: Top Authorities is in income tax authorities:

vk;dj inkf/kdkfj;ksa esa loksZPp inkf/kdkjh gksrk gS%
(A) Finance Minister foÙk ea=h (B) Finance Secretary foÙk lpho
(C) Board of Direct taxes izR;{k djksa dk dsfUnz; cksMZ (D) Chief commissioner eq[; dfe’uj

PART - B
(SHORT ANSWER TYPE QUESTIONS)
Marks: 32 (4 Questions of 8 Marks each)
B-01: Describe the procedure for filling an appeal to the commissioner (appeal)
dfe'uj ¼vihy½ ds ;gka vihy djus dh dk;Z&fof/k dk o.kZu dhft,A
Or/vFkok
Write a short note on Central Board of direct taxes.
izR;{k djksa dk dsUnzh; cksMZ ij ,d fVIi.kh fyf[k,A
B-02: Compute the tax liability of Mr. X in following case for the assessment year 2021-22:
fuEufyf[kr fLFkfr esa fe- X ds dj fu/kkZj.k o"kZ 2021&22 ds fy, dj nkf;Ro dh x.kuk dhft,%
(i) Agricultural Income d`f"k vk; 80,000/-
(ii) Non Agricultural total income xSj d`f"k dqy vk; 5,45,000/-
Or/vFkok
The following information is available from an assesses income:
,d djnkrk ds vk; dk fuEu fooj.k izkIr gS%
Interest on Post Office Saving Bank iksLV vkWfQl cpr [kkrs dk C;kt 5000/-
Account
Lottery Prize ykWVjh dk buke 5,00,000/-
Amount from Recognized P.F. due to lsok fuo`fÙk ij izekf.kr izksfoMsUV Q.M 50,000/-
retirement ls izkIr jkf’k
Leave Travel concession from the fu;ksDrk ls izkIr vodk’k ;k=k fj;k;r 5000/-
employer
Income from playing cards rk'k ds [ksy ls vk; 5000/-
Which income is exempt aforesaid item and why?
mijksDr esa ls dkSu&lh vk; djeqDr gS vkSj D;ksa\

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 Paper Code: C-495/496
B-03: What are the different categories into which assesses are divided with regard to residence? Explain the
incidence of residence on tax liability.
fuokl LFkku ds vk/kkj ij djnkrkvksa dks fdruh Jsf.k;ksa esa foHkDr fd;k tk ldrk gS\ fuokl LFkku dk dj
nkf;Ro ij Hkkj le>kb,A
Or/vFkok
A truck operator assesses owns three heavy goods vehicles for 8 months 14 days, four medium goods
vehicles for 7 months 8 days and two light goods vehicles for 9 months and 23 days during previous
year 2020-21. He did not keep any account for freight receipts and expenses cost of vehicles is 80 lac.
Heavy goods vehicle unloaden weight is 14 ton per truck. Estimate his income from business according
to section 44 AE of income tax act 1961 for the assessment year 2021-22.
,d Vªd vkijsVj djnkrk ds ikl xro"kZ 2020&21 esa rhu Hkkjh Hkkj okgu 8 ekg 14 fnu] 4 e/;e Hkkjokgu 7
ekg 8 fnu rFkk 02 gyds Hkkj okgu 9 ekg 23 fnu jgsA mlus HkkM+s ,oa O;;ksa dk fglkc ugha j[kk gSA Hkkj
okguksa dh ykxr 80 yk[k :i;s gSA Hkkjh Hkkjokguksa dk [kkyh out 14 Vu izfr Vªd gSA vk; dj vf/kfu;e 1961
dh /kkjk 44 AE ds vUrxZr dj fu/kkZj.k o"kZ 2021&22 ds vUrxZr O;kikj dh vk; dh x.kuk dhft,A
B-04: An assessee purchased a house on 1 January 1995 for Rs.1,40,000/- and sold it on 1st Jan 2021 for
Rs.5,80,000. On 1st April 2001 fair market value of the property was Rs.150,000. Cost inflation index for
the year 2020-21 is 301. Determine the cost of acquisition and compute long term and short term capital
gain (if any).
,d djnkrk us 1 tuojh 1995 dks ,d edku 1]40]000:- esa Ø; fd;k vkSj 1 tuojh 2021 dks 5]80]000:-
esa csp fn;kA 1 vizSy 2001 dks bldk mfpr cktkj ewY; 1]50]000 :- FkkA o"kZ 2020&21 ds fy, eqnzkfLQfr
lwpdkad 301 FkkA lEiÙkh dks izkIr djus dh ykxr rFkk nh?kZdkyhu ,oa vYidkyhu ykHk ¼;fn dksbZ gks rks½ Kkr
dhft,A
Or/vFkok
The following particulars of income of Shri Bherunath Pillai for the previous year:
Jh Hks:ukFk fiYybZ dh xr o"kZ dh vk; dk fooj.k fuEufyf[kr gS%
Gross receipt from salary osru ls ldy izkfIr;k¡ 455000
Loss of self occupied house Lo;a esa jgus ds edku ls gkfu 28000
Long term capital loss from shares va’kksa ij nh?kZdkyhu iwath gkfu 12000
Income from profession is'ks ls vk; 275000
Compute the Gross total Income. ldy dqy vk; dh x.kuk dhft,A

PART -C
(ESSAY TYPE QUESTIONS)
Marks: 88 (4 Questions of 22 Marks each)
C-01: Discuss briefly the provisions of the Income Tax Act regarding deductions to be made in computing the
total income of an assessee in respect of certain payments.
djnkrk dh dqy vk; dh x.kuk djus esa dqN Hkqxrkuksa ds laca/k esa dVkSrh nsus ds fy, vk;dj vf/kfu;e ds
izko/kku le>kb,A
Or/vFkok
From the following particulars compute the total Income of Shri Suresh (Age 72 years) for the
assessment year 2021-2022.
fe- lqjs’k ¼mez 72 o"kZ½ ds fuEu fooj.k ls dj fu/kkZj.k o"kZ 2021&22 ds fy, dqy vk; dh x.kuk dhft,A
Rent from House Property edku lEiÙkh ls fdjk;k 1,05,000
Income from Business O;kikj ls vk; 1,18,000
Short term capital gain vYidkyhu iwath ykHk 93250
Long term capital loss nh?kZ dkyhu iwath gkfu (-6000)
Interest on FDR (Net) cSad LFkk;h tek ij C;kt ¼’kq)½ 62,900
Interest on saving bank cSad cpr [kkrs ij C;kt 12,000
Dividend from Co-operative society Lkgdkjh lfefr ls ykHkka’k 12,000

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C-02: Shri Ram Kumar is General Manager in Nahar Plastics Private Limited at Jaora (Population 1.5 lakh).
He was appointed in the grade of 17,000-500-33,000 on 1st Jan. 2014. He gets Rs.13,000 per month
Dearness allowance and city allowance 12% of basic salary. He contributes 12% of basic salary and
dearness allowance to recognized provident fund and t he company also contributes the same amount.
The company provides him the following facilities:
Jh jke dqekj tkojk ¼tula[;k 1-5 yk[k½ dh ukgj IykfLVd izk;osV fy- esa tujy eSustj gSaA mudh fu;qfDr 1
tuojh 2014 ls 17]000&500&33]000:- dh xzsM ij dh xbZ gSA mUgsa 13]000:- izfrekg eg¡xkbZ HkRrk ,oa ewy
osru dk 12 izfr’kr uxj {kfriwjd HkRrk feyrk gSA os izekf.kr Hkfo"; fuf/k esa ewy osru rFkk eg¡xkbZ HkRrs dk
12 izfr’kr va’knku nsrs gSa] dEiuh dk va’knku Hkh bruk gh gSA dEiuh us bUgsa fuEufyf[kr lqfo/kk,¡ Hkh nh gSa%
1. A furnished house, owned by the company is provided to him for residence. Its fair rent is Rs.1,200
per month and cost of furniture is Rs.1,00,000.
,d lqlfTtr edku ftldh Lokeh Lo;a dEiuh gS] mUgsa jgus ds fy, fn;k x;k gSA bldk vuqekfur fdjk;k
1]200:- ekfld gS ,oa QuhZpj dh ykxr 1]00]000:- gSA
2 He has been given a Motor car which is used for official and personal uses both. The driver’s salary
and all the expenses relating to the official use of car borne by the company.
mUgsa ,d dkj Hkh nh xbZ gS] tks va’kr% dk;kZy; ds mi;ksx esa vkrh gSA dEiuh dkj ds Mªkboj dk osru rFkk
dsoy dk;kZy; gsrq mi;ksx ds O;; gh dEiuh ogu djrh gSA

3 He is provided the facility of a watchman and a cook. They are paid by the company Rs.1,300 and
Rs.1,600 per month respectively.
mUgsa ,d pkSdhnkj ,oa ,d jlksb;k feyk gqvk gS] ftudks dEiuh dh vksj ls 1]300:- ,oa 1]600 :- izfrekg
fn;k tkrk gSA

4 The employer reimbursed his following medical bills:

fu;ksDrk us muds fuEufyf[kr fpfdRlk fcyksa dh izfriwfrZ dh%
(a) Reimbursed Hospital bills (approved) Rs. 17,960
vLirky ds fcyksa dh izfriwfrZ ¼vuqeksfnr½
(b) Reimbursed of private hospital bills Rs. 18,500
futh fpfdRlky; ds fcyksa dh izfriwfrZ
Assuming that the salary becomes due on the first date of next month, compute his Income from
Salary for the Assessment Year 2021-22.
;g ekurs gq, fd mudk osru vxys ekg dh igyh rkjh[k dks ns; gksrk gS] mudh dj fu/kkZj.k o"kZ 2021&22
ds fy, osru ls vk; Kkr dhft,A

Or/vFkok

Enumerate expenses which are allowed in computing taxable profits of a business and also state
expenses or losses which are not admissible?
,d O;kikj ds dj;ksX; ykHkksa dh x.kuk djus esa dkSu&dkSu ls O;; Lohd`r gS rFkk ;g Hkh crkb, fd os dkSu ls
O;; vFkok gkfu;k¡ gS tks vLohd`r gS\

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 Paper Code: C-495/496
C-03: Shri Sohanlal is owner of the following houses:
Jh lksguyky fuEufyf[kr edkuksa ds Lokeh gS%
Particulars fooj.k House A House B House C
Annual Fair Rent mfpr okf"kZd fdjk;k 18000 15000 12000
Municipal valuation uxj ikfydk ewY;kadu 15000 20000 10000
Let out (per month) fdjk;s ls fn;k ¼izfrekg½ 2000 1500 800
Repairs expenses ejEer O;; 1000 - 4000
Collection charges laxzg.k O;; 2000 500 -
Ground Rent Hkwfe fdjk;k 80 - 100
Land Revenue Hkwfe yxku - 300 -
Interest on loan for construction of house 10000 - 600
edku fuekZ.k gsrq _.k ij C;kt
Municipal tax is 10% on municipal Paid by Not paid Paid by tenant
valuation owner upto 31 fdjk;snkj us pqdk;k
uxj ikfydk dj] uxj ikfydk ewY;kadu dk Lokeh us pqdk;k March
10 izfr’kr 2021
ekpZ 2021
rd Hkqxrku
ugha
Calculate income from House property for the assessment year 2021-22.
dj fu/kkZj.k o"kZ 2021&22 ds fy, edku lEiÙkh ls vk; dh x.kuk dhft,A
Or/vFkok
What do you mean by capital gain? Distinguish between long term and short term capital gain.
iw¡th ykHk ls vki D;k le>rs gSa\ vYidkyhu ,oa nh?kZdkyhu i¡wthykHk esa varj crkb,A

C-04: Following are the particulars of income of Mr. A for previous year.
fe- A dk xr o"kZ dk fooj.k fuEukuqlkj gS%
Salary Received (after TDS Rs. 5000) Oksru izkIr ¼:-5000 vk;dj dVkSrh 3x  100
i'pkr½
Rent from House Property Ekdku ls izkIr fdjk;k x  10
Receipts from profession is'ks ls izkfIr;ka 10 y  5
Short term capital gain vYidkyhu iwath ykHk Rs. 2500
Interest on saving account cpr [kkrs ij C;kt (x +y)
Mediclaim premium paid esMhDyse izhfe;e pqdk;k Rs. 22000
Calculate taxable income for the assessment year 2021-22
dj fu/kkZj.k o"kZ 2021&22 ds fy, dj;ksX; vk; dh x.kuk dhft,A
NOTE ¼uksV½ x = Rs. 3800 ; y = Rs. 25000
Or/vFkok
What is Best Judgement Assessment? Explain with imaginary data.
loksZÙke fu.kZ; dj fu/kkZj.k D;k gS\ dkYifud MsVk ¼lead½ ds vk/kkj ij le>kb,A

The End

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 Paper Code: C-495/496
fo’ks"k Vhi% osclkbV ij izdkf’kr ikVZ&, dh dqath ds lanHkZ esa fdlh izdkj dh folaxfr gksus ij fo|kFkhZ viuk izfrosnu ijh{kk
fu;a=d dks osclkbV ij izdkf’kr frfFk ls vkxkeh rhu dk;Zfnolksa esa izLrqr dj ldrs gSaA blds i'pkr~ izLrqr izfrosnuksa
ij fopkj fd;k tkuk laHko ugha gksxkA
ijh{kk fu;a=d

Key to Part-A
(Objective Type Questions)
Paper Code: C-495

Question Answer Key

A-01: B

A-02: C

A-03: C

A-04: D

A-05: B

A-06: D

A-07: B

A-08: D

A-09: D

A-10: A

A-11: C

A-12: B

A-13: B

A-14: D

A-15: D

A-16: A

A-17: C

A-18: C

A-19: D

A-20: C

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