OCTOBER 2011 U/ID 1873/EZL

Time : Three hours Maximum : 100 marks

SECTION A — (5 × 8 = 40 marks)

Answer any FIVE questions.

All questions carry equal marks.

1. Explain the various categories of ‘Income’.

Á¸©õÚzvß £À÷ÁÖ ÁøPPøÍ ÂÁ›.

2. Differentiate previous year and assessment year.

•¢øu¯ Bsk ©ØÖ® ©v¨¥mhõsiøÚ ÷ÁÖ£kzxP.

3. Give eight examples of exempted perquisites.

Á› »US ö£ØÓ \ß©õÚ[PÒ GøÁ÷¯Ý® Gmk Euõµn[PÒ
u¸P.

4. Explain gross annual value and net annual value.

ö©õzu Bsk ©v¨¦ ©ØÖ® {Pµ Bsk ©v¨¦ ÂÁ›.

5. Bring out any eight deduction U/S 80.

¤›Ä 80ß RÌÁ¸® H÷uÝ® GmkU PÈÄPøÍ GÊxP.

6. Calculate NAV from the following :

Rent received Rs. 1,75,000
Standard rent Rs. 1,60,000
Municipal rental value Rs. 1,70,000
Fair rental value Rs. 1,72,000
Municipal taxes at 12% on MRV and sanitation less @ 2% on
municipal tax.
RÌUPshÁØÔ¼¸¢x {Pµ Bsk ©v¨¤øÚ PnUQkP.
ÁõhøP ö£ØÓx ¹. 1,75,000
uµ ÁõhøP ¹. 1,60,000
|Pµõm] ÁõhøP ©v¨¦ ¹. 1,70,000
 ©õv› Ez÷u\ ÁõhøP ©v¨¦ ¹. 1,72,000
|Pµõm] ÁõhøP ©v¨¤À 12% ©ØÖ® _Põuõµ TkuÀ Á› |Pµõm]
Á›°À 2% BS®.

7. Explain the following are admissible expenses under the head

business income :
(a) Donation to political party Rs. 10,000
(b) Penalty paid to customs authority Rs. 5,000
(c) Amount paid to a labour leader to call off the strike
Rs. 20,000
(d) Salary paid to son working as accountant Rs. 50,000.
¯õ£õµ Á¸©õÚz uø»¨¤ß RÌ, RÌPsh ö\»ÄPÒ
AÝ©vUP¨£kÁx SÔzx ÂÍUPÄ®.
(A) Aµ]¯À Pm]US |ß öPõøh öPõkzux ¹. 10,000
(B) _[P Á›zxøÓUS AÎzu A£õµuz öuõøP ¹. 5,000
(C) ÷Áø» {Özuzøu µzx ö\´¯ ÷Ási, £o¯õͺ uø»Á¸US
öPõkzu öuõøP ¹. 20,000
(D) ©PÝUS PnUPõ͵õP £o ¦›¢uuõÀ AÁ¸US AÎzu
\®£Í® ¹. 50,000

8. From the following details calculate capital gain :

(a) Sale consideration of residential house
Rs. 25,00,000 on 26.10.2009 (CII : 632)
(b) Cost of acquisition of the house on 1.8.2001 is Rs. 7,02,000
(CII : 426)
(c) New residential house acquired on 2nd February 2010 is
Rs. 7,50,000.
¤ßÁ¸® ÂÁµ[PøÍU öPõsk •u¼Ú Buõ¯zøu PõsP :
(A) Si°¸¨¦ Ãmøh ÂØÓuß £¯ß ¹. 25,00,000 26.10.2009À
(CII : 632)
(B) 1.8.2001–À Ãmøh Áõ[Q¯ Âø» ¹. 7,02,000 (CII : 426)
(C) ¤¨µÁ› 2, 2010&À ¦v¯ Si°¸¨¦ Ãmøh Áõ[Q¯ Âø»
¹. 7,50,000.
2 U/ID 1873/EZL
 SECTION B — (3 × 20 = 60 marks)

Answer any THREE questions.

All questions carry equal marks.

9. Explain the general incomes and specific incomes under the

head income from other sources.
¤Ó Á¸©õÚ[PÒ GßÓ uø»¨¤ß RÌ EÒÍ ö£õx
Á¸©õÚ[PøͲ® SÔ¨¤mh Á¸©õÚ[PøͲ® ÂÁ›.

10. Discuss the treatment of capital receipt and revenue receipts.

•u¼Ú Á¸Áõ´US®, Á¸Áõ°Ú Á¸Áõ´US® Cøh÷¯¯õÚ
ö\¯À£kzx® •øÓ°øÚ ÂÁõv.

11. Calculate gross salary of Mr. Dilip, a government employee

employed in Mumbai :
Basic salary Rs. 16,000 per month
DA Rs. 6,000 per month
CCA Rs. 1,400 per month
Deputation allowance Rs. 400 per month
Family allowance Rs. 650 per month
Holiday trip allowance Rs. 250 per month
HRA Rs. 1,900
(Rs. 2,000 p.m. paid as rent)
EA Rs. 600 per month
Conveyance allowance Rs. 500 per month
(Actual amount spent Rs. 4,500)
Academic research allowance Rs. 1,000 per month
(Actual amount spent Rs. 25,000)
•®ø£°À Aµ_zxøÓ°À £o¦›²® v¸ v¼¨ GߣÁ›ß ö©õzu
\®£Ízøu PnUQkP
Ai¨£øh \®£Í® ¹. 16,000 J¸ ©õuzvØS
APÂø»¨£i ¹. 6,000 J¸ ©õuzvØS
|Pµ \›°øh £i ¹. 1,400 J¸ ©õuzvØS
¤µv{v¯õP Aݨ£¨£mhÁ¸US £i ¹. 400 J¸ ©õuzvØS
Sk®£ £i ¹. 650 J¸ ©õuzvØS

3 U/ID 1873/EZL
 Âk•øÓ Põ»£i ¹. 250 J¸ ©õuzvØS
Ãmk ÁõhøP £i ¹. 1,900
(¹. 2,000 J¸ ©õuzvØS
ÁõhøP¯õP ö\¾zu¨£mhx)
ö£õÊx÷£õUS ö\»Ä ¹. 600 J¸ ©õuzvØS
÷£õUSÁµzx £i ¹. 500 J¸ ©õuzvØS
(ö\»Ä ö\´¯¨£mh öuõøP
¹. 4,500)
PÀÂ B´Ä £i ¹. 1,000 J¸ ©õuzvØS
(ö\»Ä ö\´¯¨£mh öuõøP
¹. 25,000)

12. From the following receipts and payments a/c Mr. Mahaveer,
calculate income from profession.
Receipts Rs. Payments Rs.
To Balance 5,00,000 By Office and administration expenses 50,000
To Fees from client By Salary to Staff :
2010-11 1,50,000 2010-11 30,000
2009-10 25,000 1,75,000 2009-10 20,000 50,000
To Present from clients 50,000 By Repairs 10,000
To Winning from lotteries 30,000 By Interest on loan for business 10,000
To Rent from let out By Income tax 10,000
property 45,000 By Purchase of car 2,00,000
(purchased during December 2009)
By Purchase by type writer 10,000
By Balance 4,60,000

8,00,000 8,00,000

v¸ ©íõú AÁºPÎß ¤ßÁ¸® ö£ÖuÀ ö\¾zuÀ PnUøP

öPõsk AÁµx öuõÈ¼ß Á¸©õÚzøu PõsP
ö£ÖuÀPÒ ¹. ö\¾zxuÀPÒ ¹.
Bµ®£ C¸¨¦ 5,00,000 A¾Á»P ©ØÖ® {ºÁõP ö\»ÄPÒ 50,000
ÁõiUøP¯õÍ›h® Pmhn® Fȯº \®£Í®
2010-11 1,50,000 2010-11 30,000
2009-10 25,000 1,75,000 2009-10 20,000 50,000
ÁõiUøP¯›hª¸¢x AߣΨ¦ 50,000 £Êx £õº¨¦ 10,000
£›_ ^mk ‰»® ö£ØÓ öÁØÔ 30,000 öuõÈÀ Phß «uõÚ Ámi 10,000

4 U/ID 1873/EZL
 ö£ÖuÀPÒ ¹. ö\¾zxuÀPÒ ¹.
ö\õzvß ‰»® ö£ØÓ ÁõhøP 45,000 Á¸©õÚ Á› 10,000
Põº Áõ[Q¯x 2,00,000
(i\®£º 2009® Bsk Áõ[Q¯x)
Aa_ C¯¢vµ® Áõ[Q¯x 10,000
CÖv C¸¨¦ 4,60,000
8,00,000 8,00,000

13. Calculate income from other sources from the following :

(a) Winning from lotteries (net amount Rs. 21,000)

(b) Income from letting of building and furniture Rs. 12,500.

Expenses towards repairs of furniture Rs. 500 and
depreciation towards building Rs. 1,000. The assessee owns
the building.

(c) Dividend declared by an Indian company Rs. 8,000

collection charges Rs. 100.

(d) Rs. 5,000 received as interest on government securities

(e) Rs. 4,000 received as interest on debentures.

(f) Rs. 3,000 received as interest on debentures from Abi Ltd.

(Non-listed).

(g) Interest on 7 year past office NSC @ 7% Rs. 10,000.

¤ßÁ¸® ÂÁµ[PøÍU öPõsk Cuµ Á¸©õÚzøu PnUQkP.

(A) £›_a ^miÀ ö£ØÓ öÁØÔ ({Pµ öuõøP) ¹. 21,000

(B) Pmih® ©ØÖ® AøÓP»ß ‰»® ö£ØÓ ÁõhøP ¹. 12,500.

AøÓP»ß «uõÚ ö\»ÄPÒ ¹. 500 ©ØÖ® Pmih® «uõÚ
÷u´©õÚ® ¹, 1,000. Pmih® Á› ö\¾zx÷Áõ›h÷© EÒÍx.

(C) C¢v¯ P®ö£Û JßÔß ‰»® AÔÂUP¨£mh £[Põuõ¯®

¹. 8,000. Á`¼¨¦ Âvzu ö\»Ä ¹. 100.

(D) Aµ_ £zvµ[PÒ «x ö£ØÓ Ámi ¹. 5,000

(E) PhÜmk¨ £zvµ[PÒ «uõÚ ö£ØÓ Ámi ¹. 4,000

5 U/ID 1873/EZL
(F) A¤ Ltd.ª¸¢x ö£ØÓ PhÜmk¨ £zvµ[PÒ «uõÚ Ámi
¹. 3,000 (AmhÁøn°h¨£hõux)
(G) HÊ BskUPõÚ Ag\À A¾Á»P NSC «uõÚ Ámi ¹. 7%
¹. 10,000.

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6 U/ID 1873/EZL