Reference no: EM132399188
Direct Taxation Questions -
1) Compute Income from Salary of Mr. Y from the following:
a) Basic Salary Rs. 5000 pm.
b) Dearness Allowance Rs. 4000 pm (40% forms part of retirement benefits).
c) Children Education Allowance Rs. 400 pm per child. He has 2 children and spends Rs.50 pm on their education.
d) Conveyance Allowance Rs. 1000 pm. He spent Rs. 800 pm on conveyance for official use.
e) He received Rs. 1000 pm as medical allowance and spent Rs. 750 pm towards medical expenses.
f) His employer gave him a loan of Rs. 100000 (SBI rate of interest 15.95%).
g) His employer sold him a motor car on 15.10.2015 for Rs.30000. This Motor Car was purchased by the employer on 18.10.2012 for Rs. 400000.
2) From the following particulars of Mr. Rohan for the year ending 31.03.2016, find out his taxable Income for the AY 2016-17
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Particulars
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Rs
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Particulars
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Rs
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To Opening Stock
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90000
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By Sales
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11420000
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To Purchases
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11000000
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By Profit on sale of export license
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5000
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To Travelling Expenses
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100000
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By Gift
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24000
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To Contribution towards URPF
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5000
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By Closing Stock
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180000
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To Advertisement
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2000
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|
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To Income Tax
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2000
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|
|
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To Depreciation
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15000
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|
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To Interest on loan
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2500
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To Rent
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50000
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|
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To Bed Debts
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5000
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|
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To Legal expenses
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22000
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|
|
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To salaries
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25000
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|
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To General expenses
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17500
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|
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To Net Profit
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293000
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Total
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11629000
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11629000
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Additional Information:
a) General expenses include salary of Rs. 1200 paid to domestic servant and compensation of Rs. 2000 paid for retrenchment of an employee.
b) Rent includes expenditure on extension of rented building at a cost of Rs. 26000.
c) Travelling expenses include Rs.50000 being cost of trip to Nepal for 10 days out of which only 8 days is for business purpose and 2 days is allowed as holiday to employee.
d) Gifts was given by a supplier for achieving target sale.
e) Legal expenses include Rs. 2000 paid for preperation of income tax return.
f) Contribution towards unrecognized provident fund was paid within time.
g) Interest on loan is paid to his father for loan taken for payment of advance tax.
3) Mr. Sahil earned the following incomes in the PY 2015-16. Compute his taxable income for the AY 2016-17
Income from business 90000
Long Term capital gains 500000
Lottery income 200000
His investments were as follows:
a) Paid LIC Premium for self and wife Rs. 30000
b) Paid for mediclaim to Insurance Company by cheque Rs. 11000
c) Paid in a Govt hospital for a disability of dependent brother Rs. 60000
d) Invested in a pension fund Rs. 15000
4) Arrow Pvt. ltd. furnishes the following particulars for the AY 2016-17:
Tax on total income (paid on 01.10.2016) Rs. 28000
Due date of filing return 30.09.2016
Date og filing return 01.10.2016
Calculate the total interest payable u/s 234A, 234B and 234C (no advance tax paid).
5) List 5 transactions where quoting of PAN is compulsory.
6) Explain Section 194 C in brief.
7) What is Form 15G/15H. What is Form 26AS.
8) What is TAN? What is the procedure to be followed for application of TAN?