Unique Paper Code 281
Revised 0 of 11

Income Tax Law and PracticeDecember 2022

B.Com (Hons) · 5 questions · 6 parts still being checked

Duration: 2.5 HoursMaximum Marks: 55

From an older CBCS paper

Reworded by Kunji from the printed paper. The original paper belongs to the University of Delhi. See DU's question bank.

Before you start

  1. Numbers and theory. 11 numerical parts and 4 theory parts. Numericals take longer to lay out, so give them your freshest time.
  2. Pace. Two minutes a mark: about 60 minutes for each 30-mark question, with nothing spare in 2.5 hours. Pick your side of each OR before you start writing.
  3. Keep score. Every part opens a worked answer checked against the books. Turn the key when you have revised it; the boxes at the top fill in, on this device.

1.

30 marks
· ~60 min
(a)Previous year, assessment year and the cases taxed in the year of earning (as set, 1961 Act, AY 2022-23)Attempt any three questions from the 6 questions given below: Define the terms Previous Year and Assessment Year. In which situation is the income of a Previous Year not taxable in the Assessment Year that immediately…(5)
(b)Residential status of an individual back on a visit, and his total income (as set, 1961 Act, AY 2022-23)Attempt any three questions from the 6 questions given below: X first left India on 18th August, 2020. In the Previous Year 2020-21, he arrives in India on 2nd October, 2021 for 196 days. Find his Residential Status and…(5)
(c)Total income with a house-property loss limited to ₹2,00,000 and the balance carried forward (as set, 1961 Act, AY 2022-23)Attempt any three questions from the 6 questions given below: Using the following information, compute the Total Income of X and the loss to e carried forward for the Asessment Year 2022-23: Paper note: The as-set…(5)
(d)Clubbing of a minor child's income under section 64(1A), with a computation for X, Mrs. X and their child (as set, 1961 Act, AY 2022-23)Attempt any three questions from the 6 questions given below: Explain the provisions relating to clubbing under section 64(1A) with respect to the Income of a Minor child. Using the details given below, compute the…(5)
(e)Total income of a senior citizen with house property, deposit interest, PPF and NSCs (as set, 1961 Act, AY 2022-23)Attempt any three questions from the 6 questions given below: X (62 years) has the following incomes in the Previous Year 2021-22. Compute his Total Income in respect of the Assessment Year, 2022-23: Paper note: The…(5)
(f)
The Raja Benoy Kumar Sahas Roy principles of agriculture, and the taxable part of income from growing and manufacturing tea (as set, 1961 Act, AY 2022-23)Being checked
(5)

2.

10 marks
· ~20 min
Total income of an employee with allowances, a furnished house, a car, provident fund and investments (as set, 1961 Act, AY 2022-23)Being checked
(10)
OR
(a)How leave salary is taxed (as set, 1961 Act, AY 2022-23)Explain the provisions for taxing leave salary. Paper note: The as-set version: set and answered under the Income-tax Act, 1961 for assessment year 2022-23 (previous year 2021-22), with the dates as printed.(3)
(b)
Total income with HRA, a computer sold to the employee, NPS contributions and capital gains on gold (as set, 1961 Act, AY 2022-23)Being checked
(7)

3.

10 marks
· ~20 min
Two houses, long-term gains on shares and tax of a non-resident aged 61 (as set, 1961 Act, AY 2022-23)Being checked
(10)
OR
(a)Deemed owners of house property (as set, 1961 Act, AY 2022-23)Can a person be charged to tax under the head" Income from House Property" when he is not the legal owner of the house property? Paper note: The as-set version: set and answered under the Income-tax Act, 1961 for…(3)
(b)
Self-occupied house with pre-construction interest, set-off of losses and tax (as set, 1961 Act, AY 2022-23)Being checked
(7)

4.

10 marks
· ~20 min
Taxable income and tax with capital gains, lottery winnings and Chapter VI-A deductions (as set, 1961 Act, AY 2022-23)Using the following details that X has furnished for the previous year 2021-22, compute his taxable income as well as his tax liability for the assessment year 2022-23 (disregard section 115BAC): Paper note: The as-set…(10)
OR
(a)Section 43B: unpaid liabilities allowed only when paid (as set, 1961 Act, AY 2022-23)Explain the provision of section 43B with respect to the deduction on account of unpaid liabilities. Name any two expenses that are covered under section 43B. Paper note: The as-set version: set and answered under the…(3)
(b)Long-term gains on a house and on gold, with NHAI bonds and a house bought after the return date (as set, 1961 Act, AY 2022-23)X provides the following details relating to the previous year 2021-22: During the previous year he purchases the following assets: He deposits an amount of Rs. 50,000 in the Public Provident Fund. The due date of…(7)

5.

10 marks
· ~20 min
Business income from a Profit and Loss Account whose debit side does not add up, and total income (as set, 1961 Act, AY 2022-23)Using the following information that X has furnished for the previous year 2021-22, compute his total income in respect of the assessment year 2022-23: The Profit and Loss Account for the year ended 31st March 2022 is…(10)
OR
Total income of a firm under sections 40(b) and 184, and of its two partners (as set, 1961 Act, AY 2022-23)Being checked
(10)

— End of the paper —