Unique Paper Code ITP21
Revised 0 of 3

Income Tax Law and PracticeNovember–December 2021, online

B.Com (Programme) · 6 questions · 3 parts still being checked

Duration: 3 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. 4 numerical parts and 2 theory parts. Numericals take longer to lay out, so give them your freshest time.
  2. Pace. Two minutes a mark: about 28 minutes for each 13.75-mark question, with nothing spare in 3 hours. Move on when the time is up.
  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.

13.75 marks
· ~28 min
Block of plant and machinery: written down value, normal and additional depreciation with the 180-day rule (as set, 1961 Act, AY 2021-22)The block of Machinery and Plant (Rate of depreciation: 15%), made up of three plants A, B and C, had on 1 April 2020 a written down value of Rs. 20,00,000. Machine D was acquired and, at the same time, brought into use…(13.75)

2.

13.75 marks
· ~28 min
Capital gains on inherited land with section 54F, gold and listed debentures, and total income under section 115BAC (as set, 1961 Act, AY 2021-22)Being checked
(13.75)

3.

13.75 marks
· ~28 min
Salary from two employers, with allowances, house rent allowance and a rent-free furnished flat (as set, 1961 Act, AY 2021-22)Being checked
(13.75)

4.

13.75 marks
· ~28 min
Set-off and carry forward of house property and capital gains losses, and clubbing of a spouse's remuneration from a concern in which the other spouse has a substantial interest (as set, 1961 Act, AY 2021-22)Explain the provision relating to set-off or carry forward and set-off, of the losses of income under the head House Property and income falling under the head Capital Gains. Also, explain the provisions of clubbing of…(13.75)

5.

13.75 marks
· ~28 min
A self-occupied house with pre-construction interest, a let-out house with taxes shared by the tenant, salary and tax (as set, 1961 Act, AY 2021-22)Being checked
(13.75)

6.

13.75 marks
· ~28 min
Residential status of an individual, and the categories of resident but not ordinarily resident (as set, 1961 Act, AY 2021-22)For the assessment year 2021-22, how is the residential status of an individual determined? Also, explain both the categories under which an individual's residential status is determined where he/ she is to be treated…(13.75)

— End of the paper —