Total No.

of Pages: 6
5648
Register Number:
Name of the Candidate:
B.Com. DEGREE EXAMINATION, May 2015
(ACCOUNTING & FINANCE)
(THIRD YEAR)
PART – III
730 / 320: INCOM E TAX
(New Regulations / Old Regulations)
Time: Three hours Maximum: 100 marks

Answer any FIVE questions (5 × 20 = 100)

1. Explain any 10 exempted incomes under Income Tax Act, 1961.

2. Who are the various types of persons coming under the scope Income Tax?
Briefly explain.
3. Compute gross salary from information given below for each situation
separately.
Salary `3,500 p.m.
D.A `1,000 p.m.
C.C.A ` 200 p.m.
H.R.A ` 1,000 p.m.
Commission on turnover achieved is ` 6,000
Situation :
a) Living in own house
b) Living in rented house at Delhi as D.A enters into pay for retirement
benefits and rent paid is ` 1,500 p.m.
c) Living in rented house at Agra and D.A. does not enter into pay for
retirement benefits and rent paid is ` 1,000 p.m.
4. Mr. Dinesh works in Government of Tamilnadu. He gives the following details
for the previous year 2013-14.
Basic salary - ` 5,000 p.m
D. A (FP) - ` 1,000 p.m.
D.A (Not F.P) - ` 750 p.m.
HRA - ` 600 p.m
E.A - ` 250 p.m.
He claims that he pays a rent `200 p.m. and he has spend `3,000 towards E.A
(Entertainment Allowance). Compute his gross salary for the assessment yea r
2014-15.
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5. Discuss the Income from house property which are exempt from tax.
6. Compute the income from house property from information given below.
MRV - `18,000
Standard Rent - `20,000
FRV - `19,000
Actual Rent - `24,000
Municipal taxes (50% paid by tenant) ` 1,800 p.a.
Expenses incurred on repairs
By owner - `3,000
By tenant - `3,000
Collection charges - `1,000
7. W rite note on :
a) Expenses on scientific Research
b) Expenses on technical know –how
8. From the following statement, compute the income from Profession of Dr.Sunit,
if accounts are maintained on mercantile system.
To Dispensary rent 36,000 By Visiting fees 45,000
To Electricity & water 6,000 By Consultation fees 1,25,000
charges
To Telephone expenses 6,000 By Sales of medicines 72,000
To Salary to nurse and 36,000 By Dividends 5,000
compounder
To Depreciation on 6,000
surgical equipment
To Purchase of 36,000
medicines
To Depreciation on 4,000
X ray machine
To Income tax 5,500
To Donation to 4,000
missions
To Motor car expenses 9,600
To Depreciation on car 4,800
To Net income 93,100
2,47,000 2,47,000
Notes :
a) Electricity and water charges include domestic bill of `2,500.
b) Half of motor car expenses are for professional use.
c) Telephone expenses include 40% for personal use.
d) Opening stock of medicines was `6,000 and closing stock was `4,000
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9. Mr. ‘A’ owns a residential house at Chennai. From the following information’s,
compute the amount of capital gain.
Cost of construction (during 1994-95) `4,00,000
Cost of additions & improvements (1997-98) ` 2,00,000
Sale consideration (on 10.10.2013) `29,00,000
Expenses of transfer `20,000
Cost of new house purchase in Hyderabad (on 15.01.2014) `5,00,000
Amount deposited in capital gain deposit scheme in SBI on ` 3,00,000
25.07.2014
Cost inflation index for 1994-95 is 259 for 1997-98 is 331 and for 2013-14 is 939.
10. The following investments are held by Mr.Ashok on 01.04.2013.
a) `4,00,000 - 8% T.N. Government loan.
b) `3,50,000 - 12% debentures of a textile mill, Coimbatore.
c) `5,00,000 - 12% debentures of Goodwill trading Company.
On 1.9.2013 he sold the debentures – cum-interest of goodwill trading
company and purchased `6,00,000 – 15% debentures –cum-interest of Fairdeal
trading company. Interest on investments is received half yearly on 1 st July and
1st January every year. Calculate income from securities for the previous year
2013-14.

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bkhj;j Cjpaj;ij fzf;fpLf.
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tptu';fis fPnH jUfpwhh;.
mog;gil rk;gsk; - %.5/000(khjk; xd;wpw;F)
mftpiyg;go (mog;gil rk;gsk; rhh;e;j) - %.1/000(khjk; xd;wpw;F)
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ju thlif - %.20/000
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cz;ikahd thlif - %.24/000
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gGJePf;f bra;ag;g l;l bryt[f s;
tPl;L brhe;jf;fhuh; - %.3/000
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tR{ypg;g[ fl;lzk; - %.1/000
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fzf;fpL.
kUe;Jf;fil thlif 36,000 ghh;it fl;lzk; 45,000
kpd;rhuk; kw;Wk; FoePh; 6,000 Mnyhrid 1,25,000
fl;lzk; fl;lzk;
bjhiyngrp bryt[ 6,000 kUe;Jfs; tpw;gid 72,000
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kfpH;t[e;J nja;khdk; 4,800

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2,47,000 2,47,000

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 6
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fl;Lkhd bryt[ (1994-95y;) %.4,00,000

Tl;Ljy; kw;Wk; mgptpUj;jp bryt[ (1997-98y;) %.2,00,000
tpw;gid bjhif (10.10.2013 md;W) %.29,00,000
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2013-14 y; 939.
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1. 8% jkpH;ehL muR fld; %.4/00.000
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nrh;j;J tpw;gid bra;fpwhh; kw;Wk; 15 % tl;oa[ld; fldPl;L gj;jpuj;ij ngh;Oy;
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$$$$$$