TYBCOM Direct Tax Question Paper Solution | Mumbai University – November 2019 (Free pdf)

TYBCOM Direct Tax Question Paper

TYBCOM Direct Tax Question Paper Solution

Q.1 A) Fill in the blanks with an appropriate answer from the bracket and rewrite the statement. (Any 10) (10 Marks)

1. _________ is liable to pay income tax on his income received in India.
a) Resident
b) Non-resident
c) Both Resident and Non-resident

2. As per Section 24, Standard deduction allowable on Let-out house property is_____.
a) Rs. 30,000
b) Actual amount spent on repairs
c) 30 percent of NAV

3. Commuted pension received by a Government employee is _____.
a) Taxable
b) Exempt from tax
c) 1/3 exempt form tax

4. Gas, electricity, or water supply provided free of cost to an employee is ______.
a) exempt form tax
b) perquisite taxable in case of ‘specified’ employees
c) perquisite taxable in case of all employees

5. Municipal tax is deducted from _______ of the house property.
a) Net Annual Value
b) Gross Annual Value
c) Municipal Valuation

6. Sale of residential House Property is taxable under the head ______.
a) income from House Property
b) Capital gain
c) Profit from business or profession

7. Gift received from father is ________.
a) Taxable as business income
b) Non-taxable
c) Taxable as other income

8. Gratuity received by Government employees is _______.
a) exempt from tax
b) taxed as capital gain
c) taxed as profit and gains of business

9. Indian citizen leaving India for Employment is considered as resident in India in any previous year if he stays in India for minimum _______ days.
a) 60
b) 182
c) 365

10. Salary received by a partner from his firm is regarded as ________.
a) Profit and gains of business and profession
b) Income from salaries
c) Income from other sources

11. If residential house property is held for more than _________ it is considered as a long-term capital asset.
a) 12 months
b) 24 months
c) 36 months

12. Deduction u/s 80 C is allowed to the maximum of _________.
a) Rs. 50,000
b) Rs. 1,50,000
c) Rs. 1,00,000

B. State whether the following statements are True or False. (Any 10) (10 Marks)

1. Income received from smuggling activity is income as per Income Tax Act. (True)

2. Avon Private Limited is a Partnership firm under the Income Tax Act. (False)

3. Examination fees received by a professor of university of which he is an employee is taxable as Salary. (True)

4. Entertainment Allowance received by Government employee is fully taxable. (False)

5. Municipal taxes paid by tenant is allowed as deduction from income from House Property of the owner. (False)

6. Deduction allowed under section 80 D for medical insurance premium paid by the assesse for self, spouse and dependent children, none of whom is senior citizen is Rs. 25,000. (True)

7. Depreciation is allowed as deduction only when it is claimed as per Income Tax Act. (True)

8. Remuneration received by Member of Parliament is taxed as Income under the head income from salary. (False)

9. Past profit which was earned outside India by a non-resident but brought in India in current year is taxable in India in current year. (False)

10. Agricultural income derived from cultivation of land in India is exempt from tax. (True)

11. Gift received from a friend on Friendship Day of Rs. 49,000 during the year is exempt from tax. (True)

12. Brokerage paid on sale of capital asset will reduce the amount of capital gain. (True)

Solution:

Solution:

Solution:

Solution:

OR

Solution:

Q.5
A) Discuss the provision of Income Tax Act, 1961 regarding Residential status of an Individual(10)
B) Define and explain ‘Person’ and ‘Previous year’ as per Income Tax Act, 1961. (10)

OR

Q.5 Write short notes (Any four) (20)

1. Gross Annual Value
2. Allowable depreciation from profit and gains in business and profession.
3. Deductions U/S 80 C.
4. Perquisites under Income from salaries.
5. Deemed to be let out property.
6. Income from other sources.

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Paper Solution of November 2019 – Solution

Tips to score more in TYBCOM Exam:

Have a regular study habit: This is one suggestion I always give all my students. Studying on a daily basis helps you get in-depth knowledge on any given topic and helps in better retention.

Memorize the definitions, key points, key concepts, formulas, etc: As a student, one should always have a habit of memorizing definitions given by various authors, key events, dates, key concepts, and points. This helps in pleasing the examiner because he/she will get an idea if the key points of an answer are presented well, that the student is well versed with the content.

Avoid grammatical errors: As a teacher, what puts me off while checking the papers, are grammatical errors. Please make sure that you avoid such errors and frame proper, meaningful sentences.

Cover all the relevant points in the answer: To attain this, you have to time yourself well. If you decide to give 30 minutes for an answer, start writing fast from the beginning. Maintain a constant speed and at the end of half an hour, try to finish the answer. Even if you feel the answer has more points to be discussed, cut it short and proceed to the next question.

Presentation of the answer: The answer should begin with an introduction to the topic which should not be more than 2 lines or 40 words. The introduction should be followed by the body of the answer. The body should have a minimum of 3 paragraphs and a maximum of 6 paragraphs.
The content should be presented in the form of points wherever possible. Leave lines wherever necessary and make your answer look neat. Write in clear handwriting.

Before the exam: Study the paper format and go through previous year’s question papers and understand the flow of questions and the options available in the question papers.

Stay calm, eat healthy and sleep well: Take proper rest and don’t get nervous. Remember, it’s just an exam.
All the best for your exams.