Total No. of Questions : 2] SEAT No.

:
P2987 [Total No. of Pages : 8
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T.Y.B. Com.
364 : AUDITING & TAXATION - II
(2019 Pattern) (Semester -VI)
Time : 2½ Hours] [Max. Marks : 50
Instructions to the candidates:
1) All questions are compulsory.
2) Figures to the right indicate full marks.
3) Use to calculator is allowed.

Q1) A) Select the correct option from the, following multiple options. [5]
i) __________ is a unique 10 digit alpha-numeric number to identify
an assessee.
a) TAN b) PAN
c) Aadhar d) TIN
ii) ________ % of NAV is allowed as standard deduction case at
layout property.
a) 30% b) 50%
c) 20% d) 10%
iii) A resident individual can avail rebate U\S 87A, if the taxable income
does not exceed__________
a) H 2,50,000 b) H 3,00,000
c) H 5,00,000 d) H 3,50,000
iv) Advance tax of not less than 15% is payable___________
a) On or before 15th march
b) On or before 15th June
c) On or before 15th september
d) On or before 15th December
v) SFT stands for___________
a) Spcial financial tracks.
b) Small financial transactions
c) Special financial transaction
d) Special for taxation.
P.T.O.
 B) Write the following definitions: [5]
i) Person
ii) Annual information return (AIR)
iii) Tax deducted at soure (TDS)
iv) Short term capital Gain
v) Allowances
C) Write the short notes (any 2) [10]
i) Perquisites
ii) Provident fund
iii) Types of house property.

Q2) Solve any 3 problems out of 4 [30]

D.A (Not forming the part of retirement benefit) H 10,000 p.m.

Hostel Allowance H 2,000 p.m.

Tiffin Allowance H 1,000 p.m.

Transport Allowance H 4,000 p.m.

Bonus H 40,000 p.a.

Commission H 30,000 p.a.

Free refreshment in the office H 10,000 p.a.

Free meals for 270 working days costing H 300 per meal

Mobile phone facility H 1,800 p.m.

She has been provided with 1800 cc along with driver for both private
and office purpose, She has paid professional Tax @ H 220 p.m. compute
her net salary for A.Y. 2022-23

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 b) Compute income under the head income from house property of Shriram
from the following information for A.Y. 2022-23 house 1 and House 2
has been occupied for own residence house 3 is used for own business.
All the loans on the 3 properties have been taken before 1.4.99. [10]
Particulars House 1 House 2 House 3
Muncipal value 6,56,250 3,93,750 5,68,750
Fair Rent 3,93,750 3,93,750 3,50,000
Standard Rent 5,25,000 4,55,000 3,50,000
Munciple tax 15% 15% 15%
Repairs 8,750 12,960 31,330
Godown rent - - -
Ground rent 8880 18,390 61,300
Interest on loan 40,000 1,00,000 20,000
c) Follwing is the profit & Loss A/C of Mrs. Vedika for the P.Y. 2021-22 [10]
Profit & Loss A/C
Dr. Cr.
Particulars H Particulrs H
To Repairs on Building 1,75,500 By Gross Profit 8,16,750
To Intrest 1,48,500 By Income Tax refund 2025
To Travelling 1,75,500 By Dividend 4,725
To Contribution to research 1,35,000 By Interest on Deposit 7,425
To Professional tax 743
To advertisement 68,850
To Net profit 1,26,832
8,30,925 8,30,925
Other information :
i) Repair of Building includes H1,01,250 Spent for construction of
compound wall around the business premises.
ii) Interest includes H60,750 payable outside, India on which TDS not
been deduced.
iii) Personal travelling for private purpose H3,375
iv) Contribution made for scientific research is the approved amount
v) Depreciation allowable as per income Tax H20,925
Compute taxable income for business of mrs. Vedika for the
A.Y. 2022-23

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 d) Mr. Deva chandra has the following income for the F.Y. 2021-22 [10]

Gross salary H 6,52,800

House property Nill (Self occupied)

Short term capital Gain on sale of shares H 43,350

(Subject to security transaction tax)

Long term capital Gain H 18,700

Other Income

Bank interest H 5,950

Dividend on shares of Indian companies H 6,800

Interest on Government securities H 4,250

Interest on debenture H 10,200

Interest on P PF H 7,650

Mr. Devchandra made the following investment during the year

Deposit in PPF account H 4,250

LIC Premium H 5,100

Compute his taxable income and tax liability for the A.Y. 2022-23 under
old regine.

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