Income Tax 2, Question Paper of B.Com 6 Semester,Download Previous Years Question Paper 2

Roll No.

 B.Com (Sem.-6^th)

INCOME TAX-II

                                                            Subject Code : BCOP-601 

                                                                   Paper ID: [A22581

Time: 3 Hrs.                                                                                                                                Max. Marks: 60

INSTRUCTIONS TO CANDIDATES:

1)        Section - A is compulsory.

2)        Attempt any four questions from Section - B.

Section — A                         (10x2 = 20)

Ql.                                           Write short notes on:

a.         Self assessment.

b.        State the penalty for concealment of income.

c.         Explain what is TAN.

d.        Central board of Direct taxes.

e.         Best judgment assessment.

f.         Explain ITR-II.

g^-           Explain two powers of commissioner of income tax

h.            Rectification of mistake.

i.             Refund of Income Tax.

J.                                               Belated Return.

Section — B                           (4x10 = 40)

Q2            What are the various authorities provided by the Income Tax Act and what are their functions?

Q3            Explain the procedure of Filling of return under Income Tax Act.

Q4            What are different offences which can make an assessee liable to prosecution?

Q5            What are the provisions of law relating to deduction of tax at source in respect of income
from salaries and winning from lottery?

Q6            Explain the concept of assets. Briefly describe those assets which are subject to wealth tax.

Q7.                                      XYZ Ltd., a company carrying on business of construction and sale of residential flats,

furnishes the following data .Find net wealth for the assessment year 2014-15.

Rs.

a)           Land in rural area(it is within 5Km of Ajmer; construction is permissible 92,78,600
land was purchased in 1995)

b)          Land in urban area(construction not permitted as per municipal laws).     23,00,000

c)           Land in urban area(held as stock in trade since 2009,construction will    49,50,000
commence during January,2014)

d)          Motor cars                                                                     11,30,000

e)           Jewellery                                                                                                     18,00,000

f)           Air craft for use of directors and auditors                                                   1,58,00,000

g)          Bank balance                                                                                                   3,10,000

h)          Cash in hand as per cash book                                                      1,70,000

i)            Guest house and land appurtenant thereto situated in rural area                 8,00,000

j)            Residential flats of identical size provided to 6 employees for their use     15,00,000
near factory which is situated in rural area(salary of two of them exceed Rs. 10,00,000 per annum)

k)          Residential house provided to the managing director(salary exceeds Rs       10,00,000
10,00,000 per annum.)

1)                                 Flats constructed and remaining unsold(not being held as stock in trade)                  30,00,000

The company has taken a loan of Rs 6,00,000 for acquiring jewellery.