QP INCOME TAX LAW AND PRACTICE.pdf - B.Com. Third Year Open...

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B.Com. Third Year Open Book Examination (June 2021)
Income Tax Law & Practice
Paper Code: BCOM-301.1
Question Paper Code: 21CP331
Time : 3 Hrs.
Max. Marks : 40
Section A
(Short Answer Questions Maximum 150 Words)
Attempt all questions. Each question carries 3 marks.
Q. No. 1. Write short note on:
a) Previous Year b) Direct Tax c) Casual Income d) Agriculture Income
OR
How is the residential status of a firm determined?
Q. No. 2. From the following information, find our exempted amount of HRA:
Place of service-Delhi
Salary per month- Rs. 5,000
House rent allowance Rs. 1000 p.m. from 1
st
October
From 1 st January he shifted to own house.
Rent paid for rental house till 1 st January Rs. 1,200 per month.
OR
Write short notes on the following:
i) Statutory Deduction from the annual value of House Property.
ii) Unrealized Rent.
Q. No. 3. What are the circumstances where normal rate of depreciation on machine can be increased from 15% to
40%?
OR
Write in brief the provisions of section 54 EC in relation to capital gain to be exempted.
Q. No. 4. Distinguish between ‘inter - source’ and ‘inter - head’ adjustment of losses.