E-Filing of Returns — DU B.Com. (Hons.) Previous Year Question Papers

Q1. (a) Mr. Rahul (Indian citizen), aged 62, provides the following details for the Assessment 1. Gross Total Income: ₹9,00,000 2. Investments under section 80C: ₹1,50,000 3. Medical insurance premium under section 80D: ₹20,000 4. Contribution to NPS under section 80CCD(1B): ₹50,000 5. Donation to a charitable institution under section 80G: ₹20,000 He is uncertain whether to opt for the Old Tax Regime or the New Tax Regime as he wants to minimise his tax liability. (i) Compute the Total Income and Tax Liability under the Old Tax Regime and the New Tax Regime. (ii) Compare the Tax Liability under both regimes and advise which regime is more beneficial for Mr. Rahul. (b) What is Gross Total Income? How does it differ from Total Income? Which of the two is used to determine the tax liability of an individual? (7) Q1. (a) Read the following case: (8) “PAN is a 10-digit Unique alphanumeric Identification number issued to all taxpayers, serving as the backbone for tax administration. It serves as a significant tool and a fundamental link for all financial transactions and tax-related activities of individuals, businesses, and other entities with the Income Tax Department.” case, answer the following questions: In the context of the above (i) Describe any three specific financial transactions where quoting the PAN is mandatory. (ii) Explain the role of the PAN card in linking various financial accounts and investments of an individual. (iii) Why is this linkage important from a regulatory and tax administration point of view? (b) Explain the concept and applicability of advance tax under the Income Tax Act. Also, discuss the due dates for payment of advance tax. (7) (a) What do you mean by e-filing of Income Tax Returns (ITR)? Explain the advantages of e-filing of ITR for the taxpayers and the Income Tax Department. (8) (b) Explain the provisions for the maintenance of books of accounts under section 44AA. What are the specified books of account to be maintained? (7) (a) Explain the presumptive taxation scheme under section 44ADA of the Income Tax Act, 1961. Discuss its applicability, conditions, and method of computation of income under section 44ADA. (8) (b) Explain the audit of accounts under section 44AB. What are the conditions under which a person carrying on a profession is required to get their accounts audited under section 44AB? (7) (a) Mr. Vipin (aged 32 years), a salaried employee, provides the following information for the previous year 2024-2025: (8) 1. 2. 3. Monthly salary is ₹1,00,000 (including all other allowances). He claimed deduction of ₹1,50,000 in Equity Linked Savings Schemes (ELSS) under section 80C and ₹ 25,000 under section 80D. He has no other income or deductions. information, calculate the monthly Tax Deducted at Source In the context of the above (TDS) under section 192: (i) Assuming that Mr. Vipin opts for the old tax regime. (ii) Assuming that Mr. Vipin opts for the new tax regime.