Income Tax Law and Practice — DU B.Com. (Hons.) Previous Year Question Papers

Ms. Arpita Gupta, an Indian citizen, has been working as Deputy General Manager in Union Bank oflndia since 2010. She visits foreign countries regularly in connection with her banking profession. During the previous year 2023-24 she was out of India for 182 days and during seven immediately preceding previous years. Her stay in India was as given below: Year Stav in India She reported the following income for previous year 2023-24 : I ) Income from her ba*ing j ob in krdia 2) Dividend from Aclani Power Ltd. (Indian Co.) 3) Capita.l gains on sale of shares of foreign company, received in Australia. 4) Cash grft received in lndia from a friend on her wedding 5) Rental income from a prope{ in Canada. half rent is received in India 6) Profits from a business carried on at Sri l-anka but conlrolled from lndia Rs. 2050000 Determine her residential status and taxable income for the assessment year (b) Define previous year as per section 3 of the lncome Tax Act,l961. "Income tax is charged on income of the previous y.ear during the assessment year. Do you fully agree with this statement? If not, what are its exceptions? (6) (a) Mr. Aniket, a citizen of lndia, has been carrying on a profession in Bermuda a foreign country. where he is not liable to pay any income-tax' His income for the previous year 2023-24 is as follows : (i) Salary income from India (before standard deduction) (ii) Dividend from US company 40% of which received in India (iii) Cash gift received in India from his father on his birthday (iv) Business income accrued and received in Bermuda Rs. 600000 (v) Rental income from house property in India Rs. 400000 Determine his residential status and taxable income, if during the previous year 2023-24 he has : (a) Stayed in India for 10 days. (b) Stayed in lndia for 200 days and in the four preceding years immediately preceding to the previous year 2023-24, was for 400 days. (12) (b) Gross Total Income of Ms. Adya Gupta (age 35 years ordinary resident) as computed under Income-Tax Act, for the assessment year 2024-25 is Rs. 1000000. She paid medical insurance premium Rs. 30000 and deposited Rs. 40000 in Atal Pension Yojana. Compute her tax liability under old tax regime if she has agricultural income ofRs. 600000. (6) (a) The following are the details of Mr. Rajiv's income and benefits received from Z Ltd. during the financial year ending 3llO3/2024 : SN Particulars Amount (Rs.) Basic Salary Rs. 30000 p.m. ii Tiffin Allowance (actual expenditure: Rs. 10000 per annum) Rs. 12000 p.a. lil Monthly Commission Rs. 1000 p.m. 1V Reimbursement of medical expenses for treatment V Transport Allowance VI Employer provided a flat to him in Mumbai (flat is taken on rent by the employer company, rent paid Rs. 15000 p.m.) (rent recovered from employee: Rs. 4000 p.m.)