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

"Income of the previous year is taxable in the immediately succeeding assessment year". Do you agree with the statement. Give exceptions. (b) Ms. Shikha (Indian citizen) has been working as General Manager in HDGL Life Insurance since April 2016. She frequently visits foreign countries in connection with her insurance profession. During the previous year 2024-25 she was in India for 183 days. She never left India before 2016-17. Her stay in India for previous years is given below: Stal in India 230 150 17t) 8t) 50 80 120 She submits the following in comes for previous year 2024-25: S.N. Particulars Amount (Rs,) I Salarl' from HDGL Life Insurance 2 Cash gifi received in India from a friend on her birthday Dividend from A.P Ltd. (Indian Co.) 4 Capital Gain from sale of house situated in Dubai received there and brought to India on 56 December 2021 ) Rent received from a flat in Mumbai 6 Interest on American Development Bonds, 50% received rn Indra 1200000 Determine her residential status and taxable income for the assessment year 2025-26 under default regime. (12) (a) What is Permanent Account Number? State four transactions where quoting of PAN is mandatory. (6) (b) Ms Varsha (Indian citizen) is settled in Singapore since year l/04/2008. She has not visited India since then. Following are the details of her income during the previous year 2024-25 : s.N Particulars Amount (Rs.) I Income accrued and received in Singapore. 2 Rent from a house property situated in lndore and amount received in 3 Income arising in Singapore from a profession set up in India 4 Dividend from TAIA Ltd. (an Indian company) 1500000 Above in comes are not taxable in Singapore. (i) Determine the residential status of Ms Varsha and taxable income for the previous year 2024-25. (ii) What would be your answer if income arising in Singapore from a profession set up In India is Rs. 2 lakhs instead Rs. 12 lakhs? (iii) Will your answer change if Ms Varsha is a British citizen instead of Indian citizen? (12) (a) List down six exempted in comes under Section 10 of the Income Tax Act with suitable examples. (6) (b) Mr. Raj (age 55 years), an emp loyee- director of Sunshine Ltd., Cochin submits the following information relevant for the previous year S.N. Particulars Amount (Rs.) 1 Basic salary as on 1/4/2024 80000 pm Arrears of bonus of 2019-20 (not taxed earlier) 150000 4 Transport allowance 5000 pm 5 Monthly Children education allowance for three children each 1000 pm The school fees for each child Rs. 1000 per month 6 Income Tax penalty paid by employer on behalf of Mr. Raj 8000 7 Free tea and coffee facility during office hours 1200 pm Reimbursement of electricity and gas bills during the previous year 15500 (Actual expenditure is Rs. 18500) A furnished flat owned by the employer is provided in Cochin (population: 31 Lakh as per Census