Paper Code: MNB-492

Roll Number:
EXAMINATION: April-May 2024
B.B.A PART-II (Semester-IV)
Subject: BBA Paper: Minor
Title: Income Tax Law and Practices
Maximum Marks: 60 Duration: 3 hrs. (Part-A: 20 min. and Part-B & C: 2:40 hrs.)
Note: All questions are compulsory. Distribution of marks is given in the relevant section. In the question paper do not write
anything other than roll number.
lHkh iz'u vfuok;Z gSaA vadksa dk forj.k lEcfU/kr [k.Mksa esa fn;k x;k gSA iz’ui= esa vuqØekad ds vfrfjDr dqN Hkh uk fy[ksaA

PART - A
(MULTIPLE CHOICE QUESTIONS)

Note: Separate OMR Sheet for marking the correct options of multiple choice question paper is provided. Mark your option
on the OMR Sheet by properly darkening the circle.
cgqfodYih; iz’uksa ds lgh fodYi vafdr djus ds fy;s i`Fkd OMR Sheet nh xbZ gSA vius fodYi blh 'khV ij iw.kZ :i ls xksys
dks Hkj dj vafdr djsaA
Marks: 12 (12 questions of 1 mark each)
A-01: The period of 12 months commencing on the 1st day of April every year is known as:
izR;sd o"kZ 1 vizSy ls izkjaHk gksus okyh 12 eghus dh vof/k dks dgk tkrk gS%
(A) The previous year xr o"kZ (B) The accounting year ys[kk o"kZ
(C) The assessment year dj&fu/kkZj.k o"kZ (D) The financial year foÙkh; o"kZ
A-02: Percentage of income of growing and manufacturing tea in India is considered as agricultural income:
Hkkjr esa pk; ds mRiknu ,oa fuekZ.k ls vk; dk ------------- Hkkx d`f"k vk; ls gksrk gSA
(A) 50% (B) 60% (C) 65% (D) 70%
A-03: Every year the residential status of an assessee:
dj nkrk dh fuoklh; fLFkfr izR;sd o"kZ ------------- A
(A) May change cny ldrh gS (B) Will certainly change fuf’pr cnysxh
(C) Will not change ugha cnyrh gS (D) None of the above buesa ls dksbZ ugha
A-04: Deduction for entertainment allowance is availed by:
euksjatu HkRrs dh NwV feyrh gS%
(A) Government servant ljdkjh deZpkjh dks (B) Non-Government servant xSj&ljdkjh deZpkjh dks
(C) Both (A) and (B) ¼v½ ,oa ¼c½ nksuksa (D) None of the above buesa ls dksbZ ugha
A-05: The maximum deduction of interest on loan taken for construction of house given on rent is:
fdjk, ij mBs gq, edku ds fuekZ.k gsrq fy, x, _.k ij C;kt dh vf/kdre dVkSrh dh lhek gS%
(A) Rs.1,50,000 (B) Rs.1,00,000 (C) Rs.30,000 (D) No limit dksbZ lhek ugha
A-06: Out of the following, which expense is not an admissible expense under the head income from
business:
fuEu esa ls dkSu lk O;; O;kikj ls vk; ’kh"kZd esa Lohd`r ugha gS\
(A) Bad debts v’kks/; _.k (B) Goods and Services Tax eky vkSj lsokdj
(C) Income tax vk;dj (D) Excise duty mRikn dj
A-07: For capital gain cost inflation index for the year 2022-2023 is:
iwath ykHk ds fy, o"kZ 2022&2023 dk eqnzk LQhfr lwpdkad gS%
(A) 100 (B) 289 (C) 331 (D) 317
A-08: An individual received family pension 60,000. How much standard deduction shall be allowed to him?
,d O;fDr dks 60]000:- ifjokj isa’ku ds izkIr gq,A ekud dVkSrh fdruh feysxh\
(A) Rs.20,000 (B) Rs. 25,000 (C) Rs.40,000 (D) Rs.15,000

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 Paper Code: MNB-492
A-09: Loss from speculation business can be set-off from:
lV~Vk O;kikj dh gkfu dh iwfrZ dh tk ldrh gS%
(A) Income of speculative business lV~Vk O;kikj dh vk; ls
(B) Income of non-speculative business xSj&lV~Vk O;kikj dh vk; ls
(C) Income of any head vk; ds fdlh Hkh ’kh"kZd ls
(D) Not from any income fdlh Hkh vk; ls ugha
A-10: Maximum deduction in respect of medical insurance premium paid for a senior citizen is:
ofj"B ukxfjd ds LokLF; dk chek izhfe;e nsus ij vf/kdre dVkSrh feysxh%
(A) Rs.10,000 (B) Rs.15,000 (C) Rs.50,000 (D) Rs.25,000
A-11: The rate of Health and Education cess is: LokLF; ,oa f’k{kk midj dh nj gS%
(A) 2% (B) 3% (C) 4% (D) 5%
A-12: Top authorities in income tax authorities are: vk;dj inkf/kdkfj;ksa esa loksZPp inkf/kdkjh gS%
(A) Finance Minister foÙk ea=h (B) Finance secretary foÙk lfpo
(C) Board of Direct Taxes izR;{k djksa dk dsUnzh; cksMZ (D) Chief Commissioner eq[; dfe’uj

PART - B
(SHORT ANSWER TYPE QUESTIONS)
Marks: 16(4 questions of 4 marks each)
B-01: An assessee commences his business on: (i) 1st October, 2023; and (ii) 1st January, 2024. In each case,
what will be his assessment year and what period will be treated as his previous year for the concerned
assessment year?
,d djnkrk viuk O;kikj fuEu frfFk;ksa dks izkjEHk djrk gS% ¼1½ 1 vDVwcj] 2023 ¼2½ 1 tuojh] 2024 izR;sd
n’kk esa mldk dj&fu/kkZj.k o"kZ D;k gksxk rFkk lacaf/kr dj&fu/kkZj.k o"kZ ds fy, dkSu&lh vof/k mldk xr o"kZ ekuh
tk,xh\
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Mr. X left for Japan on 15th March, 2020 after staying in India for 15 years. He came back on 31 st
August, 2022. Compute his residential status for the Assessment year 2023-24.
fe- ,Dl Hkkjr esa 15 o"kZ jgus ds i'pkr~ 15 ekpZ] 2020 dks tkiku x;kA og 31 vxLr] 2022 dks okil
vk;kA dj&fu/kkZj.k o"kZ 2023&24 ds fy, mldh fuoklh; fLFkfr crkb,A
B-02: Write a note on House rent allowance.
edku fdjk;k HkRrk ij fVIi.kh fyf[k,A
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What is the annual value?
Okkf"kZd ewY; D;k gS\
B-03: Shivansh converts his plot of land purchased in the year 2001-02 for Rs.40,000 into stock-in-trade on 1st
April, 2022. The fair market value on 1st April, 2022 is Rs.4,50,000. The stock-in-trade is sold for
Rs.4,90,000 in May, 2022. Compute the taxable income, if any, and if so under which ‘head of income’?
The cost inflation index in 2001-02 was 100 and in 2022-23 it was 331.
f'koka’k us tks Hkwfe 2001&02 esa 40]000 :- dh [kjhnh Fkh mls 1 vizSy] 2022 dks jgfr;sa esa ifjofrZr dj fn;kA
1 vizSy] 2022 dks mldk mfpr cktkj ewY; 4]50]000:- FkkA ;g jgfr;k mlus ebZ 2022 esa 4]90]000:- esa
csp fn;kA dj&;ksX; vk; dh x.kuk dhft, rFkk ;g Hkh crkb, fd vk; ds fdl ’kh"kZd esa dj&;ksX; gksxh\ ykxr
LQhfr lwpdkad 2001&02 esa 100 rFkk 2022&23 esa ;g 331 FkkA
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What is meant by grossing up of interest?
C;kt dks ldy djus ls D;k vk’k; gS\
B-04: Explain the deduction u/s 80D.
/kkjk 80 D dh dVkSrh le>kb,A

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 Paper Code: MNB-492
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Write a short note on recovery of tax and refund of tax.
dj dh olwyh o dj dh okilh ij laf{kIr fVIi.kh fyf[k,A

PART -C
(ESSAY TYPE QUESTIONS)
Marks: 32 (4 questions of 8 marks each)
C-01: Explain any 12 exempted items which are not included in total income.
,slh 12 dj eqDr vk;ksa dk o.kZu dhft, tks dqy vk; esa ugha tksM+h tk,axhA
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Shri K.C. Sharma is employed in Mumbai. He is in the grade of 36,000 - 1,000 – 44,000 -2,000-60,000
since 1st January, 2014. He is paid 20% of salary as dearness allowance and Rs.10,000 per month as
house rent allowance. He has hired accommodation on a monthly rent of Rs.13,000. He contributes
17% of his salary and dearness allowance to the Recognised Provident Fund towards which the
employer contributes an equal amount. He has been given a small car which is used by him for his
personal purposes also. All the expenses relating to the official use of the car are incurred by the
employer. He has the amenity of free electric and water from factory cost Rs.4,000. He has been
provided Gas and Telephone, the Bills of which Rs.1,200 and Rs.2,000 respectively have been paid by
the employer. Compute his taxable salary for the assessment year 2023-24.
Jh ds-lh- ’kekZ eqEcbZ esa dk;Zjr gSA mUgsa 1 tuojh] 2014 ls 36]000&1]000&44]000&2]000&60]000:- dh xzsM
feyrh gSA mUgsa osru dk 20 izfr’kr egaxkbZ HkRrk vkSj 10]000:- izfrekg edku fdjk;k HkRrk fn;k tkrk gSA
mUgksaus 13]000:- izfrekg fdjk, ij ,d edku fy;k gSA os ekU;rk izkIr Hkfo"; fuf/k esa osru vkSj egaxkbZ HkRrs
dk 17 izfr’kr va’knku nsrs gSa ftlesa fu;ksDrk dk Hkh bruk gh va’knku gSA mUgsa ,d NksVh dkj nh xbZ gS tks muds
futh mi;ksx esa Hkh vkrh gSA dkj ds dk;kZy;hu iz;ksx ds leLr O;; fu;ksDrk ogu djrk gSA mUgsa fu%’kqYd fctyh
vkSj ikuh dh lqfo/kk QSDVjh ls izkIr gqbZ gS ftldh ykxr 4]000:- gSA mUgsa xSl ,oa VsyhQksu dh lqfo/kk nh xbZ gS
ftuds fcyksa dk Hkqxrku Øe’k% 1]200:- rFkk 2]000:- fu;ksDrk us fd;kA mldk dj&;ksX; osru dj&fu/kkZj.k o"kZ
2023&24 ds fy, Kkr dhft,A
C-02: Shree Parmatm’s income particulars are as under:
(a) He took a house on the rent of Rs.1,000 per month and let it out again for Rs.1,600 per month.
Apart from this, he also received Rs.5,000 rent his ownership house.
(b) Dividend Received from an Indian Company Rs.4,000. (Gross)
(c) Speculation business profit Rs.6000 and Rs.500 from cricket gambling.
(d) Agricultural income in Pakistan Rs.10,000 was not brought in India. Rs.18,000 income from
agricultural land situated in Kanpur.
(e) Salary as an M.L.A. Rs.30,000 and daily allowances Rs.4,000.
(f) Share in H.U.F. income Rs.8,500.
(g) Dividend received Rs.6,000 from Co-operative society.
Compute his income from the other sources for the assessment year 2023-24.
Jh ijekRe dh vk; dk fooj.k fuEu izdkj gS%
¼v½ mUgksaus 1]000:- izfrekg ij ,d edku fdjk;s ij fy;k ,oa bls iqu% 1]600:- izfrekg fdjk;s ij mBk fn;kA
blds vfrfjDr muds futh LokfeRo ds edku ls Hkh 5]000:- fdjk;k izkIr gqvkA
¼c½ ,d Hkkjrh; dEiuh ls ykHkka’k 4]000:- ¼ldy½ izkIrA
¼l½ lV~Vs ds O;kikj ls ykHk 6]000:- ,oa fdØsV ds lV~Vs ¼tq,½ ls vk; 500:- gSA
¼n½ ikfdLrku esa fLFkr d`f"k Hkwfe ls vk; 10]000:-] ;g vk; Hkkjr esa ugha ykbZ xbZA dkuiqj esa fLFkr d`f"k Hkwfe
ls vk; 18]000:-A
¼b½ fo/kkulHkk lnL; ds :i esa osru 30]000:- ,oa nSfud HkRrs 4]000:-A
¼Q½ fgUnw vfoHkkftr ifjokj dh vk; esa fgLlk 8]500:-A
¼x½ lgdkjh lfefr ls izkIr ykHkka’k 6]000:-A
mldh vU; lk/kuksa ls vk; dj fu/kkZj.k o"kZ 2023&24 ds fy, Kkr dhft,A

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 Paper Code: MNB-492

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From the following information of Mr. Maharshi, a businessman, compute his gross total income for the
Assessment year 2023-24:
Business losses Rs.50,000; Income from house property (computed) Rs.1,45,000; Current year’s
depreciation Rs.42,000; Past business losses Rs. 20,000; Past unabsorbed depreciation Rs.20,000;
Losses under the head capital gains Rs.15,000; income from other sources Rs.72,000; share in loss of
another firm Rs.52,000.
fuEufyf[kr lwpukvksa ls fe- egf"kZ] ,d O;olk;h dh dj&fu/kkZj.k o"kZ 2023&24 ds fy, ldy dqy vk; dh x.kuk
dhft,A
O;kikfjd gkfu;ka 50]000:-] edku lEifÙk ls vk; ¼xf.kZr½ 1]45]000:-] pkyw o"kZ dk gkl 42]000:-] xr o"kksZa
dh O;kikfjd gkfu 20]000:-] xr o"kksZa dk v’kksf/kr gkl 20]000:-] iwath ykHk ’kh"kZd esa gkfu 15]000:] vU;
L=ksrksa ls vk; 72]000:-] nwljh lk>snkjh QeZ dh gkfu esa fgLlk 52]000:-A

C-03: You are required to compute the net tax liability or tax refundable, if any, from the following particulars of
the income of an assessee for the Assessment Year 2023-24:
Salary Rs.5,62,500, D.A. Rs.1,22,000, Rent of Property Rs.50,000 Interest received on time deposit
with P.N.B. Rs.30,000.
He contributed to recognized provident Fund Rs.50,000 and paid Rs. 9,000 as premium on his life
insurance policy.
,d djnkrk dh vk; ds fuEufyf[kr fooj.k ls vkidks dj&fu/kkZj.k o"kZ 2023&24 ds fy, ’kq) dj&nkf;Ro vFkok
dj dh okilh dh x.kuk djuh gS%
osru 5]62]500:-] egaxkbZ HkRrk 1]22]000:-] lEifÙk dk fdjk;k 50]000:-] iatkc cSad esa LFkk;h tek ij C;kt
izkIr fd;k 30]000:-A mlus ekU;rk izkIr izkWfoMs.V Q.M esa 50]000:- va’knku fn;k rFkk 9]000:- viuh thou
chek ikWfylh ij izhfe;e fn;kA
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Describe the organization of the Income Tax Department.
vk;dj foHkkx ds laxBu dh O;k[;k dhft,A

C-04: What do you understand by Permanent Account Number? What are the consequences for failure to
apply for the allotment of a Permanent Account Number?
LFkk;h [kkrk la[;k ls vki D;k le>rs gSa\ LFkk;h [kkrk la[;k ds vkcaVu ds fy, izkFkZuk&i= nsus esa pwd djus ds
D;k ifj.kke gksrs gSa\
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Akshay’s gross income under the head ‘Salaries’ is Rs.8,50,000. His contribution in recognized
provident fund is Rs.40,000. He has paid premium of Rs.10,000 on life insurance policy. He has loss
under the head ‘income from House Property’ on account of interest payment in relation to self occupied
house Rs.25,000. Compute the tax to be deducted at source during the financial year 2023-24 if he
does opt new tax regime.
v{k; dh ^osru* ’kh"kZd ls ldy vk; 8]50]000:- gSA mudk ekU;rk izkIr izkWfoMsUV Q.M esa va’knku 40]000:-
gSA mUgksaus thou chek ikWfylh ij 10]000:- izhfe;e pqdk;kA mUgsa edku lEifÙk ls vk;* ’kh"kZd esa ¼Lo;a ds jgus
ds edku ds laca/k esa½ C;kt Hkqxrku ds dkj.k 25]000:- dh gkfu gqbZ gSA foÙk o"kZ 2022&23 esa mn~e LFkku ij
dj dVkSrh dh x.kuk dhft, ;fn ;s ubZ dj&O;oLFkk dks viukrs gSaA

The End

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 Paper Code: MNB-492

fo’ks"k Vhi% osclkbV ij izdkf’kr ikVZ&, dh dqta h ds lanHkZ esa fdlh izdkj dh folaxfr gksus ij fo|kFkhZ viuk izfrosnu ijh{kk fu;a=d dks
osclkbV ij izdkf’kr frfFk ls vkxkeh rhu dk;Zfnolksa esa izLrqr dj ldrs gSaA blds i'pkr~ izLrqr izfrosnuksa ij fopkj fd;k
tkuk laHko ugha gksxkA
ijh{kk fu;a=d

Key to Part-A
(Objective Type Questions)
Paper Code: MNB-492
Question Answer Key
A-01: C

A-02: B

A-03: A

A-04: A

A-05: D

A-06: C

A-07: C

A-08: A

A-09: A

A-10: C

A-11: C

A-12: C

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