V Sem B.com - Income Tax I - Question Paper 2007

V Sem B.Com. Examination, Nov./Dec. 2007
(Semester Scheme)
COMMERCE
Paper - 5.2 : Income Tax - I

Time : 3 Hours                                                                                  Max. Marks : 90
Instruction : Answers should be written completely either in English or in Kannada.

SECTION - A

Answer any ten sub-question. Each sub-question carries two marks :      (10x2=20)

1. a) Define agricultural income u/s 2 (1A) of the Income Tax Act 1961.
b) Mention any two incomes from house property but taxable under a different head of income.
c) How do you treat an income as an Indian income or as a foreign income ?
d) State the salary for the purpose of computation of taxable value of rent-free accommodation.
e) Mention the four canons of taxation according to Adam Smith.
f) State the rate of income tax applicable to female assessees below the age of 65 years.
g) Mention any two capital expenditures and any two revenue losses.
h) Who is a resident and ordinarily a resident ?
i) State how the 'Leave Travel Concession' is exempted.
j) How do you determine the residential status of a Joint Stock Company in India ?
k) How do you treat the unrealised rent of the past recovered in the current previous year ?
l) Who is a specified employee ?

SECTION - B

Answer any five questions. Each question carriers five marks :                        (5x5=25)

2. State with reasons, whether the following incomes are agriculture or non-agricultural incomes :
a) Income from growing flowers and creepers.
b) Dividend received from a company engaged in agricultural operations.
c) Interest on loan given to a farmer.
d) Income from agricultural activities in Sri-Lanka.
e) Income from conversion of sugarcane into jaggery by the farmer himself.

3. Explain the income tax provisions of 'Agricultural Income'.

4. State the tax liability of an individual on the basis of residential status.

5. Explain the taxation composite rent under different situations.


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