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B.Com. VI Semester Degree Examination, Sept./Oct. - 2024
COMMERCE
VOC - 2 : Assessment of Persons other than Individuals and Filing of
ITR’s
(NEP)
Time : 2 Hours Maximum Marks : 50

Note : Answer all Sections.

SECTION - A
Answer the following sub-questions, each sub-question carries one mark. 10x1=10
1. (a) Give the meaning of Depreciation.
(b) What is Block of Assets ?
(c) How do you treat interest payable to partner’s capital during assessment of
firms ?
(d) What is Partnership deed ?
(e) Write the meaning of Company.
(f) What is MAT ?
(g) What is TDS ?
(h) Who has to submit IT Returns ?
(i) What is Tax Evasion.
(j) Give the meaning of Tax avoidance.

SECTION - B
Answer any four of the following questions. Each question carries five Marks.
4x5=20
2. A Block of Asset consists of 5 machines. The WDV of machinery as on 01.04.2022
is Rs. 1,80,000. Rate of depreciation is 15%. A new machine costing is
Rs. 1,60,000 was acquired in May 2022 but actually put to use only on 10.10.2022.
Two old machines are also sold for Rs. 3,20,000 in December 2022.
Determine amount of Depreciation for the AY 2023-24, under Existing Tax Regime.

3. A partnership firm has a book profit of Rs. 4,25,000. Remuneration allowable to

working partners as per partnership deed is Rs.95,000.
compute the allowable remuneration under Income Tax Act .

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4. State whether the following are admissible or inadmissible expenses under the
provisions of the Income Tax Act.
(a) Discount allowed.
(b) LIC Premium on director and his family members life.
(c) Payment of license for obtaining franchise.
(d) Annual listing fees paid towards stock exchange by a company.
(e) Interest on loan taken to pay income tax.

5. From the following details of income, compute TDS amount for each transaction.
(a) Winning from lottery Rs. 1,00,000.
(b) Interest on Bank Deposits Rs.20,000.
(c) Winning from Horse Race Rs. 8,000.
(d) Rent paid on Building Rs.48,000 per month.
(e) Dividend from listed company Rs.50,000.

6. Explain the factors affecting Tax planning.

7. From the following details calculate amount of tax payable for the AY 2023-24.
Tax liability Rs.3,09,000.
Minimum Alternative Tax Rs.6,18,000.
Calculation of the amount of tax payable of the AY-2023-24, under Existing
Regime.

SECTION - C
Answer any two of the following questions. Each question carries ten Marks
2x10=20
8. The particulars of depreciable assets of Mr. Suresh for the previous year 2022-23
are given below.

W DV as On Rate of
Assets Additions Date
1-4-2022 Depreciation
Plant & Machinery using 30,00,000 15,00,000 01-06-2020 15%
in manufacturing activity
Furniture 3,00,000 2,00,000 31-08-2020 10%
Motor cars 6,00,000 3,00,000 31-12-2020 15%

During the year 2022-23, the entire stock of furniture was sold for Rs.4,00,000
and out of six motor cars, two were sold for Rs. 4,00,000. The selling expenses
were Rs.40,000, Rs. 20,000, Rs.10,000 and 16,000 respectively. The machinery
was sold for Rs 25,00,000 during the PY 2022-23.
Calculate Depreciation and STCL for the Assessment year 2022-23 under existing
tax regime.

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9. Sai and Pai are working partners in a professional firm which satisfies all conditions
of Sec.184 and 40(b) of Income Tax Act. They share profits and losses in the ratio
of 4:1.
Profit and Loss account of the firm for the year ending 31-03-2022.

Particulars Amount Particulars Amount

To General Expenses 68,500 By Gross Profit 5,85,000
To Interest on capital of partners 75,000
To Donation to NDF 25,000
To Salary Bonus & other 2,85,000
Remuneration
To Depreciation 30,000
To Net Profit 1,02,000
5,85,000 5,85,000

Additional Information :
(1) General expenses to the extent of Rs.18,500 is not deductible.
(2) Interest on capital to partners is in excess of Rs.15,000.
(3) Depreciation allowable as per Income Tax rules is Rs.32,500.
Compute Total Taxable Income.

10. Indian Company is which public are substantially interested submits the following
particulars of its income of the year.
(1) Book Profits U/S 115-JB Rs.4,00,000.
(2) Dividend from a domestic company (Gross) Rs.30,000.
(3) Long term Capital Gain Rs.25,000.
(4) Interest on Government securities Rs.5,000.
(5) Donation to charitable institution by cheque Rs.15,000.
(6) Profits of business after deduction of donations to approved Charitable
institution Rs.95,000.
The company distributed a dividend of Rs.50,000 on 16-09-2014. Compute the
taxable income of the company and tax payable by it for AY 2023-24.

11. Explain the steps of Self assessment of Tax.

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