Tax Test 1 QP

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TAXATION

TOTAL MARKS 30
Course: CA Intermediate

Paper: Taxation Marks: 30


Test: Income from Salaries and House Property Time Allowed: 1 Hours
SPC Receipt No: __________
Test ID: 02341

MCQ

Marks 2

Q1. Mr. Pandey, owner of three houses in Chennai, furnished the following information. Compute
his incomefrom house property for the assessment year 2023-24:
House No. House No.
Particulars 1 2 3
Self-occupied Self-occupied Self-occupied
Standard rent under Rent Control Act 1,50,000 15,00,000 18,00,000
Municipal value 2,00,000 13,00,000 13,50,000
Fair rent 2,50,000 16,00,000 19,00,000
Municipal tax (10% of municipal value) paid
Interest on loan taken for purchases of houses 90,000 1,70,000 1,65,000
(Loan taken in P.Y. 2017-18)
Marks 6

Q2) Determine the amount of pension taxable for the previous year in the following cases on the assumption
that it becomes due on the last day of each month:
a) X retires from the Central Government service on May 31, 2022. He gets pension of Rs. 15,000 per
month up to November 30, 2022 [i.e., Rs. 15,000 x 6]. With effect from December 1, 2022, he gets one –
third of his pension commuted for Rs. 7,18,000.
b) X retires from ABC Co. on June 30, 2022. He gets pension of Rs. 20,000 per month up to January 31,
2023. With effect from February 1, 2023, he gets 60 per cent of pension commuted for Rs. 10,71,000. Does it
make any difference if he also gets gratuity of Rs. 40,000 at the time of retirement?
Marks 4

Q3) Mr. M is an area manager of M/s N. Steels Co. – Ltd. During the financial year 2022-23, he gets following
emoluments from his employer:
1. Basic Salary
– Up to 31.08.2022 Rs. 20,000 p.m.
– From 01.09.2022 Rs. 25,000 p.m.
2. Transport allowance Rs. 1,200 p.m.
3. Contribution to recognized provident fund 15% of basic salary and D.A.
4. Children education allowance Rs. 500 p.m. for two children
5. DA Rs.5,000 p.m
6. Uniform Allowance Rs.4,000 p.m (Actual Expense 32,000)
7. City compensatory allowance Rs. 300 p.m.
8. Hostel expenses allowance Rs. 380 p. m. for two children (Actual Expense 5000 p.m)
9. Tiffin allowance Rs. 5,000 p.a.
(actual expenses Rs. 3700)
10.Tax paid on employment Rs. 2,500 (Rs.1500 paid by employer)
Compute taxable salary of Mr. M. Marks 8

Q4)

Marks 10

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