KARNATAKA UNIVERSITY DHARWAD

Model Question Paper

BCOM VI SEMESTER (NEP)DEGREE EXAMINATION 2024
Assessment of Non-individuals and Filing of ITRs
TIME:2 HOURS MAX MARKS:60
SECTION A
1. Answer any five of the following. 5x2=10
a. What is depreciation?
b. What is book profit?
c. What is a tax credit?
d. State the meaning of ITR.Expand TDS, TAN and PAN.
e. Who is liable to pay advance tax?
f. What is SAHAJ and Sugam?
g. What amendment is made to section 87A tax Rebate?
SECTION B
Answer any four of the following. 4x5=20

2. Tata Indigo India Ltd., supplies you the following informations relating to its factory unit at Bhopal for the P.Y.2022-23.
WDV of Plant and Machinery as on 1-4-2022 Rs. 12,00,000.
On 1-11-2022 it purchased a new machinery costing Rs. 6,00,000. However, the government allowed a subsidy of Rs. 2,00,000
relating to the machinery. It was installed at a cost of Rs. 10,000. The normal rate of depreciation is 15% and additional depreciation is
allowable @20%. Compute the depreciation for the A.Y.2023-24.

3. P and Q are partners sharing profits equally. The net profit for the year ending 31-12-2023 after debiting the following amounted to
Rs. 2,84,000:
a. Interest on capital @20% P- Rs. 12,000 and Q- Rs. 9,000.
b. Salary to partners: P- Rs. 48,000 and Q- Rs. 42,000.
Calculate the Book profit for the A Y.2023-24.

4. Bagalkot Ltd., and an Indian company submits you the following details for the P.Y. 2022-23. Total income as per normal provision
Rs. 1,50,00,000 and Book profit u/s 115JB Rs. 3 crores. Calculate the amount of tax payable by the company for the A.Y. 2023-24 and
tax credit if any.

5. Following are the details of some incomes liable for TDS. Compute the amount of TDS for the A.Y. 2023-24.
a. Interest on securities Rs. 60,000.
b. Dividend payable Rs. 5,000.
c. Payment due to contractor Mr. Ravi Rs. 2,50,000.
d. Winnings from lottery and puzzle games Rs. 6,00,000.
e. Interest on fixed deposit in a bank Rs. 1,90,000.
f. Payment of professional fees Rs. 75,000.
g. Life insurance policy paid Rs. 3,50,000.

6. Briefly explain the ITR -2 and ITR- 4.

SECTION C
Answer any Three of the following 10x3=30

7. From the following particulars of assets of an assessee, Calculate the depreciation allowable for the A.Y. 2023-24.
Particulars. WDV on 1-4-2022 Rate
Building A&B 8,00,000 10%
Plant M&N. 5,00,000 15%
Furniture. 1,00,000. 10%
On 1-12-2022 Building C was acquired for Rs. 2,00,000 and old building A was sold for Rs. 5,00,000. Plant Z was bought on
1-1-2023 for Rs. 1,00,000. Furniture was acquired on 1-2-2023 for Rs. 40,000.

8. Raghaveshwar Ltd, Gokarna is an Indian company the P&L A/c for the P.Y. 2022-23 showed a profit of Rs. 50,00,000 after
debiting/crediting the following:
● Provision for income tax Rs. 7,50,000.
● Provision for deferred tax Rs. 4,00,000.
● Proposed dividend Rs. 10,00,000.
● Depreciation debited (including depreciation on account of revaluation of assets Rs. 1,00,000) Rs. 6,00,000.
● Profit from special economic zone Rs. 15,00,000.
● Provision for decrease in the value of investment Rs. 1,00,000.
Other information:
 a. B/F losses & unabsorbed depreciation as per books of accounts are as follows:
i. B/F losses Rs. 6,00,000.
ii.Unabsorbed deprn Rs. 5,00,000.
b. B/F losses & unabsorbed depreciation as per tax purposes are as follows:
i. B/F losses Rs. 8,00,000.
ii.Unabsorbed deprn Rs. 7,00,000.
c. Depreciation as per tax rules Rs. 7,00,000.
Required for the A.Y. 2023-24:
1) Calculate Book profit for MATu/s 115JB.
2) Total income under normal provisions.
3) Substantiate your answer?

9. Jocky is a dealer in cow feeds, submits you following details of its estimated inconvenience for the P.Y. 2022-23.
Business income Rs. 60,00,000.
Interest on fixed deposit Rs. 1,80,000(TDS Rs. 20,000) received on 20-09-2022.
The assessee has paid the advance tax randomly as follows:
a. 14 June 2022 Rs. 1,60,000.
b. 10 September 2022 Rs. 1,80,000.
c. 15 December 2022 Rs. 2,00,000.
d. 15 March 2023 ?
Investment in NSC viii issue amounted to Rs. 3,00,000.
Calculate the advance tax payable on each due date.

10. Explain any five amendments to the Finance Act 2023?

11. Case study:

The profit and Loss Account of a partnership firm for the year ending 31-03-2023 is given below:
Particulars. Rs. Particulars. Rs.
To interest on By Gross profit. 3,10,000
capital @12%. 12,000
To expenses 68,000
To Remuneration to
working partners. 1,65,000
To Depreciation. 30,000
To Net profit. 35,000
Total. 3,10,000 Total. 3,10,000
Other informations:
Depreciation allowable as per rules is Rs. 20,000
Questions:
a. Compute the total income of the firm for the A.Y. 2023-24 assuming that the firm satisfies all the conditions of Sec 184 &
40(b).
b. If the provisions of Section 184 & 40(b) are not satisfied.
c. Tax payable by the firm.

Additional important questions:

KARNATAKA UNIVERSITY DHARWAD

Model Question Paper
BCOM VI SEMESTER (NEP)DEGREE EXAMINATION 2024
Assessment of Non-individuals and Filing of ITRs
TIME:2 HOURS MAX MARKS:60

Section A
Two marks questions
a. What do you mean by balance of charge?
b. State the provisions of section 40(b).
c. What is a domestic company?
d. What is a widely held company?
e. What is a block of assets?
f. What is meant by 26AS?
g. What are the types of ITR forms?
h. Who are exempted from E filing of Returns?
i. State the new provisions relating to online gaming.
 j. State the treatment of interest on capital in computing the total income of a firm.
k. What is MAT?
Section B
1. Anand and Sunanda are partners in a partnership firm carrying on trading business. The Book profit of the firm is Rs. 5,00,000. Salary to
partners Anand Rs. 20,000 p.m. and Sunanda Rs. 25,000 p.m. Calculate Remuneration allowable to partners u/s 40(b).
2. Explain any five amendments to the finance bill 2023.
3. The Gross Total Income of Mr. Janardhan for A.Y. 2023-24 is Rs. 20,00,000. He has made the following donations.
a. PM’s drought relief fund Rs. 80,000.
b. National fund for communal harmony 1,04,000.
c. Rajiv Gandhi memorial fund Rs. 20,000.
d. Govt for Family planning 1,40,,000.
e. Notified temple 60,000.
f. National Blood Transfusion Council Rs. 40,000.
Calculate Ded u/s 80G.
4. Jindal Co Ltd., is a domestic company in which public are substantially interested. The following are the particulars of income in
respect of P Y. 2022-23
a. Interest on govt securities Rs. 20,000.
b. Income from business Rs. 4,50,000.
c. Income from house property Rs. 30,000.
d. Dividend from an Indian company Rs. 10,000.
e. Book profit u/s 115JB Rs. 9,00,000.
Calculate the total income and its net tax liability.

5. Microsoft Co. Ltd., Bangalore estimated it's tax payable in advance at Rs. 50,00,000 for the A.Y. 2023-24. It has made the following
payments:
a. 15 June 2022 Rs. 2,00,000.
b. 15 September 2022 Rs. 4,00,000.
c. 15 December 2022 Rs. 6,00,000.
d. 15 March 2023 ?
Calculate the advance tax payable on each due date.

Section C
1. Hhjh Profit and Loss Account of SGB Ltd Bangalore for the year ending 31-03-2023 is given below:
Particulars. Rs. Particulars. Rs.
Establishment Exp 5,50,000. LTCG 1,00,000
Income tax paid. 20,000. Sales. 8,00,000
General reserve. 40,000. Deferred tax. 1,00,000
Provision for
doubtful debts. 40,000.
Provision for decrease
in value of an asset. 50,000
Proposes dividend. 50,000
Net profit. 3,50,000
Total. 10,00,000. Total. 10,00,000
Additional information:
a. B/F loss as per books of accounts Rs. 1,00,000.
b. B/F unabsorbed depreciation as per books of accounts Rs. 80,000.
c. B/F u absorbed depreciation Rs. 2,00,000 for the A.Y. 2021-22 as per tax rules.
Questions:
1. What is the total income & tax on total income?
2. What is the tax liability & how do you determine?
3. X company Ltd has provided the following information for the year ending 31-03-2023.
2. Mr. Manikant of Bangalore employed in govt department with a salary of Rs. 28,80,000 p.a. including HRA. He claims exemption for HRA
u/s 10(13A) of Rs. 2,80,000. Remuneration from examination amounted to Rs. 40,000 and loss from house property Rs. 70,000 as he
declared to the department.
He further informed the department with proof that he made savings of Rs. 3,00,000 in eligible schemes notified for deduction u/s 80C
and Rs. 1,00,000 in NPS u/s 80CCD(1B). Professional taxes paid Rs. 7,200.
Compute the amount of salary on which TDS is to be made by the company u/s 192 for the A.Y. 2023-24.
3. P, Q and R are equal partners in a firm of which P is a sleeping partner. The net profit & loss account of the firm for the year ending
31st March 2023 is given below:
Particulars. Rs. Particulars. Rs.
To salaries. 6,31,000 By Gross profit. 12,24,000
To Bad debts 30,000. By Discount. 30,000
reserve
To Depreciation. 75,000. By Bad debts. 6,000
To Commission. recovered(allowed)
P 45,000
Q 30,000
R 15,000 90,000
To Int on capital
P 1,50,000
 Q 90,000
R 60,000. 3,00,000
To Net profit. 1,34,000
Total. 12,60,000. 12,60,000
Additional information:
a. Salaries includes partners salaries: Q Rs. 45,000 and R Rs. 30,000.
b. Capital of partners: P Rs. 6,00,000, Q Rs. 3,60,000 and R Rs. 2,40,0000.
compute the total income of the firm for the A.Y. 2023-24.

4. What is form 26AS? and explain its structure and benefits of form 26AS.
5. What are the amendments made to salary heads in the Finance Bill Act 2023?
6. (Case study Analysis) X company Ltd has provided the following information for the year ending 31-03-2023.
Total income computed as per provisions of the income tax Rs. 20,00,000.
a. Profit as per profit and Loss Account Rs. 50,00,000.
b. Items debited to P&L A/c
● Provision for income tax Rs. 6,50,000.
● Customs duty Rs. 40,000.
● Provision for deferred tax Rs. 60,000.
● GST payable Rs. 1,00,000.
● Provision for gratuity on actual valuation Rs. 1,50,000.
● Dividend declared Rs. 2,50,000.
● Expenditure to earn agriculture income Rs. 1,00,000.
● Depreciation Rs. 4,50,000.(This includes depreciation of Rs. 2,00,000 on revaluation of assets)
c. Items credited to P&L A/c
● Transfer from special reserve withdrawn Rs. 2,00,000.
● Agriculture income Rs. 4,00,000.
● Long term capital gain Rs. 2,00,000.
Other informations:
● B/F business loss as per books of accounts Rs. 8,00,000.
● B/F depreciation as per books of accounts Rs. 7,00,000.
Questions:
a. What is the tax payable by the company?
b. Whether it has to pay normal rate of tax or MAT? Give reasons.
c. How do you treat tax credit?