Title 5. PAPER-7 DT.pdf ✅

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Suggested Answer_Syllabus 2016_Jun2017_Paper 7 Academics Department, The Institute of Cost Accountants of India (Statutory Body under an Act of Parliament) Page 1 INTERMEDIATE EXAMINATION GROUP - II (SYLLABUS 2016) SUGGESTED ANSWERS TO QUESTIONS JUNE - 2017 Paper - 7 : DIRECT TAXATION Time Allowed : 3 Hours Full Marks : 100 The figures in the margin on the right side indicate full marks. Wherever required, the candidate may make suitable assumption(s) and state the same clearly in the answer. Working notes should form part of the relevant answer. All questions relate to the Income-tax Act, 1961. All the questions relate to Assessment Year 2017-2018, unless otherwise stated. Answer Question No. 1, which is compulsory and any five from Question Nos. 2 to 8. Section - A 1. (a) Find the most suitable alternative for the following: 1×10=10 (i) The number of identities included in the definition of persons is (A) five (B) six (C) seven (D) eight (ii) A trust shall not be considered as charitable trust for according the benefits of section II, when the commercial activities in the previous year exceed ` _______. (A) 10 lakhs (B) 25 lakhs (C) 15 lakhs (D) 30 lakhs (iii) Deduction available under section 24(a) is _________________________ of NAV. (A) 30% (B) 50% (C) 15% (D) 70% (iv) Expenditure incurred by a businessman for ready to use software is entitled to benefit of (A) 15% as depreciation (B) 30% as depreciation (C) 60% as depreciation (D) 100% as revenue expenditure (v) The basic exemption limit for a resident super senior citizen above the age of 80 is (A) ` 2,00,000 (B) ` 2,50,000 (C) ` 5,00,000 (D) None of the above (vi) The provisions relating to interest on delay in payment of refund are given in section
Suggested Answer_Syllabus 2016_Jun2017_Paper 7 Academics Department, The Institute of Cost Accountants of India (Statutory Body under an Act of Parliament) Page 2 (A) 234A (B) 234B (C) 244A (D) 244B (vii)Which of the following can be corrected while processing the return of income under section 143(1)? (A) Any arithmetical error in the return (B) Any mistake in the return of income (C) Any error of principle in the return of income (D) Any claim by the taxpayer which is against law (viii)Notice under section 156 is given for (A) failure to submit return (B) tax demand (C) deferment of tax (D) None of the above (ix) As per section 271H, where a person fails to file the statement of tax deducted/ collected at source i.e. TDS/TCS return on or before the due dates prescribed in this regard, then he shall be liable to pay penalty under section 271H. Maximum penalty that can be levied is _______________. (A) 1,00,000, but not exceeding the amount of TDS/TCS. (B) 2,00,000 (C) 3,00,000 (D) 3,00,000 (x) The threshold exemption limit for Equalization levy is? (A) ` 5 lakh (B) ` 3 lakh (C) ` 2 lakh (D) ` 1 lakh (b) Match the following: 1×5=5 (i) Section 87A (A) ` 5000 (ii) Section 80GG (B) ` 5000 (or) Actual Tax (w.e.l.) (iii) Sukanya Samrudhi Scheme (C) ` 1500 (iv) Minor child exemption (D) 30% deduction (v) Arrears of rent (E) Section 80C (c) State whether true or false: 1×5=5 (i) An Indian company is always resident in India. (ii) Salary received by a member of Parliament is exempt. (iii) Income of a self-occupied property cannot be negative. (iv) Preliminary expenditure are allowed deduction in 10 equal instalments. (v) Capital gain arises from the transfer of any capital asset. (d) Fill in the blanks: 1×5=5 (i) In case of an Indian citizen who leaves India during the previous year for employment outside India, the period of 60 days shall be substituted by_____ days. (ii) Scholarship received by a student was ` 2,000 p.m. He spends ` 16,000 for meeting the cost of education. The Balance ` 8,000 is _________ __________.