COM 6.2: Income Tax Law and Practice-II - B.Com. Semester VI Examination - July/August 2024 (NEP Scheme)

Sep 2, 2026

Commerce Com 6.2: Income Tax Law and Practice-II question paper for B.Com. Semester VI (NEP Scheme), July/August 2024. The assessment uses structured sections covering definitions, tax concepts, chargeable incomes, capital assets, and expansions of key tax authorities (CBDT, CIT, ITO, PAN). It includes application problems on admissibility of business expenses, computation of taxable profit from business, capital gains from land transactions, income from other sources, and total gross income using given Profit & Loss and Income/Expenditure accounts and additional adjustments.

LanguageEnglish

CategoryExam

FormatPDF

Pages15

Reading Time38 min

AccessFree to download

SECTION-A

Short answers (Answer any 6)

SECTION-B

Medium problems (Answer any 3)

SECTION-C

Long problems (Answer any 3)

35 VI Semester B.Com.Examination,July/August 2024(NEP Scheme)COMMERCECom 6.2:Income Tax Law and Practice-Il Max.Marks:60 Time:2/2 Hours Instruction:Answer should be completely in English or inKannada. # SECTION-A 1.Answer any 6 of the following sub-questions.Each sub-question carries2 marks.(6×2=12) a)Define profession. b)What do you mean by cash system of accounting? c)What do you mean by Indexed Cost of Acquisition? d)Name any 4 incomes chargeable to tax under the head income from otherSources. e)What is a Capital Asset? f)Expand CBDT,CIT,ITO and PAN. g)Mention any 4 admissible expenses while calculating income from business. h)What is Tax-free Government Securities? # SECTION-B (3×4=12) Answer any 3 questions.Each question carries 4 marks. 2.State the admissibility of the following expenses while computing profit andGains of business. 1)Sales tax paid during the year30,000 2)Loss due to theft3,00,000 3)Proprietor Salary48,000 4)Gifts and presents to customers 25;000 5)Interest on capital60,000 6)Life Insurance premium40,000 7)Donation to political party=2,00,000 8)Laxmi Pooja expenses20,000. P.T.O. —2— 3.From the following Profit and Loss A/c of Mr.Harish Bhat for the year ended31-3-2023.Ascertain his taxable profit from business. # Profit and Loss A/c Dr.天 Cr.于ParticularsParticularsTo Office Salary45,600 By Gross Profit3,74,650To General Expenses25,550 By Commission12,500To Bad Debts21,000 By Discount7,500To Reserve for Bad Debts35,000 By Sundry Receipts21,000To Fire Insurance Premium18,000 By Rent of Building65,000To Advertisement12,500 By Capital Gain35,000To Interest on Capital13,500 By Winning from LotteryTo Interest on Bank Loan22,500 (net)67,500To Donation21,000To Depreciation16,000To Net Profit3,52,500 5,83,1505,83,150 The amount of depreciation allowable as IT Rules18,000. 4.Mr.Rao sells agriculture land situated within the municipal limits of Bangalorefor80,00,000 and paid2%commission on July 4,2023.Which was purchasedby him on March 1,2007 for15,00,000.On 15 March 2024,he purchasesa rural agriculture land for=9,00,000. Compute his income from Capital Gain for the A.Y.2023-24 CIl for years 2006-07:122 and 2022-23:331 5.Compute Income from other source of Mr.Dhanush for the A.Y.2023-24. a)Purchase of lottery tickets=2,500 b)Winning from lottery =84,000 after TDS of 36,000 c)Interest on fixed deposits=35,000(Gross). d)Family pension received=9,000 p.m. e)Winning from card games =22,000. 1 —3— 6.From the following incomes of Dr.Ramya(Resident)for the P.Y.ended31-3-2023.Compute her GTI for the A.Y.2023-24. a)Income from house property(computed)1,80,000 b)Directors fees=40,000 c)Winning from lottery(net)天1,05,000 d)Income from profession (computed)=3,85,000 e)Dividend from co-operative society90,000 f)Long term capital gain80,000. # SECTION-C Answer any 3 questions.Each question carries 12 marks. (3×12=36) 7.The following is the Profit and Loss Account and additional information ofMr.Sudharshan for P.Y.2022-23. # Profit and Loss Account for the year 31-3-2023 Particulars天Particulars于Opening stock85,000 Sales6,50,000Purchases2,40,000 Closing stock1,10,000Wages18,000Freight12,000Gross profit4,05,000 7,60,0007,60,000Office expenses18,000 Gross profit4,05,000Salaries26,000 Dividend on shares(Gross) 12,000Rent and taxes16,000 Rent from house property/ 1,14,000Income tax18,000 Refund of IT6,000Household expenses15,000 Interest on governmentReserve for bad debts8,000 Securities1,10,000 —4— Advertisement15,000 Bad debts recovered18,000Donation8,000 Profit on sale of machinery 1,90,000Sales tax20,000 Miscellaneous income15,000Provision for Income tax18,000Carriage outwards15,000Drawings8,000General expenses16,000Interest on capital19,000Bad debts8,000Repairs8,500Taxes and insurance5,500Car expenses12,000Audit fees12,500Depreciation30,500Net profit5,73,000 8,70,0008,70,000 # Additional information: i)Salar

FAQs

What is the structure of the question paper and marking scheme?

SECTION-A asks any 6 sub-questions with 2 marks each. SECTION-B asks any 3 questions with 4 marks each. SECTION-C asks any 3 questions with 12 marks each.

Which topics are covered in SECTION-A?

It covers definitions and meanings of key tax concepts, chargeable incomes under “income from other sources”, capital asset, expansion of CBDT/CIT/ITO/PAN, and admissible business expenses, including tax-free government securities and accounting terms.

How are taxable profit and capital gains computed in the paper?

The paper provides Profit and Loss accounts plus additional adjustments (such as allowable depreciation and unreasonable salary limits) for taxable profit, and transaction details (sale/purchase dates and costs) for computing income from capital gains.

Sep 2, 2026

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