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Posted By: Jyothi Member Level: Diamond Posted Date: 05 May 2008
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2006 Acharya Nagarjuna University B.Com Part II - Commerce, Paper III - INCOME TAX AND PRACTICAL AUDITING - December 2006 Question paper
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B.Com. DEGREE EXAMINATION, DECEMBER 2006
(Examination at the end of Final Year)
Part II - Commerce
Paper III - INCOME TAX AND PRACTICAL AUDITING
Time : Three hours Maximum : 100 marks
PART A
(INCOME TAX)
SECTION A
Answer any TWO of the following questions.
1. Person.
2. Salary.
3. Tax treatment of salaries of other foreign citizens.
4. Various incomes which are chargeable to tax u/s 28.
SECTION B
Answer any ONE of the following questions.
5. Mr. Ravi is working in a Limited company in Secunderabad. His salary particulars are Basic Pay Rs.10,000 p.m; D.A. Rs.18,000 p.m.; Bonus 2 months salary. The employer gave interest free loan Rs.32,000. Profession tax paid is Rs.1,200. During the previous year the company presented a gold ring worth Rs.32,000 and paid the telephone bill of residence Rs.16,000. Compute income from salary.
6. Sri Ram is owner of a house, which is let out to Rahim on a monthly rent of Rs.18,000 for 6 months. During the previous year the house remained vacant for 3 months there after it was let out to Ravan on a monthly rent of Rs.19,000. He received rent for putting up hording on top of the
building Rs.40,000 p.a. The following expenses are incurred by Sri Ram. Municipal taxes Rs.10,000; repairs Rs.20,000; collection charges Rs.2,000; Gardener.s salary Rs.15,000, water charges Rs.2,400, Interest paid on loan taken for constructing house Rs.60,000 (Rs.30,800 is still due).
The municipal valuation of the house is Rs.2,00,000 and rent of similar building Rs.16,000 p.m. Compute income from House property.
SECTION C
7. Chandu is a technical officer in a company at Hyderabad. He submits following particulars of his income for previous year :
Basic salary Rs.4,000 p.m. D.A. Rs.2,400 p.m. C.C.A. Rs.300 p.m. project allowance Rs.1,200 p.m. during his office hours he is provided with tea costing Rs.2,000 and snacks and soft drinks costing Rs.7,600 in office premises. He is provided with free conveyance from his house to his place of work. During the year he claimed Rs.37,600 towards medical expenses from the company for undergoing treatment in an un-recognised hospital. He contributes 15% of his salary to R.P.F. and company.s contribution is 17%. The company provided a job to his son under the quota of job to employee.s children. The son is paid a consolidated salary of Rs.4,000 p.m. During the year he bought books worth Rs.4,000 which are necessary to carry on his job. His income from other sources is Rs.15,000. Compute his total income for current assessment year.
8. Mr. Sai Kiran is working in a limited company on a monthly salary of Rs.40,000 and a fixed D.A. of Rs.4,00,000 p.a. He owes a house in Baroda and is let out to his employer.s company on a monthly rent of Rs.20,000. The same house is provided to him as a rent free accommodation. Calculate his total income if following taxes are paid by him.
Municipal tax : Rs.30,000; Professional tax Rs.6,000; Income tax Rs.22,000.
9. Kishore a Chartered Accountant of Hyderabad submitted following particulars. Compute the Income from profession.
Receipts : Audit fee : Companies Rs.38,000 ; Banking companies Rs.50,000 ; Firms Rs.16,000 : Others Rs.7,500 ; gifts from clients worth Rs.2,500. Interest on bank deposits Rs.3,200, share of income from H.U.F. Rs.11,000 ; financial advice Rs.15,000, Accountancy works Rs.7,500.
Payments : Office rent Rs.6,000 ; Telephone charges Rs.5,000 ; Salaries to staff Rs.10,500; Stipend given to trainees Rs.2,300 ; Subscriptions to journals Rs.1,000 ; Car expenses Rs.3,680 ; Electricity Bill Rs.950 ; Membership fees paid to Institute of C.A. 200 ; Purchase of goods Rs.3,000.
Depreciation on car allowed as per I.T. Act Rs.4,100.
10. Compute total income of Mrs. Sri Lakshmi:
Rs.
Loss on betting (Horse races) 23,000
Loss from playing three cards game 16,000
Winning from lottery (Gross) 60,000
Winning from crossword puzzle (Gross) 12,000
Income from other sources 95,200
Profits from business:
Profits from Beauty Parlour business 42,000
Loss from crockery business 1,20,000
Loss from tailoring material 24,000
Loss through speculation 4,000
Loss from house property (let out) 16,000
Loss from house property (self occupied) 8,000
PART B
(PRACTICAL AUDITING)
SECTION A
11. Cost Audit. 12. Rights of Company Auditor.
13. Internal audit. 14. Audit notes.
SECTION B
15. Explain various types of audit.
16. Distinguish between deferred revenue expenditure and revenue expenditure.
SECTION C
17. What is the significance of phrase ‘True and fair’ in auditor’s report. Explain.
18. Explain how audit report is prepared.
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