15CP62T: Income Tax Practice CP 6th Sem Syllabus for Diploma DTE Karnataka C15 Scheme

Income Tax Practice detail DTE Kar Diploma syllabus for Commercial Practice (CP), C15 scheme is extracted from DTE Karnataka official website and presented for diploma students. The course code (15CP62T), and for exam duration, Teaching Hr/week, Practical Hr/week, Total Marks, internal marks, theory marks, duration and credits do visit complete sem subjects post given below. The syllabus PDFs can be downloaded from official website.

For all other cp 6th sem syllabus for diploma c15 scheme dte karnataka you can visit CP 6th Sem Syllabus for Diploma C15 Scheme DTE Karnataka Subjects. The detail syllabus for income tax practice is as follows.

Pre-requisites:

Knowledge of Business and Economics
SEE- 100 Marks

Course Objectives:

The students shall be able to:

1. Understand the Basic concepts of Income Tax
2. Compute Taxable income from Different Heads
3. Fill up and file the Returns of Income with authorities concerned.

Course Outcomes:

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Unit 1: INTRODUCTION AND OVERVIEW OF INCOME TAX:

Meaning – Nature – Importance of Income Tax – Basic Concepts – Total Income – Casual Income – Person Assessee – Assessment Year – Previous Year – Gross Total Income and Taxable Income. Residential Status of an Individual -Tax Liability -Income Exempted from Tax -Fully Exempted Income and Partially Exempted Income.

Unit 2: COMPUTATION OF INCOME FROM SALARY & TAX LIABILITY :

Meaning of Salary – Scope of Salary – Allowances -fully taxable-partly taxable-fully exempted-Perquisites -Exempted-Taxable perks (Valuation of RFA-Motor Car-Domestic servants)- Profits in Lieu of Salary – Provident Fund – Kinds – Important Provisions -gratuity-pension-leave salary- Allowable Deductions under the Head “Salary” – Simple Problems on Calculation of Taxable Income from Salary.

Unit 3: INCOME FROM HOUSE PROPERTY:

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Unit 4: INCOME FROM BUSINESS:

Meaning and Definition of Business, Profession -Vocation -Expenses Expressly Allowed -Allowable Losses -Expenses Expressly Disallowed -Expenses Allowed on Payment Basis Problems on Business relating to Proprietary concerns only)

Unit 5: COMPUTATION OF TOTAL INCOME:

Deduction in Computing Taxable Income: Section 80C-80CCC-80CCD-80E-80D-80G-80GG-Income Tax authorities-Assessment procedure-Filing of returns-PAN.

Text Books:

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Model Question Paper:

PART – A

(Answer any SIX Questions)

1. Define the term “person” & “Assessee.
2. Define the term “Income”. List any five Exempted Income.
3. Define the term “Allowances”. List any five Fully taxable allowances.
4. State and explain the provisions for the treatment of House rent Allowance
5. Define the term “Business” . List any five non business Expenses.
6. State and explain the Basic and additional conditions for determination of the residential status of an Individual.
7. Define the term “Gross Total Income”. List the various Heads of Income as per Income tax Act.
8. List the Savings eligible for deductions under section 80C.
9. State the different rates of Income tax for various Individual Assessee for the Assessment year 2016-17

PART-B

(Answer any FOUR Questions)

1. From the following particulars compute taxable income from salary of Mr. X for the assessment year 2016-17.
1. Basic salary Rs 60000/- per month.
2. Dearness allowance 50 % of basic salary.
3. House rent allowance 30% of combined basic salary and DA.
4. Children education allowance @ Rs 500/- per month per child for his two children.
5. Hostel allowance for his elder child Rs 800/- per month.
6. Project allowance of Rs 15000/- per month for three months.
7. During the financial year 2015-16. He had paid a professional tax of Rs 500/-.
8. During the year his employer as contributed 15% of his salary towards recognised provident fund.
9. The amount of interest credited to his recognised provident fund was Rs 15000/- @ 15%.
10. He had the following savings during the year
1. Contribution to recognised provident fund Rs 5000/- per month
2. He had paid premium on his insurance policy Rs 12000/- .
3. He had purchased Rs 8000/- worth of national saving certificates.
4. He had repaid Rs 60000/- as principal towards his housing loan.
5. He had invested Rs 20000/- as fixed deposit in a nationalised bank for a period of 5 years.
2. Compute Income from house property of Mr. Amar for the assessment year 2016-17.

[Particulars Property A (RS. Property B(RS. Property C(RS)]

1. Municipal value 80000 100000 120000
2. Fair rental value 70000 90000 100000
3. Rental value 90000 120000 Self occupied for residence
4. Municipal tax 10% 10% 10%
5. Repairs 50000 12000 –
6. Vacancy period 2 months 1 month –
7. Interest on housing loan 5000 10000 30000
8. Unrealised rent received 6000 10000 –
3. Compute the income from business of Mr. Srinivas a sole trader for the assessment year 2016-17.

Trading and profit & loss account as on 31st march 2016
[Particular Amount Particular Amount]

1. To opening stock 12000 By sales 245000
2. To purchases 148000 By closing stock 55000
3. To carriage inwards 2000
4. To wages 45000
5. To water 6000
6. To octoria 4000
7. To gross profit 83000

300000 300000

8. To salaries 6000 By gross profit 83000
9. To general expenses 7000 By rent received 27000
10. To printing and stationary 3000 By interest received 15000
11. To discount allowed 1000 By dividend received 3000
12. To bad debts 500
13. To house hold expenses 15000
14. To medical insurance on own life 5000
15. To net profit 90500

128000 128000
Amount of depreciation to be allowed was Rs 8000/-. General expenses includes Rs 2000/-given as temple for a local temple.

4. Mr. Surendra retired form his services on 1-1-2015 from X Ltd. And received Rs.2,50,000 as accumulated balance from URPF which includes :
1. Employers contribution Rs. 75,000
2. Employees contribution Rs.75,ooo
3. Interest on Employers contribution Rs. 50,000
4. Interest on Employees contribution Rs.50,000

Calculate the taxable portion and exempted portion and also specify under which head of income it is taxable.

5. Mr. Vishak, a employee of a private sector company in Bangalore (population more than 25 lakhs,) draws Rs. 6,000 per month as Basic salary.

Other allowances and benefits attached to his office are:

1. Dearness allowance (forming part of salary) 10% of basic
2. Bonus 20% of basic salary
3. Commission Rs.200per month
4. Conveyance allowance Rs.500 per month ( 40% utilised for official purposes and 25% is utilised for personal purposes)
5. Tribal area allowance Rs. 7,200
6. Rent free house has also been provided whose fair rent is Rs.600 per month.
7. During the PY 15-16- Mr. Prakash draws salary of April and May 2009 in advance,

Determine the value of perquisite in respect of rent free house for the AY 16-17 PY 15-16

6. Calculate NAV from the following information:

[Particulars House X House Y]

1. Municipal Value 40,000 52,000
2. Fair rental Value 38,000 51,000
3. Standard rent 41,000 55,000
4. Annual rent 60,000 66,000
5. Vacancy period rent 5,000 5,500
6. Unrealised rent 2,500 2,750
7. Municipal taxes paid 9,000 7,000
8. Paid by tenant 3,000 2,000

PART -C

(Answer any TWO Questions) 2 x 15 = 30

1. Shri kishore is the owner of 3 houses. The following are the particulars of his property for the year ended 31-3-2015.

[Particulars 1 House 2 House 3 House]

1. Year of construction 2013 2014 2015
2. Purpose of use Let out to bank Self Let out to residence
3. Actual rent received (PA. 30,000 — 24,000
4. Municipal valuation 32,000 28,000 30,000
5. Municipal tax paid by kishore 1,200 1,000 3,000
6. Municipal tax paid by tenant 2,000 1,800 —
7. Total Municipal tax 3,200 2,800 3,000
8. Fire insurance premium 2% 20% 2%
9. Interest on loan taken for renewal of the house – 7,000 5,000

Compute taxable income from the house property of Shri kishore for the assessment year 2015-2016.

2. From the P& L A/c of a Merchant for the year ended 31-3-2015 ascertain his taxable profit from biz for the Assessment Year 15-16

[Particulars Amount Particulars Amount]

1. To Salaries 15,000 By Gross profit 50,000
2. To General Expenses 4,000 By bad debts recovered(disallowed earlier. 2,000
3. To Advertisements 4,000 By share of profit in a firm 20,000
4. To interest on capital 2,000 By Rent received 5,000
5. To interest on Bank loan 500 By dividend on Indain company shares Co-operative society 3,104 2,000
6. To RBDD 2,000 By interest on post office savings bank a/c 896
7. To Fire insuarance premium (let out house. 100 By agricultural income 10,000
8. To depreciation 4,000 By interest on fixed deposits in a bank 3,000
9. To reserve for O/S sales tax 11,000 By interest on government security 6,000
10. To Loss of cash by an employee to embezzlement 3,000
11. To Donation to political party 16,000
12. To local taxes on let out house 500
13. To motor car expenses 1,000
14. To wealth tax 3,500
15. To net profits 35,400

1,02,000 1,02,000
The following information is available:

16. Salary includes Rs.500 per month drawn by the proprietor as salary.
17. Advertisement includes Rs.1,500 being the cost of one neon sign board.
18. General expenses include Rs.1,200 being the fees paid to the chartered accountant in connection with income tax appeal.
19. 1/4th of the car expenses relate to personal use .
20. Depreciation is found to be in excess by Rs. 1,500
21. Actual bad debts amounted to Rs.1,000
22. Out of the out standing sales tax Rs. 3,000 is paid within due date and the balance is not yet paid.
3. Mr. Kishore Revankar working as senior associate in multi national process Ltd. Received the following salary and allowances during Previous year 2015-2016. Calculate his taxable salary assuming no other benefits are obtained by him.
1. Basic salary Rs. 16,500 per month
2. D.A 10% of basic salary(50% enters)
3. Leave salary Rs. 15,000
4. Bonus Rs. 10,000
5. Mr. Kishore contributed Rs.26,000 to his RPF and the same amount is been contributed by his employer also.
6. Interest on accumulated RPF account at 12.5% Rs. !5,000
7. Medical allowances Rs. 13,000
8. Transport allowance Rs.500 per month upto 31-12-2014 and from 1-1-2015 he received Rs.1,000 per month.
9. Tiffin and lunch allowance Rs.200 per month
10. Children education allowance of Rs. 200 per month each for 3 children.
11. Entertainment allowance Rs.100 per month.
12. He paid professional tax of Rs. 1800 for the year.

Compute his taxable salary for assessment year 2015-2016

For detail syllabus of all other subjects of BE Cp, C15 scheme do visit Cp 6th Sem syllabus for C15 scheme.

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