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M.K.

GUPTA CA EDUCATION
9212011367 / 9811429230

TEST
All questions are compulsory.
Total Marks: 30
Time allowed: 1 Hour
DEDUCTION FROM GROSS TOTAL INCOME
1. Write a note on Deduction in respect of investment made under an equity savings scheme u/s 80CCG.
(Rajiv Gandhi Equity Saving Scheme)
(4 Marks)
2. Write a note on deduction in case of payment of interest on loan taken for Higher Education u/s 80E.
(4 Marks)
3. Write a note on deduction in case of royalty income from certain books u/s 80QQB (4 marks)
4. Devesh and Siddhant are brothers and they earned the following incomes during the financial year
2014-15. Devesh settled in America in the year 1985 and Siddhant settled in Mumbai. Devesh visits India
for 20 days every year. Siddhant also visits America every year for a month. Compute their total
income for the Assessment year 2015-16 from the following information.
Devesh
Siddhant
Particulars
Sl.
`
`
No.
1.
46,000
18,000
Interest on American Development bonds, 50% of interest received in
India.
2.
Dividend from a Japanese Company received in America.
10,000
15,000
3.
Profit on sale of shares of an Indian company received in India.
45,000
75,000
4.
Profit from a business in Mumbai, but managed directly from America.
10,000
5.
Income from a business in Mumbai.
32,000
28,000
6.
Fees for technical services rendered in America and received in America. 1,50,000
The services were, however, utilized in India.
7.
Interest on savings bank deposit in State Bank of India, Mumbai.
12,000
4,500
8.
Rent received in respect of house property at Mumbai.
55,000
96,000
9.
Life Insurance Premium paid.
25,000
(6 Marks)
5. In respect of assessment year 2015-16, an author of text-books for schools furnishes the following
particulars and requests you to work out his tax liability:
`
`
1. Royalty from Printers Ltd. on publication of books
2,20,000
2. Capital gains long term
1,90,000
3. Other Sources:
(a) Interest on Bank fixed Deposits
12,000
(b) Dividend income from Indian company
3,000
(c) Income from units of U.T.I.
5,000
20,000
Deductions: (i) Contributions towards:
(a) LIC Pension Scheme
15,000
(b) LIC Premium
10,000
(ii) Contribution to public provident fund
10,000
(iii) Investment in National Savings Certificates
50,000
(iv) Medical treatment of handicapped dependent relative
20,000
(3 Marks)

6. Mr. Gurnam, aged 62 years, earned professional income (computed) of ` 5,50,000 during the year ended
31.03.2015. He has earned interest of ` 14,500 on the saving bank account with State Bank of India during
the year. Compute the total income of Mr. Gurnam for the assessment year 2015-16 from the following
particulars:
(i) Life insurance premium paid to Birla Sunlife Insurance in cash amounting to `25,000 for insurance of life
of his dependent parents. The insurance policy was taken on 15.07.2014 and the sum assured on life of his
dependent parents is ` 1,25,000.
(ii) Life insurance premium of ` 25,000 paid for the insurance of life of his major son who is not dependent
on him. The sum assured on life of his son is ` 1,75,000 and the life insurance policy was taken on
18.04.2011.
(iii) Life insurance premium paid by cheque of ` 22,500 for insurance of his life. The insurance policy was
taken on 08.09.2014 and the sum assured is ` 2,00,000.
(iv) Premium of ` 16,000 paid by cheque for health insurance of self and his wife.
(v) ` 1,500 paid in cash for his health check-up and ` 4,500 paid in cheque for health checkup for his
parents.
(vi) Paid interest of ` 6,500 on loan taken from bank for MBA course pursued by his daughter.
(vii) A sum of ` 15,000 donated in cash to an institution approved for purpose of section 80G for promoting
family planning.
(viii) Contribution ` 10,500 made in cheque to an electoral trust.
(6 Marks)
7. Mr. Pranay is running two industrial undertakings, one in a SEZ (Unit A) and another in a DTA (Unit B).
The brief details for the year ended 31.03.2015 are as under:
Particulars
Amount (` in lacs)
Unit A
Unit B
Domestic turnover
10
100
Export turnover
120
Nil
Gross Profit
20
10
Less: Expenses and depreciation
07
05
Profits derived from the units
13
05
The brought forward business loss pertaining to assessment year 2012-13 for Unit B is `3.2 lacs. Briefly
compute the business income of the assessee.
(3 Marks)