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CHRIST (Deemed to be University), Bengaluru – 560 029
School of Business and Management

END SEMESTER EXAMINATION – NOVEMBER 2023
Programme Name: BBA
Course Name: Taxation Law Max. Marks: 50
Course Code: BBA532 Time 2 Hours
General Instructions:
• All rough work should be done in the answer script. Do not write or scribble in the question
paper except your register number.
• Verify the Course code / Course title & number of pages of questions in the question paper.
• Make sure your mobile phone is switched off and placed at the designated place in the hall.
• Malpractices will be viewed very seriously.
• Answers should be written on both sides of the paper in the answer booklet. No sheets
should be detached from the answer booklet.
• Answers without the question numbers clearly indicated will not be valued. No page should
be left blank in the middle of the answer booklet
Course Outcomes (COs):
The students will able to
CO 1: To understand the Income tax regime in India.
CO 2: To apply concepts of taxation in computation of Gross Total income from various heads
of income.
CO 3: To examine savings and investment schemes and other payments eligible for income tax
exceptions.
CO 4: To assess Total income, compute Income tax liability and filing of Tax Returns with
reference to Individuals.
CO 5: To interpret the effects of Goods and Service Tax and Customs law in India.
SECTION- A Total marks15

Q Answer the following questions. Each question carries 5 marks. CO RBTL
No
.
Is the Income Tax Act 1961 containing any provisions for encouraging any
SDGs set by the United Nations. If so, explain the same. Further, discuss
1a the provisions of Section 80U of the Act. CO3 L2
OR
Mr.X aged 70 Years have total income Rs. 24 lakhs during the financial
year 2022-23, out of which Rs.500000 is long term Capital gain and
1b
Rs.400,000 (Gross) is winnings from Horse Race. TDS made on the
winnings from Horse race @30%. Compute Income Tax liability of X for
the assessment year 2023-24. He has opted for old tax regime.
2a Discuss Countervailing duty, and Anti-dumping duty with reference to

Customs Law.
OR
CO5 L3
Explain the significance of Territorial Waters and Customs Waters with
reference to the Customs Act.
2b
Discuss the meaning of GST and explain SGST, CGST, and IGST with the
3a help of an example.
OR
State any seven points of differences between Direct Taxes and Indirect CO5 L2
Taxes.
3b
Section-B Total Marks: 20

Answer the following questions. Each question carries 10 marks. CO RBTL
Mr. Babu Reddy is the owner of a big house property which consists of three
independent units namely X, Y and Z, the details of which are as follows.
Details of property House X House Y House Z
4a
Nature of occupation Self- Self- Let out
CO3 L4
occupied occupied
for for
own Residence
business
Mu Annual Municipal value Rs.240,00 Rs.300,00 Rs.300,000
0 0
Actual rent per month --------- ----------- Rs.30,000
Municipal Tax levied 10% of MV 10% of 10% of
MV MV
Municipal tax paid by the owner 100% 100% 50%
Municipal tax paid by the Tenant ----------- ------------- 50%
-
Repairs of the property during the Rs.60,000 Rs.75,00 Rs.75,000
year 0
Insurance charges Rs. 4000 Rs.4000 Rs.4000
Interest on housing loan for the Rs.60,000 Rs.75,000 Rs.75,000
year 2022-23
-------------
------------- 1 month
Vacancy period --
Annual Rent collection charges ------------- ------------- Rs.6000
---
This property was constructed with the help of a housing Loan of
Rs.30,00,000/- from SBI @ 12% annual interest taken on 1st April 2017 and
the construction completed in September 2018. The interest rate was reduced
by 2% with effect from 1st April 2022 and the loan amount outstanding on
that date Rs. 21,00,000/-. Business income of Mr. Reddy before charging
expenses in connection with the property is Rs.450,000/- during the year.
Compute Gross Total income of Mr. Reddy for the financial year 2022-23.
Write supporting notes where ever it is necessary.
OR
The Profit and loss Account prepared and submitted by Mr. Ramkumar, a
small-scale business man was rejected by the Income tax Authorities as it was
not in par with the Income tax rules. Following discrepancies were notified
by them. The account is debited with the following items:
4b
1)Personal expenses of the proprietor debited in the accountRs.24000/-
2)Provision for GST payment Rs.35000 (paid before the due date of filing of
return of GST Rs.20,000)
3) Purchase of Technical knowhow for the business Rs. 80,000
4) Payment of an advertisement bill in cash Rs.24000/-
5) Donation to an approved political party Rs.15000/-
6) Cost of Neon sign Board fixed in the business premises Rs.50,000/- which
is subject to depreciation @15%.
7) The account was credited with Dividend on shares from a listed company
Rs.10000/- and recovery of Bad debt which was not allowed as deduction
in the assessment year 2018-19 Rs.25000/-
8) Depreciation on plant and Machinery of the business was debited in the
accounts Rs.25000 but the actual amount as per Income Tax rules is
Rs.38000/-
9) The Profit as per the Account is Rs. 6,20,000 for the year 2022-23. Find
out the taxable amount of income from Business.
Mrs. X has sold out a commercial property during December 2022, on which
5a
there is long term capital gain of Rs.75 lakhs. This property was inherited
from her late father in the year 2003. At present she is living with family in
CO3 L3
own house at Bangalore city. The sale price of the property after incidental
expenses on sale is Rs 1.25 Crores. She seeks your expert advice regarding
some feasible investment options to avoid income tax on the capital gain and
stay within the frame work of the law. Advise the client.
OR
Explain the provisions of section 54 EC and 54F of the Income Tax Act 1961.
5b
Section -C Total Marks: 15

Compulsory Question- Case study CO RB
TL
Mr. X a business man aged 56 years has furnished you the

following details of his income for the financial year 2022-23.
a) Taxable Income from Business Rs.900,000/-
b) Income from Interest on Fixed deposit with Banks Rs.145,000
and interest on S B account Rs.18,000/-
6 c) Dividend from Co-operative society in which he is a member
Rs.12,000/- CO 4
d) Interest on Government of India Bonds Rs.10,000/- L3
e) Winnings from state lottery Rs. 140,000/- (Net amount
received)
f) Income from let-out house property at Cochin Rs.30,000 per
month. Municipal taxes paid Rs.18,000 in respect of the
property. Further he spent Rs.30,000/- for the repair and
maintenance of the property during the year.
g) During the year he has made the following payments and
investments out of taxable income.
1) Deposit in PPF account Rs.60,000/-
2) Life insurance premium to LIC Rs.12000/-
3) Medical insurance premium to oriental insurance Co. by way of
A/c Payee cheque Rs.12000/-
4) Donation to chief Ministers’ Relief fund Rs.10,000/-
5) Repayment of Housing loan (Principal Rs.200,000/- and interest
Rs.90,000/- to SBI) taken for the construction of the house in
which he is living with family at Bangalore.
He seeks your help in computation of Total income and income
tax Liability under the old Income tax Regime for the
assessment year 2023-24.
Revised Bloom’s Taxonomy (RBT) Levels:

L1 – Remembering L2 – Understanding L3 – Applying
L4 – Analysing L5 – Evaluating L6 – Creating

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CHRIST (Deemed to be University), Bengaluru – 560 029

School of Business and Management

SECTION- A Total marks15

2a Discuss Countervailing duty, and Anti-dumping duty with reference to

Section-B Total Marks: 20

Section -C Total Marks: 15

Mr. X a business man aged 56 years has furnished you the

Revised Bloom’s Taxonomy (RBT) Levels:

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