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| SESSION | JULY-AUG 2025 |
| PROGRAM | BACHELOR OF COMMERCE (B.COM) |
| SEMESTER | VI |
| COURSE CODE & NAME | DCM3204 DIRECT TAXES |
Set – 1
- Explain the following terms: 10
A Previous Year
B Income
Ans 1.
(A) Previous Year and
In the Indian taxation system, the concept of the “Previous Year” plays a crucial role in determining the time frame during which income is earned before being assessed for taxation. As defined under Section 3 of the Income Tax Act, 1961, the previous year refers to the financial year immediately preceding the assessment year. It begins on 1st April of a given year and ends on 31st March of the following year. For example, income earned between 1st April 2024 and 31st
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- Determine the residential status for the assessment year 2025-26 of the following assesses: 10
- Mr A, an Indian citizen, was born in the U.K. He came to India when he was 12 years age and went outside India for the first time when he was 25 years old. He left for the U.K. in May 2022 and again came back to India in March 2025.
Determine his residential status. 5
- Mr R left for Japan on 15th March 2022, after staying in India for 15 years. He came back on 31st August 2024. Determine his residential status. 5
Ans 2.
Determination of Residential Status for the Assessment Year 2025–26
Under Section 6 of the Income Tax Act, 1961, an individual’s residential status depends on the number of days he has stayed in India during the relevant previous year and preceding years.
A person is said to be Resident in India if he satisfies any one of the following basic conditions:
Basic Conditions:
- Mr Ravi is employed by X Ltd. At Delhi up to 30/11/2024 on the following terms:
- Basic Salary Rs. 20,000 p.m.
- D.A. 30% of basic salary (60% forms part of salary).
- House Rent Allowance Rs. 8,000 p.m.
w.e.f. 1/12/2024 Mr Ravi joined Y Ltd. At Amritsar on the following terms:
- Basic Salary Rs. 40,000 p.m.
- D.A. Rs. 32,000 p.m. (forms part of salary).
- House Rent Allowance Rs. 24,000.
- Rent paid by Mr Ravi Rs. 7,600 p.m.
Compute the taxable amount of House Rent Allowance for the Assessment Year 2025-26
Ans 3.
Computation of Taxable House Rent Allowance (HRA) for A.Y. 2025–26
Given Data
Employment 1: X Ltd., Delhi (up to 30 Nov 2024)
- Basic Salary = ₹20,000 per month
- D.A. = 30% of Basic = ₹6,000 per month (60% forms part of salary → ₹3,600)
- HRA = ₹8,000 per month
- Rent
Set – 2
- Mr K purchased a piece of land on 4/1/1998 for Rs. 50,000. This land was sold by him on 1.7.2024 for Rs. 15,00,000. The market value of land as on 1/4/2001 was Rs. 1,00,000. Expenses on sales were 2% of the transfer price. Compute the taxable capital gain for the Assessment Year 2025-26. Assume the cost inflation index for 2024-25 to be 363.
Ans 4.
Computation of Taxable Capital Gain for A.Y. 2025–26
Given Information
| Particulars | Details |
| Date of Purchase | 4 January 1998 |
| Cost of Purchase | ₹ 50,000 |
| Market Value as on 1 April 2001 | ₹ 1,00,000 |
| Date of Sale | 1 July 2024 |
| Sale Price | ₹ 15,00,000 |
| Expenses on Sale | 2% of Sale Price |
| Cost Inflation Index (CII) for 2024–25 | 363 |
| CII for 2001–02 (base year) | 100 |
Step 1: Identify the Nature of Capital Asset
- The land was purchased in 1998 and sold in 2024.
- Explain the following Deductions briefly:
- 80C 2. 80D 3. 80E 4. 80U 2.5 x 4
Ans 5.
The Income Tax Act, 1961 provides several deductions under Chapter VI-A (Sections 80C to 80U) to encourage savings, investment, education, health insurance, and support for differently abled persons. These deductions reduce the taxable income of an individual and promote financial security and social welfare. The key deductions relevant here are explained below.
Section 80C
- The following particulars are of Mr Arun’s income for the previous year ending 31st March 2025:
- Income from House Property (Loss) Rs. 6,000
- Interest on sundry loans (Income) Rs. 3,000
- Business income (cloth) Rs. 2,90,000
- Share of loss from the firm Rs. 18,000
- Speculation loss Rs. 3,200
- Dividend (Gross) Rs. 5,000
- Capital gains (short-term) Rs. 1,500
- Capital gains (long-term) Rs. 6,000
- Loss from small-scale industry Rs. 14,000
- Income from agricultural land Rs. 4,500
Set off various losses from income and compute the gross total income. Compute the amount that can be carried forward. 10
Ans 6.
Computation of Gross Total Income and Losses to be Carried Forward
Given Information (Previous Year 2024–25)
| Particulars | Amount (₹) | Nature |
| Income from House Property (Loss) | (6,000) | Loss |
| Interest on Sundry Loans | 3,000 | Income from Other Sources |
| Business Income (Cloth) | 2,90,000 | Profits & Gains of Business or Profession |
| Share of Loss from Firm | (18,000) | Business Loss (Exempt from Set-off) |