We have the BBS 3rd Year Taxation in Nepal 2082 Question Paper PDF. If you are BBS third-year students, then this Question will be useful for exam preparation.
Also read: BBS 3rd Year Taxation and Auditing Notes.
BBS 3rd Year Taxation in Nepal 2082 Question Paper PDF
The following is the BBS 3rd Year Taxation in Nepal 2082 Question Paper.
Tribhuvan University 2082 B.B.S. (4 Yrs.) / III Year /
MGMT Taxation in Nepal MGT. 224 (New Course)
Full Marks: 100
Time: 3 hrs.
Candidates are required to give their answers in their own words as far as practicable.
The figures in the margin indicate full marks.
Attempt ALL Questions
1. Define direct tax with an example.
2. What do you mean by “Non-chargeable business assets”?
3. Explain the meaning of “Canon of Certainty”?
4. What do you mean by Permanent Account Number (PAN)?
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5. Briefly describe the provision related to quantification of accommodation facilities provided to an employee.
6. William is foreign citizenship holder arrived in Nepal on 1st Falgun, and stayed in Nepal at the end of Ashadh of previous income year. He earned in Nepal Rs. 500,000 as consultancy fee. Required: Residential status and tax liability of William.
7. Bikram, a resident of Nepal furnished the following particulars of his income for the previous year.
a. Assessable income from garment business Rs. 500,000
b. Assessable loss from trading business Rs. 100,000 He has claimed the following deductions: Pollution control cost Rs. 225,000
Required: a. Adjusted taxable income and allowable Pollution control cost.
8. Mr. Nepal is retired government employee and received pension income Rs. 612,500 including one month equal Dashain allowance.
Required: Compute tax liability with explanation.
9. A trading organization supplied the following information.
a. Beginning inventory of merchandise of Rs. 175,000
b. Imports of merchandise during the year Rs. 500,000
c. Customs duty paid Rs. 50,000 for merchandise products.
d. Freight charges Rs. 25,000 for merchandised products.
e. Ending inventory value costing Rs. 50,000 but the market value Rs. 70,000.
Required: Cost of trading goods.
10. Binod is presumptive taxpayer has total turnover and income amount Rs. 3 million and Rs. 3 lacs respectively. Firm is situated in Pokhara Metropolitan City. What will be the tax payable of such presumptive taxpayer?
Short Answer Questions [5 × 10 = 50]
11. Satyam is a disable government officer. He was promoted to this post on 1st Shrawan 2072, at a salary scale of Rs. 57,000-1000-60,000-EB-2,000-72,000. The other details provided by him for the previous years are as follows:
a. Chief allowance Rs. 15,000 P.m.
b. Remote area allowance: 10% of salary.
c. Life subsistence allowance Rs. 4,000 P.m.
d. Salary in lieu of leave Rs. 50,000
e. Overtime income received Rs. 30,000
f. Office has provided a free quarter and car facilities.
g. A Cook facility was provided by the office. Cook salary was Rs. 6,000 P.m. and his contribution towards this facility was Rs. 2,000 P.m.
Also Read: BBS 3rd year Model Question Paper Pdf.
h. Meeting allowance Rs. 18,500 (Net) per meeting for 20 meetings
i. Interest on fixed deposit (Net) Rs. 95,000.
He claimed the following income and expenses:
a. Assessable (Net) income from business Rs. 200,000
b. He is a member of Recognized Provident Fund contributing 10% of his salary towards this fund and office also contributed 12 percent.
c. Salary of guard Rs. 1,500 P.m. who was appointed by Satyam.
d. Life insurance premium Rs. 3,000 P.m. policy of Rs. 500,000.
e. Unabsorbed medical tax credit amount Rs. 2,000.
f. He paid advance income tax Rs. 1,500 P.m.
g. Donation to government local bodies Rs. 110,000 and political party Rs. 40,000.
Required:
a. Net (assessable) income from Employment (5)
b. Statement of Total Taxable Income (3)
c. Tax liabilities (2).
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13. (a) An importer imports certain goods of Rs. 100,000. No VAT was paid on it. The goods pass through the importer to retailer before reaching to final customer. Additional packaging and administrative costs incurred by each Rs. 5,000. Profit charged by importer and retailer 20 percent on their cost price. Required:
a. Cost price of the final consumer. (2)
b. Total VAT to government. (3)
(b) Define value added tax and it objectives. (5).
14. (a) Regmi furnished you following particulars of income and expenses for the previous income year.
a. Rent from building let out after TDS: Rs. 180,000
b. Rent from subletting of building let out after TDS: Rs. 450,000
c. Interest received from financial institution: Rs. 100,000
d. Interest received from unrecognized sector after TDS: Rs. 340,000
e. Dividend received from resident company after TDS: Rs. 150,000
f. Dividend received from foreign country after TDS: Rs. 200,000
g. Mining rent from natural resources after [TDS Rs. 90,000]: Rs. 510,000 h. Rent from plant and machinery let out after TDS: Rs. 90,000
i. He received gain on sales of non-listed share in NEPSE: Rs. 200,000 Regmi claimed the following expenses to deduct:
a. Collection charge of building let out Rs. 10,000
b. Rent paid to subletting of building Rs. 120,000
c. Allowable depreciation of plant and machinery Rs. 10,000.
d. Life insurance premium Rs. 50,000.
e. Previous year cumulative investment loss Rs. 50,000
Required: a. Net assessable income from investment. (4)
b. Statement of total taxable income (1)
(b) Described the provision of withholding method of tax collection as per the Income Tax Act, 2058 with example. [5]
15. Personal and household expenses are expressly disallowed amounts in computation of taxable income as per the Income Tax Act, 2058 under section (21). Explain. (10)
16. What do you mean by tax auditing? How does it differ from financial auditing? (10)
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Group c
19. (a) What is tax assessment? Briefly describe the self-assessment of tax. (8) (
b) “Tax is the compulsory contribution from a person to government”. Explain. (7)
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