All questions are compulsory
|
|
- Charleen Blake
- 5 years ago
- Views:
Transcription
1 GRACE COLLEGE OF COMMERCE MANAGED BY : SHRI N. P. VEKARIYA EDUCATIONAL & CHARITABLE TRUST TYBBA SEM 5 All questions are compulsory SUB. : BUSINESS ENVIRONMENT Que: 1 Define business environment. Elucidate the factors affecting it. Que: 2 What does privatisation mean? Discuss the process of privatization. Que: 3 Explain the meaning & characteristics of indirect tax. Que: 4 Discuss the main characteristics of public expenditure in India. SUB. : ETHICS AND CPATE SOCIAL RESPONSIBILITY Que: 1 What is ethics? Write note on Utilitarianism. Que: 2 Explain corporate governance and features of good corporate governance. Que: 3 Write note on Whistle Blowing. Que: 4 Explain corporate social responsibility. SUB. : BUSINESS TAX Que: 1 Explain the difference between Direct and Indirect taxes, giving illustrations. Which are the Direct Taxes levied in India? a. Dividend does not mean only distribution out of the profits of a company to its shareholders at prescribed rate, but also includes additional benefits given to the shareholders by the company. Discuss the statement. b. What is meant by Agricultural Income? Give four illustrations of non-agricultural income. Que: 2 State the exemption limit for A.Y in case of General Tax Payers (male and female), senior citizens and super senior citizens.
2 Que: 3 Que: 4 Que: 5 Que: 5 What is Person? Explain with illustration Assessee in default and Deemed assessee. Write short notes on: 1) Casual Income 2) Assessment 3) Total Gross Income and Total Income 4) Previous Year 5) Assessment Year 6) Casual Income and its exceptions 7) Previous Year and its exceptions 8) State any 20 incomes exempted from tax. 9) Provident Funds 10) Year of Chargeability of Salary 11) Income-tax Officer (Assessing Officer) 12) Inspecting Assistant Commissioners (Deputy Commissioners) 13) Commissioner of Income-tax 14) Appellate Tribunal and High Court 15) Central Board of Direct Taxes 16) Income-tax Authorities 17) Settlement Commission 18) Objects of Settlement Commission 19) Power of Settlement Commission 20) Role of Central Board of Direct Taxes 21) Powers of Income-Tax Officers Whether Central Government can collect tax on agriculture income or not? Why? Explain definition of agricultural income. What is Tax Planning? Which are the objectives of Tax Planning? Que: 6 Shri Janardan furnishes the following particulars of his income for the financial year : Sr. Amount Particulars No. (Rs.) 1 Income from agricultural land situated outside India, received there, later on remitted to India. 2 Rent from house property situated outside India, deposited in foreign bank Profit of a foreign business, which Is controlled from India (Rs is received for the first time in India) 4 Interest on foreign securities (of which ¼ has become due but not yet received); balance of interest is directly received in India. 5 Dividend on shares of India Companies, received directly outside India Profit from an India business (in mumbai) which is managed from abroad Profit on sale of a plot of land situated in India (which was acquired for construction of residential house); Entire sale proceeds (Rs.5,00,000) received outside India,
3 8 Pension from a former Indian employer, received outside India Income received outside India during is brought to India during the current year. Find out his total gross income for assessment year : (1) If he is an ordinary resident (2) If he is resident but not ordinarily Resident (3) If he is a Non-Resident. Que: 6 Shri Deepak furnishes the following particulars of his income earned during the previous year relevant to the Assessment Year (1) Interest from property in U.S.A. 3,80,000 (2) Interest on FD with Indian company received o/s India. 67,000 (3) Business profit earned in earlier year and received in London brought to India during current previous year 1,00,000 (4) Profit from a business in London business is managed from India. (40% of the profit is received outside India) 2,00,000 (5) Pension from a former Indian employer received in U.S.A. 3,00,000 Compute his gross total income for the Assessment Year in the following circumstances. (1) If he is Resident (2) If he is Resident but not Ordinarily Resident (3) If he is Non-Resident. Que: 7 Mr. Krishna, an MBA is engaged in export business and visit France frequently. Form the particulars given below, determine his residential status for the previous year Previous Stay in Previous Stay in Year France Year France days days days days days days days days Que: 8 Shri Bhanuprasad serves as the head of Seles Department of a Company. The details about his remuneration for the financial year are as follows: (1) Basic salary Rs. 2,88,000 (2) Bonus Rs. 24,000 (3) Commission on sales (@ 0.25%) Rs. 19,000 (4) Dearness allowance (Not considered for provident fund benefits) Rs. 48,000 (5) Education allowance (for hostel expenses and educational expenses of two children) Rs. 15,600 (6) The company has provided him a rent free accommodation owned by the company in Ahmedabad, whose annual fair rent is Rs. 72,000. Determine the taxable value of perquisite of rent-free accommodation provided to him for the A.Y Que: 8 On , Shri Kundan (specified employee) joined a company at Ahemedabad (having population of more than 25 lakhs) as its Sales Manager, in the grade of Rs.
4 12, ,000-1, From the following information, calculate his total taxable salary income for the assessment year ) The company revises during the year Dearness Allowance in the months of January and July. D.A. Rates are as follows: 2017: For first 6 months - 24% of basic salary. For next 6 months - 28% of basic salary. 2018: For first 6 months - 34% of basic salary. For next 6 months - 38% of basic salary. 2) The company pays bonus at 12% of basic salary. 3) The company has provided him a motor car (of 1600 c.c.) for his personal as well as company works and the company paid Rs. 84,000 as its maintenance charges including salary of a driver. The car is used for both the purposes. 4) The company contributes 14% of basic salary in his Recognised Provident Fund, while Shri Kundan has paid 15% of basic salary. 5) Interest credited to Recognised Provident Fund (date of credit ) is Rs. 37,500 at the rate of 12.50%. 6) The company has provided a residential house for which the company has to pay rent of Rs. 9,000 p.m. The company has also provided furniture of Rs. 2,40,000 in the house. 7) The company has paid the following on his behalf: a. Salary of house servant Rs. 18,000. b. Salary of Gardener Rs. 6,000. c. Salary of sweeper Rs. 3,600, and d. Salary of watchman Ra. 24,000. 8) The company has paid Rs. 30,000 as his annual membership fees of a club. 9) He has made following savings and investments: a. Premium of Life Insurance Policy (taken in 2008) of Rs. 40,000 Rs. 8,000 b. Unit-Linked-Insurance Premium Rs. 3,000 c. National Saving Certificates (VIII Series) Rs. 60,000 d. Deposited in Public Provident Fund Rs. 75,000 Que: 9 The conditions of exemption from taxability depends upon the type of Provident Fund. Discuss the statement in the context of the provisions of Income-tax Act. Que: 10 Explain any three Deemed owners of house property under the Income-tax Act. Que: 11 Explain the following terms under the heads Income from house property : a. Annual Value b. Rent received /receivable. c. Effect of vacancy of house while calculating Rent received /receivable. d. Gross Annual Value e. Net Annual Value. f. Unrealised Rent g. Standard Rent
5 Que: 12 Shree Hardik Talati has prepared the following profit and loss account for the year ending 31 st March, 2018 : Profit and Loss Account Particulars Rs Particulars Rs To General Expenses 65,000 By Gross Profit 24,32,000 Bad-debts 2,000 Discount and commission 6,000 Bad-debts reserve 5,000 Rent income 27,000 Provision for taxation 57,000 Interest on Post office Income tax 1,85,000 saving s account 3,000 Insurance premium 11,000 Bad-debts recovered 16,000 Motor-car expenses Surplus on sale of shares 75,000 (Except depreciation) 1,05,000 Profit on sale of machinery Staff salary 11,40,000 (sold for Rs. 10,000) 1,000 Legal charge 4,000 Donation to approved- Charitable trust 6,000 Net Profit 9,80,000 25,60,000 25,60,000 Additional information is as follws: 1) Insurance premium includes Rs. 3,000 being medi-claim insurance and Rs being life insurance premium. 2) 25% of the amount of Bad debts recovered relates to the amount of Bad debts not allowed before three years. 3) ½ use of motor-car is for personal purposes and the written down value of the car as on was Rs.2,50,000 (Depreciation rate 15%) Que: 12 From the following Trading and Profit & Loss Account of Manish Sharma for the year ending 31 st March, 2018, compute his taxable business income for the assessment year Particulars Rs Particulars Rs To Opening Stock 6,00,000 By Sales 50,00,000 To Purchases 30,00,000 By closing Stock 2,40,000 To Rent. Rates and taxes 90,000 By Rent from let-out To Salaries 6,70,000 House property 72,000 To Miscellaneous Expenses 45,000 By Dividend on shares 30,000 To Legal Charge 15,000 To Bad Debts Reserve 15,000 To Provision for Gratuity 20,000 To Income-tax Provision 20,000 To Salary to Mrs. Sharma 48,000 To Depreciation 20,000 To Office Expense 12,000 To Net Priofit 7,87,000 53,42,000 53,42,000 Additional Informations : 1) Opening stock was over-valued by 25% and closing stock was under-valued by 25% 2) Purchases include Rs. 50,000 paid in cash to a cultivator for purchase of agricultural produce.
6 3) Purchase also includes Rs. 5,000 paid by way of compensation given to a supplier as the assessee was unable to take the delivery of goods due to lack of storage space. 4) Salary includes Rs. 7,500 paid as customery bonus over and above the bonus payable under the Bonus Act. 5) Rent, rates and taxes include Rs. 5,000 on account of disputed sales-tax demand, Rs. 1,500 on account of municipal tax of let-out house and Rs. 2,500 as customs penalty paid during the year. 6) An amount of Rs. 10,000 overdue from a customer was written off against Bad-debts Reserve. 7) An employee retired on Gratuity of Rs payable to him was provided in the books was actually paid on ) Mrs. Sharma is a law graduate and actively assisting the assessee in legal matters of the firm. SUB. : BUSINESS LAW Que: 1 Explain contract and essentials of a valid contract. Que: 2 Write about void agreement and explain list of void agreements. Que: 3 Explain concept of Bailment and requisites of bailment. Que: 4 Explain classifications of agents. SUB. : PRODUCT & OPERATION MANAGEMENT Que: 1 What do you mean by Production Management? Discuss its functions in details. Que: 2 Discuss in detail of Job shop Process & Batch Process. Que: 3 Define Capacity Planning and Capacity Requirement Planning (CRP) Que: 4 Explain the factors affecting Selection of a Location. SUB. : COST ACCOUNT Que: 1 (a) Two type of material, A and B are used as follows: Normal usage 100 units per week each Minimum usage 700 units per week each Maximum usage 2,100 units per week each Ordering quantity A = 8,400 units B = 14,000 units Delivery period A = 6 to 8 weeks B = 3 to 5 weeks Compute for each type of material and find out: - (1) Ordering level (2) Maximum level (3) Minimum level (4) Average stock level.
7 (b) From the following information for the year 1995, Calculate Inventory Turnover Ratio and also Days the average stock of each material is held. Material A Material B Opening Stock 40,000 80,000 Purchase 1,30,000 2,00,000 Closing Stock 20,000 40,000 (c) From the following particulars calculate the Economics order Quantity and state how many times during the year order should be placed: - Monthly consumption 600 Units Cost of placing an order Rs. 1,000 Carrying cost 5% Selling price per unit Rs. 400 Que: 2 (a) From following information calculate labour turnover rate. 1) By replacement method 2) By separation method. 3) Equivalent annual turnover method. No. of workers on No. of workers on During March No. of workers resigned No. of workers dismissed No. of workers newly appointed (Of which 360 workers were taken under expansion) (b) Raj Metal co. ltd closes its books every 6 months. The following particulars are obtained from its books for 6 months ending 30thJune Basic Wages D.A Night Shift Allowance Overtime Allowance P.F Deposit for period ESI Contribution for period Recovery towers house rent Recovery towers supply of provisions Exp. Incurred for amenities to employees Provident fund is paid in equal shares by employer and employees. The contribution to ESI is in proportion of 7 : 5 by employer and employee respectively. Assuming that all items are evenly spread over all the days during six months ascertain the wages paid to employees in cash and total monthly wage cost. Que: 3 In M. Engineering Co., the following particulars have been extracted for the quarter ended 31st March, Particulars Production Departments Service Departments A B C X Y Direct Wages Rs. 30,000 45,000 60,000 15,000 30,000 Direct Materials Rs. 15,000 30,000 30,000 22,500 22,500
8 No. of employees 1,500 2,250 2, Electricity (kwh) 6,000 4,500 3,000 1,500 1,500 Value of Assets Rs. 60,000 40,000 30,000 10,000 10,000 Light points (No.) Area(Sq. M.) The expenses for the period were: Rs. Power 1,100 Lighting 200 Stores Overhead 800 Staff welfare 3,000 Depreciation 30,000 Repairs 6,000 General overheads 12,000 Rent and taxes 550 Que: 4 Nisarg Transport Co., has been given route of 20 kins for running bus. Bus is costing Rs. 50,000. Insurance is taken at 3% p.a., of the cost of the bus. Annual tax for the bus Rs. 1,200. Rent of garage Rs. 100 per month. Driver s salary Rs. 150 per month. Stationery charges Rs. 50 per month. Manager s salary Rs. 350 per month. Petrol and Oil Rs. 25 per 100 kilometres. Conductor s salary Rs. 100 per month. 10% commission is given on total income (Which driver and conductor distribute equally.) The bus will make 3 return trips per day, carrying on an average 40 passengers. The bus will run on average for 25 days in a month. Actual repairing will be Rs. 6,000 during lifetime. Durability of bus is 5 years. Calculate cost of passenger kilometres, how much bus fare should be charged per passenger as per 15% profit on total income? Calculate the charge to be taken from the passenger. SUB. : ADVANCE MARKETING MANAGEMENT Que: 1 Define Research Design and discuss major types of Research Design. Que: 2 What is Advertising Message? Discuss process of developing advertising message. Que: 3 Explain Key Decisions in International Marketing. Que: 4 Explain Direct Marketing and Online Marketing. SUB. : MANAGEMENT OF INDUSTRIAL RELATIONS Que: 1 Write suggestions on improving industrial relations in India. Que: 2 Explain Factories Act, Que: 3 Explain concept of work committee and shop councils. Que: 4 Explain collective bargaining.
9 SUB. : INVESTMENT BANKING AND FINANCIAL SERVICES: Que: 1 State the book building process of public issue of shares. Que: 3 State the difference between Hire Purchase and Leasing. Que: 3 What is the meaning of Credit rating? Discuss advantages and disadvantages of Credit Rating. Que: 4 Write a Short Note: Pledge Account Mortgages. Your ID card is compulsory for assignment submission. So, keep it with you. ASSIGNMENT SUBMISSION / SEMINAR DATE DAY BBA BBA 5 11/10/2018 THURSDAY BBA 3 15/10/2018 FRIDAY BBA 1 15/10/2018 FRIDAY TIME : AT AM SHARP TO ONWARDS
P.G. Diploma in Taxation EXAMINATION, 2017 DIRECT TAXES STRUCTURE AND PROCEDURE. Paper III. Time : Three Hours Maximum Marks : 100
Total No. of Questions 5] [Total No. of Printed Pages 5 Seat No. [5185]-3 P.G. Diploma in Taxation EXAMINATION, 2017 DIRECT TAXES STRUCTURE AND PROCEDURE Paper III Time : Three Hours Maximum Marks : 100
More informationPTP_Intermediate_Syllabus 2008_Jun2015_Set 3
Paper 8: Cost & Management Accounting Time Allowed: 3 Hours Full Marks: 100 Question No 1 is Compulsory. Answers any five Questions from the rest. Working Notes should form part of the answer. Question.1
More information41174 Seat No. Third Year B. B. A. Examination. April / May Taxation. Time : 3 Hours] [Total Marks : 100
41174 Seat No. Third Year B. B. A. Examination April / May 2003 Taxation Time : 3 Hours] [Total Marks : 100 Instructions : (1) All the calculations work sheet should be a part of your answer. (2) Clearly
More informationMTP_ Inter _Syllabus 2016_ June 2018_Set 1 Paper 7 Direct Taxation (DTX)
Paper 7 Direct Taxation (DTX) Academics Department, The Institute of Cost Accountants of India (Statutory Body under an Act of Parliament) Page 1 Paper 7 Direct Taxation Time Allowed: 3 Hours Full Marks:
More informationIncome From Salaries
Page: SAL-1 Income From Salaries An income can be taxed under the head Salaries only if there is a relationship of an employer and employee between the payer and the payee. The relationship of employer
More informationMTP_ Intermediate _Syllabus 2012_Dec2016_Set 1 Paper 7- Direct Taxation
Paper 7- Direct Taxation Academics Department, The Institute of Cost Accountants of India (Statutory Body under an Act of Parliament) Page 1 Paper 7- Direct Taxation Full Marks : 100 Time allowed: 3 hours
More informationD.K.M.COLLEGE FOR WOMEN (AUTONOMOUS),VELLORE-1. INCOME TAX LAW AND PRACTICE-1
D.K.M.COLLEGE FOR WOMEN (AUTONOMOUS),VELLORE-1. INCOME TAX LAW AND PRACTICE-1 SECTION-A 6 MARKS 1. What is Income tax? 2. What is Assessment Year? 3. Define previous year? 4. Define Person? 5. What is
More informationBOMBAY CHARTERED ACCOUNTANTS SOCIETY PANEL DISCUSSION ON CASE STUDIES ON SALARIES AND PERQUISITES - SECTION 192
BOMBAY CHARTERED ACCOUNTANTS SOCIETY PANEL DISCUSSION ON CASE STUDIES ON SALARIES AND PERQUISITES - SECTION 192 Panelists Mr. Milin Mehta (MM) & Mr. Nikhil Bhatia (NB) Case Study 1 (MM) Mr. X is the CEO
More informationLOYOLA COLLEGE (AUTONOMOUS), CHENNAI
LOYOLA COLLEGE (AUTONOMOUS), CHENNAI 600 034 M.Com.DEGREE EXAMINATION COMMERCE SECOND SEMESTER APRIL 2018 17PCO2MC01 DIRECT TAX PLANNING AND MANAGEMENT Date: 17042018 Dept. No. Max. : 100 Marks Time: 01:0004:00
More informationINTER CA NOVEMBER 2018
Answer 1 INTER CA NOVEMBER 2018 Sub: DIRECT TAXATION Topics Introduction, Residence of an assessee, Income from salaries, Income from House Property. Test Code N12 Branch: Multiple Date: (50 Marks) Computation
More informationSALARY INCOME (Sec15,16 & 17)
SALARY INCOME (Sec15,16 & 17) What is salary? Payer & Payee More than one source Foregoing salary is salary income Tax free salary should include the tax paid by the employee Basis of Charge Salary is
More informationIII BCOM (CA) [ ] Semester V Core:INCOME TAX LAW AND PRACTICE 503B Multiple Choice Questions.
1 of 23 8/12/17, 2:57 PM Dr.G.R.Damodaran College of Science (Autonomous, affiliated to the Bharathiar University, recognized by the UGC)Reaccredited at the 'A' Grade Level by the NAAC and ISO 9001:2008
More informationSUGGESTED SOLUTION INTERMEDIATE N 2018 EXAM
SUGGESTED SOLUTION INTERMEDIATE N 2018 EXAM SUBJECT- COSTING Test Code CIN 5013 Date: 02.09.2018 Head Office : Shraddha, 3 rd Floor, Near Chinai College, Andheri (E), Mumbai 69. Tel : (022) 26836666 ANSWER-1
More informationAnswer_MTP_ Inter _Syllabus 2016_ Dec 2017_Set 2 Paper 7 Direct Taxation
Paper 7 Direct Taxation Academics Department, The Institute of Cost Accountants of India (Statutory Body under an Act of Parliament) Page 1 Paper 7 Direct Taxation Time Allowed: 3 Hours Full Marks: 100
More information2 (a) Municipal taxes paid by Mr. Hari `4,200 per annum (b) House insurance `1,000 (iii) He earned `1,00,000 in share speculation business and lost `1
NEW COURSE INCOME TAX PAPER SECTION-A Marks: 60 Question No. 1 is compulsory. Candidates are also required to answer any Five questions from the remaining Six questions. In case, any candidate answers
More informationSalary Mock Test 3 IGP-CS CA Vivek Gaba
1. Rashi is entitled to get a pension of ` 600 per month from a private company. She gets 3/5 th of the pension commuted and received ` 36,000. She did not receive gratuity. The taxable value of commuted
More informationHEADS OF INCOME. Income From Salaries MEANING OF SALARY. Characteristics of Salary 9/7/2017
Income From Salaries HEADS OF INCOME 1) Income under the head salaries (Section 15 17) 2) Income from house property (Section 22 27) 3) Profits and gains from business or profession (Section 28 44) 4)
More informationPaper 7 Applied Direct Taxation Time Allowed: 3 hours Full Marks: 100
Paper 7 Applied Direct Taxation Time Allowed: 3 hours Full Marks: 100 All the questions relate to the assessment year 2014-15, unless stated otherwise. Working notes should form part of the answers. Answer
More informationIntermediate Group I Paper 7 : DIRECT TAXATION (SYLLABUS 2016)
Intermediate Group I Paper 7 : DIRECT TAXATION (SYLLABUS 2016) Objectives 1. (a) Multiple Choice Questions: 1. When the shares are held in unlisted company, it is trusted as long term capital assets when
More informationLESSON 4 INCOME UNDER THE HEAD SALARIES - I
LESSON 4 INCOME UNDER THE HEAD SALARIES - I Dr. Gurminder Kaur STRUCTURE 4.0 Introduction 4.1 Objectives 4.2 Heads of Income 4.3 Meaning of salary 4.4 Incomes forming part of Salary - I 4.4.1. Basic Salary
More informationTime allowed : 3 hours Maximum marks : 100. Total number of questions : 8 Total number of printed pages : 8
: 1 : 263 RollNo... Time allowed : 3 hours Maximum marks : 100 Total number of questions : 8 Total number of printed pages : 8 NOTE : All references to sections mentioned in Part-A of the Question Paper
More informationUnit 11: COMPUTATION OF TAX
Unit 11: COMPUTATION OF TAX HOW TO COMPUTE TAX PAYABLE Once the net taxable income is computed, the next step is to compute the final tax payable. The final tax payable is computed as follows: (1) Taxable
More informationTime allowed : 3 hours Maximum marks : 100. Total number of questions : 8 Total number of printed pages : 6
: 1 : 223 RollNo... Time allowed : 3 hours Maximum marks : 100 Total number of questions : 8 Total number of printed pages : 6 NOTE : All references to sections mentioned in Part-A of the Question Paper
More informationPaper F6 (MYS) Taxation (Malaysia) March/June 2018 Sample Questions. Fundamentals Level Skills Module
Fundamentals Level Skills Module Taxation (Malaysia) March/June 2018 Sample Questions F6 MYS ACCA Time allowed: 3 hours 15 minutes This question paper is divided into two sections: Section A ALL 15 questions
More informationUnit 11: COMPUTATION OF TAX
Unit 11: COMPUTATION OF TAX HOW TO COMPUTE TAX PAYABLE Once the net taxable income is computed, the next step is to compute the final tax payable. The final tax payable is computed as follows: (1) Taxable
More informationSubject: (305 FIN) Direct Taxation
Subject: (305 FIN) Direct Taxation 1. Explain the following terms under the Income Tax Act, 1961. a) Assessment Year. b) Person. c) Assessee. d) Previous year e) Gross Total Income f) Agriculture Income
More informationTime allowed : 3 hours Maximum marks : 100. Total number of questions : 6 Total number of printed pages : 11
Roll No... : 1 : 337 Time allowed : 3 hours Maximum marks : 100 Total number of questions : 6 Total number of printed pages : 11 NOTE : 1. Answer ALL Questions. 2. All the references to sections in Part-A
More informationPART A Answer question number 1, which is compulsory and any three from the rest.
SIDDHARTH EDUCATION SERVICES LIMITED For CS, CA, ICWA [Foundation, Inter, Final] BMS, M.Com 301,Prestige Chambers, Opp. Thane Railway Stn. P.F.2, Thane (W): 2533 4903 4, Vaibhav Soc., 1 st Floor, Opp.
More informationSALARY HEAD SUMMARY NOTES
1 INTRODUCTORY PROVISIONS: There must exist a relationship of employer-employee between the payer & the payee. It does not matter whether employee is a full-time employee or a part-time one. Employer-Employee
More informationNOTIFICATION NO. 94/2009, Dated: December 18, 2009
NOTIFICATION NO 94/2009, Dated: December 18, 2009 In exercise of the powers conferred by section 295 read with sub-section (2) of section 17 of the Income-tax Act, 1961 (43 of 1961), the Central Board
More informationDiploma in Taxation Law Examination, 2013 Paper I : GENERAL LAWS AFFECTING TAXATION (2006 Course)
*4347101* [4347] 101 Seat No. Diploma in Taxation Law Examination, 2013 Paper I : GENERAL LAWS AFFECTING TAXATION (2006 Course) Time : 3 Hours Max. Marks : 100 N.B. : a)all questions are compulsory. b)
More informationB. Com Examination March 2008 Direct and Indirect Tax March 2008 (REVISED COURSE) Time : - 3 Hours Marks: 100
B. Com Examination March 2008 Direct and Indirect Tax March 2008 (REVISED COURSE) Time : - 3 Hours Marks: 100 NB: Regular College Students enrolled during the academic year 2006-07 and thereafter shall
More informationTax is imposition financial charge or other levy upon a taxpayer by a state or other the functional equivalent of the state.
1. What is Tax What is Tax? Tax is imposition financial charge or other levy upon a taxpayer by a state or other the functional equivalent of the state. How many Types of Taxes are there and what are they?
More informationNotes to the Accounts: 1. Other income includes profit on disposal of fixtures and fittings amounting to GH 15,000,000.
QUESTION 1 Below is the income statement of Global Feed Manufacturing Company Limited, located in Wassa in the Western Region of Ghana. The statement covers the year ended 31/12/2012. GH 000 GH 000 Gross
More informationP.G. Diploma in Financial Services (Semester I) Examination, : FINANCIAL AND COST ACCOUNTING (2008 Pattern)
*3985101* [3985] 101 P.G. Diploma in Financial Services (Semester I) Examination, 2011 101 : FINANCIAL AND COST ACCOUNTING (2008 Pattern) Time : 3 Hours Max. Marks: 70 Instructions : 1) Q. 1 and Q.2 are
More informationPaper 7- Direct Taxation
Paper 7- Direct Taxation Academics Department, The Institute of Cost Accountants of India (Statutory Body under an Act of Parliament) Page 1 Paper 7- Direct Taxation Full Marks: 100 Time Allowed: 3 hours
More informationTAXATION OF EMPLOYEE EMOLUMENTS AND WITHHOLDING TAX OBLIGATIONS Presentation by: Mary Weru. Uphold public interest
TAXATION OF EMPLOYEE EMOLUMENTS AND WITHHOLDING TAX OBLIGATIONS Presentation by: Mary Weru Uphold public interest Presentation agenda Employee taxes Basis of taxation Residence rules Income subject to
More information6. PROFITS AND GAINS OF BUSINESS OR PROFESSION 2
Ph: 98851 25025/26 www.mastermindsindia.com 6. PROFITS AND GAINS OF BUSINESS OR PROFESSION 2 SOLUTIONS TO ASSIGNMENT PROBLEMS Problem No. 1 Computing business income for A.Y.2015-16 is as follows Amount
More informationPaper 4 Income Tax (Old Course)
Paper 4 Income Tax (Old Course) 1. Mr. Karan filed his return of income for A.Y.2019-20 showing total income of Rs.7 lakhs on 1.1.2020. The fee payable by him under section 234F is Nil Rs.1,000 Rs.5,000
More informationTax Laws 263 NOTE : PART A 263/1
Tax Laws 1/2012/TL 263 Roll No Time allowed : 3 hours : 1 : Maximum marks : 100 Total number of questions : 8 Total number of printed pages : 8 NOTE : All references to sections mentioned in Part-A of
More informationRemuneration [Sec 2 (78)]
Remuneration [Sec 2 (78)] Remuneration means any money or its equivalent given or passed to any person for services rendered by him and includes perquisites as defined under the Incometax Act, 1961. (Effective
More informationComputation of total income and tax liability of Sneha for AY
Q2 (a) Computation of total income and tax liability of Sneha for AY 2011-12 Profit and Gains of Business or Profession : Rs. Rs. Net Profit as per Profit and Loss Account 3,62,250 Add : Expenses not allowed
More informationSree Lalitha Academy s Key for CA IPC Costing & FM- Nov 2013
1. a. Question No.1 is compulsory Answer any 5 questions from the remaining 6 questions (Key Covers only Problems does not include theory) i. Annual Demand 60,000 Units Cost Rs. 10 Per unit Cost of Placing
More informationMTP_ Inter _Syllabus 2016_ June 2018_Set 2 Paper 7 Direct Taxation (DTX)
Paper 7 Direct Taxation (DTX) Academics Department, The Institute of Cost Accountants of India (Statutory Body under an Act of Parliament) Page 1 Paper 7 Direct Taxation Time Allowed: 3 Hours Full Marks:
More informationAccredited Accounting Technician Examination
Accredited Accounting Technician Examination Pilot Examination Paper Paper 5 Principles of Taxation Questions & Answers Booklet The Suggested Answers given in this booklet are purposely made to give more
More informationBATCH : GI 1 to GI 5
(0.5 6=3M) MITTAL COMMERCE CLASSES BATCH : GI 1 to GI 5 DATE: 18.08.2017 MAXIMUM MARKS: 100 TIMING: 3 Hours PAPER 4 : TAXATION Question No. 1 is Compulsory Answer any five questions from the remaining
More informationInvestment Proof Submission Guidelines FY Provisions under the Income Tax Act of India and documents to be submitted
Investment Proof Submission Guidelines FY 2017-18 Provisions under the Income Tax Act of India and documents to be submitted List of documents to be submitted as proofs of investment under relevant sections
More informationPaper-7 Direct Taxation
Paper-7 Direct Taxation Time Allowed: 3 hours Full Marks: 100 All the questions relate to the assessment year 2014-15, unless stated otherwise. Working notes should form part of the answers. Section A
More informationSAMVIT ACADEMY IPCC MOCK EXAM
Disclaimer (Read carefully) SUGGESTED ANSWERS - Group 1 Tax (Code GST) The answers given below are prepared by the faculty of Samvit Academy as per their views and experience. The working notes, notes
More informationAssignment Questions for M.Com. Part I (Sem. I) Mar./Apr. 2017
Assignment Questions for M.Com. Part I (Sem. I) Mar./Apr. 2017 Instructions for Assignment Submission Please note following instructions for submission of Assignments: 1. These assignments should be submitted
More informationNC 824. First Year B. C. A. Examination. April / May Financial Accounting & Management. Time : 3 Hours] [Total Marks : 50
NC 824 First Year B. C. A. Examination April / May 2003 Financial Accounting & Management Seat No. Time : 3 Hours] [Total Marks : 50 Instructions : (1) Figures to the right indicate marks. (2) Show calculations
More informationMTP_Final_Syllabus 2012_Dec2014_Set 2
Paper 16 Tax Management and Practice Time Allowed: 3 hours Full Marks: 100 This paper contains 9 questions, divided in two sections Section A and Section B. In total 7 questions are to be answered. Answer
More informationAnnual allowances are given on capital expenditure incurred in the mining of specific minerals as follows:
QUESTION ONE (a) (i) Taxation of Pension Income In case of period income, the first Ksh.180,000 p.a. (15,000 p.m) is tax exempt if from registered pension schemes only. In case of lumpsum income, the first
More informationMinistry of Manpower Directorate General of Technological Education NIZWA COLLEGE OF TECHNOLOGY DEPARTMENT OF BUSINESS STUDIES
Ministry of Manpower Directorate General of Technological Education NIZWA COLLEGE OF TECHNOLOGY DEPARTMENT OF BUSINESS STUDIES A FINAL EXAMINATION AY 2014 2015, SEMESTER II COURSE CODE: BAAC4206 COURSE
More informationTax essentials for Individuals
Tax Rates The income tax rates are: Taxable Income for Men & Rate Taxable Income for Senior Rate Women Citizen Up to Rs. 2,00,000 Nil Up to Rs. 2,50,000 Nil 2,00,001 to 5,00,000 10% 2,50,001 to 5,00,000
More informationBVZ5A/BPF5C/BVC5A/ BPG5C INCOME TAX LAW & PRACTICE I. Unit : I - V. BVZ5A/BPG5C/CYA5C - Income Tax Law & Practice - I
BVZ5A/BPF5C/BVC5A/ BPG5C INCOME TAX LAW & PRACTICE I Unit : I - V BVZ5A/BPG5C/CYA5C - Income Tax Law & Practice - I UNIT 1 Meaning & Features of Income Important definitions under Income Tax Act Tax rate
More informationINTERMEDIATE EXAMINATION
INTERMEDIATE EXAMINATION GROUP I (SYLLABUS 2008) SUGGESTED ANSWERS TO QUESTIONS JUNE 2012 Paper-7 : APPLIED DIRECT TAXATION Time Allowed : 3 Hours Full Marks : 100 The figures in the margin on the right
More informationMOCK TEST PAPER 2 INTERMEDIATE (IPC) GROUP I PAPER 4 : TAXATION Question 1 is compulsory. Answer any five questions from the remaining six questions.
MOCK TEST PAPER 2 INTERMEDIATE (IPC) GROUP I PAPER 4 : TAXATION Question 1 is compulsory. Answer any five questions from the remaining six questions. 1 Test Series : October, 2015 Time Allowed 3 Hours
More informationSCHOOL OF ACCOUNTING AND BUSINESS BSc. (APPLIED ACCOUNTING) GENERAL / SPECIAL DEGREE PROGRAMME
All Rights Reserved Index No No. of Pages - 11 No of Questions - 06 SCHOOL OF ACCOUNTING AND BUSINESS BSc. (APPLIED ACCOUNTING) GENERAL / SPECIAL DEGREE PROGRAMME YEAR II SEMESTER II INTAKE V/VI (GROUP
More informationSuggested Answer_Syl12_Dec2015_Paper 8 INTERMEDIATE EXAMINATION
INTERMEDIATE EXAMINATION GROUP I (SYLLABUS 2012) SUGGESTED ANSWERS TO QUESTIONS DECEMBER 2015 Paper8 : COST ACCOUNTING AND FINANCIAL MANAGEMENT Time Allowed : 3 Hours Full Marks : 100 The figures in the
More informationCompiled Summary of Income Tax Provisions
Income Tax Page: 1 Compiled Summary of Income Tax Provisions CONTENTS S.No. Chapter Name Page No 1 Residential Status and Scope of Total Income 02 2 Salaries 08 3 Income from House Property 26 4 Profit
More informationTax essentials for Individuals
Tax Rates The income tax rates are: Taxable Income for Men Rate Taxable Income for Women Rate Up to Rs. 1,80,000 Nil Up to Rs. 1,90,000 Nil 1,80,001 to 5,00,000 10% 1,90,001 to 5,00,000 10% 5,00,001 to
More informationPaper 4A Income-tax Law (New Course)
Paper 4A Income-tax Law (New Course) 1. Mr. Karan filed his return of income for A.Y.2019-20 showing total income of Rs.7 lakhs on 1.1.2020. The fee payable by him under section 234F is (a) Nil (b) Rs.1,000
More informationACCOUNTANCY AND AUDITING, PAPER-I (PART-I) 30 MINUTES MAXIMUM MARKS:20 (PART-II) 2 HOURS & 30 MINUTES MAXIMUM MARKS:80
FEDERAL PUBLIC SERVICE COMMISSION COMPETITIVE EXAMINATION FOR RECRUITMENT TO POSTS IN BPS-17 UNDER THE FEDERAL GOVERNMENT, 2010 TIME ALLOWED: NOTE: (i) ACCOUNTANCY AND AUDITING, PAPER-I (PART-I) 30 MINUTES
More informationAssignment Questions for M.Com. Part I (Sem. I) Oct./Nov. 2016
Assignment Questions for M.Com. Part I (Sem. I) Oct./Nov. 2016 Instructions for Assignment Submission Please note following instructions for submission of Assignments: 1. These assignments should be submitted
More informationNav 2011 KFC. Question No.1 is compulsory. Attempt any five questions from the remaining six questions.
Roll No. """""""""""""'" Total No. of Questions - 7 Nav 2011 IPCO GROUP.} PArSB- TAXATie. Total No. of Printed Pages-11 Time Allowed - 3 Hours Maximum - 100 Answers to questions are to be given only in
More informationPaper F6 (PKN) Taxation (Pakistan) Thursday 10 December Fundamentals Level Skills Module. The Association of Chartered Certified Accountants
Fundamentals Level Skills Module Taxation (Pakistan) Thursday 10 December 2015 Time allowed Reading and planning: 15 minutes Writing: 3 hours This question paper is divided into two sections: Section A
More informationSuggested Answer_Syl12_Dec2015_Paper 7 INTERMEDIATE EXAMINATION
INTERMEDIATE EXAMINATION GROUP I (SYLLABUS 2012) SUGGESTED ANSWERS TO QUESTIONS DECEMBER 2015 Paper-7: DIRECT TAXATION Time Allowed : 3 Hours Full Marks : 100 The figures in the margin on the right side
More informationThe Institute of Chartered Accountants of Sri Lanka
The Institute of Chartered Accountants of Sri Lanka TAXATION Certificate in Accounting and Business II (CAB II) Supplement for Study Text 1 TAXATION Certificate in Accounting and Business II (CAB II) The
More informationSHREE GURUKRIPA S INSTITUTE OF MANAGEMENT
(1) SHREE GURUKRIPA S INSTITUTE OF MANAGEMENT Roll No. Total No. of Printed Pages 9 Total No. of Questions 7 Maximum Marks 100 Time Allowed 3 Hours ACC I MOD 01 15 Question No.1 is compulsory Answer any
More information2.f List of benefits available to Small Businessmen [AY ] S.N. Particulars Section Benefits/Deductions allowed
2.f List of benefits available to Small Businessmen [AY 2017 18] S.N. Particulars Section Benefits/Deductions allowed A. Presumptive Taxation Scheme 1. Computation of income from eligible business on presumptive
More informationMost Important Question of INCOME TAX
Most Important Question of INCOME TAX Residential Status 1. In 2 nd additional condition, assessee should have stayed in India for: a) more than 730 days during 7 immediately preceding previous year b)
More informationTime allowed : 3 hours Maximum marks : 100. Total number of questions : 8 Total number of printed pages : 7 PART A
: 1 : RollNo... Time allowed : 3 hours Maximum marks : 100 Total number of questions : 8 Total number of printed pages : 7 NOTE : All references to sections mentioned in Part-A of Question Paper relate
More informationCA IPCC Taxation Nov 2014 solutions (Both Direct and Indirect taxes) CA N Rajasekhar M.Com FCA DISA (ICAI) Chennai
CA IPCC Taxation Nov 2014 solutions (Both Direct and Indirect taxes) Compiled by This questions were solved by me under examination conditions within 2 hours 40 minutes and later on typed adding solution
More informationMTP_Final_Syllabus 2008_Jun2015_Set 1. Paper-14: Indirect and Direct - Tax Management
Paper-14: Indirect and Direct - Tax Management Whenever required, the candidate may make suitable assumptions and state them clearly on the answers. Working notes should form part of the relevant answer.
More informationSAMVIT ACADEMY IPCC MOCK EXAM
Disclaimer (Read carefully) SUGGESTED ANSWERS - Group 1 Taxation (Code GST) The answers given below are prepared by the faculty of Samvit Academy as per their views and experience. The working notes, notes
More informationSeat No. Total No. of Questions : 6] [Total No. of Printed Pages : 2 [4185]-101
Total of Questions : 6] [Total of Printed Pages : 2 [4185]-101 P. G. D. F. S. (Semester - I) Examination - 2012 FINANCIAL AND COST ACCOUNTING (2008 Pattern) Time : 3 Hours] [Max. Marks : 70 (1) Answer
More informationINCOMES WHICH DO NOT FORM PART OF TOTAL INCOME
3 INCOMES WHICH DO NOT FORM PART OF TOTAL INCOME Question 1 Choose the correct answer with reference to the provisions of the Income-tax Act, 1961. (i) For an employee in receipt of hostel expenditure
More informationUNIT Income from House Property (Sec. 22 to 27)
UNIT 8 Income from House Property (Sec. 22 to 27) The income from a house or a building is taxed under the head Income from House Property. The income under this head is taxed on the basis of notional
More informationP7_Practice Test Paper_Syl12_Dec13_Set 2
Paper 7 : Direct Taxation Full Marks 100 Time 3 Hours Section A (Question No. 1 is COMPULSORY and any FOUR from Question Nos. 2 to 6] 1. (a) Rinku left India for the first time on 28 th December, 2005.
More informationM.COM. PREVIOUS. Sub. : DIRECT TAX MODAL PAPER-I. Time Allowed: 3 Hour Max. Marks: 100
M.COM. PREVIOUS Sub. : DIRECT TAX MODAL PAPER-I Time Allowed: 3 Hour Max. Marks: 100 Q.1Write short notes on the followings- 1.Voluntary Return of Income 2.Belated Return of Income 3.Revised Return of
More informationMTP_ Inter _Syllabus 2016_ June 2017_Set 1 Paper 7 Direct Taxation
Paper 7 Direct Taxation Academics Department, The Institute of Cost Accountants of India (Statutory Body under an Act of Parliament) Page 1 Paper 7 Direct Taxation Time Allowed: 3 Hours Full Marks: 100
More informationv semester B'B' (3*[l1T"J;r"",13"3er/November
'1 ' illlllill llllill lllll llll llll os - 508 v semester B'B'. 2412 (3*[l1T"J;r"",13"3er/November Business Management 5.1 : INCOME TAX Time : 3 Hours Max' Marks : 90 lnstruction : Answer only in English.
More informationINCOME TAX WORKSHOP Taxation of Individuals Presenter: Francis Kamau
INCOME TAX WORKSHOP Taxation of Individuals Friday, 7 th April 2017 Presenter: Francis Kamau Employee taxes Chargeable income For the purposes of section 3(2)(a)(ii), an amount paid to- a person who is,
More informationMTP_Intermediate_Syllabus 2016_Dec2017_Set 1 Paper 8 Cost Accounting
Paper 8 Cost Accounting Academics Department, The Institute of Cost Accountants of India (Statutory Body under an Act of Parliament) Page 1 Paper 8 Cost Accounting Full Marks : 100 Time allowed: 3 hours
More informationINCOME-TAX AND BASED ON FINANCE ACT, FINANCE ACT, 2007 WITH NOTES 49 I.T. NOTES 69 I.T. NOTES 97 I.T. NOTES I.T. NOTES 139 I.T.
EHTA S ITRR V.G.MEHTA S ITRR V.G.MEHTA S ITRR V.G.MEHTA S ITRR V.G.MEHTA S ITRR V.G.MEHTA S ITRR V.G.MEHTA S ITRR V.G.MEHTA S ITRR V.G.MEHTA S ITRR V.G.MEHTA S ITRR VG.G.MEHTA S ITRR V.G.MEHTA S ITRR V.G.MEHTA
More informationSolved Scanner. (Solution of December ) CMA Inter Group - I (Syllabus-2012) Paper - 7 : Direct Taxation
Solved Scanner (Solution of December - 2016) CMA Inter Group - I (Syllabus-2012) Paper - 7 : Direct Taxation [Chapter - 21] Objective Questions 1. (a), (b), (c) (5 marks each) (a) (i) ` 10,000 (ii) ` 5,00,000
More informationFinance (No. 2) Bill 2014
Finance (No. 2) Bill 2014 Proposed Income Tax Amendments Mr. R.N. LAKHOTIA Leading Income Tax Consultant & Author The Finance Minister presented the Finance (No.2) Bill 2014 along with the Union Budget
More information1 Basics of Income Tax Law &
1 Basics of Income Tax Law & Residential Status This Chapter Includes : Basics of Taxation; Direct Taxes & Indirect Taxes; Sources and Authority of Taxes in India; Seventh Schedule of the Constitution;
More informationQuestion 1. The Institute of Chartered Accountants of India
Question 1 PAPER 4 : TAXATION Answer all questions. Working notes should form part of the answer. Wherever necessary, suitable assumptions may be made by the candidates. Mr. Dinesh Karthik, a resident
More informationTotal Income 17,60, Rounded off u/s 288A 17,60, Computation of Tax Liability
(iii) CORRECTION IN INCOME TAX VOLUME 2 PAGE NO. 29 & 30 As per the provisions of section 47, transfer by way of conversion of bonds into shares is not regarded as transfer for the purpose of capital gains.
More informationFAQ s Tax Investment & Reimbursement Proofs
FAQ s Tax Investment & Reimbursement Proofs 2016-17 1 Contents INVESTMENT CLAIMS HRA Exemption Housing Loan Section 80C LIC, PPF, ULIP, Mutual Fund etc. Section 80D Medical Insurance Section 80DD Handicapped
More information1 Shareholders funds (a) Share Capital 3 3,50,00,000 3,50,00,000 (b) Reserves and Surplus 4 37,54,27,471 26,34,00,476
Balance Sheet as at 31st March 2017 Particulars I. EQUITY AND LIABILITIES Note No. 31 March 2017 31 March 2016 1 Shareholders funds (a) Share Capital 3 3,50,00,000 3,50,00,000 (b) Reserves and Surplus
More informationIssues in Taxation of Income (Non-Corporate)
Issues in Taxation of Income (Non-Corporate) By CA Mahavir Jain B.Com.; DISA; FCA Partner : JMT & Associates Email: jmtca301@gmail.com Issues in Taxation of Non-Corporate Income is a very vast subject.
More informationMOCK TEST SOLUTION A.Y Total No. of Question 7] [Total No. of Printed Pages 20 Time Allowed 3 Hours Maximum Marks 100 MKG
MOCK TEST SOLUTION IPC (Intermediate) (Computation of Total Income And Tax Liability, Taxability of Gift, Advance Payment of Tax, Residential Status & Scope of Total Income, House Property, Agricultural
More informationPaper F6 (MYS) Taxation (Malaysia) Tuesday 12 June Fundamentals Level Skills Module. The Association of Chartered Certified Accountants
Fundamentals Level Skills Module Taxation (Malaysia) Tuesday 12 June 2012 Time allowed Reading and planning: Writing: 15 minutes 3 hours ALL FIVE questions are compulsory and MUST be attempted. Tax rates
More information13. PROBLEMS ON TOTAL INCOME
No.1 for CA/CWA & MEC/CEC MASTER MINDS 13. PROBLEMS ON TOTAL INCOME SOLUTIONS TO ASSIGNMENT PROBLEMS Problem No.1 Name of the Assessee: Mr. Rajesh A.Y: 2015-2016 Computation of Taxable Income : Income
More informationIGP-CS CS EXECUTIVE TAX LAWS CA Vivek Gaba
Mock Test 1 (Tax Laws & Practice) CS EXECUTIVE By CA Vivek Gaba Time : 3 Hour Marks: 100 Part A [ Direct tax] 1. HSK, an LLP had taken keyman insurance policy on the life of its managing partner. The policy
More informationIssues Relating to Non Corporate Assessees
Issues Relating to Non Corporate Assessees CA. G Sekar, B.Com., FCA Income tax benefits available to Salaried Persons for A.Y. 2018-19 S.No. Section Particulars Benefits A. Allowances 1. 10(13A) House
More informationTHE INSTITUTE OF CERTIFIED PUBLIC ACCOUNTANTS OF PAKISTAN (ICPAP)
THE INSTITUTE OF CERTIFIED PUBLIC ACCOUNTANTS OF PAKISTAN (ICPAP) (Suggested Solution) Stage Specialization Course Code SP-601 Examination Summer-2012 Course Name Advanced Taxation Time Allowed 03 Hours
More information