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. 2018-19 in case of General Tax Payers (male and female), senior citizens and super senior citizens.
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 2017-18: Sr. Amount Particulars No. (Rs.) 1 Income from agricultural land situated outside India, received there, later on 425000 remitted to India. 2 Rent from house property situated outside India, deposited in foreign bank. 360000 3 Profit of a foreign business, which Is controlled from India (Rs.200000 is 400000 received for the first time in India) 4 Interest on foreign securities (of which ¼ has become due but not yet 28000 received); balance of interest is directly received in India. 5 Dividend on shares of India Companies, received directly outside India. 42000 6 Profit from an India business (in mumbai) which is managed from abroad. 1539000 7 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, 300000
8 Pension from a former Indian employer, received outside India. 450000 9 Income received outside India during 2016-17 is brought to India during the 250000 current year. Find out his total gross income for assessment year 2018-19: (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 2018-19 (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 2018-19 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 2017-18. Previous Stay in Previous Stay in Year France Year France 2010-11 187 days 2014-15 70 days 2011-12 140 days 2015-16 225 days 2012-13 305 days 2016-17 309 days 2013-14 65 days 2017-18 283 days Que: 8 Shri Bhanuprasad serves as the head of Seles Department of a Company. The details about his remuneration for the financial year 2017-18 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. 2018-18. Que: 8 On 1-1-2013, 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.
12,000-750-18,000-1,500-30.000. From the following information, calculate his total taxable salary income for the assessment year 2018-19. 1) 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 31-12-2017) 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
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. 2.000 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 1-4-2017 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 2018-19 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.
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 26-3-2018. Gratuity of Rs. 20.000 payable to him was provided in the books was actually paid on 10-4-2018. 8) 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.
(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 01 03 98 --- 7344 No. of workers on 31 03 98 --- 4656 During March 1998. No. of workers resigned --- 250 No. of workers dismissed --- 610 No. of workers newly appointed (Of which 360 workers were taken under expansion) --- 600. (b) Raj Metal co. ltd closes its books every 6 months. The following particulars are obtained from its books for 6 months ending 30thJune 2001. Basic Wages --- 25200 D.A --- 21600 Night Shift Allowance --- 4800 Overtime Allowance --- 3500 P.F Deposit for period --- 5850 ESI Contribution for period --- 1404 Recovery towers house rent --- 5100 Recovery towers supply of provisions --- 8400 Exp. Incurred for amenities to employees --- 3440 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, 1997. 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
No. of employees 1,500 2,250 2,250 750 750 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.) 10 16 4 6 4 Area(Sq. M.) 150 250 50 50 50 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, 1948. Que: 3 Explain concept of work committee and shop councils. Que: 4 Explain collective bargaining.
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 10.00 AM SHARP TO ONWARDS