Post Graduate Diploma-Post Graduate Diploma Business Management 4th Sem 402 : Specialization – I (B) : Finance : DIRECT TAXATION(University of Pune, Pune-2013)

                                    P.G.D.B.M. (Sem. – IV) Examination, 2013
                    402 : Specialization – I (B) : Finance : DIRECT TAXATION
                                                           (2008 Pattern)

Time : 3 Hours                                                                                 Marks : 70

Instructions :

1) Attempt any five questions.

2) All questions carry equal marks i.e 14 marks each.

 

1. Are the following items allowable as deduction for the purpose of computation Income and Tax there on ? Offer detailed explanation to support your answer.

a) Payment to relatives

b) Dividend paid

c) Tax paid in cash : Rs. 50,000

d) Preliminary expenses Rs. 1,00,000

e) Interest on delayed payment of Income Tax.

f) Relocation expenses reimbursement to newly joined employee.

g) Depreciation on the asset which is not yet put to use.

 

2. Write a detailed note on ‘Deduction from Gross Total Income’.

 

3. Write short notes on any two of the following :

a) Residential status of ‘Companies’ (Residential status of Individuals NOT desired)

b) Gross Annual Value (related to Income from House Property)

c) Types of Assessment

 

4. Prem’s bank account shows the following deposits during the financial year 2011-12. Compute his total income for the A.Y. 2012-13, assuming that his income from house property (computed) is Rs. 62,000.

i) Gift from his sister in Amsterdam Rs. 2,30,000

ii) Gift from his friend on his birthday Rs. 10,000

iii) Dividend from shares of various Indian companies Rs. 12,600

iv) Gift from his mother’s friend on his engagement Rs. 25,000

v) Gift from his financee Rs. 75,000

vi) Interest on bank deposits Rs. 25,000.


5. Mr. Goyal receives the following emoluments during the previous year ending 31-3-12

 

Basic pay Rs. 40,000

Dearness Allowance Rs. 15,000

Commission Rs. 10,000

Entertainment allowance Rs. 4,000

Medical expenses reimbursed Rs. 25,000

Professional tax paid Rs. 3,000 (Rs. 2,000 was paid by his employer)

Mr. Goyal contributes Rs. 5,000 towards recognized provident fund. He has no other income. Determine the income from salary for A.Y. 2012-13, if Mr. Goyal is a State Government employee.

 

6. Write a detailed not on ‘set-off and carry forward of losses’.

 

7. Discuss the tax implication of various elements related to ‘Income from Salaries’.

 

8. Define ‘Person’ as per Income Tax Act, 1961. Also mention the latest Tax rates for All the persons.

 

Earning:  ₹ 7.05/-