1. Dr. Verma is Chief Medical Officer. He receives a salary of RS 30,000 per month and dearness allowances of 25%. He contributes 15% of salary to Recognised Provident Fund to which the employer contributes an equal amount. He is provided with a rent free house in a city with population of 5 lakh. Its fair rental value is RS 12,000 p.m. He has the following other incomes.

Dividend from a domestic company RS 10,000.

Dividend from a foreign company RS 2,000.

Interest on debentures of co-operative society RS 6,000.

Compare his total income for the assessment year 2014-15.

"The income of the previous year is taxed in the current year". Explain and state the exceptions to this rule.

Define casual income and state its chargeability to tax.

What does the term 'Capital gains' signify under the Income Tax Act? Clarify and state the capital gains that are exempt from tax under section

Agricultural land of Mr. Harish was acquired by the Government under compulsory acquisition on 12-08-2010 for a compensation of RS 7,00,000. He had purchased it in 1987-88 for RS 1,05,000. Compensation was received on 10-03-2011. Later on, through a court order dated 12-05-2012, this amount was increased and RS 1,50,000 were received on 01-02-2013. This piece of land was situated in urban area. Calculate his long term capital gain taxable during assessment years 2011-12 and 2013-14. The cost Inflation index for the year is 1987-88 was 150; for 2010-11 was 711 and for 2012-13 was 852.

4. What do you mean by Annual value of a house property? How is it determined

When a part of it is self occupied by the owner and the other part is let out for the whole year; and

When the whole house is self occupied by the owner for a part of the previous year and the whole house is let out for a part of the previous year. Explain with examples.

What do you mean by bond washing transactions? How is it regarded as a device for avoiding tax

Explain the scope of total income for

resident in India, and

not ordinarily resident in India.

6. Write short notes on any two of the following

Carry forward of losses

Tax free perquisites

Partly Agricultural Income

Exemption regarding children education allowance and hostel allowance.

What are the consequences of delay in filing income tax return.

What do you understand by PAN? What are the consequences for failure to apply for allotment of PAN?