M.B.A. DEGREE EXAMINATION, NOVEMBER 2017
Third Semester
Corporate Secretaryship
DIRECT TAX LAWS
(CBCS 2013 onwards)
Time 3 Hours Maximum 75 Marks
Part A x 3 15)
Answer all questions.
1. Define Assessment Year.
2. What are the conditions related to salary income as per
Income Tax Act?
3. What is MAT?
4. State the powers of TRO.
5. Define Wealth tax.
Part B 10 50)
Answer all questions choosing either or
6. Write elaborately on Residential Status and
Incidence of Tax.
Or
List down the various exempted incomes under
Sec-10.
Sub. Code
622703
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7. Write down the fully Taxable allowances and fully
exempted allowances.
Or
Mr. I. M Verma is the manager of Punjab cotton
mills ltd. He draws a salary of Rs. 30,000 p.m. his
other items of income are:
Interest on fixed deposits with Andhra bank
Rs. 10,800 and account in the bank Rs. 12,000
Winning from lottery Rs. 60,000.
Dividends from an Indian company Rs. 3,600
Long term capital gain from the sale of his
residential house, occupied for the 20 years,
Rs. 1,15,000. He purchased another house for
his residential purpose for Rs. 1,05,000 within
four months of the transfer of his residential
house.
Short term capital loss Rs. 10,000.
Long term capital loss from gold brought
forwarded from the assessment year 2014-15
Rs. 20,000.
The following deductions are claimed:
Life insurance premium Rs. 14,500
Donation to Punjab university, Rs.10,000
Education for his children Rs. 4,500
Compute his total income and tax payable for the
assessment year 2017-18.
8. Explain the powers and hierarchy of central board
of direct tax.
Or
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From the following particulars compute total
income of the previous year 2016-17.
Income from let out house (computed)
Rs. 6,000
Annual rental value of self occupied house
Rs. 4,000
Municipal tax Rs. 400
Profit form electric goods business after
depreciation Rs. 10,000
Profit from agency business Rs. 10,000
Profit from agency business Rs. 3,000
Speculation income Rs. 2,000
(viii) Long term capital gain Rs. 7,000
Loss from electric goods business Rs. 6,000
Loss from agency business Rs. 1,000
Speculation business loss Rs. 4,000
Unabsorbed depreciation Rs. 1,000
(xiii) Long term loss Rs. 4,400
Short term capital loss Rs. 3,000.
9. Write a note on PAN.
Or
Explain different types of assessment.
10. Explain the different provisions related to
computation of wealth tax.
Or
Explain the Provisions for Advance payment of tax.
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Part C 10 10)
Compulsory
11. Profit and loss account of XYZ LLP of Y for the
year ending March 31, 2015 is follows:
Particulars Rs. Particulars Rs.
Cost of Goods
Sold
62,25,000 Sales 61,00,000
Interest to
Partners
1,20,000 Agricultural
income in India
2,00,000
Remuneration to
Partners
2,70,000 Net Loss 3,47,000
Other expenses 32,000
66,47,000 66,47,000
Out of other expenses of Rs. 32,000. Rs. 3,000 is not
deductable under sections 30 to 37. Moreover, interest to
partners is not deductable to the tune of Rs. 18,000 under
section 40(b). Find out the amount of net income of the
firm for the assessment year 2016-17. The firm satisfies
all conditions of sections 184 and 40(b).
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