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Posted Date: 09 Sep 2008 Posted By: Karthika M Member Level: Gold
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2008 Alagappa University M.Com Finance and Control TAXATION AND TAX PLANNING Question paper
DISTANCE EDUCATION
M.Com. (F & C) DEGREE EXAMINATION, MAY 2008.
TAXATION AND TAX PLANNING
Time : Three hours Maximum : 100 marks
SECTION A — (5 x 8 = 40 marks)
Answer any FIVE questions.
1.Distinguish between ‘Tax planning and Tax evasion’.
2.Explain any five items of income which are exempt from income-tax.
3.Write notes on :
(a)House rent allowance.
(b)Medical benefits.
4.What are tax free perquisites?
5.What deductions are allowed from the annual value in computing the income from House Property?
6.What deductions are allowed in determining the income from business?
7.How is Long term Capital determined?
8.What are the provisions of the Income Tax Act regarding ‘Deemed incomes’?
SECTION B — (4 x 15 = 60 marks)
Answer any FOUR questions.
9.What are the different categories of assessees according to their residential status? How would you determine the status of an individual?
10.What are the provisions of the Income Tax Act regarding ‘Provident Funds’?
11.Explain clearly the deductions that are expressly disallowed in computing the income from business.
12.Explain the provisions of the Income Tax Act regarding ‘Set-off and carry forward of losses’.
13.Explain any ten deductions that are allowed from the Gross total income under section 80 of the Income Tax Act.
14.Explain the provisions relating to exempted Capital Gains.
15.Shri Anil Gupta, working in Western India Limited, Mumbai, has furnished the following details of his income for the previous year.
(a)(i)Salary Rs. 24,000 per month
(ii)Bonus equal to six months’ salary
(iii)Entertainment allowance at Rs. 500 per month
(iv)Personal medical bill of Rs. 10,000 were reimbursed by the employer.
(b)His income from house property (computed)
Rs. 30,000 per annum.
(c)His other incomes are :
(i)Interest on securities Rs. 6,000
(ii)Interest on bank deposit Rs. 10,000
(d)He donated Rs. 2,500 to the Government for the promotion of family planning.
(e)He paid Life Insurance Premium Rs. 4,500 during the year.
Compute the total income of Shri Anil Gupta.
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