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During the financial year 2017-18 Anil Kumar had the following income; (a) Salary received in India for services in Singapore: Rs. 5,00,000.
(b) Hncome from Profession in India, received in Japan: Rs. 7,50,000
(c) Property income in England (out of which Rs. 1,00,000 was remitted
to India: Rs. 4,00,000.
(d) Profit earned from business in Kanpur: Rs. 2,70,000
e) Agriculture Income in Malaysia: Rs. 3,50,000
(f) Profits from Business carried on at Bangladesh but controlled from
India: Rs. 4,40,000.
Compute the income of Anil Kumar for the assessment year 2018-19 if
he is i) Resident and ordinary resident ii) Not ordinarily Resident iii) Non Resident in India
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Write a short note on Previous Year
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Income of the previous year is changeable to tax in the immediately following assessment year. Is their any exception to it? Discuss.
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Discuss the provisions of Income Tax Act regarding computation of a) Encashment of earned leave b) Gratuity c) Computation of Pension.
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How will you adjust or set off the following in the assessment, in theassessment year 2018-2019. (a) Business loss of 2009-2010 Rs. 80000 (b) Short term capital loss of 2010-11, Rs. 15000
(c) Short term Capital cost of 2012-13, Rs. 22000
(d) Long term capital loss in 2009-10, Rs. 12000
(e) Loss from House Property inn 2012-13 Rs. 22000
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True or false
Income tax is a direct tax.
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Weather the sentence is true or false.
The term previous year mean calendar year
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Weather the sentence is true or false ?
Income tax is computed on fixed assets
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Weather the sentence is true or false ?
Every year the residential status of an assessee may change.
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Weather the sentence is true or false
Scholarship recelved by a student is taxable.
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Weather the sentence is true or false
Foreign allowance is totally exempt from income tax
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Weather the sentence is true or false
HRA is not exempt if the employee does not pay any rent.
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Weather the sentence is true or false ?
Annual value of a house always remains the same.
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Weather the sentence is true or false
Income tax is non-admissible expenditure in the business
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Weather the sentence is true or false
Contribution to a political party is deductible expense.
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Weather the sentence is true or false
Under income tax Act, depreciation is allowed on written down value
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There are only three types of capital gains.
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Car for personal use is treated as capital asset.
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Weather the sentence is true or false
Interest on Govt. securities is not grossed up
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Weather the sentence is true or false
Loss from lottery can not be set-off
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Write short notes on Agricultural income.
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Write short notes on Assessment year
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Write short notes on Gross total income
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Explain the provisions regarding set-off and carry-forward of uses under Income Tax Act,1961.
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Mr. M. purchased agricultural land on 1 January 2003 for Rs. 4,00,000. This land wassold on 31 December, 2012 for Rs. 17,00,000 and incurred expenses Rs. 50000 as seling expenses. He inherited a small residential house on 1" January a small
residential house on 1" January, 2012 on the death of her mother. He purchased a
residential house in June, 2013 for Rs. 10,00,000 and deposited Rs. 2,00,000 with SBI
under Capital Gains Scheme Account on 31" July 2013. Compute the taxable Capital
Gains for A. V. 2013-14.
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What is meant by inter-state sale? Discuss circumstances under which sale will be treated outside the state. Explain with suitable examples.
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Distinguish between 'sale' and turnover. How would you determine the turnover of a dealer under the Central Sales Tax Act?
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Service Tax is payable only when the amount paid is directly connected with the service provided. Discuss.
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A chartered accountant raised invoice of Rs. 80,000 for conducting audit of a client. He had incurred travelling expenses and miscellaneous expenses of Rs. 10000 which he charged separately as out of pocket expenses. He had stayed in a hotel for purpose of audit. The hotel bill of Rs. 5000 was paid directly by client to the hotel. Calculate the value for purpose of service tax. He did not charge service tax separately in his invoice to the client. Calculate the service tax payable.
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Write, whether the following statements are true or false.
(a) Income tax is an indirect tax
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Write, whether the following statements are true or false.
Income tax is charged an taxable income
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Write, whether the following statements are true or false.
Income tax is paid annually.
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Write, whether the following statements are true or false.
Assessment year begins on 2nd April
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Write, whether the following statements are true or false.
Only income received in cash is taxable.
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Write, whether the following statements are true or false.
Agricultural income is exempt from income tax.
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Write, whether the following statements are true or false.
Dividend received by an assessee from domestic company is exempt.
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Write, whether the following statements are true or false.
A company can not be Nol Ordinary Resident in the previous year.
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Write, whether the following statements are true or false.
Sum received from statutory provident fund is taxable.
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Write, whether the following statements are true or false.
Annual value of own residential house is zero.
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Write, whether the following statements are true or false.
Municipal taxes are deducted if paid by the landlord.
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Write, whether the following statements are true or false.
Household expenses are allowable expenses.
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Write, whether the following statements are true or false.
Goods of personal use are not considered as capital asset.
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Write, whether the following statements are true or false.
Capital Gain Account Scheme, 1988 is related to exemption.
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Write, whether the following statements are true or false.
Maximum deduction on Family Pension is Rs. 20000
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Explain Previous Year ?
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Explain Assessment Year
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Explain Cross Total Income
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How is the residential status of an assessee determined?.Explain the tax liability on the basis of residential status .
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State the main provisions of income tax in respect of following.
HRA
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State the main provisions of income tax in respect of following.
Rent Free House
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State the main provisions of income tax in respect of following.
Rent Free House
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State the main provisions of income tax in respect of following.
Entertainment Allowance
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Dr. Hari sold some ornaments on 1.10.2012 for Rs. 950000. Transfer expenses were Rs. 50000. He purchased the ornaments in 1987-88 for Rs. 150000. He purchased a residential house on 1.12.2012 for Rs. 300000. he does not have any other residential house. Calculate the capital gains of Mr. Hari for the assessment year 2013-14. Index value for the year 2012-13 is 852 and for the year 1987-88, it is 150.
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Make a distinction between Long Term & Short Term capital gains. State the tax provisions with regard to both types of capital gains.
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What do you mean by set off of losses? Discuss the provisions of set off of losses given in the income tax act.
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What is deduction of tax at source? Discuss the provision of tax deduction at source from income from dividend.
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What is advance payment of tox? How is it computed? Explain in brief the provisions regarding its payment.
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Define-Declared Goods, (i) Registered Dealer and (il) Appropriate state
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Define Give 10 services which are covered under the Service Tax Act.
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Write a short notes Assessment Year
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Write a short notes Gross Total Income
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Write a short notes Total Income
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Write a short notes Agricultural Income
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Explain how tax liability of an assessee is determined with reference to his residence?
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Define annual value and state the deductions that are allowed from the annual value in computing the income from House Property.
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Mr. A sells jewellery on June 15, 2004, for Rs. 10.10,000 and cost of jewellary to Mr. A on May 25, 1987 was Rs.1,50,000. He paid brokerage on sale of it Rs. 10,000. On Dec, 15th, 2004, he purchased a residential flat for Rs. 5,00,000. On June 15,
2004, he owns one residential house. The cost of inflation index for 1987-88 was 150 and for 2004-05 it was 480. Find out the Capital Cain chargeable to tax for the assessment year 2005-06. (i) assuming that Mr. A sells the new residential house beforedec. 15th, 2007, what will be taxable capital gain and for which
year (ii) assuming that Mr.A purch any other residential house before June 15the, 2006 or constructs any other residential house before June, 15th, 2007, what will be the taxable capital gain and for which year.
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Describe the method of computing income under the head Income from other sources'.
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In what circumstances is the income of one person treated as the income of other?
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Describe the deductions in brief -
(i) Deduction u/s 80 DD
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Describe the deductions in brief -
(ii)Deduction u/s 80 U
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Describe the deductions in brief -
(ii)Deduction u/s 80 U
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Discuss the previous of section 88B and 88C in brief.
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Describe in brief the provisions relating to set-off and carry forward of losses.
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When does the liability to pay advance tax arise? When such Lax is to be paid and how it is calculated and paid?
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When does the liability to pay advance tax arise? When such Lax is to be paid and how it is calculated and paid?
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Describe the procedure for assessment of sales tax under Central Sales Tax Act.
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List the ten services covered under the Service Tax. How the value is determined for services liable to be taxed?
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Income earned during a previous year is normally charged to tax in the financial year next Following it. What are the exceptions to this rule?
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"Arvind' leaves India permanently on 15 September 2010. Which financial year shall be the assessment year in this case?
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State the conditions which an individual must fulfil in order to be called(i) resident(ii)not ordinarily resident and (ii) non resident.
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b) Mr. Ram Prashad an Indian national resident of Delhi left India for USA on 01/08/1999. He came to India twice, once on 20/12/2002 and again on
20/12/2003 and stayed at Delhi for 100 days each time. During the year ended
on 31 March 2010, he came to India on a visit for 120 days. State his residential status for the assessment year 2010-11.
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Give ten examples of incomes which are totally exempted from income tax and an example of income which forms part of total income but is exempted from income
Lux at average rate.
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Mr. Ved Prakash, an Indian citizen is an employer of the Government of India. he was transferred to London in Indian High Commission' on 01/01/2009. During the
previoue year 2009-2010 he did not come to India at all. He was entitled to the
following emoluments in London.
a) asic salary Rs 20,000p.m.
(b) Overseas allowance Rs.20,000p.m.
c) Runt free furnished accommodation at London, whose FRV is Rs.1,20,000 p.a.
and cost of furniture provided is Rs. 1,00,000.
his elder son was studying in London School of Economics and he was allowed
Rs 12,000 p.m. as education allowance for his education. His younger son was
studying in a school run by Indian High Commission in London. He was provided
with a cur of 1800CC engine capacity, which he drives himself and uses the same
partly for official purpose. He has also been provided with the services of a gardener, watchman sweeper and a cook, the salary of each being Rs.2500 per month Compute his income salary for the assessment year 2010-11.
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Explain the provision of Income Tax in respect of exemption of the following-(a)house rent Allowance
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Explain the provision of Income Tax in respect of exemption of the following-
Entertainment Allowance.
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State the admissibility or the following items of expenditure in computing business income of an assesse:
a) A donation of Rs. 1 lakh to a university for starting a laboratory for scientific
research
(i)relating to the assessee's business(ii ) not relating to the assessee's business.
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State the admissibility or the following items of expenditure in computing business income of an assesse:
Interest debited to profit & Loss Account of a private limited company on a loan taken by a company, where an amount equal to the loan has been advanced to
the managing director of the company free of interest.
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State the admissibility or the following items of expenditure in computing business income of an assesse:
Money spent for the construction of a building for the recreation club of the employees of the company.
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Mention the different kinds of incomes which are specifically charged to tax under the head Income from other sources'.
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Write short notes on Deduction of tax at source.
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Write short notes on Who is liable to pay service tax?
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Write short notes on Carry forward of losses.
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Write short notes on Position of Hindu Coparcerary in case of HUF.
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Write short notes on Donation to a Politichl Party.
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Write short notes on Deductions to be made in computing total income.
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Q2. How is residence of an assessee determined for Income tax purpose?
Explain the incidence of residence on tax liability.
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Q3. What is meant by annual value of a house property? How would you determine the value of a house property which remained vacant for a
part of the previous year?
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04.Explain the provisions regarding set-off and carry -forward of losses
while computing the total income.
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Q6. What is meant by inter-state sale or purchase? What are the circumstances under which sale or purchase of goods will be treated
outside the state? Explain with suitable examples.
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Q7. Briefly explain the procedure of filing service tax return. Explain the consequences for non filling or delay in filling of service tax return.
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08. Mrs. Poonam is working as a manager in a cloth mill at Kanpur. Details
of her income for the Assessment year 2014-15 are as follow:
Basic salary Rs. 10000 p.m., DA (under the terms of employment) Rs.
5000 p.m. HRA Rs. 4000 p.m. She paid house rent Rs. 3000 p.in, upto
31.12.2013 and from 01.01.2014 house rent increased to Rs. 4000 p.m.
Calculate taxable and tax free HRA.
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b) When does the liability to pay advance tax arise?
calculated and paid?
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Briefly explain the following: a) Previous Year
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Briefly explain the following: b) Gross Total Income
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Briefly explain the following: c) Agricultural Income
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What are the provisions regarding deduction of tax at source from the following:
i) Winning from lottery
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What are the provisions regarding deduction of tax at source from the following: ii) Interest on securities
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Explain any 10 deduction from Gross Total Income allowed to individual under section 80 C to 80 U of Income Tax Act.
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Explain the provisions of Income Tax Act relating to deduction of Tax at source from a) Salary b) Income of Professionals c) Rental Income
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What is the concept of Goods & Service Tax? Give a brief note on advantages of goods and services tax.
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What do you understand by (i) Resident & Ordinary Resident. (ii) Not Ordinarily Resident (iii) Non Resident of India
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Explain the following: a) Gross Total Income
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Explain the following: b) Deduction from Income from House property as per Income Tax Act.
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Explain the following: c) Advance Payment of Taxes
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Explain the following: d) Value Added Tax
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Explain the following: e)Agriculture Income
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