ASSIGNMENT
DRIVE
SUMMER 2014
PROGRAM
M.COM
SEMESTER
IV
SUBJECT CODE & NAME
MCC 402 & Direct Taxes-Law and Practice
BK ID
B1738
CREDIT
4
MARKS
60
Q.No
Criteria
Total Marks
1
Identify and explain the incomes chargeable to income tax
under ‘profits and gains of business or profession’. 10 marks
2
Explain any five gifts that are exempted from taxes. 10
marks
3
Discuss the section Deduction 80C. 10 marks
4
Discuss the carry forward and set off of business losses
under section 72 of ITA.
10 marks
5
Discuss the various methods of tax planning. 10 marks
6
From the following details in respect of Mr Aamir, calculate
the income chargeable
under the head income from salaries. 10 marks
Basic salary Rs.3, 40,000
Dearness allowance 1,60,000
House rent allowance 1,48,000
City compensatory allowance (per month) 34,000
Profession tax deducted from salary 6,000
The following additional information is provided:
(a) Mr Aamir was provided various taxable perquisites which
were valued at
Rs.24,000.
(b) Mr Aamir was provided a car exclusively for travel
between his residence
and office. He lives in a house owned by him.
Answers for 10 mark questions should not exceed more than
400 words.
Answers for 5 mark questions should not exceed more than
200 words.
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