ASSIGNMENT
DRIVE: SUMMER 2014
PROGRAM: M.COM
SEMESTER: IV
SUBJECT CODE & NAME: MCC 402 & Direct Taxes-Law and Practice
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.
DRIVE: SUMMER 2014
PROGRAM: M.COM
SEMESTER: IV
SUBJECT CODE & NAME: MCC 402 & Direct Taxes-Law and Practice
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.
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