IMS ENGINEERING COLLEGE FORMATS I - Sessional Question Paper, 2011-12 Prepared by: MR Subject Name Roll No.

of Student TAX PLANNING AND FINANCIAL REPORTING

IMSEC/QF/49 Page 1 of 1 Issue No: 02 Issue Date: 1, May 2010 Approved by: Director Subject Code Max Marks Max Time MBA –FM-O4 100 3 Hours

ATTEMPT ALL PARTS

PART – A Attempt all questions Each carry 2 marks [10×2] Explain the following terms 1. Best judgment assessment 2. Belated return 3. Union budget 4. Appeal 5. Clubbing of income 6. Capital gain account scheme 7. deductions 8. dividend 9. carry forward of loss 10. Exemptions

PART – B Attempt any three Each carries 10 marks [3×10] 11.C Attempt all questions from this part Each carries 10 marks [5×10] 16. Explain the taxability of salary income in India? 13. Explain the taxability of income from house property? 12. What is capital gain? Discuss its taxability? 15. tax evasion and tax avoidance OR The general rule is that “income of previous year is assessable in assessment year” what are the exceptions to this rule? 17. What do you mean by tax deducted at source? Discuss the provisions of TDS regarding Deduction of tax from salaries OR Explain briefly the taxability of perquisites? Name also tax free perquisites? 18. Discuss special provisions in respect of newly established undertaking in free trade zone (Sec 10 A) and in special economic zone (Sec 10 AA) OR . How is business income taxed in India? 14. How will you determine the annual value of house property? How will you determine the annual value of house property not fully utilized for self residential purposes and in cases where Assessee has more than one self occupied house property? OR Explain briefly the provisions of MAT and MAT credit? How is book profit computed under MAT? 19. Explain the concept of tax planning. Explain the taxability of income from other sources? PART. tax management.

Define assets and deemed assets under the wealth tax act? What assets are exempt from wealth tax act? OR How will you determine assessable value under section 4(1)(a) and section 4(1)(b) of central excise. . 80 IAB and 80IB? 20.Discuss the deductions available to corporate Assesssee under section 80 IA.

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