Roll NO, . 57051 B.B.A. (Re-appear) 6th Sem. (N.S.) Examination- November, 2016 Corporate Taxation Paper-Bba-601 ‘ime : 3 hours Max. Marks : 80 Before answering the questions, candidates should ensure that they have been supplied the correct and complete question paper. No complaint in this regard will be entertained after the examination. Note: All questions of Section-A are compulsory. Attempt any four questions : from Section-B selecting at least one question from each unit. Section-A 1. Short answer questions : srisiresoqP-7yesKi) (4) {Tum Over ”(a) Define the term ‘person’. (b) Whois a non-resident individual? {Q) What is Statutory Provident Fund? {a} State’ some house property income which is exempted from tax. (e) Define unabsorbed depreciation. () What is sub-letting ? (g) State ‘nome “deductions allowed in computing income from other sources. © (h). Explain the deduction u/s 80G. Bection-B Unit » How residence of assessecs is determined for income tax purposes? Explain the srostsssoP7eaxis) — (2) incidence of residence on tax on tax liabilities. 3. Explain any fifteen items which are not included in total income. Unit-t- 4. Dr. Rajesh was appointed as en assistant professor in Jat college; Rohtak on Je July, 2013 in the salary grade of %15600-39100 with AGP €6000. Following are the details of his income sources: Basic salary as on I July 2013 221,600 p.m, (including AGP 6000) (b) DA. @100% of basic salary for financial year 2014-15. id Increment of 3% of basic salary every year. svosr-resoqr-7xo-oyte) (3) > [Tum Over(d) City compensatory allowance %9,600 pa (¢) House rent allowance £5,000 p.m. He lives in his own house. () | Wardenship allowance per month 2500. (@) . Travelling allowance €18,000 for official work. : Compute income from salary of Dr. Rajesh for the financial’ year 2014-15. Salary is paid on fitst day of the next month. 5. Discuss the procedure for computation of income from Business & Profession. Unit-1 6. What do you understand by the term ‘Capital Gain’ used in Income Tax Act? STOSI-GSOAP-7HQ-OKIS) (4) ( What are the rules regarding exemption of Capital Gain? 7. When does the liability to pay Advance Tax arise? When such a tax is to be paid and how is it calculated and paid? Unitiv 8. Froin the following particulars of income of Mr, Ashok Kumar for the year ended on 31% March, 2015, calculate his total income for the assessment year 2015-16: (a). Salary 10,000 p.m. (b) Interest received from Bank of Baroda on fixed deposit 7900, ()_ Interest received from Maruti Ltd. on fixed deposit 25,400. ‘57051-16504P-7(0-9(18) (5) [Tum Over@ fe) @ Interest received from Government Securities %7,500. Dividend received on equity shares of DCM Ltd. 24,000 (Gross). Dividend received from Co-operative Society 2200. Income received on units of Mutual Funds %8,950 (Net). He owns a poultry farm also. Its profits for the previous year amounted to 351,000. He sold his residential house on 11 April, 2014 for %4,00,000 which he had purchased for %20,000 in 1979 and its fair market value’ on -1.4.1981 ‘was £30,000. Other LTCG %1,02,000. STOSI-ABSOP-THONKI6). (6) (k) He purchased NSC VI! Issue on 31* March, 2015 for 210,000. () He paid 10,000 to a political party by cheque. Cost inflation index in 1981-82 was 100 and in 2014-15 it was 1024. 9. What do you mean by gross total income? Explain ‘the deductions from gross total income with suitable example. 57051-18504P-7(0-918) (7)