University Of Pune Question Paper
M.B.S. (Semester – II) Examination, 2014
CNO – 204 (FIN) : FINANCE SPECIALIZATION – V
Income Tax (Part – II)
(2013 Pattern)
Time : 2 Hours Max. Marks : 50
Instructions : 1) All questions are compulsory.
2) Each question carries 10 marks.
3) Use of calculator is permitted.
1. Define income and Cross total income. 10
OR
Explain the relationship between residential status of an assessee and incidence of tax. 10
2. What are permissible deductions under the head ‘profits and gains’ of business or
profession ? 10
OR
What expenses are specifically disallowed under the head ‘profits and gains from business
or profession ? 10
3. Give the list of transactions for which cost Inflation Index Rule is not applicable (exceptions
to the rule of indexation). 10
OR
Explain the terms transfer and cost of improvement in case of income under the head capital
gains. 10
4. Write short notes on any two.
i) Set off of losses
ii) Defferred tax
iii) Tax slabs and rates for A.Y. 2015 – 2016. 10
OR
Write a detailed note on TDS provisions and computation. 10
5. Explain tax planning in relation to business. (i.e. for managerial decisions, mergers
acquisitions etc. 10
OR
Seat
No.
P.T.O.
[4674] – 214
From the following P & L A/c calculate the income from business.
Profit and Loss Account
Particulars Particulars
To rent 80,000 By gross profit 6,50,000
To salary 1,50,000 By income from 1,50,000
To Depreciation 65,000 house property
To Donations 18,000 By income from
To Net profit 6,87,000 other sources 2,00,000
10,00,000 10,00,000
Additional Information :
1. Depreciation to be allowed as per Income Tax provision is 80,000.
2. Business income of 22,000 is not shown is P & L A/c.
3. In rent expenses 18,000 is expenditure of personal nature. 10
——————
M.B.S. (Semester – II) Examination, 2014
CNO – 204 (FIN) : FINANCE SPECIALIZATION – V
Income Tax (Part – II)
(2013 Pattern)
Time : 2 Hours Max. Marks : 50
Instructions : 1) All questions are compulsory.
2) Each question carries 10 marks.
3) Use of calculator is permitted.
1. Define income and Cross total income. 10
OR
Explain the relationship between residential status of an assessee and incidence of tax. 10
2. What are permissible deductions under the head ‘profits and gains’ of business or
profession ? 10
OR
What expenses are specifically disallowed under the head ‘profits and gains from business
or profession ? 10
3. Give the list of transactions for which cost Inflation Index Rule is not applicable (exceptions
to the rule of indexation). 10
OR
Explain the terms transfer and cost of improvement in case of income under the head capital
gains. 10
4. Write short notes on any two.
i) Set off of losses
ii) Defferred tax
iii) Tax slabs and rates for A.Y. 2015 – 2016. 10
OR
Write a detailed note on TDS provisions and computation. 10
5. Explain tax planning in relation to business. (i.e. for managerial decisions, mergers
acquisitions etc. 10
OR
Seat
No.
P.T.O.
[4674] – 214
From the following P & L A/c calculate the income from business.
Profit and Loss Account
Particulars Particulars
To rent 80,000 By gross profit 6,50,000
To salary 1,50,000 By income from 1,50,000
To Depreciation 65,000 house property
To Donations 18,000 By income from
To Net profit 6,87,000 other sources 2,00,000
10,00,000 10,00,000
Additional Information :
1. Depreciation to be allowed as per Income Tax provision is 80,000.
2. Business income of 22,000 is not shown is P & L A/c.
3. In rent expenses 18,000 is expenditure of personal nature. 10
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