CUSTOMER_CODE
SMUDE
DIVISION_CODE
SMUDE
EVENT_CODE
JAN2016
ASSESSMENT_CODE BBA504_JAN2016
QUESTION_TYPE
DESCRIPTIVE_QUESTION
QUESTION_ID
73826
QUESTION_TEXT
Describe non-deductible expenses.
SCHEME OF EVALUATION Expenses not deductable – Explain(10 marks)
QUESTION_TYPE
DESCRIPTIVE_QUESTION
QUESTION_ID
126084
QUESTION_TEXT
Briefly explain the rules governing the residential status of an
individual.
Persons are are divided in the following categories for the purpose of
determining residential status
a.
resident in India, or
b.
non-resident in India.
However individual or HUF are divided :
SCHEME OF
EVALUATION
a.
resident and ordinarily resident in India; or
b.
resident but not ordinarily resident in India; or
c.
non-resident in India
Residential status of a person is to be determined in respect of each
previous year as it may vary from previous year to previous year.
CONDITIONS TO BE FULFILLED
BASIC CONDITION Sec 6(1) : Stays For More Than 182 Days In P.Y
India Or Stays For More Than 365 Days In India Last 4 P.Y S To P.Y
And 60 Days In P.Y
ADDITIONAL CONDITIONS: Sec 6(6)
1.
Resident in 2 out of last 10 pys and
2.
>730 days in last 7 p.ys
INDIVIDUAL
Resident/Non resident: If an individual satisfies any one of the basic
conditions he is “resident” , when fails to satisfy any one mentioned
u/s6(1) then he is a Non resident/
Ordinarily resident: When a resident satisfies both the additional
conditions u/s6(6) he is a Ordinarily resident
Not Ordinarily resident: When a Resident fail to satisfy both the
additional conditions he becomes a non resident
QUESTION_TYP
DESCRIPTIVE_QUESTION
E
QUESTION_ID
QUESTION_TEX
T
126086
Define Income U/s2(24) of the Income Tax Act
Income U/s2 (24) of the Income Tax Act – inclusive definition.
Term income includes all monetary receipts as well as value of benefits
and perquisites. It includes the following –
Each point get 1 marks
SCHEME OF
EVALUATION
a.
Profits and gains
b.
Dividend
c.
Voluntary contribution received by a trust
d.
Value of perquisite or profit
e.
Special allowance or benefit
f.
Benefit or amenity
g.
Capital gains
h.
Casual income including winnings from horserace, gambling, betting
i.
Gifts
j.
Illegal
income
10 marks
QUESTION_TYPE
DESCRIPTIVE_QUESTION
QUESTION_ID
126091
QUESTION_TEXT
Write a short note on modes of Tax Recovery.
1. TDS
marks)
SCHEME OF
EVALUATION
(4
2. Payment of advance tax
marks)
3. TCS
marks)
(4
(2