ACADEMIC YEAR: 2014 – 2015
REGULATION CBCS - 2012
(PCM41/HCM41) – (DIRECT TAXES)
Unit-1 – (BASIC CONCEPTS)
Type: 20% Theory – 80% Problem
Question Bank
Syllabus: [Regulation: 2012]
UNIT I: Basic concepts-Definitions-Assesses-Assessment year-Previous year-Incomeresidential Status-Scope of Total Income-exempted Income-Agricultural Income-capital
Income and Expenditure-Revenue Income and Expenditure.
PART – A QUESTION
1.
2.
3.
4.
5.
6.
7.
Who is a assesses? Who the various types are of assesses? (April/May 2014)
Differentiate capital receipts and revenue receipts? (April/May 2014)
Write a short note on H.U.F?
What are the “Total Income” and “Gross Total Income”?
Define the terms ‘Previous year’ and ‘Assessment year’?
Write a short note on ‘Residential status’?
Explain the two basic conditions to determine the Residential status of an
Individual?
8. Explain the incomes exempted from income tax?
9. State any six items exempted from income tax?
10. What is Agricultural Income as per Income Tax Act?
11. A tea manufacturing company made a profit of Rs. 40, 00,000 during the previous
year 2013-14. The Co. grows Tea leaves in own Tea gardens and also
manufactures Tea. Ascertain the Agricultural income of the company and give
necessary explanation for your answer?
12. ‘R’ had the following income during the previous year 31-3-2014.
Rs.
(i) Salary received in India for three months
9,000
(ii) Income from House Property in India (computed)
13,470
(iii) Interest on Savings Bank Deposits in SBI
1,000
(iv) Amount brought into India out of the past untaxed profit
earned in Germany
20,000
(v) Income from Agriculture in Indonesia being invested in India 12,350
(vi) Income from Business in Bangladesh, being controlled
from India
10,150
(vii) Dividends received in Belgium from French companies
RAAK/M.COM/SUGUMARI/II YEAR/IV Sem/PCM 41/HCM 41/DT/UNIT-1
QB/VER 1.0
Unit – 1 Question Bank Page 1 of 3
ACADEMIC YEAR: 2014 – 2015
REGULATION CBCS - 2012
out of which Rs. 2,500 were remitted to India
23,000
You are required to compute his total income for the assessment year 2014-15, if
he is:
(a) Resident
(b) Not Ordinarily resident
(c) Non-Resident
PART – B QUESTIONS
1.
2.
3.
4.
Explain the various incomes exempted U/S 10? (April/May 2014)
Explain the basis of charge of Income-Tax?
Explain the different categories of assesses according their residential status?
Mention which is comes under the Capital Receipts, Revenue Receipts and
Capital Expenditure, Revenue Expenditure:
1. Legal expenses incurred by a company to defend a suit for its winding up.
2. Expense incurred in curing defect to the title of an asset.
3. Damages received on account of contracts not executed in time.
4. Premium or discount received by a debenture holder.
5. Receipt of amount on maturity of LIC policy.
6. Purchase cost and installation expenditure incurred on plant.
7. Compensation received for loss of trading asset or stock in trade.
8. Profit on sale of technical knowhow.
9. Amount paid as remuneration to promoters of a company.
10. Legal expense in connection with issue or reduction of capital of a company.
5. Sunil earns the following income during the previous year 2013-14
Rs.
1, 00,000
2, 00,000
1. Interest from an Indian Company received in Germany
2. Pension from former employer in India received in U.K.
3. Profits made from a business in Hongkong which is controlled
from India, (half of the profits being received in India.)
20,000
4. Income from companies in USA and received India
1, 00,000
5. Income from Agriculture in USA and received in India
10,000
6. Income from employment n Japan received there
20,000
7. Past untaxed profits brought to India
50,000
Compute Gross Total income of Sunil for the assessment year 2014-2015, if he is:
(i) Resident and Ordinarily Resident in India
(ii) Resident but not Ordinarily Resident in India
(iii) Non Resident in India
RAAK/M.COM/SUGUMARI/II YEAR/IV Sem/PCM 41/HCM 41/DT/UNIT-1
QB/VER 1.0
Unit – 1 Question Bank Page 2 of 3
ACADEMIC YEAR: 2014 – 2015
REGULATION CBCS - 2012
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RAAK/M.COM/SUGUMARI/II YEAR/IV Sem/PCM 41/HCM 41/DT/UNIT-1
QB/VER 1.0
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