Tax Planning and Management - Nakoda Publishers & Printers

NPP

Code No. 1248 E-7

Tax Planning andManagement

MBASEMESTER- 3rd

(Finance Specialization)

BRILLIANT’S®

www.thebrilliants.in

With Last Year Solved Question Papers

Bilingual English & HindiA§J«oOr Ed§ {hÝXr ^mfm _|

According to DAVV University, Indore

New Syllabus

th

NPPNew Syllabus

Tax Planning and ManagementExamination Scheme: The faculty member will award internal marks out of 20(8 for tests and 12 for class participation). The semester examination carrying 80marks will have two sections A and B. Section A worth 20 marks will have 4theory questions out of which students will be required to attempt any two questions.Section B carrying 60 marks will contain five numerical out of which studentswill be required to attempt any three questions.

1. Introduction to Direct Taxes, Income Tax, Wealth Tax.

2. Important Provision of Income Tax Act.

3. Basic Concepts: Assessment Years, Previous years, Person, Income,Gross Total Income, Capital and Revenue Receipts and Expenditure,Residential Status and Incidence of Tax, Tax Free Income.

4. Income from Salary: Meaning, Taxability of Allowances andPerquisites, Permissible Education, Treatment of PF, Gratuity, TaxPlanning.

5. Income from Business and Profession: Basis of Charge, Scheme ofProvisions, Deductions Expressly Allowed, Expenses Allowed UnderRestriction, Depreciation, Tax Planning.

6. Income from House Property: Tax Planning, Income from CapitalGains and other Sources: Tax Planning.

7. Deduction: Deduction Allowed from Total Income, Rebates and Relief,TDS: Tax Deduction at source, Advance payment of Tax, Filling ofReturns.

8. Tax Planning in Relation to NRIs.

Course Contents

NPPContents

UNIT-1. Introduction to Direct Taxes, Income Tax, Wealth Tax

1.1: Introduction to Direct Taxes

1.2: Introduction to Wealth Taxes

UNIT-2. Introduction to Income Tax

UNIT-3. Residential Status and Incidence of Tax, Tax Free (Exempted)Income

3.1: Residential Status and Incidence of Tax

3.2: Tax Free (Exempted) Income

UNIT-4. Income From Salary

UNIT-5. Income from Business or Profession

5.1: Income from Business or Profession

5.2: Depreciation

UNIT-6. Income from House Property: Income from Capital Gains &Income from Other Sources: Tax Planning

6.1: Income from House Property

6.2: Income from Capital Gain

6.3: Income from Other Sources

UNIT-7. Deduction Allowed from Total Income, Rebates and Relief, TDS:Tax Deduction at Source, Advance Payment of Tax, Filling ofReturns

7.1: Deduction Allowed from Total Income

7.2: Deduction and Collection of Tax at Source (TDS & TCS)

7.3: Advance Payment of Tax, Filling of Returns

UNIT-8. Tax Planning in Relation to NRIs (Non-Resident in India)

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BRILLIANT’S Tax Planning and Management 5

UNIT 11.1 Introduction to Direct Tax

MEANING AND DIFFERENCE BETWEEN DIRECT TAXES AND INDIRECT TAXESS>maoŠQ> Q>¡Šgog Ed§ BZS>maoŠQ> Q>¡Šgog H$m AW© Ed§ BZ_| A§Va

Q.1. Explain the meaning and difference between Direct Taxes and Indirect Taxes.S>maoŠQ> Q>¡Šgog Ed§ BZS>maoŠQ> Q>¡Šgog H$m AW© g_PmB o Ed§ BZ_| A§Va H$s{O oŸ&[MBA-2014]

OBJECTIVES OF TAXATION UNDER INCOME TAX AND WEALTH TAX

BZH$_ Q>¡Šg VWm doëW Q>¡Šg Ho$ A§VJ©V Q>¡ŠgoeZ Ho$ CÔoí`Q.2. As a developing country, what are the objectives of taxation under Income

Tax and Wealth Tax? [MBA-2014]{dH$mgerc Xoe Ho$ {cE, BZH$_ Q>¡Šg VWm doëW Q>¡Šg Ho$ A§VJ©V Q>¡ŠgoeZ Ho$ Š`m CÔoí` h¢?

Review Questions ................................................................................. 25

1.2 Introduction to Wealth TaxesBASIC CONCEPTS OF WEALTH TAX/ doëW Q>¡Šg Ho$ ~o{gH$ H$m°ÝgoßQ>²g

Q.3. Write a short note on main provisions of Wealth Tax.doëW Q>¡Šg go gå~pÝYV _w»` àmdYmZm| na g§{j ßV {Q>ßnUr {b{I `o& [MBA-2017]

ORDiscuss in brief the basic concepts about Wealth Tax.doëW Q>¡Šg Ho$ ~o{gH$ H$m°ÝgoßQ>²g Ho$ ~mao _| g§j on _| ~VmB oŸ& [MBA-2012]

ORExplain the Wealth Tax provisions for Assets.AgoQ>²g Ho$ {cE doëW Q>¡Šg àmo{dOÝg H$mo g_PmB oŸ& [MBA-2011]


UNIT 2Introduction to Income Tax

DEFINITION OF VARIOUS TERMS/ {d{ Þ Q>åg© H$s n[a mf mQ.4. Define 'Assessment year' and 'Previous year'.

"Agog_oÝQ> B a' Ed§ 'àr{d g B a' H$s n[a mf m Xr{O oŸ& [MBA- 2018, 2016]

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ORDefine and distinguish between: 'Assessment year' and 'Previous year'."Agog_oÝQ> B a' Ed§ 'àr{d g B a' H$s n[a mf m Xr{O oŸ Ed§ AÝVa ~VmB o& [MBA- 2017]

ORExplain the following terms with suitable examples: (a) Assessment year(b) Person. [MBA-2014]{ZåZ{c{I V Q>åg© H$s Cn wŠV CXmhaU g{hV ì`m»`m H$s{O oŸ& (a) Agog_oÝQ> B©a (b) ng©Z

DISTINCTION BETWEEN GROSS TOTAL INCOME AND TOTAL INCOMEJ«m°g Q>moQ>c BÝH$_ VWm Q>moQ>c BÝH$_ _| A§Va

Q.5. Define and Distinguish between Gross Total Income (GTI) and Total Income(TI). [MBA- 2017]J«m°g Q>moQ>b BÝH$_ (GTI) Am¡a Q>moQ>b BÝH$_ (TI) H$s n[a mf m XoVo hþE BZ_| _| A§Va ~VmBEŸ&

MEANING OF 'INCOME'/ 'BÝH$_' H$m AW©Q.6. Explain the concept of 'income' with suitable example.

"BÝH$_" H$s AdYmaUm H$mo Cn wŠV CXmhaU H$s ghmVm go g_PmB oŸ& [MBA- 2014]OR

Explain the concept of "income" with relevant section of Income Tax Act inbrief. [MBA- 2012]BÝH$_ Q>¡Šg EŠQ> Ho$ Cn wŠV goŠeÝg go "BÝH$_" H$s AdYmaUm H$mo g§j on _| g_PmBEŸ&

EXCEPTIONS TO THE GENERAL RULE THAT 'INCOME OF THE PREVIOUS YEARIS CHARGEABLE TO TAX IN THE IMMEDIATELY FOLLOWING ASSESSMENT

YEAR'gm_mÝ ê$c {H$ àr{d g B a H$s BÝH$_ na cJZo dmco Q>¡Šg H$m {ZYm©aU

AmJm_r Agog_|Q> B a _| hmoJm, Ho$ AndmXQ.7. 'Income of a previous year is chargeable to tax in the immediately following

assessment year'. Is there any exception to this rule? Discuss."àr{d g B a H$s BÝH$_, Vwa§V ~mX dmbo Agog_|Q> B a _| H$a `mo½ hmoVr h¡Ÿ&' Š`m Bg {Z _ H$mH$moB© AndmX h¡? ì`m»`m H$s{OEŸ& [MBA- 2018, 2016]

CAPITAL AND REVENUE/ H¡$[nQ>b Ed§ aodoÝy

Q.8. Write short notes on:/ g§{j ßV {Q>ßnUr {b{I E…(a) Capital and revenue receipts/ H¡$[nQ>b Ed§ aodoÝy àmpßV m± [MBA-2014](b) Capital and revenue expenditure/ H¡$[nQ>b Ed§ aodoÝy H$m EŠgn|{S>Ma

Solved Practical Questions .................................................................. 44


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UNIT 33.1 Residential Status and Incidence of Tax

RESIDENTIAL STATUS OF AN ASSESSEE{H$gr Agogr H$m ao[gS>|{e` c ñQ>oQ>g

Q.9. Write short note on: Residential Status and Incidence of Tax.ao{gS>|{e`b ñQ>oQ>g Am¡a Q>¡³g H$m B§{gS>|g na {Q>ßnUr {b{I E& [MBA- 2018]

ORWhat do you mean by Residential Status of Individual Assessee? HowResidential Status of an individual assessee is determined for Income Taxpurpose? Explain the relationship between Residence and tax Liability in thisregard.BpÝS>{dOwAb Agogr Ho$ ao[gS>|{e`b ñQ>oQ>g go Amn Š`m g_PVo h¢? BÝH$_ Q>¡Šg Ho$ nn©O Ho${bE BpÝS>{dOwAb Agogr H$m ao[gS>|{e`b ñQ>oQ>g H¡$go kmV {H$m OmVm h¡? ao[gS>|g Ed§ Q>¡Šgbm{~{bQ>r (Xm{ Ëd) Ho$ ~rM g§~§Y H$mo g_PmB oŸ& [MBA- 2015]

ORExplain in detail about Residential status, along with conditions applicable tothem from tax point of view.ao[gS>opÝe`c ñQ>oQ>g Ho$ ~mao _| {dñVmanyd©H$ g_PmBE, gmW hr Q>¡Šg Ho$ Ñ{ï>H$moU go CZHo$ {cEEpßcHo$~c eVm] H$mo ~VcmBEŸ& [MBA-2013]

ORExplain the concept of ‘Residential Status’ with reference to Income Tax Actin brief. [MBA- 2012]BÝH$_ Q>¡Šg EŠQ> Ho$ g§X © _| "ao[gS>|{e`b ñQ>oQ>g' Ho$ {dMma H$mo g§j on _| g_PmBEŸ&

RESIDENTIAL STATUS AND INCIDENCE OF TAXao{gS>opÝe`b ñQ>oQ>g VWm Q>¡Šg H$m B§{gS>oÝg

Q.10. Discuss the provisions of Income Tax Act relating to residential status ofindividual and incidence of tax.ao{gS>opÝe`b ñQ>oQ²>g Ho$ AmYma na Q>¡Šg Ho$ Xm{ Ëd Ho$ gå~ÝY _| BÝH$_ Q>¡Šg EŠQ> Ho$ àmdYmZm|H$m dU©Z H$s{OE& [MBA- 2017]

ORWrite a short note on: 'Residential Status and Tax Liability'.g§{j ßV {Q>ßnUr {b{I `o: 'ao{gS>opÝe`b ñQ>oQ²>g Ed§ Q>¡Šg bmB{~{bQ>r'Ÿ& [MBA- 2016]

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Q.11. Mention any 5 types of income which are deemed to accrue or arise inIndia.BÝH$_ Ho$ {H$Ýht 5 àH$mam| H$mo ~VcmBE Omo ^maV _| d¥{Õ Ho$ {cE g_Po OmVo h¢Ÿ&

[MBA- 2013]



Practical Questions ............................................................................... 67

3.2 Tax Free (Exempted) Income

INCOME EXEMPTED FROM TAX/ H$a go _wº$ AmQ.12. Write a short note on: Ten Exempted Incomes. [MBA- 2016]

Xg H$a_wŠV Amm| na g§{j ßV {Q>ßnUr {b{I `oŸ&OR

What do you mean by exempted Incomes? Name any sixteen exemptedIncomes available to Individual Assessee. [MBA- 2015]H$a_wŠV Am go Amn Š`m g_PVo h¢? BpÝS>{dOwAb Agogr H$mo CnbãY H$moB© 16 H$a_wŠV Am ~VmB oŸ&

TAX FREE INCOME/ Q>¡Šg \«$s BÝH$_Q.13. Explain the term 'Tax Free Income' with suitable example.

"Q>¡Šg \«$s BÝH$_" Q>_© H$mo Cn wŠV CXmhaU H$s ghmVm go g_PmB oŸ& [MBA-2014]OR

Give eight instances of income exempted from tax, describing in brief thecondition, if any, to be fulfilled in respect of each to be eligible for exemption.H$a go _wº$ Am Ho$ AmR> CXmhaU Xr{OE, àËoH$ _m_co _| Ny>Q> Ho$ `mo½ hmoZo Ho$ {cE ny{V© H$sOmZo dmcr Amdí`H$ eVm] H$mo g§{j á _| g_PmBEŸ&

OREnumerate with reference to section 10 of the Income Tax Act, 1961, five typesof income which are totally exempted from tax.BÝH$_ Q>¡Šg EŠQ>, 1961 Ho$ goŠeZ 10 Ho$ gÝX © _|, BÝH$_ Ho$ nm±M àH$ma ~VmB o Omo Q>¡Šggo nyar Vah _wº$ hm|Ÿ&

ORExplain the incomes exempted under the following sections of Income TaxAct: (i) Section 10 (1) (ii) Section 10 (5) (iii) Section 10 (13 A)BÝH$_ Q>¡Šg EŠQ> Ho$ {ZåZ goŠeÝg Ho$ AÝVJ©V Ny>Q> dmcr BÝH$_ H$mo g_PmB o: (i) goŠeZ 10(1)(ii) goŠeZ 10(5) (iii) goŠeZ 10 (13 A)


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UNIT 4Income From Salary

MEANING OF SALARY/ doVZ H$m AW©Q.14. ''Salary is taxable either on due basis or on receipt basis". Discuss.

' 'doVZ H$a `mo½ h¡, ^co hr ~H$mm Ho$ AmYma na hmo `m àmpßV Ho$ AmYma na & ' ' g_PmBEŸ&

ALLOWANCES AND PERQUISITES/ AcmCÝgog Ed§ AZwcmQ.15. Mention any four allowances under the Head Income from Salary.

doVZ go Am Ho$ hoS> Ho$ A§VJ©V {H$Ýht Mma AcmCÝgog H$mo _oÝeZ H$s{OEŸ& [MBA- 2013]OR

Explain in detail about any 5 perquisites covered under Head-Income fromSalary. [MBA- 2013]doVZ go Am hoS> Ho$ A§VJ©V gpå_{cV {H$o JE {H$Ýht nm§M AZwbm Ho$ ~mao _| {dñVma go g_PmBE&

ORUnder the head income from salary, mention:doVZ go Am erf ©H$ Ho$ A§VJ©V g_PmB o:(a) Different allowances and their taxability. (any 3)

{d{ Þ AcmCÝgog Ed§ CZH$s Q>¡Šgo{~{cQ>r(b) Different types of perquisites and their taxability. (any 3)

{d{ Þ AZwcm Ed§ CZH$s Q>¡Šgo{~{cQ>r (H$moB© 3) [MBA- 2012]OR

Discuss various allowances and perquisites as per I.T. Provisions for employees.B§H$_ Q>¡Šg Ho$ àmdYmZm| Ho$ AZwgma H$_©Mm[a m| H$mo {_cZo dmco {d{ Þ AcmCÝgog Ed§ AZwcmm|H$m dU©Z H$s{O o& [MBA- 2011]

RETIREMENT BENEFITS/ [aQ>ma_|Q> ~o{Z{\$Q²>gQ.16. Write a short note on: ‘Commutation of Pension’.

'n|eZ Ho$ H$å wQ>oeZ' na g§{úmá {Q>ßnUr {c{I E& [MBA- 2012]OR

Discuss the provisions of income tax act about the following retirementbenefits:(i) Gratuity (ii) Encashment of Earned Leave (iii) Pension{ZåZ{c{I V [aQ>ma_|Q> ~o{Z{\$Q²>g Ho$ g§X © _| B§H$_ Q>¡Šg EŠQ> Ho$ àmdYmZm| H$s ì`m»`m H$s{O o:(i) J«oÀ wQ>r (ii) A{O©V AdH$me H$m ZH$XrH$aU (iii) n|eZ

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DEDUCTIONS FROM GROSS SALARY U/S 16goŠeZ 16 Ho$ A§VJ©V J«mg gocoar _| go H$Q>m¡{V m±

Q.17. Mention any two section No. and Deduction allowed under it for any Head ofIncome.{H$gr ^r Am Ho$ hoS> Ho$ A§VJ©V AmZo dmco {H$Ýht Xmo goŠeZ H$s g§»`m Ed§ Xr JB© H$Q>m¡Vr H$mo~VcmBEŸ& [MBA-2013]

ORWrite short notes on: Permissible deduction from GTI under Income from Salary.g§{úmá {Q>ßnUr {c{I E: doVZ go Am Ho$ A§VJ©V GTI _| go ñdrH¥$V H$Q>m¡Vr & [MBA-2013]


Review Questions ............................................................................... 123

Practical Questions ............................................................................. 123

UNIT 55.1 Income from

Business or ProfessionMEANING OF TERMS 'BUSINESS', 'PROFESSION' AND 'VOCATION'

"{~OZog', "àmo\o$eZ' Am¡a "dmoHo$eZ' eãXm| H$m AW©Q.18. Define the terms ‘business’, ‘profession’ and ‘vocation’ as per Income Tax Act.

BÝH$_ Q>¡Šg EŠQ> Ho$ AZwgma "{~OZog', "àmo\o$eZ' Am¡a "dmoHo$eZ' eãXm| H$s ì`m»`m H$s{OEŸ&

PROVISIONS RELATING TO ALLOWANCE OF VARIOUS EXPENDITURES{d{ Þ àH$ma Ho$ ì` `m| Ho$ ñdrH¥${V g§~§Yr àmdYmZ

Q.19. Mention the types of business income not taxable with brief reasons.CZ {~OZog BÝH$_ H$mo g§j on _| H$maU g{hV Xem©B o Omo Q>¡Šgo~c Zht h¡Ÿ& [MBA-2014]

ORDiscuss the provisions for deductions expressly allowed in respect of Rent,Rates, Taxes, Repairs and insurance of Building with relevant sections.{H$amm, Xa, H$a, {~pëS>J H$s {ano[aJ Ed§ BÝí`moaoÝg go gå~pÝYV ñnï> ê$n go ñdrH¥$V H$Q>m¡{V m|Ho$ àmdYmZm| H$s goŠeÝg g{hV ì`m»`m H$s{O oŸ& [MBA-2014]

ORWrite short notes on: Deductions expressly, allowed under Income fromBusiness and Profession. [MBA-2013]g§{úmá {Q>ßnUr {c{I E: {~OZog Am¡a àmo\o$eZ go BÝH$_ Ho$ A§VJ©V ñdrH$ma H$s J` r H$Q>m¡{V m§Ÿ&

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TAX PLANNING IN RESPECT OF PROFITS AND GAINS OFBUSINESS OR PROFESSION

{~OZog `m àmo\o$eZ Ho$ bmm| Ho$ gå~ÝY _| Q>¡Šg- ßbmqZJQ.20. Discuss the important points for tax planning in respect of profits and gains

of Business or Profession. [MBA- 2018]{~OZog `m àmo\o$eZ Ho$ bmm| Ho$ gå~ÝY _| Q>¡Šg ßbmqZJ Ho$ {b`o _hÎdnyU© nm°BÝQ²>g H$s ì`m»`mH$s{O o&

Solved Practical Questions ................................................................ 147



5.2 DepreciationQ.21. Write a note on: 'Depreciation u/s 32 of the Income Tax Act'

'BÝH$_ Q>¡Šg EŠQ> Ho$ goŠeZ 32 Ho$ A§VJ©V S>o{à{gEeZ' na EH$ {Q>ßnUr {b{I EŸ&

CARRYING FORWARD OF UNABSORBED DEPRECIATIONAZEãOm°ãS>© S>o{à{gEeZ H$mo AmJo co OmZm

Q.22. How would you treat unabsorbed depreciation while calculating total income?Q>moQ>b BÝH$_ H$s JUZm H$aVo g_ Amn AZEãOm°ãS>© S>o{à{gEeZ H$m Š`m H$a|Jo?



UNIT 66.1 Income from House Property

COMPUTATION OF INCOME FROM A LET OUT HOUSE PROPERTY

{H$amo na {X o J`o hmCg àm°nQ>u go Am H$s JUZmQ.23. Discuss the important points regarding house property and its tax planning.

hmCg àm°nQ>u go g§~§{YV BÝH$_ Ho$ ~mao _| _hËdnyU© ~mV| ~VmBE VWm BgH$s Q>¡Šg ßbmqZJ ^r~VmBE& [MBA- 2017]

ORWrite notes on: (i) Annual Value (ii) Unrealized Rent (iii) Standard Rent{Q>ßnUr {c{I E: (i) EÝyAc d¡ë y (ii) AZ[a cmBÁS> aoÝQ> (iii) ñQ>¡ÝS>S>© aoÝQ>Ÿ&[MBA- 2010]

OR

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Briefly discuss the deductions from Annual Value of House Property.hmCg àm°nQ>u H$s EÝyAc d¡ë y _| go H$Q>m¡{V m| H$mo g§j on _| ~VmBEŸ& [MBA- 2011]

COMPUTATION OF INCOME FROM A SELF OCCUPIEDPROPERTY AND ITS TAX PLANNING

ñd § Ho$ Cn moJ H$s àm°nQ>u na BÝH$_ H$s JUZm Ed§ BgH$s Q>¡Šg ßbmqZJQ.24. Discuss the important points regarding house property and its tax planning.

_H$mZ gånpËV go gå~pÝYV _hËdnyU© {~ÝXþAm| H$s ì`m»`m H$s{OE Ed§ BgH$s Q>¡Šg ßbmqZJg_PmB o& [MBA-2017]




6.2 Income from Capital Gain

MEANING AND TYPES OF CAPITAL GAINS/ H¡${nQ>c JoZ H$m AW© VWm àH$maQ.25. Explain in detail the term "Capital Asset" under the Head Income from Capital

Gains. [MBA-2013]H¡${nQ>b JoZ go Am hoS> Ho$ A§VJ©V "H¡${nQ>c AgoQ>" eãX H$mo {dñVma go g_PmBEŸ&

ORWhat do you understand by the term ‘Capital Gain’? How many types arethere?'H¡${nQ>c JoZ' eãX go Amn Š`m g_PVo h¢? BgHo$ {H$VZo àH$ma hmoVo h¢? [MBA-2011]

ORWhat is Capital Gain? What are the kinds of Capital Gain?H¡${nQ>c JoZ Š`m h¡? H¡${nQ>c JoZ Ho$ {H$VZo àH$ma h¢? [MBA-2010]

PROCEDURE OF COMPUTATION OF CAPITAL GAIN/ H¡$[nQ>c JoZ H$s JUZm H$s {d{YQ.26. Distinguish short term and long term capital gains for: (i) Residential Property

(ii) Equity Sharesem°Q>©- Q>_© H¡${nQ>b JoZ Ed§ bm±J- Q>_© H¡${nQ>b JoZ Ho$ _Ü {ZåZ AmYma na A§Va ñnï> H$s{OE:(i) ao{gS>opÝe`c àm°nQ>u (ii) B{ŠdQ>r eog© [MBA-2013]

ORMention Cost Inflation Index for any four years.{H$Ýhr Mma df m] Ho$ {cE H$m°ñQ> BÝâcoeZ BÝS>oŠg H$mo _oÝeZ H$s{OEŸ& [MBA-2013]

OR

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Briefly explain how capital gain is computed?g§j on _| ~VmBE {H$ H¡${nQ>c JoZ H$s JUZm H¡$go H$s OmVr h¡? [MBA-2011]

ORWhat is the procedure of Computation of Capital Gain? Explain variousexempted capital gains under Income Tax Act. [MBA-2010]H¡$[nQ>c JoZ H$s JUZm H$s {d{Y Š`m h¡? BÝH$_ Q>¡Šg EŠQ> _| {d{ Þ Ny>Q> dmco H¡${nQ>c JoZg_PmBEŸ&




6.3 Income from Other Sources

INCOME TAXABLE UNDER THE HEAD ‘INCOME FROM OTHER SOURCES’

AÝ òmoVm| go BÝH$_ hoS> Ho$ A§VJ©V H$a `mo½ BÝH$_Q.27. Explain in brief income taxable under the head ‘Income from other Sources’.

"AÝ òmoVm| go Am' hoS> Ho$ AÝVJ©V H$a `mo½ BÝH$_ H$mo g§j on _| g_PmB oŸ&OR

Mention the different types of income specifically mentioned as chargeable totax under the head ‘Income from other Sources’.{d{ Þ àH$ma H$s Am ~VmB o {deof H$a Omo 'AÝ òmoVm| go BÝH$_' hoS> Ho$ AÝVJ©V H$a mo½ hm|Ÿ&



UNIT 77.1 Deduction Allowed from Total Income

DEDUCTIONS U/S 80C TO 80 U, REBATE AND RELIEFgoŠeZ 80 C go 80 U Ho$ AÝVJ©V {S>S>ŠeZ, [a~oQ> Ed§ amhV

Q.28. Write a short note on: Deductions allowed from Total Incomeg§{j ßV {Q>ßnUr {b[I E: Hw$b Am _| go ñdrH¥$V {S>S>ŠeÝg [MBA-2017]

ORWrite a short note on: Deduction of U/S 80C.goŠeZ 80C Ho$ AÝVJ©V {S>S>ŠeZ na g§{j ßV {Q>ßnUr {b[I EŸ& [MBA-2016]

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ORWrite a short note on “Deduction of U/S 80G”.""goŠeZ 80G Ho$ AÝVJ©V {S>S>ŠeZ' ' na g§{j ßV {Q>ßnUr {b{I EŸ& [MBA-2015]

ORExplain the deductions allowed and conditions applicable for the following:{ZåZ{c{I V go gå~pÝYV ñdrH¥$V {S>S>ŠeÝg Ed§ cmJy hmoZo dmcr H$ÝS>reÝg H$s ì`m»`m H$s{O o…(a) 80 CCD (b) 80 E (c) 80 D [MBA-2014]

ORDiscuss qualifying investments and the amount of investments under eachsection from 80C to 80G. At least one type of investment in each section andtotal types should be 10 investments.goŠeZ 80 C go 80 G VH$ àËoH$ goŠeZ Ho$ AÝVJ©V Šdm{b\$mB§J BÝdoñQ>_|Q²>g Am¡a BÝdoñQ>_|Q²>gH$s am{e ~VmB oŸ& àËoH$ goŠeZ _| H$_ go H$_ EH$ àH$ma H$m BÝdoñQ>_|Q> Am¡a Hw$b 10 àH$ma Ho$BÝdoñQ>_|Q> hm|Ÿ& [MBA- 2012]

REBATE AND RELIEF/ ar~oQ> VWm ar{c\$Q.29. Discuss the provisions of Sec. 89 with respect to relief to a salaried employee

for salary in arrear or advance. Also give example.EH$ doVZ moJr H$_©Mmar H$mo doVZ ~H$mm `m ES>dm§g Ho$ {bE goŠeZ 39 Ho$ AÝVJ©V amhV Ho$àmdYmZm| H$mo g_PmB oŸ&



7.2 Deduction and Collection of Tax atSource (TDS & TCS)

PROVISIONS of TDS/ TDS Ho$ àmdYmZQ.30. Write a short note on 'Tax Deduction at Source' (TDS).

'gmog© na Q>¡Šg {S>S>ŠeZ' (TDS) na g§{j ßV {Q>ßßUr {b{I EŸ& [MBA-2018, 2015]OR

Briefly explain TDS / g§úmon _| g_PmBE: TDS [MBA-2013]OR

Discuss in detail the TDS provisions and the sections applicable for the following:TDS àmo{dOÝg Am¡a {ZåZ hoVw cmJy hmoZo dmco goŠeZ H$mo {dñVma go g_PmB o…(a) Interest on Securities / {gŠ`mo[aQ>rO na ã mO

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(b) Winnings from Lotteries or Cross word puzzlescm°Q>ar m dJ© nhocr go OrVr JB© aH$_

(c) Dividends/ {S>{dS>oÝS²>g

Give suitable examples to illustrate, if the amount is ` 2 lacs in each of theabove.Cn wŠV CXmhaUm| go g_PmB o {X CnamoŠV àËoH$ H$s am{e 2 cmI hmoŸ& [MBA-2012]

ORWrite a note on ‘TDS provisions for interest on securities’."{gŠ`mo[aQ>rO na ã mO Ho$ {cE TDS Ho$ àmdYmZ" na EH$ {Q>ßnUr {c{I `oŸ& [MBA-2011]

TAX COLLECTION AT SOURCE (TCS) [SEC.206C]gmog© na Q>¡Šg H$coŠeZ (TCS) [SEC.206C]

Q.31. Write a note on ‘Tax Collection at Source’."gmog© na Q>¡Šg H$cooŠeZ" na {Q>ßnUr {c{I `oŸ&


7.3 Advance Payment of Tax,Filling of Returns

ADVANCE PAYMENT OF TAX / Q>¡Šg H$m ES>dmÝg no_|Q>Q.32. What do you understand by 'Advance Tax'? How it is computed? Discuss the

provisions of Income Tax Act regarding its payment.'ES>dmÝg Q>¡Šg' go Amn Š`m g_PVo h¢? BgH$s JUZm H¡$go H$s OmVr h¡? BgHo$ no_oÝQ> Ho$ gå~ÝY _|BÝH$_ Q>¡Šg EŠQ> Ho$ àmdYmZm| H$s ì`m»`m H$s{O oŸ& [MBA-2018, 2016]

ORWrite short note on: 'Advance Payment of Tax'g§{j ßV {Q>ßnUr {b{I E: 'Q>¡Šg H$m ES>dmÝg no_|Q>' [MBA-2017]

ORWrite a short note on "Advance Payment of Tax".Q>¡Šg Ho$ ""ES>dm§g no_|Q>' ' na g§{j ßV {Q>ßnUr {b{I EŸ& [MBA-2015]

ORBriefly explain: Advance Payment of Tax.g§úmon _| g_PmBE: Q>¡Šg H$m ES>dmÝg no_|Q> & [MBA-2013]

ORMention the due dates of payment of advance tax and percentage of tax payablefor Individuals and Corporates. Also mention types of incomes covered andabove what amount, it is levied.

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ES>dm§g Q>¡Šg Ho$ no_oÝQ> H$s S²>y S>oQ²>g Ed§ ì`pŠV VWm H$m°nm}aoQ>²g Ho$ {cE Q>¡Šg MwH$mo OmZo H$m à{VeV~VmB oŸ& `h ^r ~VmB o {H$ {H$VZo àH$ma H$s BÝH$_ H$dS>© h¡ Am¡a {H$VZr am{e Ho$ ~mX `h dgycmOmVm h¡Ÿ? [MBA-2012]

ORMention important dates and advance tax payable for corporate assessee, andbriefly explain how advance tax liability is computed?H$m°nm}aoQ> Agogr Ho$ {cE _hËdnyU© VmarI | Am¡a MwH$mZo mo½ ES>dm§g Q>¡Šg ~VmB o Am¡a g§j on _| ~VmB o{H$ ES>dm§g Q>¡Šg cm[~{cQ>r H$s JUZm {H$g àH$ma H$s OmVr h¡Ÿ? [MBA-2011]

FILING OF RETURN OF INCOME / BÝH$_ Ho$ [aQ>Z© H$mo Xm{I c H$aZmQ.33. Write a short note on: Filing for Returns

g§{úmá {Q>ßnUr {c{I E: [aQ>Z© \$mBc H$aZm [MBA-2018, 2013]OR

Discuss the provisions of Income Tax Act relating to filing of Return of Income.BÝH$_ H$s [aQ>Z© \$mB©b H$aZo Ho$ gå~ÝY _| BÝH$_ Q>¡Šg EŠQ> Ho$ àmdYmZm| H$s ì`m»`m H$s{O oŸ&

[MBA-2016]OR

Write a short note on "Filing of Income Tax Return of Individuals".""B§{S>{dOwAëg Ûmam BÝH$_ Q>¡Šg [aQ>Z© H$s \$mBqbJ' ' na g§{j ßV {Q>ßnUr {b{I EŸ&[MBA-2015]

OR(a) Who should file the return of income and which section stipulates it?

{H$go BÝH$_ Ho$ [aQ>Z© H$mo \$mBc H$aZm Mm{hE Ed§ H$m¡Z gr goŠeZ Bg na bmJy hmoVr h¡?(b) What is the penalty for failure to furnish the Return? Mention Section related

to this?[aQ>Z© H$mo \${Z©e H$aZo _| Ag\$c hmoZo na Š`m noZëQ>r h¡? Bggo g§§~§{YV goŠeZ H$mo ~VcmBEŸ&

(c) What is revised return and the time limits applicable?[admBÁS> [aQ>Z© {H$go H$hVo h¢ Ed§ BgHo$ {cE ñdrH¥$V g_ gr_m Š`m h¡?

In all the above cases, give one example each of an individual, his income, theA.Y. or F.Y. and the section which is applicable.Cnamoº$ g^r Ho$gog _|, {H$gr ì` {º$, CgH$s Am, Agog_|Q> df © AWdm \$mZopÝe`c df © Ed§ goŠeZOmo EpßcHo$~c h¡, CgH$m àËoH$ Ho$g Ho$ {cE EH$ CXmhaU Xr{OEŸ& [MBA-2013]

OR(a) Return of Income is filed in prescribed ITR forms. Mention Type of ITR form

and its applicability.[aQ>Z© Am°\$ BÝH$_ {ZpíMV ITR \ $m°åg© _| CnpñWV \$sëS> h¡Ÿ& ITR \ $m°_© Ho$ àH$ma VWm BgHo$AZwà moJ H$m C„ oI H$s{OEŸ&

(b) Due dates for filing returns of Income.BÝH$_ Ho$ [aQ>Z© H$mo O_m H$aZo Ho$ {cE S²>y S>oQ> na g§{j á {Q>ßnUr {c{I `oŸ& [MBA-2012]

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Q.34. File an IT Return for Manager working in a software company earning 12 lacsper annum. PF deduction 10%. Pays House Rent of 10,000 per month and travelsto company in his own car. Tuition Fees paid for 2 children’s education is ` 1lakh per annum. TDS is deducted as per applicable IT slabs.{H$gr gm°âQ>doa H§$nZr _| H$m©aV n«{V df © 12 cmI H$s Am dmco _¡ZoOa Ho$ {cE EH$ IT [aQ>Z©\$mBc H$s{OE& PF H$Q>m¡Vr 10% à{V _mh 10,000 Ho$ hmCg a|Q> H$m wJVmZ VWm Omo AnZr ñd §H$s H$ma _| H§$nZr VH$ Q>odc H$aVm hmoŸ& à{V df © Xmo ~ÀMm| H$s {ej m Ho$ {cEŸ1 cmI én o Q>yeZ \$sgAXm H$aVm hmoŸ& cmJy hmoZo dmcr IT ñc¡ãg Ho$ AZwgma TDS H$s H$Q>m¡Vr H$s OmVr hmoŸ&[MBA-2012]

Q.35. Write short notes on the following:/ {ZåZ{c{I V na g§{j á {Q>ßnUr {c{I `o:(i) Self-Assessment/ goë\$ Agog_oÝQ>(ii) Regular Assessment/ ao½yca Agog_oÝQ>(iii) PAN (Permanent Account Number)/ PAN (na_mZoÝQ> AH$mC§Q> Zå~a)


UNIT 8Tax Planning in Relation to NRIs

(Non-Resident in India)TAX INCIDENCE AND PLANNING FOR NRIs

NRIs Ho$ {bE Q>¡Šg BpÝgS>oÝg VWm ßbmqZJQ. 36. Discuss in brief: Tax Planning in relation to NRIs.

NRIs Ho$ g§~§Y _| Q>¡Šg ßbmqZJ {df ` na g§j on _| MMm© H$s{OEŸ& [MBA-2012, 2017]OR

Discuss the provisions of any two sections from 115A to 115D regarding compu-tation of income and tax thereon for NRIs.NRIs Ho$ {bE BÝH$_ VWm Cg na Q>¡Šg H$s JUZm go g§~§{YV 115A go 115D VH$ Xmo goŠe§g goàmdYmZm| na MMm© H$s{OEŸ& [MBA-2011]

TAX EVASION, TAX AVOIDANCE, TAX PLANNING & TAX MANAGEMENTQ>¡Šg BdoOZ, Q>¡Šg Adm°BS>|g, Q>¡Šg ßbmqZJ VWm Q>¡Šg _¡ZoO_oÝQ>

Q.37. Define and differentiate between Tax Planning and Tax Avoidance. Explainsalient features and scope of Tax Planning.Q>¡Šg ßbmqZJ VWm Q>¡Šg Adm°BS>|g H$s ì`m»`m H$s{OE Ed§ CZ_| A§Va ~VmBEŸ& Q>¡Šg ßbmqZJ Ho$_w»` bj U Ed§ ñH$mon H$mo g_PmBEŸ& [MBA-2015]

OR

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Briefly explain the terms: (a) Tax Avoidance (b) Tax Planning{ZåZ{c{I V Q>åg© H$mo g§{úmá _| g_PmBE: (a) Q>¡Šg Adm°BS>oÝg (H$a go ~Mmd) (b) Q>¡Šg ßcmqZJ(H$a {Z moOZ) [MBA-2013]

OR(a) Compare to bring out the differences between:

{ZåZ{b{I V Ho$ ~rM _| A§Va hoVw VwbZm H$s{OE…(i) Tax Avoidance and Tax Evasion/ Q>¡Šg Adm°BS>|g VWm Q>¡Šg BdoOZ(ii) Tax Planning and Tax Management on any four broad parameters.

Q>¡Šg ßbm[Z§J VWm Q>¡Šg _¡ZoO_oÝQ> VWm Bg VwbZm hoVw Mma {dñV¥V n¡am_rQ>g© H$m Cn moJH$r{OEŸ&

(b) Give one example for Tax avoidance, Tax evasion, Tax planning and Taxmanagement. [MBA-2012]Q>¡Šg Adm°BS>|g, Q>¡Šg BdoOZ, Q>¡Šg ßbmqZJ VWm Q>¡Šg _¡ZoO_|Q> H$m EH$ CXmhaU Xr{OEŸ&

ORWrite notes on: Tax evasion, Tax avoidance and Tax planning.Q>¡Šg BdoOZ, Q>¡Šg Adm°BS>|g VWm Q>¡Šg ßbmqZJ na {Q>ßnUr {b{I EŸ& [MBA-2011]

OR“Tax Planning is legal and moral way of tax saving.” Discuss this statementand describe its importance in relation to NRIs. What is the difference be-tween tax planning and tax management?""Q>¡Šg ßbmqZJ Q>¡Šg H$mo ~MmZo H$m brJb VWm _m°ab VarH$m h¡' 'Ÿ& Bg H$WZ na MMm© H$s{OE VWmNRIs Ho$ g§~§Y _| BgHo$ _hËd H$m dU©Z H$s{OEŸ& Q>¡Šg ßbmqZJ VWm Q>¡Šg _¡ZoO_oÝQ> Ho$ ~rM Š`mA§Va h¡? [MBA-2010]


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