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1 310/MBA(I) MBA/28/FM-301/T/ODD/ MBA (3rd Sem) Paper Name : Corporate Taxation and Tax Planning Paper Code : FM-301 Full Marks : 70 Time : 3 Hours The figures in the right-hand margin indicate marks. Candidates are required to give their answers in their own words as far as practicable. GROUP-A (Multiple Choice Type Questions) 1. Choose the correct alternatives for any ten of the following: 1 10=10 (i) Which of the following is Direct Tax? a) Income tax b) Wealth tax c) Professional tax d) All of these (ii) Maximum amount of leave salary exempted as per sec.10 (10AA) (ii) of the Income Tax Act 1961 a) Rs.5,00,000 b) Rs.8,00,000 c) Rs.10,00,000 d) Rs.3,00,000 (iii) Kolkata Municipal Corporation is an example ofa) An individual b) An artificial Juridical person c) A local authority d) Associate of person. (iv) Maximum amount of gratuity exempted under Income Tax Act 1961, at present is a) Rs.1,00,000 b) Rs.5,00,000 c) Rs.8,00,000 d) Rs.3,50,000 (v) An individual less than 60 years, income exempted from tax up to - a) Rs.2,50,000 b) Rs.2,00,000 c) Rs.3,00,000 d) None of these. 310/MBA(I) [2]

2 (vi) TDS stands fora) Tax deduction for sale b) Tax deduct at source c) Tariff discount scheme d) Tax discount scheme (vii) Rounding off of income tax is provided in the Income Tax Act ina) U/S 174 b) U/S 14A c) U/S 388A d) U/S 184 (viii) Form 'C' is applicable in case ofa) Local sales b) Central sales c) Export sales d) None of these (ix) For an employee is receipt of children education allowance for his 3 children the maximum annual allowance exempted u/s 10(14) in - a) Rs.l200 b) Rs.2400 c) Rs.4800 d) Rs.7600 (x) One of the exemption alternative u/s 10(13A) is a) 10% of salary b) Excess of rent paid over 10% of salary c) All of these d) None of these. xi) Uncommuted pension are taxable in hands of - a) Govt. employee b) Non Govt. employee c) All types of employee d) Pvt. Employee Group-B (Short Answer Type Questions) Answer any three of the following : 3 5=15 2. Dr. Banerjee of Indian origin left India for the first time on May 1, 2009 and came back to India permanently on July 6, From May 1, 2009 to March 31, 2012 every year he visited India and stayed here for 88 days in each of the financial year and but stayed for 178 days during financial year. During the period from April 1, 2012 to July 5, 2012 he did not visit India. 310/MBA(I) [3] 310/MBA(I) [4]

3 Discuss the residential status of Dr. Banerjee so far as the assessment year is concerned. 3. X furnishes the following particulars for the previous year :- Basic salary Rs.3000 per month, Dearness Allowance) not forming part of salary) Rs.1000 per month. House rent Allowance Rs.900 per month. He has stayed in his own house while he was in Kolkata up to June 30, 2012 and there after he is posted at Nagpur from July 1, 2012 on similar scale of pay and allowances where he has arranged a rental accommodation for him at a monthly rent of Rs Compute the amount of house rent allowance taxable in his hands for the relevant assessment year. 4. Mr. John an employee of a private concern, retired on January 31, 2013 and his pension is fixed at Rs.3500 per month. He has received Rs.21,000 as a commuted value of 60% of his monthly pension in February, Discuss the taxability of pension in the hands of Mr. John for the assessment year , assuming that he has also received gratuity of Rs.20, From the following particulars compute depreciation allowance for the previous year : Rs. W.D.V of the block of plant and machineries on April 1, ,20,000 (Consisting of machineries A&B Depreciation rate 15%) Cost of (depreciation rate 15%) acquired and put to Use on Nov. 2, ,000 Sale proceeds of machinery- A during the year 50, Write a short note on any two of the following: a) Index cost of acquisition. b) Objects of tax planning. c) Person as per Income Tax Act 1961 Group - C (Long Answer Type Questions) Answer any three of the following : 15 3=45 7. a) State the basic feature of central sales tax. b) How is Turnover calculated under the CST Act? 310/MBA(I) [5] 310/MBA(I) [6]

4 c) A dealer makes interstate sales of Rs (inclusive of CST) during the quarter ended December 31, Goods worth Rs.7000 have been returned on January 15, 2013 and Goods rejected amounted to Rs.9000 on March 2, Applicable CST is 2%. Calculate taxable Turnover and amount of CST payable =15 8. X is employed in a private Ltd. Co. in Mumbai. He furnishes the following particulars of his income from salary for the year a) Net salary received -Rs.l,30,200 b) Amount deducted from salary: Own contribution to R.P.F -Rs.9500 Income Tax -Rs.2400 Professional Tax -Rs.480 c) He is provided with a car (cubic capacity of engine -1.2L. both for official and private works. Entire expenses including driver s salary are paid by the employer. e) His salary including medical allowance of Rs.800 per month and house rent allowance of Rs.1000 Per month. f) He lives in a rented accommodation in Mumbai paying rent of Rs a) Discuss the provisions relating to exemptions provided u/s 54. b) X furnishes the following particulars in respect of his residential house property: House purchased on Sept.9, 2007 Rs.3,50,000 House sold on June 12, 2012 Rs. 12,25,000 Expenses on transfer Rs.5,700 New Residential House purchased on February 5, 2013 Rs.l8,50,000 Compute capital gain chargeable to tax for the assessment year (Given-cost inflation index for the financial year =5, =5, =85) d) His employer paid life insurance premium of Rs.l500 on his behalf. 310/MBA(I) [7] 310/MBA(I) [8]

5 10. From the following Profit & Loss Account of Sri Roy for the year ended 31st March, 2013, find out his taxable income from business: Dr. P & L Account Cr. Particulars Amount Particulars Amount (Rs.) (Rs.) To office expenses By Gross profit To General expenses By interest on govt. To Interest on loan 4800 securities To Interest on capital By Discount 3650 To Reserve for bad debt 8350 By Share of - To Bad debt profit from a To Audit fees 3000 partnership firm To Rent To Income tax To Charity & donation 4850 To Law charges 3700 To Building & - construction (office) To Compensation toretrenched employee To Net profit Following facts should be taken into consideration in computing the income: a) Rent includes Rs.6000 in respect of the rent of office building belonging to the proprietor himself. b) General charges include Rs.35,000 towards purchase of new furniture for office. c) Depreciation allowance as per I.T rules works out at Rs.35,500 d) Addition of plant & machinery during the year was Rs.9,000 e) Law charges include Rs.3000 being penalty imposed by the Customs authority. 11. X owns two houses the particulars of which for the year ended 31st March, 2013 are as follows: House No. 1 House No. 2 Construction completed on How used Let out for 3/4th self occupied Residence for residence & 1/4th let out to residence Municipal tax paid Rs.2500 Rs.2200 (Assessed at 10% of Municipal value.) Rent received Rs Rs.6000 Insurance premium Rs.3500 Rs.2200 Interest on loan Rs.3700 Rs.4800 Land revenue Rs.5200(Due) Rs /MBA(I) [9] 310/MBA(I) [10]

6 Compute income from house property of X for the assessment year after considering the following additional points: Calculate the net tax payable by X for the said month. Assume that all purchase and sales are given exclusive of VAT. a) House No.1 consists of two flats of equal sizes. b) Municipal tax of Rs.500 in respect of House No.l was in arrear. 12. a) What is a zero-rated sale as per VAT? b) X a registered dealer in West Bengal, makes the following purchases and sales during the month of June Purchases:- Rs. Leather shoes (VAT rates 13.5%) 3,50,000 Leather bags (VAT rates 13.5%) 1,75,000 Socks (VAT rates 4%) 63,000 Other stationery (VAT rates 4%) 38,200 Sales : Leather shoes 6,15,000 Leather bags 2,80,000 Socks 72,000 Socks and leather shoes worth Rs.35,000 was returned within 6 months. Leather shoes worth Rs.5,200 were destroyed and leather bag worth Rs.1,000 were taken by X for personal use. 310/MBA(I) [11] 310/MBA(I) [12]

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