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Wednesday, December 23, 2015

B.Com.(FINANCE & INVESTMENT): INCOME TAX,Annamalai University Question Paper

Annamalai University Question Paper December 2014
(Common with BBA Financial Planning)
Time: Three hours Maximum: 100 marks
 Answer any FIVE questions. (5 × 8 = 40)
1. Mention the income tax slab rates for women( below 60 years) for the
assessment year 2012-13
2. What do you mean by clubbing of income?
3. Mention the treatment of preliminary expenses as per income Tax act
4. What are capital gains?
5. Mention the conditions to be followed for the levy of depreciation under I.T. Act
6. State the dedication under Sec 80 D.
7. Explain the meaning of the Benami Transaction. a) What do you mean by
8. What do you mean by “expressly admissible expenses”?
 Answer any THREE questions. (3 ×20 = 60)
9. Mention the provisions for deductions under Section 80DD. Give the Meaning of
Set-off and carry forward.
10. How do you set-off and carry forward short term capital losses. Give the
meaning of Gross Total Income and Total Income.
11. Mr.X purchased a house property in 1978 for `80,000/-. The fair market value
of this house was `1,40,000/- on 1st April 1981. In the year 1985 on
1st November he incurred `60,000/- for improvement of the house and sold the
property on 10th September 2005 for `15,00,000/- and purchased a house for
`5,00,000/- on 15th March 2006. Compute the capital gain chargeable to tax for
the assessment year 2006-07. The cost inflation index are 1981-82=100, 1985-
12. Discuss with reasons, the admissibility of the following expenses while
computing profits and gains of business.
a) Income tax paid `30,000/-
b) Outstanding sales tax PF previous years paid during the year
c) Interest paid on loan taken for daughter’s marriage `8,000/-
d) Loss due to Robbery `50,000/-
e) Legal expenses 10,000/- to defend the assessee’s title to his assets.
13. Briefly discuss the provisions for deductions under Section 80 U.

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