Master of Business Administration (MBA) Examination

III Semester

(Tax Planning and Management)

Time 3 Hours]                                                                                                 [Max. Marks : 80

Section A

1.         Discuss in brief account of heads of income under the Income Tax Act.

2.         Discuss the various important points in relation to Tax Planning for Non Resident Individuals.

3.         Discuss the main provisions regarding provident fund in the Income Tax Act.

4.         What deductions are allowed from the annual value in computing the income from House Property?

5.         Write short note on: Agricultural Income

Section B

6.         Shri Anil Gupta, working in Western India Limited, Mumbai, has furnished the following details of his income for the previous year.

(a)        (i) Salary Rs. 24,000 per month

(ii)        Bonus equal to six months' salary

(iii)       Entertainment allowance at Rs. 500 per month

(iv)       Personal medical bill of Rs. mow were reimbursed by the employer.

(b)        His income from house property (computed) Rs. 30,000 per an-num.

(c)        His other incomes are : (i) Interest on securities Rs. 6,000

 (ii) Interest on bank deposit Rs. 10,000

(d)       He donated Rs. 2,500 to the Government for the promotion of family planning.

(e)        He paid Life Insurance Premium Rs. 4,500 during the year. Compute the total income of Shri Anil Gupta.