Master of Business Administration (MBA) Examination

III Semester

(Tax Planning and Management)

Time : 3 Hours]                                                                                               [Max. Marks : 80

Section A

1.         Enumerate any seven transactions, which are not regarded as transfer for the purpose of capital gains tax under Income Tax Act.

2.         What do you mean by Capital Gains under the Income Tax Act?

3.         Explain the provisions of the Income Tax Act regarding `Set-off and carry forward of losses'.

4.         What deductions are allowed to a company out of gross total income? Explain.

5.         Write short note on:

(a)        Advance Payment of Tax,

(b)        Tax deducted at sources

Section B

6.         From the following particulars compute taxable income of Mr. Pralcash for the assessment year 2010-11.

(a)        Salary Gross-                                                                        Rs 250000

(b)        Professional tax paid-                                                          Rs 2400

(c)        Rent received-                                                                      Rs 300000

(c         Business income (Net)-                                                        Rs 500000

(e)        Business loss-                                                                       Rs 150000

(f)        Long term capital gain-                                                        Ps 50000

(g)        Winning from horse race-                                                    Rs 150000