Master of Business Administration (MBA) Examination

III Semester

(Tax Planning and Management)

Time :-3 Hours]                                                                                               [Max. Marks : 80

Section A

1.         "Income tax is a tax on income and not on receipt" comment with essential characteristics of the tents Income.

2.         What deductions are allowed in determining the income from business?

3.         Write short note on:

(a)        Agriculture Income

(b)        Residential Status

4.         Discuss in brief provisions of income tax relating to depreciation.

5.         Define Advance Tax and its provisions according to Income Tax Act.

Section B

6.         From the given particulars. Compute tax liability of Mr. Ramana who is 70 years old for the assessment year 2010-11.

(a)        Pension received-                                            Rs 360000

(b)        Rent received-                                                 Rs 200000

(c)        Lottery winnings -                                          Rs 100000

(d)       Medical insurance premium paid-                   Rs 200000

(through cheque)

(e)        Donation given to A.P cyclone relief fund-   Rs 50000