Master of Business Administration (MBA) Examination

III Semester

(Tax Planning and Management)

Time : 3 Hours]                                                                                                 [Max. Marks : 80

Section A

1.         Explain the basic concepts of Income Tax.

2.         Define Agricultural Income. Discuss the Provisions of Income Tax relating to agricultural income.

3.         Write a short note on:

(i)         Carry forward and set off of speculation loss...

(ii)        Carry forward and set of capital loss.

4.         Explain the valuation of Rent Free House with Example.

5.         Explain any ten deductions that are allowed from the Gross total in-come under section 80 of the Income Tax Act.

Section B

6.         Compute Tax liability of Mr. Srinivas for the assessment year 2010-11.

(a)        Actual Rent received                                                                    Rs. 900000

(b)        Long term capital gains                                                                 Rs. 400000

(k)        Short term capital gains on sale of shares (STT Paid)                   Rs. 200000

(d)       Income from units of UTI                                                            Rs. 30000

(e)        Dividends from RIL                                                                     Rs. 20000

(f)        Winning 'from lotteries                                                                 Rs. 100000

(g)        Deposited in PPF                                                                          Rs. 200000

(h)        LIC premium paid                                                                        Rs. 50000