Paper Name: Taxation

Part – A Attempt 10 questions
Each question carries 2 Marks (2 X 10)

1. Explain foreign income.

or

1. Explain Indian income.

2. Define Resident but not Ordinarily Resident (NOR).
or
2. Define short term capital gain.
3. What is CGST?
or

3. Define indexed cost of acquisition.
4. Discuss rebate under sec 87A.
or

4. Distinguish between business and profession.

5. What is Section 80U?
or
5. what is the GST Council?

6. Is additional depreciation applicable to all types?
or

6. Is there any deduction for repayment of loan taken for house property
purchase/construction?
7. How property is treated as ‘Deemed to be let out property’?
or

7. Explain Sec 43B of the Income Tax Act, 1961.
8. What is IGST?
   8. Define Direct tax.
9. Explain the term ‘set off of losses’.
   or
   9. Explain the term MAT.
10. What is additional depreciation?
    or
    10. what is Section I 12A?
    

Part- B Attempt 6 questions
Each question carries 5 Marks (5 X 6)

11. Mr, Z is a citizen of Bangladesh. His grandmother was born in a village near 5 Dhaka in 1940. He came to India for the first time since 1981 on 02.10.2022 for a visit of 190 days.
    
    Find out the residential status of Z for the AY 2020-24 on the assumption that wife of Z is a resident but ‘not ordinarily resident in [ndia” for the same year.
    or
    11. Compute the amount of disallowance in the cases given below-
    X pays Indian railway a bill of Rs. 28750 in cash.
    Custom duty is paid to the government in cash (amount being Rs. 76592)

Y, a grain trader purchases wheat from a cultivator. The payment, being Rs. I 20000, is however, made by a crossed cheque.

Z pays a bill of Rs. 36000 in cash on Apr 7, 2022 when banks are closed on account of a strike.

12. How Taxable Income is calculated?

or

12. Mr. Harrneet owns a bungalow. Throughout the year 2022-23 the bungalow is rented to Mr. Kaur at a monthly rent of Rs. 84,000. Due to internal dispute, Mr. Kaur did not pay rent for the month of March, 2023. What will be the amount of actual rent to be used to compute gross annual value of the property.

13. X, who is not covered by the Payment of Gratuity Act, 1972, retires on Nov 20, 2022, from ABC Ltd. and receives Rs 186000 as gratuity after service of 38 years and IO months. His salary is Rs. 8000 per month up to Jul 31, 2022, and Rs. 9000 per month from Aug 1, 2022. Besides, he gets Rs. 500 per month as dearness allowance (69 per cent of which is part of his salary for computing all retirement benefits but l 00 per cent of dearness allowance is considered for computing provident fund). What amount of gratuity will be exempt from tax?

or

13. A Ltd. Is an Indian Co. lt carries on business in New Delhi and London. The place of effective management of A ltd. Is situated outside India. 80% of the total income of the company is from the business in London. What is the residential status of A Ltd.?

14. For the AY 2023-24, net agricultural income of Mrs X (age 37 years) is Rs. 8, I0,000 and non agricultural income is Rs. 78,300. Mrs X pays Rs. 20,000 as life insurance premium (sum assured Rs. 3,00,000) on the life of her major Son. Dtermine her tax liability. Ignore section l l 5BAC pertaining to alternative tax regime.
or
14. Define ‘Advance Tax’. Prepare advance tax schedule.

15. A Ltd. incurred an expenditure of Rs. 50 lakhs on glow-sign boards displayed at dealer outlets. Examine with the help of a decided case law, whether the above expenditure is revenue or capital in nature.
or
15. Abhishek of Jaipur sells l 0,000 units of an article @ Rs 201 per article. Purchaser is Souradip of Ajmer. GST is @12%. This is intra-State supply (i.e. supply within Rajasthan).

a. How GST will be shown in invoice?
b. Suppose, in the above case, the seller and the buyer are in Chandigarh.
How GST will be shown in invoice?