Taxation

                                      SUBJECT : TAXATION

Total Marks : 80

N.B. : 1) All questions are compulsory 2) All questions carry equal marks.

Q1) Write short notes on (Any three)

i)    Annual Value

ii)   Assessee

iii)   Assessment year

iv)   Assessment

Q2) Distinguish between :

a) Resident and Non-resident

b)Ordinary Resident and non-ordinary Resident?

Q3) Discuss the following exemption from Income tax?

a)   Scholarship

b)   Daily allowance of MP or MLA

c)   Awards and Rewards.

Q4) What are the different heads of income under which income is to be computed under the Income tax Act 1961?

Q5)  Define

a)   Salary

b)   Pre-quisite

c)   Profits in lieu of Salary

Q6) How will you determine the income from house property under the Income Tax Act 1961?

Q7) What are the incomes chargeable under the head “Profits and Gains of Business or Profession? Explain.

Q8)  Which are the amounts chargeable under the head “Income from Capital gains”?