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BCOC-136 informs students about the basic concepts of the Indian Tax System. The subjects covered include fundamentals, residential status, tax liability, exempted income, definition, and charging of salary income, perquisites available to employees, provident fund schemes, house property income, profits and gains from business or profession, capital gains, income earned from other sources, aggregation of incomes, and computation of total income and tax liability.
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Section-AQ.1 Explain the procedure of Tax payment and Filing of return of Income. Q.2 Explain the provisions relating to Gratuity u/s 10 (10) and Commuted pension u/s (10)10A. Q.3 What is Annual Value? Explain the various deductions which are allowed from annual value u/s 24. Q.4 Explain the provisions relating to exemption of income for nonresident assessee. Q.5 Discuss the provisions relating to Voluntary Retirement u/s 10 (10C)
Section-BQ.6 Mr Amit came to India for the first time on July, 10, 2020 and stayed up to February 28, 2021, Determine his residential status for the assessment year 2021-22. Q.7 Gita, Sita and Mita are partners of a firm with equal shares. The profits and loss accounts for the year ended 31.3.21 shows a net profit of Rs 99,750 after debiting the following as per deed i. Salaries of Rs 17,000 and Rs 18,000 to Gita and Sita respectively ii. Bonus to Mita Rs 15,000 iii. Rs 5,000 for interest on Capital to Gita calculated @ 20%. iv. Rs 15,000 for rent of the business premises paid to Sita. v. Commission of Rs 5,000 to Mita. Compute Book profit and the total income of the firm for the assessment Year 2021-22, assuming that it is a professional firm and all are working partners Q.8 Explain the provision relating to ‘Profits in Lieu of Salary’ Q.9 What is the provision applicable for Additional deprecation on new machinery or plant u/s section 32. Q.10 Find out the taxable value of the Interest free/Concessional loan as per rule 3(7) (i).
Section-CQ.11 Write short note: a) Defective return u/s 139(9) b) Deduction u/s80E c) Entertainment allowance u/s 16 (ii) d) Bond washing transactions Q.12 Explain the following questions: a) Provisions of rent free accommodation when accommodation is provided by any other employer b) CBDT c) Provisions relating to Income from assets transferred to daughter in law u/s 64 (1) (vi) d) Provisions relating to set off of losses from owning and maintaining race horses u/s 74 A (3)
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