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Itlp 604 2017

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Abhishek Dali
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116 views11 pages

Itlp 604 2017

Uploaded by

Abhishek Dali
Copyright
© © All Rights Reserved
We take content rights seriously. If you suspect this is your content, claim it here.
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Bc/ITLP-604 2017 { 6th Semester } COMMERCE Paper No. : BC-604 | Income-tax Law and Practice } Full Marks : 70 Pass Marks : 45a Time : 3 hours { PART : B—DESCRIPTIVE } ( Marks: 45) The figures in the margin iaduate full marks for the questions 1. fa) How js the residential status of an individual determined for Income-tax purpose? 9 Or fh) State the incumes which are exempted under the IT Act. e 4/4698 ( Turre Over } (2) 2. ja) What is Provident Fund? Explain different types of Provident Fund. 2+7 Or (i) Mr. Gupta is an employee of @ Private Lid, Ce. in Delhi. He was appointed in the = grade 19,500-750-28,500 on 11-2010. He gets 30% DA and 10% city compensatory allowance of basic salary The following facilities have been provided by the company : fi! A furmshed rent fee accommooda- tion. The rent payable for the house is F 8000 pm. and furniture costing %2,00.000 has been provided by the company. fi) Education allowance of 7 100 p.m. for each of his three children is received, AS per the contract, the salary becomes due on the last day of every month. Compute his income from salary for the asstasment year 2015-2016, 9 3. ja) State the uopertant provisions relating to advance payment of tax under the Income-tax Act, 9 Gr fb) What de you mean by Tax Dedueted at Source? Discuss L7/469a, {Continued } 4. fal tb) 5. fap tb) LY— 1400/4694 (3) Describe how the Incame Tax Appellate Tribunal is constivuted and discuss its function. Or Discuss briefly the procedure of an appeal to the Comunissioner (Appeals). Describe the organizational structure of Income Tax Authozities under the Income-tax Act. or Diseuss the powers and functions of Commissioner of Income Tax. Be/{TLP-604 Bc/ITLP-604 2017 { 6th Semester | COMMERCE Paper No. ; BC-504 [ Income-tax Law and Practice } { PART : A—OBJECTIVE | { Marks: 25) The figures in the margin indicate full marks for the questions SECTION—1 ( Marks: 15) 1. Indicate whether the following statements arc True {7) or False (F) by putting a Tick (v) mark : IxSeo fo) Tax evasion is the illegal act or practice of failing to pay laxes which are owed. (469 (2) fb) Fair rent refers to the rent of a similar type of house in different localities, fr Fea yf fe} TDS ensures regular inflow of cash resources to the government. (oe of lCE } (dj The Appeilate Tribunal functions under the Ministry of Law. f(t BY je} Income tax authorities have been constituted under Section 120 of the Income-tax Act, 1961 fae yee § &. Choose the correct answer and place its code in the brackets provided : LeS=e: fa} Income acerued outside India and received outside India is taxable in case of (ij) resident and ordinary resident [ROR) only fi) resident but not ordinary resident (RNOR) only (ii) Non resident only fix) ROR, RNOR and Non-resident [ ] Be/ITLP-604 (469 (3) (2) Which of the following is nor an income taxable as income from other sources? fi Family pension fii) Casual income fii) Director's fees for sitting or attending Board Meetings fivy) Rent received for house property f ] fc} An assessee is required to pay tax im advance if his/her tax liability for the year is likely ta be (5,000 or more fa) * 10,000 or more (ii) 7 20,000 or more fia) F 30,000 or more [ ] fad) Revision of orders prejudicial to revenuc can be made by the Commissioner of Income Tax (CIT) under fi) Section 261 {iJ Section 26% fii} Section 263 fv) Section 264 [ ] Bc /ITLP 64/469 (4) fe) The Inspectors of Income Tax {IIT) are appointed by fi) Income tax Officers (ITOs) fii} Central Board of Direct Taxes (CBDT) fii) Cormmissioner of Income Tax (CIT) fe) Joint Directors of Income Tax [J DIT) [ J 3. Fill in the blanks : 1sS=5 (a) Assessment year can be a period of (bj) Assets held by the assessee for a period of 12 months or morc arc treated as sens Capital assets, fe} Debt to a government incurred by a tax payer as accrued or assessed taxes is called Bc /ITLP-604/469 {5} (a) Advance ruling has been defined in . of the Income- lax Act, 1961. fel DCIT stands for Be UTP Po SEcTION—AL ( Marks: 10) 4. Write short notes on the following : 2e5=10 (a) Assessment Year Bes ITLP604 469 ib) Perquisites fc} Net Annual value Be /ITLP-604 / 469 (8) fa} Gratuity fe) Income from ether sources he LL? 1400/4869 Be /ITLP-604

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