Amity MBA 4th Sem ASODL Corporate Tax Planning

Q1. Define ‘annual value’ and discuss the deduction to be made out of Annual Value for computing income from house property?
Q2. Explain the procedure for registration under Service Tax.
Q3. How do you determine the residential status of company?
Q4. Write short note on any three of the following.
a. What is Permanent Account Number?
b. What do you mean by GTI?
c. Who is specified employee?
d. Define previous year.
e. Expand CBDT and CIT.
Q5. Discuss briefly the provisions relating to set off and carry forward of non-speculative business losses?
Q6. When an individual is assessable in respect of income of his or her minor child?
Q7. Explain the different kind of provident fund.
Q8. Differentiate between the following: (i) “Defective return of income” and “Belated return of income” (ii) “Tax avoidance” and “Tax Evasion”

Case Detail :
Case Study
Dr. Bankey Lal, a businessman, constructed a multi-storied building consisting 16 flats of equal size. The construction was started in April 2004 and completed on March 31, 2008. Of these 16 Flats, 8 were let-out to tenants for their residence, 2 to tenants for their business, 2 were used by Doctor Bankey Lal for their business, 2 were used by him for his own business and 2 were allocated to 2 employees of Dr. Bankey Lal; Business for their residence and the occupation of these 2 flats by the two employees facilitated the carrying of on his business. The rent charged from each of the ten tenants were Rs 500 p.m. but from the two employees of Dr. Bankey Lal@ Rs 200 p.m. One of the tenants were in arrear of rent for two months during the year and was unable to pay the same. After, he vacated the flat, Dr. Bankey Lal had to wait for two months to get new tenant. The expenses incurred by Dr. Bankey Lal in respect of the flats during the year ended on 31 March 2013 were as follows :- Municipal taxes for each flat Rs 750, cost of repair of each flat Rs 500, annual interest on loan on construction of house Rs 24000, Fire is insurance premium for flat Rs 100, Law charges in connection with a lease agreement were paid for each flat Rs 500.
Q1. Compute the income from house property of Dr. Bankey Lal for the assessment year 2013-2014.

1. Which of the following types of income is not specifically exempt from income tax:
2. The basic rate of income tax on non-savings income for tax year 2012-13 is:
3. If a married couple (or civil partners) receive joint income, the amount of that income will normally be divided equally between them for tax purposes. True or False?
4. A taxpayer has taxable income for 2012-13 (after deducting the personal allowance) of £75,200. None of the income is derived from savings or dividends. The income tax liability for the year is:
5. A taxpayer has taxable income for 2012-13 (after deducting the personal allowance) of £185,300. None of the income is derived from savings or dividends. The income tax liability for the year is:
6. Which of the following types of income is received by individuals without deduction of basic rate tax?
7. In 2012-13, an individual receives net building society interest of £792. The equivalent gross income is:
8. In 2012-13, George has property income of £8,780 and net bank interest of £4,000. He claims the personal allowance of £8,105. What is the income tax borne for the year?
9. In 2012-13, an individual receives a net dividend of £648. The equivalent gross income is:
10. In 2012-13, Steven has business profits of £34,125, net bank interest of £1,240 and net dividends of £9,000. He claims the personal allowance of £8,105. What is the income tax payable for the year after subtracting tax deducted at source?
11. Which of the following is not a “chargeable person” for CGT purposes
12. Which of the following is a “chargeable asset” for CGT purposes?
13. Which of the following could give rise to a capital gain (or allowable loss)?
14. A taxpayer has a single capital gain in 2012-13 of £18,000. The gain does not qualify for entrepreneur’s relief and there are no other gains or losses in the year.
The taxpayer’s taxable income for the year (after deducting the personal allowance) is £20,000 and there are no Gift Aid donations or pension contributions during the year. The CGT liability for the year is:
15. A taxpayer has a single capital gain in 2012-13 of £15,600. The gain does not qualify for entrepreneur’s relief and there are no other gains or losses in the year.
The taxpayer’s taxable income for the year (after deducting the personal allowance) is £50,000 and there are no Gift Aid donations or pension contributions during the year. The CGT liability for the year is
16. A taxpayer has a single capital gain in 2012-13 of £22,500. The gain does not qualify for entrepreneur’s relief and there are no other gains or losses in the year.The taxpayer’s taxable income for the year (after deducting the personal allowance) is £30,000 and there are no Gift Aid donations or pension contributions during the year. The CGT liability for the year is:
17. A taxpayer has a capital loss brought forward from the previous tax year of £2,000. In 2012-13 he has capital gains of £18,200 and allowable losses of £700. What is the CGT assessment for 2012-13?
18. Betty died on 30 November 2012, having made net capital losses of £5,000 between 6 April 2012 and the date of her death. Her net gains in the previous three years (and the annual exemption for each of those years) were as follows:
19. Betty died on 30 November 2012, having made net capital losses of £5,000 between 6 April 2012 and the date of her death. Her net gains in the previous three years (and the annual exemption for each of those years) were as follows:
20. Payments on account of capital gains tax fall due on 31 January in the tax year concerned and on the following 31 July. True or False?
21. In some cases assessment year and previous year can be same financial year.
22. A.O.P should consist of:
23. Body of individual should consist of :
24. A new business was set up on15-11-2008 and it commenced its business from 1-12-2008.The first previous year in this case shall be:
25. A person leaves India permanently on 15-11-2008.The assessment year for income earned till 15-11-2008 in this case shall be:
26. Surcharge in case of an individual or HUF for assessment year 2009-10 is payable at the rate of Surcharge in case of a firm for assessment year 2009-10 is payable at the rate:
27. The maximum amount on which income-tax is not chargeable in case of firm is:
28. The maximum amount on which income-tax is not chargeable in case a co-operative society is:
29. A local authority is taxable at flat rate of income-tax.
30. Income which accrue outside India from a business controlled from India is taxable in case of:
31. Income which accrue or arise outside India and also received outside India taxable in case of:
32. TI of a person is determined on the basis of his:
33. Once a person is a resident in a P.Yr. he shall be deemed to be resident for subsequent P. Yr.
34. Once a person is resident for a source of income in a particular P. Y r. he shall be deemed to be resident for all other sources of income in the same P. Yr
35. R Ltd., is an Indian company whose entire control and management of its affairs is situated outside India. R Ltd., shall be
36. R Ltd., is registered in U.K. The control and management of its affairs is situated in India .R Ltd shall be :
37. R, a foreign national visited India during previous year 2008-09 for 180 days. Earlier to this he never visited India. R in this case shall be:
38. An Indian company is always resident in India
39. Dividend paid by an Indian company is:

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