Question 1) Describe the incidence of tax with suitable example?
Question 2) From the following particulars, calculate gross salary of Mr Azad for the assessment year 2012-13. He is employed in textile industry in Dehradoon at a monthly salary of Rs.4000. He is entitled to commission of 1% on sales achieved by him, which were Rs.20 lakh for the year. Also, he received the following allowances from the employer during the previous year:
i. Dearness Allowance Rs.2000 per month.
ii. Bonus Rs.32000
iii. House Rent Allowance Rs.1000 per month (Rent paid for house in Dehradoon Rs.1200 per month).
iv. Entertainment Allowance Rs .1000 per month
v. Children Education Allowance Rs.500 per month
vi. Transport Allowance Rs.1000 per month
vii. Medical Allowance Rs.500 per month
viii. Servant Allowance Rs.200 per month
ix. City Compensatory Allowance Rs.300 per month
x. Research Allowance Rs.500 per month (amount spent on research Rs.3000).
Question 3) Describe the deductions available to assessee u/s 24 under the head income from house property.
Question 4) Describe the term Capital Asset. Also describe the exceptions if any.
Question 5) Write a brief note on the following:
a. “Income of Previous year taxable in the Assessment year” Comment.
b. Provisions regarding filing of return.
c. Deduction u/s 80C and 80G
d. Agricultural income
e. Exempted Incomes u/s 10