Question 1) Answer all the questions:
1) What do you mean by assesses and person.
2) Describe the provision relates to expenditure on Scientific Research.
3) What is casual income? Describe provision related to it.
4) Describe the provision related to set off and carry forward of capital losses.
5) What do you understand by Hindu Undivided Family?
Question 2) How would you find out the residence of Hindu Undivided Family and Firm? Describe with example.
Question 3) What do you understand by “Gross Total Income”? Describe the provision regarding deduction in respect of expenditure on treatment of handicapped dependent and donation to certain funds.
Question 4) Mr. X was born on 11.2.1938. Determine the tax liability for the assessment year 2012-13 with the help of following information:
i. Salary received 1, 05,000
ii. Received from royalty of books 7, 66, 350
iii. Monthly rent of a house 5, 000
iv. Municipal tax paid 500
v. Taxable long term capital gain 20, 000
vi. Interest received on bank deposit 35, 880
vii. Deposit in PPF 8, 000
viii. Income from lottery 5, 000
ix. LIC Premium paid 20, 000
x. Income from businessof purchase and sale of equity shares 70, 000
(on which Rs. 20, 000 is paid as security transaction tax)