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Master of Business Administration- MBA Semester 3

MF0003 – Taxation Management - 2 Credits


(Book ID: B1037)
Assignment Set- 1 (30 Marks)

Note: Answer all the questions.


1. List out items that are included in agriculture income under Sec 2(1A). Explain the
meaning of tax evasion and tax avoidance. (5 Marks)
2. A. After serving for 28 years 6 months and 4 days AKRAM retired from Y Ltd. on 31st
August. He received Rs. 3,25,000 as gratuity. His last month basic was Rs. 10,000 and
DA Rs 3,000.He is covered under the Payment of Gratuity Act. Compute the taxable
gratuity.
B. GOVINDA retired from service on 31st March and received a commuted pension of
Rs. 1,60,000. Find out taxable commuted pension:
a) if he is in receipt of gratuity
b) if he not in receipt of gratuity. (5 Marks)

4. Mr. BALU owns four houses. The particulars regarding the houses are as follows:
House House House House
No.1 No. 2 No. 3 No. 4
Rs. Rs. Rs. Rs.
Municipal valuation 15,000 18,000 20,000 –
Fair rent 16,000 15,000 25,000 25,000
Standard rent 10,000 16,000 – 30,000
Actual rent received 9,000 20,000 18,000 20,000

Determine the gross annual value of each of the four houses for the AY 2009-2010. (10 Marks)
5. Write short notes on: (10 Marks)
a. Tax planning on buildings self-occupied.
b. Tax planning on leave salary
Master of Business Administration- MBA Semester 3
MF0003 – Taxation Management - 2 Credits
(Book ID: B1037)
Assignment Set- 2 (30 Marks)

Note: Answer all the questions. Each question carries 5 Marks

1. Give any twenty important examples of admissible general deductions under Sec37 of
Income tax Act.

2. What is unabsorbed depreciation? Mention the tax planning on depreciation.

3. Mr. AMAR purchased a house on 1.4.2000 for Rs.250000. On 1.7.2002 he incurred


Rs.50000 towards improvements. He sold the above house on 30.7.2006. Compute the
indexed cost of acquisition and indexed cost of improvement.
[CII; 2000-2001 – 406, 2002-2003- 447, 2007- 2008 –551]

4. Explain different types of securities.

5. From the following particulars of SHRI MAHESH compute his income from other
sources:
Ground rent of Rs.5000
Following interest received
a. On fixed deposits from bank Rs.400
b. From POSB A/c Rs.300
c. Interest on deposit with a firm Rs.600
Income from subletting of house taken on rent Rs.5000. Rent paid Rs.3000
Gift from brother in law 30000. Gift from other persons 40000
Spent Rs.400 for collecting the rent of the house

6. What is Minimum Alternative Tax (MAT)? How to compute tax as provisions of MAT?