IMS ENGINEERING COLLEGE FORMATS 3 - Sessional Question Paper, 2011-12 Prepared by: MR Subject Name Roll No.

of Student
ATTEMPT ALL PARTS

IMSEC/QF/49 Page 1 of 1 Issue No: 02 Issue Date: 1, May 2010 Approved by: Director Subject Code Max Marks Max Time MBA FM-O4 100 3 Hours

TAX PLANNING AND FINANCIAL REPORTING

PART A Attempt all questions Each carry 2 marks [102]

Explain the following terms 1. Fringe benefit 2. Gross annual value 3. Gratuity 4. House property 5. HUF 6. Indexation 7. Long term capital assets 8. MAT 9. Net annual value 10. Mens rea

PART B Attempt any three Each carries 10 marks [310]

11. What do you mean by excise duty? What are the conditions for levy of excise duty? What are its merits and demerits? Discuss the different types of excise duties? 12. What do you mean by CENVAT credit? What conditions need to satisfy for claiming CENVAT credit? Explain briefly the CENVAT credit rules What do you mean by CENVAT credit? What conditions need to satisfy for claiming CENVAT credit? Explain briefly the CENVAT credit rules? 13. What do you mean by customs duty? When is it levied? Discuss the different types of customs duty? 14. Highlight briefly the provisions of consumer protection act? 15. Define assets and deemed assets under the wealth tax act? What assets are exempt from wealth tax act?

PART- C Attempt all questions from this part Each carries 10 marks[510] 16. Discuss the expenditure that are expressly allowed to be deducted under the haed profits and gains of business or profession? OR What is depreciation under income tax act? What are the conditions for deduction of depreciation under income tax act? 17. Discuss the provisions of tax audit under section 44AB of income tax act? OR Explain briefly the provisions of presumptive taxation? 18. Explain briefly the taxability of fringe benefits OR

Explain the deductions available from section 80C to 80U?

19. Explain briefly the residential status and taxability? OR Explain the previous year in case of unexplained expenditure, tax credit, and unexplained investment?

20. Discuss the cases where income of previous year is assessable in the same previous year? OR Discuss special provisions in respect of newly established undertaking in free trade zone