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Business Taxation

Tax

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subasis mishra
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96 views2 pages

Business Taxation

Tax

Uploaded by

subasis mishra
Copyright
© © All Rights Reserved
We take content rights seriously. If you suspect this is your content, claim it here.
Available Formats
Download as DOCX, PDF, TXT or read online on Scribd
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Registration No.

:
Total number of printed pages - 1 MBA (4th semester)

GANDHI INSTITUTE FOR TECHNOLOGY (GIFT), BHUBANESWAR


Fourth Semester-2020-21, Class Test-I
BUSINESS TAXATION (18MBA401B)
Full Marks – 30 Time: 1 Hour
Course Outcomes
C101:1 Students could able to learn about the taxation system in India.
C101:2 Learners could able to know about how the constitution gave rise to
taxation.
C101 C101:3 Students could able to know about the direct tax.
C101:4 Students will learn about the computation of taxable income.
C101:5 Learners will understand about the various exemption and deductions .
C101:6 Students can learn about the GST.
LEVEL-1 LEVEL-2 LEVEL-3 LEVEL-4 LEVEL-6
BLOOMS LEVEL-5
(Remembering (Understanding (Applying (Analyzing (Creating
TAXONOMY (Evaluating)
) ) ) ) )
Question
2(a), 2(b) 4(a), 4(b) 3(a), 3(b)
Nos
All questions are compulsory
1. Answer the following. [2 X 6 ]
a) What do you understand by direct tax, give some examples?
b) Who is an assesse?
c) What is previous year & assessment year?
d) Write down the different heads of income.
e) What is TDS?
f) Write short note on Leave Encashment .

2. (a) Describe how the taxation system came from the constitution.
[6]
Or
(b) Describe the residential status of the assesse.

3. (a) Ms. Harshita retires from Government job on 31st July 2019. After retirement, her pension was
fixed at Rs. 40,000 per month. On 1st February 2020, her 80% pension was commuted for Rs. 48,00,000.
Compute the taxable pension in the hands of Ms. Harshita for the AY 2020-21.
[6]
Or
(b) X retires on 31 January 2020 after doing the service in A Ltd. for 23 years and 11 months. His
basic salary at the time of retirement is Rs. 70,000 per month, dearness allowance is 20% of basic salary
(80% of dearness allowance forms part of salary for the purpose of computing the retirement benefits)
and commission is 3% of sales (sales during 1 February 2019 to 31 January 2020 achieved by him is Rs.
24,00,000 on evenly basis). He also gets a bonus of Rs. 30,000 in the month of September 2019. Compute
his taxable gratuity for the assessment year 2020-21 assuming he received the gratuity of Rs. 22,38,000
at the time of retirement. He is not covered under the Payment of Gratuity Act 1972

4. (a) Write down the deduction U/S 80.


[6]
Or
(b) Write down the tax treatment of Leave Encashment.
--------------------

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