Amity B.COM 5 Sem Assignment Income Tax Laws & Practice
Assignment A
1. What are the differences between Excise duty and Customs duty?
2. What is Tax Deduction at Source? Explain with examples?
3. What is Advance Payment of Tax? Why people pay taxes in advance?
4. Critically describe the advantages and disadvanages of VAT?
5. Descrie with examples the various incomes available
6. Take imaginary figures and describe how the tax liability of an individual is calculated?
7. Differenciate between revenue expenditure an dcapital expenditure?
8. The followings are the details relating to Mr. Siddharth for the PY 2012-13. Compute income fromother sources: (i). Income from agriculture in Pakistan Rs. 5000 (ii). Interest on Post Office Savings bank Rs. 1000, (iii). Dividend from foreign company Rs. 700 (iv). Dividend from indian Company (v). Rent from subletting house Rs. 1000 and (v). Winning from lottery (Net) Rs. 14,000.
Assignment B
Case Detail:
Economic Survey
The Economic Survey of India said that the government should refrain from raising exemption limits on income tax to facilitate natural growth of individual earnings and widen the taxpayers’ base, even as it also suggested increasing property tax.
The Economic Survey 2015-16, tabled in Parliament on Friday, also called for a review and phasing out of the tax exemption raj that benefited the richer private sector and a “reasonable” taxation for better-off individuals. A cross-country comparison shows that India currently has the lowest number of taxpayers, it said, adding that nearly 85 per cent of the economy still remains outside the tax net.
“Just 5.5 per cent of earning individuals are in the tax net and the ratio should be raised to a desirable estimate of about 23 per cent,” it said. Making a study of the data since Independence, the Survey said that the exemption thresholds have been raised much more rapidly than underlying income growth resulting in a widening of wedge between average income and threshold limit.
“One of the low hanging fruit would be to refrain from raising exemption thresholds for the personal income tax, allowing natural growth in income to increase the number of taxpayers. In some ways, this would be reform through inaction,” the Survey said. It said that subsidies amounting to Rs. 1 lakh crore paid to well-off need to be scaled back. Also tax exemptions raj which often amount to redistribution toward the richer private sector will also need to be reviewed and phased out.
“Reasonable taxation of the better-off, regardless of where they got their income from — industry, services, real estate or agriculture — will also help build legitimacy,” the Survey added. It also suggested that property taxation needs to be developed as sparse systematic data on property taxation shows how little attention has been given to this tax.
“Property taxes are especially desirable because they are progressive, buoyant and difficult to evade, since they are imposed on a non-mobile good which can be relatively easily identified,” it said.
Making a case for “higher property tax rates”, the Economic Survey said it would put sand in the wheels of property speculation.
“Smart cities require smart public finance and a sound property taxation regime is vital to India’s urban future,” the Survey added.
It said India has not fully translated its democratic vigour into commensurately strong fiscal capacity. “In long run, if India is to stay ‘on the line’ as its per capita income grows, it will need to build fiscal capacity.”
The Survey also said the government’s spending priorities must include essential services that all citizens consume: public infrastructure, law and order, less pollution and congestion. It said the state should prioritise on reducing corruption and government’s effort to improve transparency through transparent and efficient auctioning of public assets will help create legitimacy and over time strengthen fiscal capacity. The Survey said economic development in India lags political development.
“Independent India has averted famines, but chronic malnutrition is still a challenge. The Indian state can organise mega events, but routine safety for women has turned out to be more difficult to achieve. The Indian state responds effectively to floods and tsunamis but finds water and power metering more challenging,” it added.
Question
1. What the case is all about? Provide the brief summary of the key issues discussed?
2. Do you really think that the India’s recent economic survey is against raising income tax exemption limits?
3. What has been said about property tax?
Assignment C
Question No. 1 Marks - 10
Income-tax is an annual tax on ……………………..
Options
- Royality
- Income
- charity
- Commission
Question No. 2 Marks - 10
Previous year belongs t which section.
Options
- Section 3 a
- Section 3
- Section 3 b
- Section 3 d
Question No. 3 Marks - 10
Deemed profits chargeable to tax under section 41 or section…………...
Options
- 57
- 58
- 59
- 60
Question No. 4 Marks - 10
HUF stands for ……….. Undivided Family.
Options
- Horizon
- Homogeneous
- Hindu
- Hetrogeneous
Question No. 5 Marks - 10
Receipts which are recurring by nature and which are available for meeting all day to day expenses of a business concern are known as …………………...receipts"
Options
- Financial
- Certain
- Capital
- Revenue
Question No. 6 Marks - 10
Liability of investor which is limited to the extent of his investment is called…………… liability.
Options
- Fixed
- Limited
- Certain
- Liabile
Question No. 7 Marks - 10
In specific cases, income tax (and other taxes) may be levied at a fixed rate instead of the rates usually applicable are known as …………. Rates.
Options
- Lump-Sum
- Specific Tax
- Liable
- Fixed
Question No. 8 Marks - 10
Employee’s Provident Fund and Miscellaneous Provisions Act came in force in which year.
Options
- 1951
- 1952
- 1977
- 1971
Question No. 9 Marks - 10
LTC is a non-taxable perquisite available for ……………... class.
Options
- Poor
- Rich
- Salaried
- Business
Question No. 10 Marks - 10
Capital receipts are shown in the Balance Sheet on the ……………….. side.
Options
- Above
- Below
- Asset
- Liability
Question No. 11 Marks - 10
Winnings from lotteries, races etc. are taxable under the head "Income from other sources".
Options
- TRUE
- FALSE
- Sometimes
- Can't Say
Question No. 12 Marks - 10
Wealth tax is to be rounded off to nearest multiple of.......
Options
- 1
- 10
- 100
- 1000
Question No. 13 Marks - 10
Tax is to be rounded off to nearest multiple of.........
Options
- Ten
- Hundred
- Rupee
- Thousand
Question No. 14 Marks - 10
Year in which income is earned is known as......................... Year.
Options
- Annual
- Taxable
- Assessment
- Previous
Question No. 15 Marks - 10
Aggregate amount of deduction under section 80C, 80CCC and 80CCD cannot exceed:
Options
- 150000
- 100000
- 200000
- 250000
Question No. 16 Marks - 10
LLC stands for limited liability ……………..
Options
- Corporation
- Company
- Console
- Centre
Question No. 17 Marks - 10
Tax and/or accounting convention under which the value of assets/liabilities is adjusted to reflect fair market value of a specific date.
Options
- conventional tax rate
- Sovereign Rate
- Mark to market
- Managerial
Question No. 18 Marks - 10
………… is an increase in the price of something, especially from the price a trader pays for something to the price he sells it for.
Options
- Column-down
- Column-up
- Mark-down
- Mark-up
Question No. 19 Marks - 10
Tax on mortgages usually in the form of a stamp duty levied on the mortgage document.
Options
- Mortage tax
- Document Tax
- Implied tax
- Annual Tax
Question No. 20 Marks - 10
A lack of due care or failure to do what a reasonable and ordinarily prudent person would do under the given circumstances.
Options
- Accounting Fraud
- Negligence
- Accounting Mistake
- Fraud
Question No. 21 Marks - 10
Obligation to persuade a court or other entity of the validity of a factual assertion.
Options
- Branch Tax
- Statutiory Tax
- Burden of Proof
- Compliance Tax
Question No. 22 Marks - 10
A tax imposed on an act, occupation, privilege, manufacture, sale, or consumption.
Options
- Sales
- Excise
- Income Tax
- IPR tax
Question No. 23 Marks - 10
Any 12-month period which is set for accounting purpose of an enterprise is ……………… year.
Options
- Fiscal
- Previous
- Assessment
- Monetary
Question No. 24 Marks - 10
A risk-management strategy to balance positions of different business units or with unrelated third parties is called ……………… hedging.
Options
- Liberal
- Expatriate
- Foreign
- Global
Question No. 25 Marks - 10
The period following the due date of taxes during which legal action for recovery of delinquent taxes will not be instituted and interest will not commence to run is ………………. Period.
Options
- Flexible
- Grace
- Advanced
- Extended
Question No. 26 Marks - 10
Reserves which are not disclosed on the balance sheet of an enterprise, either by overvaluing debts or undervaluing assets are called…………… reserves.
Options
- Fixed
- Hidden
- Flexible
- Statutory
Question No. 27 Marks - 10
A tax applied at the same rate to all levels of income is …………. Tax.
Options
- Straight Line
- Flat Tax
- Forward
- Fixed Tax
Question No. 28 Marks - 10
Ratio of gross profit to the sales of a business or, alternatively, to the adjusted purchases or "goods consumed" during the accounting period is …………….. Ratio.
Options
- Liquidity Profit
- Gross Profit
- Net profit
- Actual Profit
Question No. 29 Marks - 10
Financial instrument which has the characteristic of more than one type of instrument is ……………….. Derivative.
Options
- Mixed
- Impure
- Hybrid
- Uncertain
Question No. 30 Marks - 10
Amount of money received by persons or entities as compensation for damages or for losses incurred.
Options
- Deflamation
- Indemnification
- Income Shifting
- Income Spliting
Question No. 31 Marks - 10
Real property or personal property that is received by heirs.
Options
- Solely
- Benefited
- Gifted
- Inheritance
Question No. 32 Marks - 10
A transaction among parties, each of whom acts in his or her own best interest is called …………….. Transaction.
Options
- Arm's Length
- Attributable
- Auxilary
- Pending
Question No. 33 Marks - 10
Environment tax is commonly called as……………… tax.
Options
- Green
- Eco
- Forest
- White
Question No. 34 Marks - 10
Rule under which one is precluded and forbidden by law to speak against his own act or deed.
Options
- Pestel
- Escort
- Estoppel
- onograph
Question No. 35 Marks - 10
Restriction of the amount of a particular foreign currency that can be bought or sold
Options
- Exchange Control
- Forex Control
- Forex Reserve
- Restriction
Question No. 36 Marks - 10
DTA stands for double tax ……………….
Options
- Arbitrage
- Autonomy
- Authorisation
- Agreement
Question No. 37 Marks - 10
Income or compensation derived from personal services in an employment, trade, business, profession or vocation is called ………….. Income.
Options
- Compensatory Income
- Personal Income
- Earned
- Vocational Income
Question No. 38 Marks - 10
Amount by which the face value of a debt obligation exceeds its issue or selling price.
Options
- Discount
- offer
- Subsidy
- Rebate
Question No. 39 Marks - 10
Cost identified with a particular transaction, such as raw materials, components and goods, wages and other processing expenses.
Options
- Indirect Cost
- Fixed Cost
- Variable Cost
- None of these
Question No. 40 Marks - 10
OECD stands for Organization for Economic Co-operation and ……………………….
Options
- Development
- Delinqued
- Depressed Economies
- Disagreement
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