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Sunday, October 27, 2013

Dibrugarh University (5th Semester) - Direct Tax I Important Questions and Answers

Direct Tax Selected Questions for Nov’ 2017 Exam (New Course)
Unit 1
Q. Write short notes on: (a) Assessment year (b) Previous Year (c) Charge of income tax (d) Capital asset  (e) Agricultural income (f) Person (g) Assessee (h) Revenue Vs Capital expenditure (i) Gross Total Income (j) Capital receipts (k) Revenue Receipts Vs Capital Receipts (l) Tax Return (m) Method of accounting 

Q. Define the term “Previous year”. And “Assessment year? “Income tax is charged on the income of the previous year.” Do you fully agree with this statement? If not, what are the exceptions? 

Q. “The incidence of tax depends upon the residential status of an assessee.” Discuss. Distinguish between Tax Evasion, Tax Avoidance, Tax mitigation and Tax Planning. 

Q. Define the term “assessee” and “person” under the income tax act. What is regarded as income under the income tax act? 

Q. How Residential Status of the following is Determined: 
Ø  Individual
Ø  HUF
Ø  Company
Ø  Firm
Ø  AOP and BOI
Q. Explain the concept of Indian Income as per Income tax Act, 1961.

Saturday, October 26, 2013

UGC - NET: Commerce (08)

Methods adopted to reduce tax Liability

The methods adopted to reduce the tax liability can be broadly put into four categories: "Tax Evasion";”Tax Avoidance”, "Tax Mitigation", "Tax Planning".  The difference between these four methods sometimes become blurred owing to the perception of the tax authorities and / or tax payer.

Tax Evasion : Tax Evasion term is usually used to mean 'illegal arrangements where liability to tax is hidden or ignored i.e. the tax payer pays less than he is legally obligated to pay or by hiding income or information from tax authority.   Thus, here the tax liability is reduced by "illegal and fraudulent"  means. For example: understatement of income.

UGC - NET: Commerce (08)

 Valuation of Rent free furnished/unfurnished accommodation or House at concessional rent

A. For govt. employee: License fees fixed by government + 10% of cost of furniture or hire charges Less amount recovered from employee.

B. For non. Government employee:

UGC - NET: Commerce (08)

Residential Status of an Assessee

Residential status of an assessee is important in determining the scope of income on which income tax has to be paid in India. Broadly, an assessee may be resident or non-resident in India in a given previous year.
Residential Status of An individual
Ø  Resident in India: Satisfying any one of two BASIC conditions given u/s 6(1). Further classified into two parts:
a)      Resident and Ordinarily Resident: Satisfying One of the Basic Conditions [6(1] + Both the Additional Conditions [6(6)(a)&(b)

b)      Resident but not Ordinarily Resident: Satisfying One of the Basic Conditions [6(1] + Not satisfying any of the Additional Conditions [6(6)(a)&(b)

Ø  Non – Resident [Sec. 2(30)]: Not satisfying any of the Basic Conditions mentioned in [6(1)].
Remember: Ordinarily Resident and Resident but not ordinarily residential status is Applicable to individual and HUF Only

Basic Conditions Under section 6(1):
a)      182 days or more during P/Y, or
b)      At least 60 days during the relevant P/Y  + 365 days during the four years preceding that P/Y subject to following exceptions:
Ø  Individual + Citizen of India + Leaving India during P/Y + For Employment
Ø  Individual + Citizen of India + Leaving India during P/Y + As Crew member of India Ship
Ø  Individual + Citizen of India or Person of India Origin + Visit India during P/Y
Here, Person of Indian Origin: Himself + Parents + Grandparents (maternal and paternal grandparents) Born in Undivided India

Additional Conditions section 6(6):
a)      Resident in India in at least 2 out of 10 previous years (according to basic conditions noted above) preceding the relevant previous year;
b)      In India for a period of at least 730 days during 7 years proceeding the relevant previous year.

Residential Status of Firm [Sec. 6(2)]
Ø  Resident in India: Any Part of control and management of its affairs is in India during P/Y.
a)      Resident and Ordinarily Resident: Must be Resident in India + Both the Additional Conditions [6(6) (a) & (b) must be satisfied by KARTA or MANAGER.

b)      Resident but not Ordinarily Resident: Must be Resident in India + Not Satisfying any of the Additional Conditions [6(6) (a) & (b) by KARTA or MANAGER.

Ø  Non – Resident [Sec. 2(30)]: NO Part of control and management of its affairs is in India during P/Y.(Wholly Outside India)

Residential Status of Firm and AOP, or BOI [Sec. 6(2)]
Ø  Resident in India: Any Part of control and management of its affairs is in India during P/Y.
Ø  Non – Resident [Sec. 2(30)]: NO Part of control and management of its affairs is in India during P/Y. (Wholly Outside India)

Residential Status of Company [Sec. 6(3)]
Indian Company:
Ø  Resident in India: Registered in India + Deemed Company under any law of our country.
Foreign Company:
Ø  Resident In India: 100% Control and Management of its affairs in India.
Ø  Non Resident in India: Any part of Control and Management of its affairs outside India.

Residential Status of Local Authority and Artificial Judicial Person [Sec. 6(4)]
Ø  Resident in India: Any Part of control and management of its affairs is in India during P/Y.
Ø  Non – Resident [Sec. 2(30)]: NO Part of control and management of its affairs is in India during P/Y. (Wholly Outside India)


UGC - NET: Commerce (08)

Set off and Carry Forward of Losses  - Rules

Heads of Income
Set Off During the Same A/Y
Carry Forward  of Losses
Same Head
(Sect. 70)
Another Head
(Sec. 71)
Against which Head
Carry Forward
Years
Against which Head
1. Salary
Since No chances of Loss, set off and carry forward of losses is not applicable
2. House Property
YES
YES
Any Head Except Casual Income
YES
8
SAME HEAD
3. PGBF
YES
YES
(Including Speculative Business)
Any Income Excluding Salary & Casual Income
YES
8
SAME HEAD
(Including Speculative Business)
4. Long Term Capital Gain(LTCG)
YES
NO
LTCG
YES
8
LTCG
5. Short Term Capital Gain(STCG)
YES
NO
LTCG/STCG
YES
8
LTCG/STCG
6. Income from other sources
YES
YES
ANY
Not Applicable (NA)
NA
NA
7. Speculative Loss
YES
NO
Speculative Gain
YES
4
Speculative Gain
8. Unabsorbed Depreciation
YES
YES
ANY INCOME
YES
NO Limit
ANY INCOME
9. Maintenance of race horses
YES
NO
Same Item
YES
4
Same Item
10. Specified Business U/S 35AD
YES
NO
Specific Business
YES
NO Limit
Any Specific Business
11. Loss in respect of Casual Income
Cannot be set off at all
12. Loss from exempted sources
e.g. agricultural
YES
NO
Agricultural income
Cannot Be Carry Forward
Note:
1.       No deduction for expenses can be claimed against casual income
2.       For any loss to be carried forward and set-off against the income of a subsequent year the return of such loss must be filed under sec. 139. If no return is file for the year in which the loss was incurred, the right to carry forward the loss is lost.
3.       Order in which current and brought forward losses are to be adjusted:
Ø  Current depreciation
Ø  Capital expenditure on scientific research
Ø  Current loss of another business
Ø  Brought forward losses of earlier years (Oldest loss can be adjusted first)
Ø  Brought forward unabsorbed depreciation
Ø  Brought forward unabsorbed capital expenditure on scientific research.

UGC - NET: Commerce (08)

Meaning of  Capital Assets under Sec. 2(14) means:
Ø  Property of any kind held by an assessee
Ø  Which can be Sold including property of his business or profession,
Except the Following:
1. Stock-in-trade, consumable stores or raw materials held for the purpose of business or profession.
2. Personal movable properties viz. furniture, motor vehicles, refrigerators, musical instruments etc. held for personal use of the assessee or his family. But personal property does not include the following:
Ø  Jewellery
Ø  Residential house property
Ø  Archaeological collections, drawings, paintings, sculptures, or any work of art.
3. Rural Agricultural land:
Ø  Land within the jurisdiction of a municipality or cantonment board having population of 10,000 or more or
Ø  land situated within 8 kilometers from the local limits.
4. Special Bearer Bonds, 1991, 6.5% Gold Bonds, 1977 or 7% Gold Bonds, 1980 or National Defense Bonds, 1980, Gold deposit bonds issued under Gold Deposit Scheme, 1999. It is not necessary that the assessee should be the initial subscriber to the Gold Bonds.

Sunday, October 20, 2013

Dibrugarh University (5th Semester) - Principles of Marketing Important Questions and Answers for Nov' 2015 Exam

Unit 1
Q. What do you mean by marketing environment? What are the different kinds of marketing environment? Explain the various forces which influence marketing environment.
Q. Define marketing and state its importance in today’s world.
Q. Write a note on the traditional and modern concept of marketing. Briefly discuss the five different concepts of marketing.
Q. Write Short notes on:
Ø  Selling Vs. Marketing
Ø  Traditional Marketing Concept vs. Modern Marketing Concept
Ø  Ecological Force

Unit 2

Wednesday, October 09, 2013

Dibrugarh University - Fundamentals of Entrepreneurship Question Paper from 2009 to 2012

Fundamentals of Entrepreneurship (Speciality) 2009
 1.  (a) Explain the theories to an entrepreneur. Also State the role of small business in indian economy.
Or
(b) Elucidate the emergence of entrepreneurial class. Also state the government policy regarding small units.
                                                               

2.  (a) What re the steps that may be taken for promotion of a venture? How will you analyse the opportunities in this regard?
Or
(b) What are the legal requirements for estaiblishment of a new unit? How will you raise funds in this regard?

3. (a) Explain the entrepreneurial behaviour and pshychological theories.
Or
(b) Explain how an entrepreneur is having relevance to social responsibility.

4.  (a) Make a critical evaluation of entrepreneurial development programmes organised by the government.
Or
(b) Highlight the role, relevance and achievements of entrepreneurial development programmes.

5.  (a) Do you think entrepreneurship development shall generate employment opportunities? If so, justify.
Or
(b) “Entrepreneurship development can bring about social stability and balanced regional development of industries.” Justify.

Fundamentals of Entrepreneurship (Speciality) 2010
 1. (a) Explain briefly the emergence of entrepreneurial class.
Or
(b) Explain briefly the role of small business in indian economy.

2. (a) What are the sources of venture capital and what documentations are required in this regard?
Or
(b) What necessiates external environment analysis in regard to your venture?

3. (a) Justify the need of innovation for an entrepreneur.
Or
(b) Justify the need of social responsibility for an entrepreneur.

4. (a) What is an entrepreneurial development programme? Do you think such programmes can make entrepreneurs effective?
Or
(b) Do you think the government is playing an effective role in organizing entrepreneurial development programmes? Justify.

5. (a) Elucidate the role of entrepreneurship in export promotion and import substitution.
Or
(b) Elucidate the role of entrepreneurship in forex earnings and augmenting andmeeting local demand.


Fundamentals of Entrepreneurship (Speciality) 2011
               
1. (a) Elucidate the role of small business in indian economy.
Or
(b) Elucidate the characteristics of entrepreneur.

2.  (a) Do you think legal requirements are required for estaiblishment of a new unit? If so, explain.
Or
(b) In promoting a venture, how will you make opportunity analysis?

3. (a) Explain the different aspects you would consider in judging entrepreneurial behaviour and psychology.
Or
(b) Explain the different aspects you would consider for an entrepreneur having social responsibility.

4. (a) Make a critical evaluation of entrepreneurial development programmes.
Or
(b) Highlight the relevance of entrepreneurial development programmes.

5.  (a) “Entrepreneurship can generate employement opportunities.” Justify.
Or
(b) “Entrepreneurship can compliment and supplement economic growth.” Justify.


Fundamentals of Entrepreneurship (General) 2010
1.   (a) What are the different kinds of entrepreneurs? Explain each one of them.
Or
(b) Give a detail account of the emergence of entrepreneurial class in India.

2. (a) What is external environmental analysis? What are the legal requirements for establishment of a new business unit?
Or
(b) What is venture capital? What are the different sources of venture capital? Discuss.

3. (a) “Entrepreneurial behaviour is the result of an interaction of several internal and external factors.” Explain.
Or
(b) What do you mean by social responsibility? What are the social responsibilities of an entrepreneur of a small business? Discuss.

4. (a) Discuss the relevance of Entrepreneurial development programme for a country like India.
Or
(b) Critically evaluate the role of govt. in organising Entrepreneurship development programme.

5. (a) Discuss the role of small industry in bringing about social stability and balanced regional development.
Or
(b) Discuss the role of small-scale industry in export promotion and import substitutions.


Fundamentals of Entrepreneurship (General) 2011
 1. (a) Explain entrepreneurship. Discuss one of the theories related to entrepreneurship.
Or
(b) What is small-scale industry? Give a detailed analysis of the government policy towards the estaiblishment of a small-scale industry.

2.  (a) Explain the various steps to be followed in setting up a small-scale enterprise and problems faced by an entrepreneur.
Or
(b) What are the legal requirements for estaiblishment of a new business unit? Discuss.

3. (a) What is innovation of an entrepreneur? Explain the entrepreneurial behaviour and psychological theory of a an entrepreneur.
Or
(b) What do you mean by social responsibilities? Discuss the social responsibilities of an entrepreneur towards the various section of the society.

4.(a) What do you mean by entrepreneurial development programme (EDP)? Discuss the role of government in organising different entrepreneurial development programme.
Or
(b) Critically evaluate the role of govt. in organising Entrepreneurship development programme.

5.(a) Do you think that entrepreneurship development can generate employment opportunities? Justify your answer.
Or
(b) Discuss the role of small-scale industry in export promotion and import substitutions.


Fundamentals of Entrepreneurship (General) 2012
1.  (a) Write briefly on the emergence of entrepreneurship class.
Or
(b) Write briefly on the theories of entrepreneurship ship.

2.  (a) State the importance of external environment analysis for an entrepreneur.
Or
(b) Define three different sources of venture capital for an entrepreneur.

3.  (a) What are the factors would you consider for identifying entrepreneurial behavior ?
Or
(b) Give the observations from entrepreneurial behavior and psychological theories.

4.  (a) Elucidate the role of Government in organizing Entrepreneurial Development Programmes.
Or
(b) Explain the role and relevance of an Entrepreneurial Development Programme (EDP).

5.  (a) Justify that growth of entrepreneurship can bring about social stability.
Or

(b) Justify that entrepreneurship can foster balanced regional development of industries.