discuss and explain thank you
1. Discuss the features of income tax? 2. Explain the types of assessee? 3. Define the term person. 4. Define the following terms under Income Tax Act. (i) Gross Total Income (ii) Total Income. 5. Determine the status of the following persons. Reliance industries limited. Punjab National Bank Madras University Calcutta Municipal Corporation A partnership firm with A, B and C partners Kalyani publishers Ltd A Village panchayat Mr. Narendra Modi, Prime Minister of India Reserve Bank of India Life Insurance Corporation of India 6. From the following details compute taxable income of Mr.Amit. i) Share of income from a joint venture in India Rs. 10,000. ii) Dividend Rs. 1,000. iii) Income from Agriculture in Pakistan Rs.20, 000 iv) Salary received in India Rs. 9,800(computed) but the services for the same were rendered in Iran. V) Income from business in Pakistan (controlled from India) Rs. 10,000 and the income remitted to India. vi) Income earned and received in Pakistan from bank deposits Rs. 5,000. vii) Income accrued in India but received in Iran Rs. 10, 000. 7. Which of the following incomes are taxable when the residential status of Mr. Umesh is: i) Resident ii) Not ordinarily resident iii) Non-resident a) Income accrued in Canada but received in India Rs. 2,000. b) Rs. 5,000 earned in India but received in Canada. c) Rs. 10,000 earned and received in Sri Lanka from a business controlled from India. d) House property income (computed) from Sri Lanka Rs.2, 000. e) Profit earned from a business in Kanpur Rs. 10, 000. (Or)8. A person after 26 years stay in India, retired to England in April 2016 and returned to India on 15" February 2018 to take up a salaried appointment. What is his residential status for the previous year 2017-18? 9. Mr. B a citizen of India left for Germany for the first time on 15.09.2016 on a business trip. He returned to India on 05.06.2017. During his absence from India he maintained a dwelling house for himself in Calcutta. What will be his residential status for the assessment year 2018-19. 10. Give any five exempted incomes. 1 1. X receives salary of Rs.40,000 per month and D.A. @ Rs.10,000 per month. His employer declares half of D.A as pay for Retirement benefits. Compute his Salary. 12. Mr. Sharma gets salary of Rs.40,000 p.m. and is providedwith rent free unfurnished accommodation at Ludhianvipulation 20 lakhs) whose fair rental value is Rs. 15,000 p.m. He gets leave encashment for the current previous year of RS.20, 000 during the year. His salary is due on 1" day of every month. Calculate the value of rent free accommodation and gross salary 13. Calculate the taxable amount of annual accretion to R.P.F. if following information is provided by assessee: i) Pay @ Rs.24, 500 p.m. ii) Commission received by him on the basis of turnover achieved by him: Rs.36, 000. iii) Employer's contribution to R.P.F. @ 14% of salary. iv) Interest credited during the year to R.P.F. balance @12% is Rs.24,000. (Or) 14. Mr. Y is employed at Amristar on a salary of Rs.3, 0000 p.m. The employer is paying the H.R.A of Rs.8,000 p.m. but the actual rent paid by him (employee) is Rs. 12,000 p.m. He is also getting 2% commission on turnover achieved by him and turnover is Rs.50,00,000. Calculate the gross salary. 15. Mr. Ranjan an employee of Govt of India is drawing a salary of Rs.20, 000 p.m including D.A. of Rs 4,000 p.m. He is drawing Rs.2,500 p.m. as Entertainment allowance. The other perquisites are of Rs 5,000 p.m. He was getting uniform allowance @Rs.2, 000 twice a year. It was claimed that whole of it has been spent on
