DISTRICT RESOURCE CENTRE

MAHBUBNAGAR
, PRE-FINAL EXAMINATIONS - JAN / FEB -2011
TAXATION B.Com. IInd YEAR

Time:3 Hrs
Max.Marks: 70
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I Answer any five questions not exceeding 20 lines. 5 x 4 = 20

1. Requirement of taxes and its necessity
2. What is gross total Income?
3. What are deemed assets.
4. What is Sale?
5. Calculate tax liability for the assessment year 2009-2010 of Mr.Raju by using
the following information.
1. Gross salary Rs. 2,35,000
2. Long term capital gains “ 25,000
3. Income from house property “ 15,000
4. Income from lottery “ 30,000
5. Qualified savings U/S 80 C “ 20,000
6. Important elements of Central Sales Tax Act 1956
7. What is V A T
8. Customs duty

II Answer all the questions given below. 5 x 10 = 50

1. a) Define Income and write its features OR b) Explain Tax features , Aims ,
Necessity.
2. a) What is Agricultural income.
OR
Mr.Varun is citizen of India. On a business tour he left India first time on 1-4-2004.
He came back to India on 5.4.2008. Again he left India on 1-5-2008 and came back to
India on 20-12-2008.Decide his residential status for the previous year 2008-2009.
3. a) What is an asset under wealth Tax act? Mention any 10 Non-Assets
OR
b) Assess Wealth Tax of Mr.Anil by using the following information for the Assessment
year 2009-10.
I. Golden ornaments given as gift to his wife worth Rs.75000 present market
value of the ornaments is Rs. 2,50,000/-
II. A flat purchases in 1970 under installment system for Rs. 8000/- using for own
residence. The market value of the flat is Rs. 10,00,000 on 31.03.2009.
(installmemt due on flat is Rs.50,000)
III. Urban land transferred to handicorpped mirror on 31-03-2009. The value of the
land on the date is Rs. 6,00,000. How can you consider the above information
and calculate Net Wealth.
4. a) Describe the features and Aims of CST act.
OR
b) Mr. Sunil interstate sales gross turn over is Rs.10,00,000 for the present financial
year. Find out Taxable turnover using following information.
Sales Price Tax Rate
5,50,000 10%
3,10,000 3%
1,25,000 5%
1,75,000 Exempted goods
Dealer has not submitted any form to Tax authorities.
5. a) What are the general principles used in the analysation of goods. What are the
guide lines.
 OR
b) Describe procedure of imports and exports.