1st Year B.B.S.

1st term Improvement Examination 1992

Department of Management
Subject: Income Tax
Course No: 122
Total Time: 3 Hours

Total Marks: 40

( Marks for each question are given on the right margin. Answer any four of the
following questions.)
1. a) Define income tax.
b) Discuss the characteristics of income from the view point of income tax.
c) State the various sources of income

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2. a) To whom return of income is to be submitted?

b) Discuss the steps for submission of return of income.
c) What are the conditions for self-assessment.

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3.

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b)

What are the authority to impose penalty?

Under what circumstances and how appeal can be filed to the appellate
Tribunal? Discuss with its settlement procedure.

4. a) Discuss the different classes of securities.

b) State the rules of grossing-up of interest of securities.
c) Explain the procedure of settling of losses.

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5. a) State the feature of agricultural income.

b) Distinguish between agricultural income and non-agricultural income.
c) Explain the allowable deductions in case of agricultural income.

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6. a) Define Salary.
b) Explain the elements of salary.
c) What is approved gratuity fund.

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