ABES Business School,

Assignment for Placed Students

(Odd Semester, 2022-23)

Number of Printed Pages: 2

Estd. 2000 Roll Number

Max. Marks: 75 Time: 6 Pm to 9 AM

Programme: MBA Semester: 3rd Section: A,B

Course Code: KMBNFM02 Course Title: Financial Planning &Tax Management

Q.NO KL, CO Question Marks

SECTION A

1. Attempt ALL Parts 2x5=10

(a) K3/CO3 What do you mean by previous year and assessment year? What is the 2
relevant assessment year for the financial year 2022-23?

(b) K3/CO3 Explain the conditions under which ITR 1 form is used by an 2
individual?

(c) K1/CO4 What are perquisites? 2

(d) K1/CO4 Define the term gratuity. 2

(e) K2/CO5 Explain the concept of advance tax. 2

SECTION B

Question 2. 10X2=20

Read the following case and answer the questions (any two).
Suresh Ravichandran and Virat Kapoor are working in PQR
forgings Ltd, a company engaged in manufacturing of metal parts
for automotive industry.
Suresh Ravichandran, Finance Manager in the company, has been
provided with a rent- free unfurnished accommodation in Delhi. He
gives you the following particulars:
i. Basic salary Rs. 60,000 p.m.
ii. Dearness Allowance Rs. 50,000 p.m. (40% is for
retirement benefits)
Virat Kapoor, marketing manager in Ludhiana has the following
receipts from the company
i. Basic pay Rs. 30,000 p.m.
ii. Dearness allowance Rs. 20,000 p.m.
iii. Commission Rs. 50,000 p.a.
iv. Motor car for personal use (expenses met by the
employer) Rs. 1,500 p.m.
v. House rent allowance Rs. 15,000 p.m.
 Questions.

a) K3/K4/CO4 Calculate the taxable value of the perquisite to Mr Suresh 10

Ravichandran for A.Y.2023-24. Also calculate value of perquisite if he
pays a rent of Rs. 10,000 per month to the company.

b) K3/K4/CO4 Find out the amount of HRA eligible for exemption to Virat Kapoor 10
assuming that he paid a rent of Rs. 16,000 p.m. for his
accommodation in Ludhiana. DA forms part of salary for retirement
benefits.

c) K3/CO4 If Mr Virat Kapoor owns a property in Delhi that has been let out, how 10
can he calculate its annual value. Explain.

SECTION C

3. Attempt any ONE Part 15x1=15

a) K4/CO3 Tax incidence of an individual depends on his residential status. 15

Discuss.

b) K2/CO4 What are individual incomes that are exempted from tax? 15

4. Attempt any ONE Part 15x1=15

a) K1/K2/CO4 What is salary? Briefly explain its components. 15

b) K1/K4/CO4 What are different types of provident funds. How an unrecognized 15

provident fund is taxed?

5. Attempt any ONE Part 15x1=15

a) K2/CO5 What is tax planning? How is it different from tax evasion? 15

b) K3/CO5 What is a double taxation avoidance agreement? What are its 15

advantages?
CO- Course Outcomes (Units) mapped with respective question KL-
Bloom’s Knowledge Level (K1, K2, K3, K4, K5, K6)
K1 – Remember K2 – Understand K3 – Apply K4 – Analyze K5 – Evaluate K6 – Create