Actual Examination Qts. Residential Status Discuss the concept of residential status and its impact on the incidence of tax in the case of individuals.

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Presentation transcript:

Actual Examination Qts

Residential Status Discuss the concept of residential status and its impact on the incidence of tax in the case of individuals with suitable examples [20 marks] Explain the concept of “Resident” and “NOR” and how it is particularly relevant to Indians taking up employment abroad [16 marks] Examine the relationship between Residential Status and Scope of Income liable to tax [10 marks]

Mr Patel, after studying medicine in the US for 5 years continuously came back to India on 5 th April,2007 and set up practice as a doctor in Mumbai. In Feb,2008,he visited Singapore as a tourist for a month and there he earned the equivalent of Rs 1 Lac by giving medical advice and also equivalent of Rs 2 Lac as a lottery prize there. Is he liable to include these sums as part of his Total income for tax purposes in India for the AY Give reasons-Why? [10 marks] Residential Status

What is the significance of “Residential Status” under the Income tax Act? What is the test to determine “Residential Status” of a company? Mr Robert came to India for the first time on He stayed in India and went to UK on He again came back to India on and stayed upto on which day he returned to USA. He accepted a salaried employment in India and came to Delhi on Determine his “Residential Status” for AY [16 marks]

PGBP What are the basic conditions to be fulfilled in order to claim depreciation allowance Short notes on: – Revenue exp and capital expenditure – Exp on scientific research – Business – Depreciation – C/f and set off of depreciation u/s 32 – What is taxable profit? How is it different from commercial profit? – Block of assets

PGBP Write a full note on allowability of depreciation u/s 32. Why is no depreciation allowed on foreign cars and what are the exceptions? Give 5 examples of expenditure incurred wholly and exclusively for the purpose of business What do you mean by depreciation under the IT Act? Explain the calculation of depreciation for Income Tax act.