| SESSION | MARCH 2025 |
| PROGRAM | BACHELOR OF COMMERCE (B.COM) |
| SEMESTER | VI |
| COURSE CODE & NAME | DCM3201 ENTREPRENEURSHIP DEVELOPMENT |
Set – 1
Q1. (i) Define the term Entrepreneurship. Discuss the elements of Entrepreneurship.
(ii) Elaborate on the functions of the District Industries Centre.
Ans 1.
- Definition of Entrepreneurship
Entrepreneurship refers to the process of identifying a business opportunity, taking risks, and organizing resources to establish and manage a new venture with the aim of making a profit and contributing to economic development. It involves innovation, creativity, and the ability to turn ideas into successful enterprises. An entrepreneur is someone who assumes financial and operational risks to bring innovative ideas to life.
Elements of Entrepreneurship
There are several key elements that define entrepreneurship. The first is innovation, which includes developing new products, services, or processes that add value to the market.
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Q2. Explain the objectives of linking creativity and innovation in entrepreneurship. 10
Ans 2.
Linking Creativity and Innovation in Entrepreneurship
In the modern competitive business environment, creativity and innovation are central to entrepreneurial success. Creativity refers to the ability to generate new and original ideas, while innovation is the process of implementing those ideas into practical and profitable outcomes. The integration of these two elements enables entrepreneurs to develop unique products, services, and solutions that address market needs and create competitive advantage.
Objectives of Linking Creativity and Innovation
The first objective of linking creativity and innovation is to differentiate the business from
Q3. (i) Explain the qualities of a mentor.
(ii) Enumerate the concept of SWOT analysis.
Ans 3.
- Qualities of a Mentor
A mentor is an experienced individual who offers guidance, support, and advice to someone less experienced, typically in a professional or educational context. In entrepreneurship, mentors play a crucial role by helping aspiring entrepreneurs navigate complex business challenges and make informed decisions. Certain qualities make mentors particularly effective.
One essential quality is experience and expertise. A good mentor has extensive knowledge in the relevant industry and is familiar with the hurdles and opportunities that entrepreneurs
Set – 2
Q4. (i) Explain the feasibility study in a business plan. How feasibility study is different from a business plan?
(ii) Explain the different stages of financing by venture capitalists.
Ans 4.
- Feasibility Study in a Business Plan
A feasibility study is a detailed analysis that assesses whether a proposed business idea is viable, sustainable, and profitable. It is conducted before the preparation of a formal business plan to determine whether to proceed with the business idea. A feasibility study investigates multiple aspects such as technical feasibility, financial viability, legal compliance, market demand, and organizational capability.
Technical feasibility evaluates whether the product or service can be produced with the
Q5. (i) Mention the documents required for trademark in India.
(ii)Discuss any four common characteristics of high-growth new ventures.
Ans 5.
- Documents Required for Trademark in India
A trademark is a legal protection granted to a brand name, logo, slogan, or any other distinctive mark associated with a business. In India, the registration of a trademark is governed by the Trade Marks Act, 1999. To file for a trademark, several important documents are required to complete the application process.
First, the applicant must provide a copy of the logo or brand name in JPEG format. It should be clear and visually distinct to ensure it is not already in use or similar to an existing
Q6. (i) Describe testing of hypotheses in a Lean Startup. Analyse the steps involved.
(ii) Explain different stages of business. At which stage is harvesting possible.
Ans 6.
- Hypothesis Testing in a Lean Startup
In the Lean Startup methodology, hypothesis testing is a fundamental approach used to validate business ideas with minimal resources. It involves creating assumptions about the product, customer behavior, or market and then testing those assumptions through experiments. The goal is to learn quickly and iterate before investing heavily in product development.
The process begins by formulating a clear hypothesis, which is a statement that can be tested.
| SESSION | MARCH 2025 |
| PROGRAM | BACHELOR OF COMMERCE (B.COM) |
| SEMESTER | VI |
| COURSE CODE & NAME | DCM3202 PRINCIPLES AND PRACTICE OF AUDITING |
Assignment Set – 1
Q1. Elaborate on the relevance and advantages of an Audit for large enterprises.
Ans 1.
Auditing in Large Enterprises
Auditing plays a critical role in ensuring transparency, accountability, and financial discipline within large enterprises. Due to the vastness and complexity of their operations, these organizations handle significant volumes of financial transactions. In such environments, regular audits are not only a statutory requirement but also a strategic necessity to safeguard against errors, frauds, and mismanagement. The audit process provides an independent assessment of an enterprise’s financial statements and operational efficiency, ensuring they
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Q2. Write an essay on the verification and valuation of assets.
Ans 2.
Verification and Valuation of Assets
Verification and valuation of assets are two fundamental components of the auditing process. They ensure that the assets recorded in the books of accounts are accurate in terms of ownership, existence, and value. These procedures help auditors determine whether the financial statements give a true and fair view of the company’s financial position. Both verification and valuation are essential for maintaining stakeholder trust and complying with
Q3. Write brief notes on-
- Audit Programme
- Vouching Purchases and Salaries
Ans 3.
- Audit Programme
Meaning and Definition
An audit programme is a detailed plan of the auditing process prepared by the auditor before the commencement of audit work. It outlines the nature, timing, and extent of audit procedures to be performed for a specific client. The audit programme serves as a systematic guide to ensure that all necessary areas are covered during the audit and no important aspect is overlooked.
Purpose and Significance
The primary purpose of the audit programme is to ensure a uniform and comprehensive approach to the audit. It provides clarity to the audit team about their respective duties and
Assignment Set – 2
Q4. Discuss the qualifications and disqualifications of an auditor of a Public limited company.
Ans 4.
Auditor Requirements
The role of an auditor in a public limited company is highly responsible, requiring professional integrity and adherence to statutory guidelines. The Companies Act, 2013 of India lays down specific qualifications and disqualifications for auditors to ensure that only competent and unbiased professionals are appointed for the audit of public companies.
Qualifications of an Auditor
To be eligible for appointment as an auditor of a public limited company, an individual or
Q5. Analyze the chief points to keep in mind while undertaking the Audit of an Educational Institution.
Ans 5.
Educational Institution Audits
Auditing an educational institution such as a school, college, or university involves the review of both financial and non-financial aspects. These institutions often receive income from various sources like tuition fees, donations, grants, and government subsidies, which must be accounted for properly. The purpose of such an audit is to ensure financial transparency, accuracy of accounts, and compliance with statutory requirements and fund
Q6. Elaborate on the challenges in auditing the books of local bodies.
Ans 6.
Local Body Audits
Local bodies such as municipal corporations, panchayats, and other government-funded institutions are responsible for delivering essential services to the public. Auditing their financial records ensures that public funds are used efficiently and for the intended purposes. However, auditing local bodies presents several unique challenges due to their structure, funding mechanisms, and administrative practices.
Complex and Decentralized Operations
One of the major challenges in auditing local bodies is the decentralized nature of their
| SESSION | MARCH 2025 |
| PROGRAM | BACHELOR OF COMMERCE (B.COM) |
| SEMESTER | VI |
| COURSE CODE & NAME | DCM3203 BUSINESS ENVIRONMENT |
Set – 1
Q1. (i) Explain the SWOT analysis and steps involved in the application.
(ii) Describe the instruments of monetary policy.
Ans 1.
- SWOT Analysis
SWOT analysis is an essential strategic planning tool used by businesses and organizations to identify and evaluate their internal strengths and weaknesses, as well as external opportunities and threats. The acronym SWOT stands for Strengths, Weaknesses, Opportunities, and Threats. It enables organizations to create a strategic plan by understanding what they do well, what needs improvement, where opportunities exist, and what external factors could hinder growth. This analysis is highly valuable in decision-making processes such as product launches, market expansion, or organizational
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Q2. Write a short note on the given topics:
(i) Changing profile of the Indian economy
(ii) Influence of culture on communication and decision-making
Answer 2
- Changing Profile of the Indian Economy
Over the last seven decades, India’s economic structure has witnessed significant transformation. At the time of independence in 1947, India was predominantly an agrarian economy with agriculture contributing nearly 50% to the GDP. Today, the contribution of agriculture has reduced significantly, while the service sector has emerged as the dominant force, contributing over 50% of the GDP. This shift from a primary-sector economy to a service-driven economy highlights India’s gradual but impactful economic development.
One major change has been the move towards liberalization, privatization, and globalization,
Q3. (i) Describe the characteristics of a mixed economy.
(ii) Explain the role of Foreign Direct Investment.
Ans 3.
- Characteristics of a Mixed Economy
A mixed economy is a blend of both capitalist and socialist elements, wherein the private and public sectors coexist and function together to contribute to national development. India is a classic example of a mixed economy, where both market-driven mechanisms and government interventions coexist. One of the most important features is the coexistence of public and private sectors. While private entities operate in sectors such as consumer goods, retail, and services, the government controls key infrastructure industries like defense, railways, and
Set – 2
Q4. (i) Discuss the different laws impacting the business in India.
(ii) “An ideal economy is based on three principles”. Elaborate the statement.
Ans 4.
- Laws Impacting Business in India
India’s business environment is governed by a framework of laws that regulate various aspects such as company formation, consumer rights, taxation, trade practices, employment, and environmental protection. One of the most important laws is the Companies Act, 2013, which governs the incorporation, responsibilities, and dissolution of companies in India. It aims to enhance transparency, accountability, and good governance in corporate functioning. The Act mandates corporate social responsibility (CSR) for certain companies and has
Q5. (i) Describe the crisis of June 1991.
(ii) Discuss the benefits of privatization.
Ans 5.
- Crisis of June 1991
The economic crisis of June 1991 is considered a turning point in India’s post-independence economic history. It was marked by severe balance of payments problems, skyrocketing inflation, a fiscal deficit, and a depletion of foreign exchange reserves to such an extent that the country had barely enough to finance imports for two weeks. The situation forced India to pledge gold to secure emergency loans from the International Monetary Fund (IMF) and the World Bank.
The crisis was triggered by both internal and external factors. Internally, the Indian economy
Q6.(i) Explain the concept of globalization and its benefits.
(ii) Write a short note on the structure of the WTO.
Ans 6.
- Concept of Globalization
Globalization refers to the process of increased interconnectedness and interdependence among countries through the exchange of goods, services, capital, technology, and ideas. It implies the integration of national economies into the global economy, enabling businesses and individuals to operate on an international scale. This phenomenon has been accelerated by advancements in transportation, communication, and digital technologies, making global collaboration more efficient and accessible.
Globalization is characterized by several key features. These include the liberalization of
| SESSION | MARCH 2025 |
| PROGRAM | BACHELOR OF COMMERCE (B.COM) |
| SEMESTER | VI |
| COURSE CODE & NAME | DCM3204 DIRECT TAXES |
Set – 1
Q1.
- Elaborate on the definition of a “Person” under the Income Tax Act, 1961.
- Write down any five differences between direct taxes and indirect taxes.
Ans 1.
- Definition of a “Person” under the Income Tax Act, 1961
Meaning and Legal Interpretation
The term “Person” under the Income Tax Act, 1961, is defined in Section 2(31) and is broader than its general usage. In legal terms, a person refers to not just an individual but includes a wide range of entities that are capable of earning income and being taxed. The inclusion of various categories ensures that the tax system is comprehensive and brings all income-generating units under its purview.
Categories Included under “Person”
According to the Act, “Person” includes the following seven categories: (1) an individual, (2) a
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Q2. Mr. Vivek Mohan has the following income during the financial year 2023-24:
- Income from business in Kolkata managed from the U.S.A. Rs. 25,000
- Income from pension for services rendered in India received in London Rs. 15,000
(Computed)
- Income from assets in Myanmar was received in India at Rs. 10,000.
- Profit from business in Sri Lanka deposited in a bank there, Rs. 15,000.
- Income from the profession in Kenya was received there, and it was set up in India for Rs. 15,000.
- Profit on sale of machinery in India received in Nepal Rs. 10,000.
- Interest on the U.K. government securities, half of which was received in India, Rs. 5,000.
- Untaxed income of the previous year brought in India during the previous year was Rs. 40,000.
Calculate the Gross Total Income of Mr. Vivek Mohan for the assessment year 2024-25, if he is (i) Ordinarily resident (ii) Not-ordinarily resident (iii) Non-resident.
Ans 2.
Basic Tax Rule for Residential Status:
- Ordinarily Resident (ROR): Taxable on global income (i.e., income earned and received anywhere).
- Not-Ordinarily Resident (RNOR): Taxable on income received or accrued in India or business controlled from India.
- Non-Resident (NR): Taxable only on income received or accrued in India.
Q3. Mr. A was an employee of X Ltd. At the time of leaving X Ltd. He was paid Rs. 350,000 as a leave salary, out of which Rs. 77,000 were exempted u/s 10 (10AA).
After some time, he joined Y Ltd. He received Rs. 4,12,200 as leave salary at the time of his retirement on 31.12.2024. Compute taxable leave salary by considering the below information:
- Salary from 1.3.2024 to 31.7.2024 Rs.22,600
- Salary from 1.8.2024 to 31.12.2024 Rs.22,900
- Duration of service 14 years
- Leave entitlement per year is 45 days.
- Leave availed during service is 90 days.
- Leave credit at retirement for 18 months.
Ans 3.
Leave Salary Exemption under Section 10(10AA)(ii)
Since Mr. A is a non-government employee, the exemption under Section 10(10AA)(ii) is based on the least of the following four amounts:
- Actual leave encashment received at retirement = ₹4,12,200
- Maximum limit of exemption under the Act = ₹3,00,000 (as per Income Tax rules for non-govt. employees)
- 10 months’ average salary before retirement To calculate average salary:
-
- Salary from March to July 2024 = ₹22,600
- Salary from August to December 2024 = ₹22,900
- Total salary = (₹22,600 × 5) + (₹22,900 × 5) = ₹1,13,000 + ₹1,14,500 =
Set – 2
Q4. Explain the deductions that are “Expressly allowed” in computing the income from business under the Indian Income Tax Act, 1961.
Ans 4.
Introduction to Expressly Allowed Deductions
Under the Indian Income Tax Act, 1961, while computing income from business or profession, certain deductions are specifically permitted. These are known as “expressly allowed deductions” and are listed mainly under Sections 30 to 37 of the Act. These provisions ensure that taxpayers can deduct legitimate business-related expenses from their gross income, resulting in a more accurate measure of net taxable income. These deductions must be real, business-related, and supported by proper documentation.
Deductions Relating to Rent, Rates, and Taxes – Section 30
Section 30 deals with deductions for rent, rates, taxes, and repairs for premises used for business
Q5. Mr. Ravi Gupta provides the following information:
He built a house in 2001-02 at the cost of Rs. 2 lakhs for self-residence. On 1st August 2023, he sold his house for Rs. 15,00,000 and purchased a new flat on 1st January 2024 for Rs. 5,00,000. Stamp fee paid Rs. 50,000 for registration. He paid 2% brokerage on the sales and purchase of the property. Compute capital gains. If the new flat is of Rs. 10 Lakhs, how much capital gains shall be taxed?
Ans 5.
Basic Information
- Original Purchase Year: 2001–02
- Cost of Acquisition: ₹2,00,000
- Date of Sale: 1st August 2023 (FY 2023–24)
- Sale Price: ₹15,00,000
- New Property Purchased on: 1st January 2024
- New Property Value (Case 1): ₹5,00,000
.
Q6. Mr. Rathi provides the following information relevant for the assessment year 2024-25:
| Income | Losses | |
| Taxable income from salary | 2,42,000 | – |
| Income and loss from house property: | ||
| House A | 1,15,000 | – |
| House B | – | 3,30,000 |
| Profit and Loss from Business: | ||
| Business A | 2,28,000 | – |
| Business B | – | 10,000 |
| Business C (speculative) | 11,000 | – |
| Business D (speculative) | – | 23,000 |
| Capital Gains and Losses: | ||
| Short–term capital gains | 6,000 | – |
| Short–term capital loss | – | 28,000 |
| Long–term capital gains | 12,500 | – |
| Income and loss from other sources: | ||
| Income from card games | 13,000 | – |
| Loss from card games | – | 7,010 |
| Loss on maintenance of horse race | – | 6,000 |
| Interest on securities | 4,000 | – |
Compute the gross total income of Mr. Rathi for the assessment year 2024-25.
Ans 6.
To compute the Gross Total Income (GTI) of Mr. Rathi for Assessment Year 2024–25, we must:
- Group the income and losses under respective heads.
- Adjust permissible intra-head and inter-head losses as per Income Tax Act, 1961 rules.
- Exclude losses that cannot be set off against other incomes.
- Compute the final Gross Total Income after set-off.
Step 1: Classification of Income and Losses
| Head of Income | Income (₹) | Loss (₹) |
| Salary | 2,42,000 | – |