Assignment Set – 1

Q.1. I. Elaborate on the definition of “Person” under the Income Tax Act, 1961. II. Distinguish between direct and indirect taxes with the help of any five relevant points. (5+5 = 10 Marks)

Ans 1.

1. Definition of “Person” under the Income Tax Act, 1961

The word “Person” will be defined under section 2(31) of the Income Tax Act, 1961 and it is given the broadest definition to guarantee that any entity with income gets out of the tax net. The term “person” refers to the following categories: (i) An Individual, meaning a natural human that is male, female, or transgender, either resident or non-resident. (ii) An Hindu Undivided Family (HUF), which is a unique Indian legal entity made up of those who are descended in linear order from one common ancestor as well as their wives and unmarried daughters; (iii) A Company according to the Companies Act, including both Indian companies and foreign companies; (iv) A

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Q.2. Mr Ravi Sharma has the following income during the financial year 2024-25: 1. Income from business in Kolkata managed from the U.S.A., Rs. 25,000 2. Income from pension for services rendered in India received in London, Rs. 15,000 (Computed) 3. Income from assets in Myanmar was received in India at Rs. 10,000. 4. Profit from business in Sri Lanka deposited in a bank there, Rs. 15,000. 5. Income from the profession in Kenya was received there, and it was set up in India for Rs. 15,000. 6. Profit on sale of machinery in India received in Nepal, Rs. 10,000. 7. Interest on the U.K. government securities, half of which was received in India, Rs. 5,000. 8. Untaxed income of the previous year brought in India during the previous year was Rs. 40,000. Calculate the Gross Total Income of Mr Ravi Sharma for the assessment year 2025-26, if he is (i) Ordinarily resident, (ii) Not-ordinarily resident, (iii) Non-resident.

Ans 2.

Rules for Taxability Based on Residential Status

In the Income Tax Act, 1961, the taxability of income depends on the status of residence that the tax payer is in. An Ordinarily Resident (OR) is liable for tax for his worldwide incomewhich includes all income earned, arising, or received anyplace within the world. A Not Ordinarily Resident (NOR) is taxable on the income earned in India, income accruing or arising in India or arising generated by a control or profession set up in India. A Non-Resident (NR) is taxable solely on the amount of income earned or considered to have been taken in India or accruing or

Q.3. Mr Yash was an employee of X Ltd. At the time of leaving X Ltd. He was paid Rs. 3,50,000 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 31.12.2025. Compute taxable leave salary by considering below  information: 1. Salary from 1.3.2025 to 31.7.2025 Rs.22,600 2. Salary from 1.8.2025 to 31.12.2025 Rs.22,900 3. Duration of service: 14 years 4. Leave entitlement per year is 45 days. 5. Leave availed during service is 90 days. 6. Leave credit at retirement for 18 months.

Ans 3.

Exemption of Leave Salary under Section 10(10AA)

Salary for Leave (Leave Encashment) received at the time of retirement for a non-government employee is exempt from Section 10(10AA)(ii) in the amount of the least of the four limitations listed below. The remaining balance, after deducting the exemption already claimed from X Ltd. is taxable.

Step 1: Calculate Average Monthly Salary (Last 10 months)

Last 10 months preceding 31.12.2025: March to July 2025 (5 months) @ Rs. 22,600 = Rs. 1,13,000; August to December 2025 (5 months) @ Rs. 22,900 = Rs. 1,14,500. Total = Rs. 2,27,500. Average Monthly Salary = Rs. 2,27,500 / 10 = Rs. 22,750.

Step 2: Calculate Leave Credit (Days)

Leave entitlement = 14 years × 45 days = 630 days. Less: Leave availed = 90 days. Leave balance = 540 days. However, leave encashable is limited to 30 days per year of service.

Assignment Set – 2

Q.4. Discuss the deductions expressly permitted in the computation of business income under the Indian Income Tax Act, 1961. (10 Marks)

Ans 4.

In the Income Tax Act, 1961 Profits and gains of a profession or business are figured under Section 28 to 44DB. Sections 30 through 37 explicitly permit deductions of specific expenses for business from the gross earnings for the purpose of calculating taxable business income. Only genuinely incurred business expenses are tax-deductible. The Act distinguishes between revenue expenses (fully tax-deductible) as well as capital expenditures (generally not deductible from

Q.5. Mr Arun 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.

Computation of Capital Gains for AY 2024-25

The house was purchased in 2001-02 and sold on 1st August 2023. Since it was held for more than 24 months, it is a Long-Term Capital Asset. Cost Inflation Index (CII) for 2001-02 = 100; CII for 2023-24 = 348 (as notified). Indexed Cost of Acquisition = Rs. 2,00,000 × (348 / 100) = Rs. 6,96,000.

Step 1: Compute Capital Gains

Q.6. Compute the Gross Total Income of Mr Rohan for the assessment year 2025-26 based on the given income and loss details. (10 Marks)

Compute the Gross Total Income of Mr Rohan for the assessment year 2025-26.

Ans 6.

Rules for Set-Off of Losses

The Income Tax Act, 1961, losses from one head may be set off against income of another head (inter-head set-off) with certain restrictions. Key rules: (1) House property loss is able to be offset against any other tax head that is up to. 2,000,000; the balance is carried forward. (2) Losses from business (non-speculative) can be offset against all income, excluding salaries and income from speculative sources. (3) Speculative business loss can be only set off against the speculative income of a business. (4) Capital loss that is short-term can be set off against both STCG as well as LTCG. Capital loss that is long-term can only be offset against LTCG. (5) loss from gambling games as well as horse race maintenance cannot be set off against any income.

Assignment Set – 1

Q.1. (i) Explain the SWOT analysis and steps involved in the application. (ii) Describe the instruments of monetary policy. (5+5 = 10 Marks)

Ans 1.

(i) SWOT Analysis and Steps in Application

SWOT Analysis can be described as a strategic method of planning that helps to determine the strengths, weaknesses Opportunities, and Threats facing an organisation or a business initiative. It provides a structured approach to assess both the internal strengths of an organisation and the external context in which it operates, enabling informed strategic decision-making.

Strengths are internal positive attributes that give the organisation an advantage over

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Q.2. Write a short note on the given topics: (i) Changing profile of the Indian economy (ii) Influence of culture on communication and decision-making. (5+5 = 10 Marks)

Ans 2.

(i) Changing Profile of the Indian Economy

The Indian economy has undergone a dramatic structural transformation over the past three decades, transitioning from a predominantly agrarian, government-controlled economy to a diversified, services-led, and increasingly market-oriented system. In the past prior to 1991, the Indian economy was characterized by heavy state intervention, import substitution, licensing

Q.3. (i) Describe the characteristics of a mixed economy. (ii) Explain the role of Foreign Direct Investment. (5+5 = 10 Marks)

Ans 3.

(i) Characteristics of a Mixed Economy

The mixed economy is a blend of free market capitalism and government-directed socialism. This allows the market to distribute most resources while reserving a regulatory as well as direct investment role to the state in certain sectors. India operates as a mixed economy, as do most developed nations.

Important characteristics are the coexistence between the public and private sectors, where

Assignment Set – 2

Q.4. (i) Discuss the different laws impacting the business in India. (ii) “An ideal economy is based on three principles”. Elaborate the statement. (5+5 = 10 Marks)

Ans 4.

(i) Laws Impacting Business in India

The business environment in India is guided by a broad legal framework that includes operation, formation, labour relations, taxation as well as environmental compliance and commercial conduct. In the Companies Act, 2013, Companies Act, 2013 governs incorporation, management, governance and the dissolution of firms and imposes obligations on auditors, directors, and shareholders. The Goods and Services Tax law that consists of CGST, SGST, and

Q.5. (i) Describe the crisis of June 1991. (ii) Discuss the benefits of privatization. (5+5 = 10 Marks)

Ans 5.

(i) The Crisis of June 1991

The balance of payments as well as the financial crisis of 1991 was the worst economy-related crisis in India’s independence past and served as the catalyst for the massive liberalisation reforms that transformed the Indian economy in the following three decades. In mid-91 Indian reserves for foreign exchange were down to just two weeks’ worth of cover for imports and left the country without enough to finance essential imports of the industrial and petroleum products

Q.6. (i) Explain the concept of globalization and its benefits. (ii) Write a short note on the structure of WTO. (5+5 = 10 Marks)

Ans 6.

(i) Globalisation and Its Benefits

Globalisation is the process that involves increasing economic, social, cultural, and political globalisation of nations driven by the steady reduction in barriers to trade, investment as well as information exchange between national borders. This is the result of the increasing interdependence of national economies through the growth of global trade, trans-border financial

Assignment Set – 1

Q.1. Answer the following: a) Explain the limitations of financial audits. b) Explain the meaning and types of audit evidence. (5+5 = 10 Marks)

Ans 1.

1. a) Limitations of Financial Audits

A financial audit is the independent audit of financial statements to ascertain whether they present a true and fair view of financial standing. While it’s an important task, auditing has several significant limitations the users of the financial statements that have been audited must be aware of.

An audit, in the first place, is conducted through a limited examination of data rather than thorough verification of each transaction. Auditors employ sampling techniques and this implies

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Q.2. Describe the procedures an auditor should follow while verifying and valuing fixed assets of a business enterprise. (10 Marks)

Ans 2.

Fixed assets are tangible items owned by an organisation for use in operations rather than for resale. They are a part of the verification process and an integral part of review of the balance sheet since fixed assets usually make up a significant percentage of organisational assets. The auditor must verify both the existence and the proper valuation for fixed assets.

Physical Verification Procedures

The auditor needs to inspect a representative sample of fixed assets, to ensure their existence and

Q.3. Write brief notes on: a) Internal Check. b) Benefits of Audit Programme. (5+5 = 10 Marks)

Ans 3.

1. a) Internal Check

Internal check is a system of organization in which the performance of a person is automatically monitored continuously by a different person during the course of their duties. The primary objective of internal checking is to detect and prevent errors and frauds at the time of their execution, by dispersing related duties among different employees so that nobody is in complete control of any operation from beginning to end.

plan of action and bill.

Assignment Set – 2

Q.4. Discuss the qualifications and disqualifications of an auditor of a Public limited company. (10 Marks)

Ans 4.

The appointment of a competent and independent auditor is crucial to the reliability of the financial reporting system. It is the Companies Act, 2013, as well as the Chartered Accountants Act, 1949 both govern the qualifications and who is not qualified to serve as the statutory auditor of any public limited corporation in India.

Qualifications of an Auditor

Section 140 of the Companies Act, 2013 specifies that only the Chartered Accountant holding a

Q.5. Analyse the chief points to keep in mind while undertaking the Audit of Clubs. (10 Marks)

Ans 5.

The clubs are non-profit organizations created mostly to support activities that are social, cultural, recreation or sports activities for their members. Audits for clubs differ in comparison to the audit of commercial entities in several important ways, due to their unique organisational structure in terms of sources of money, and the type of transactions. The auditor who is performing the audit of a club must be familiar with the specific aspects of the club.

Governing Documents and Legal Framework

The auditor needs to first look over all the Memorandum of Association, Articles of Association

Q.6. Elaborate on the challenges in auditing the books of local bodies. (10 Marks)

Ans 6.

Local bodies, such as municipal councils, municipal corporations panchayats, urban development authorities, and port trusts perform important public duties and are charged with large public budgets. The auditing of the financial statements of local bodies presents distinctive challenges which differ from those who audit commercial companies or other public sector organizations.

Multiple Regulatory Frameworks

Local authorities are subject to an extensive web of state and federal laws Local authority

Assignment Set – 1

Q.1. Examine the barriers to entrepreneurship in economic development and suggest suitable measures to overcome them. (10 Marks)

Ans 1.

Entrepreneurship is a vital engine for economic growth, creating jobs, encouraging innovations, producing wealth and accelerating structural transformation. However, numerous barriers inhibit entrepreneurial activity, particularly in developing economies like India. The ability to identify these barriers and prescribe appropriate solutions is critical to creating a strong entrepreneurial environment.

Financial Barriers

Access to finance is the main obstacle for young entrepreneurs. Entrepreneurs who are new have

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Q.2. Explain the concept, process, and techniques of creativity in entrepreneurship. (10 Marks)

Ans 2.

The ability to create innovative, beneficial innovative and useful ideas by mixing existing knowledge in innovative ways, or by observing problems and opportunities from a variety of angles. In entrepreneurship, creativity isn’t just a creative characteristic, but an ability that enables entrepreneurs to identify potential markets, come up with new products and services, build competitive business models and resolve the complicated issues faced by all ventures in the

innovative solutions that are the basis for successful new ventures.

Q.3. Discuss business opportunity identification and methods of generating business ideas. (10 Marks)

Ans 3.

Business opportunity recognition is the act of recognizing and analysing situations within markets where needs that are not met, emerging trends, or problems with the system create the possibility for a new venture to yield sustainable profits and value. It is the most critical and foundational skill of entrepreneurship and is the reason that even the highest quality execution

Assignment Set – 2

Q.4. Explain the meaning, importance, and components of a business plan. (10 Marks)

Ans 4.

A business plan is a detailed writing document that details an idea for a new business venture or business activity, explaining the goals, strategies for achieving these goals, the financial resources needed along with budget projections to quantify the expected outcomes. It serves as both an internal roadmap for management as well as an external communication tool for getting investors, lenders and partners.

Meaning of a Business Plan

The business plan transforms the business’s vision of entrepreneurship into an analytical plan that

Q.5. Analyze strategies for managing growth in new ventures. (10 Marks)

Ans 5.

Controlling growth is among the biggest challenges faced by entrepreneurs who have launched their ventures. While growth is desirable, rapid expansion but can cause significant organizational, financial, and operational stress that could destroy businesses that don’t have the proper systems, leadership and the resources needed to grow efficiently. Deliberate growth management strategies are essential for converting early traction into sustainable, competitive

scale ultimately demands.

Q.6. Explain various exit strategies available to entrepreneurs. (10 Marks)

Ans 6.

An exit strategy is a strategy by which a business owner achieves the profit made by the business by selling ownership to another person or by distributing accumulated value to shareholders. Contrary to common belief that planning for an exit strategy is not a sign of intention to quit the business instead it signifies a logical thought regarding how the value of the venture is ultimately realised by its founders and investors.

Initial Public Offering

A public offering is placing the shares of the company on an exchange that allows entrepreneurs