What is the status of the auditor in a company? How can he protect the rights of the shareholders of the company.

Discuss the process of verification and valuation of investments in a company.

Explain the terms “Internal Control”, “Internal Check” and “Internal Audit”. What are the requisites of a good internal control system?

Income of Minor Child

Perquisites

Cost of Improvement

Assessment Year

From the following information, compute the total income and the tax payable by an individual for the assessment year 2022-23.

i) Salary @ Rs. 40,000 p.m.

ii) Dearness allowance Rs. 12,000 p.m.

iii) He contributes 20% of his salary and D.A. to a Recognized Provident Fund.

iv) Employer’s contribution to provident fund is 14% of salary and Dearness Allowances.

v) Rent from house property Rs. 12,000 p.m.

vi) Interest from an Indian company, Rs. 37,200 (Gross)

vii) Life Insurance premium paid Rs. 4,000.

(b) Discuss the provisions of Income Tax Act dealing with the exemption of income of political parties.

Mr. Tarun, a resident individual submits the following particulars of his income for the year ended 31st March, 2022.

i) Royalty from coal in Rs. 20,000.

ii) Agricultural income in Pakistan Rs. 15,000.

iii) Salary for a part-time job with a firm Rs. 21,000.

iv) Salary as Member of Parliament Rs. 36,000.

v) Daily Allowance as M.P. Rs. 15,000.

vi) His residential house has been taken on a rent of Rs. 1,000 p.m., half of which he has sub-let at Rs. 1,200 p.m.

vii) Dividend received from a Cooperative society Rs. 5,000.

viii) He has incurred the following expenses:

a) Paid collection charges Rs. 100 for collecting dividends.

b) Rs. 3,000 spent for earning and collecting royalty income. Compute Mr. Tarun’s income from other sources for the assessment year 2022-23.

How would you determine the annual value of house property, which is selfoccupied for a part of the year only and let out for the remaining part.

What is not included in ‘Salary’ for calculating the value of rent-free accommodation for a public employee?

Mr. Sanjeev is working in a concern. His basic pay is Rs. 6,000 p.m. and dearness pay at 10% of basic pay. Commission based on fixed percentage of turnover Rs. 25,000 for the whole year. House rent allowance is Rs. 1,200 p.m. and actual rent paid by him Rs. 1,000 p.m. House is situated in Lucknow. Compute taxable House rent allowance

What are the different categories into which the assesses is divided on the basis of residence?

Control Accounts

Overheads

Rowan premium plan

Methods of absorption

What do you understand by materials control? What are the important requirements of an efficient system of material control?

The production department of a factory furnishes the following information for the month of October, 2020.

For an order executed by the department during October, the relevant data is as follows:

Calculate the over heads chargeable to the job by (a) Direct Materials Cost Method, (ii) Direct Labour Cost Method, (iii) Labour Hour Rate, and (iv) Machine Hour Rate.

What do you mean by cost? What are the different methods of costing? Distinguish between direct cost and indirect cost.