Lucknow University B.B.A. (NEP) 5th Semester Question Papers 2026

This page contains complete, previous-year-style model question papers for all 4 core B.B.A. (NEP) Semester V papers offered at the Institute of Management Sciences, University of Lucknow: Business Policy & Strategic Management-I (P21), Taxation & Laws (P22), Business Ethics (P23) and Business Law (P24). Each subject has 5 full model sets (Set A to Set E), with 10 questions per set of 15 marks each (answer any five, maximum marks 75), prepared by LUUPDATE for focused exam practice. These are B.B.A. Semester V old-paper-style question banks meant to help you understand the exact pattern, unit-wise weightage and difficulty level you should expect in your actual University of Lucknow examination for the BBA NEP Semester V question paper.

P21: Business Policy & Strategic Management-I — Model Question Papers

Business Policy & Strategic Management-I (Paper P21) covers the concept and nature of strategy and corporate policy, the Chief Executive's job and the roles and responsibilities of the Board of Directors, the strategic management process, environmental scanning and identification of corporate competence and resources; personal and ethical values, business ethics, industry structure, corporate social responsibility (CSR) and the moral components of corporate strategy; corporate portfolio analysis (including the BCG Matrix), competitor and SWOT analysis, strategic audit and choice, the strategic plan, and routes to sustainable competitive advantage (SCA); and strategy implementation covering structural and behavioural implementation, leadership, corporate culture, corporate politics, functional implementation (financial, marketing, operations and HR policies) and strategic evaluation and control. Time: 3 Hours, Maximum Marks: 75. Answer any five of the ten questions given below; all questions carry equal marks (15 each).

Set A

Q1. Explain the concept of strategy and discuss its essential characteristics, distinguishing it clearly from tactics and policy at the corporate level. [15]

Q2. Discuss corporate policy as a field of study, tracing its evolution and examining its relationship with strategic management. [15]

Q3. Explain the concept of corporate strategy and discuss its significance in achieving the long-term objectives of a business enterprise. [15]

Q4. Discuss the role of personal and ethical values of top management in shaping the corporate strategy of an organisation. [15]

Q5. Explain the meaning and scope of business ethics, and discuss its importance in contemporary corporate decision-making. [15]

Q6. Explain the concept of corporate portfolio analysis and discuss its usefulness as a tool of strategic decision-making. [15]

Q7. Explain the BCG Growth-Share Matrix and discuss how it classifies businesses into Stars, Cash Cows, Question Marks and Dogs for strategic portfolio planning. [15]

Q8. Discuss the limitations of the BCG Matrix as a tool of corporate portfolio analysis and suggest ways of overcoming them. [15]

Q9. Discuss the meaning and significance of strategy implementation, and explain why the successful implementation of strategy is often more challenging than its formulation. [15]

Q10. Explain the concept of structural implementation and discuss how organisational design must be aligned with the chosen corporate strategy. [15]

Set B

Q1. Discuss the nature, importance, purpose and objectives of business policy in guiding the long-term direction of an organisation. [15]

Q2. Explain the job, roles and responsibilities of the Chief Executive in the formulation and implementation of corporate strategy. [15]

Q3. Discuss the concept of industry structure and examine how it influences the strategic choices available to firms operating within it. [15]

Q4. Discuss the problem of reconciling divergent values among various stakeholders while formulating corporate strategy. [15]

Q5. Examine the process of modification of values within an organisation and its impact on strategic decision-making. [15]

Q6. Explain the meaning and process of competitor analysis, and discuss its importance in formulating an effective competitive strategy. [15]

Q7. Explain the concept and components of SWOT analysis, and discuss how it helps an organisation match its internal capabilities with external opportunities. [15]

Q8. Case Study: Two competing retail chains operate in the same market, one following a low-cost strategy and the other a differentiation strategy. Using SWOT analysis, discuss how each firm should evaluate its strategic position and sustain its competitive advantage. [15]

Q9. Discuss the process of organisational change and examine the various approaches used by management to overcome resistance to change during strategy implementation. [15]

Q10. Explain the concept of behavioural implementation and discuss the role of leadership in successfully implementing corporate strategy. [15]

Set C

Q1. Discuss the roles and responsibilities of the Board of Directors in corporate governance and strategic decision-making. [15]

Q2. Give an overview of strategic management, explaining its nature and describing the sequential stages involved in the strategic management process. [15]

Q3. Discuss the moral components of corporate strategy and explain how ethical considerations get integrated into strategic decisions. [15]

Q4. Explain the concept of community considerations in strategic management and discuss the responsibility of business towards society. [15]

Q5. Case Study: A leading FMCG company plans to expand its manufacturing operations into a region with weak environmental regulation, promising higher profitability. Discuss the ethical dilemmas involved and suggest a strategy that balances profitability with ethical and social responsibility. [15]

Q6. Discuss the meaning, scope and process of strategic audit, and explain its role in evaluating the appropriateness of a firm's existing strategy. [15]

Q7. Discuss the process of strategic choice, explaining the various factors that influence the selection of an appropriate strategy from among alternatives. [15]

Q8. Explain the concept of a strategic plan and discuss the essential components that a well formulated strategic plan should contain. [15]

Q9. Discuss the concept of corporate culture and examine how it influences the successful implementation of strategy within an organisation. [15]

Q10. Discuss the role of corporate politics and the use of power in the process of strategy implementation within an organisation. [15]

Set D

Q1. Discuss the process of strategy formulation, bringing out the role of vision, mission, goals and objectives in shaping corporate strategy. [15]

Q2. Explain the concept of environment in the context of strategic management, and discuss the components of the internal and external environment that influence strategic decisions. [15]

Q3. Discuss the meaning, scope and significance of corporate social responsibility (CSR) in the modern business environment. [15]

Q4. Critically evaluate the argument that the sole social responsibility of business is to maximise profit for its shareholders, in the light of the modern concept of CSR. [15]

Q5. Discuss the various approaches to corporate social responsibility and examine the arguments for and against CSR adopted by business enterprises. [15]

Q6. Discuss the meaning and significance of sustainable competitive advantage (SCA), and explain the various routes through which a firm can achieve it. [15]

Q7. Discuss Porter's Generic Strategies of cost leadership, differentiation and focus as routes to achieving sustainable competitive advantage. [15]

Q8. Discuss the significance of portfolio analysis models, other than the BCG Matrix, such as the GE Nine-Cell Matrix, in guiding corporate resource allocation decisions. [15]

Q9. Explain the concept of functional implementation and discuss how financial and marketing policies need to be integrated with the overall corporate strategy. [15]

Q10. Discuss the significance of operations and human resource (HR) policies in the functional implementation of corporate strategy. [15]

Set E

Q1. Discuss the meaning, importance and process of environmental scanning and environmental appraisal as tools for strategic decision-making. [15]

Q2. Discuss the concept of corporate competence and resources, and explain the methods used to identify and evaluate an organisation's distinctive competencies. [15]

Q3. Explain how personal values, organisational culture and business ethics interact to influence the process of corporate strategy formulation. [15]

Q4. Discuss the relationship between corporate strategy and business ethics, and examine why an ethical strategy is considered essential for sustainable business success. [15]

Q5. Discuss the role of stakeholder theory in reconciling the divergent interests of shareholders, employees, customers and society while designing corporate strategy. [15]

Q6. Explain the concept of strategic choice and discuss the criteria that management should apply while evaluating alternative strategies. [15]

Q7. Discuss the relationship between competitor analysis and SWOT analysis in the process of formulating a sound competitive strategy. [15]

Q8. Examine the various sources of sustainable competitive advantage available to a firm and discuss how strategic audit helps in sustaining it over time. [15]

Q9. Discuss the meaning, process and significance of strategic evaluation and control in ensuring that an organisation's strategy remains effective. [15]

Q10. Distinguish between strategy formulation and strategy implementation, and discuss how strategic evaluation and control ensures effective integration of financial, marketing, operations and HR policies with the overall strategy. [15]

P22: Taxation & Laws — Model Question Papers

Taxation & Laws (Paper P22) covers the basic concepts of the Indian Income Tax Act, 1961 such as income, agricultural income, casual income, assessment year, previous year, gross total income, total income, person, tax evasion and tax avoidance; the basis of charge, including scope of total income, residential status and income not forming part of total income; the heads of income — salaries, house property, profits and gains of business or profession, capital gains and income from other sources; and aggregation of income, set-off and carry forward of losses, deductions from gross total income, and computation of total income and tax liability. Time: 3 Hours, Maximum Marks: 75. Answer any five of the ten questions given below; all questions carry equal marks (15 each).

Set A

Q1. Define the term "Income" under section 2(24) of the Income Tax Act, 1961, and discuss its important characteristics with suitable examples. [15]

Q2. Explain the meaning of "Agricultural Income" as defined under section 2(1A) of the Income Tax Act, 1961, and discuss the scheme of partial integration of agricultural income with non-agricultural income for the purpose of determining the rate of tax. [15]

Q3. Explain the scope of Total Income as laid down under section 5 of the Income Tax Act, 1961, in respect of a Resident and Ordinarily Resident, a Resident but Not Ordinarily Resident, and a Non-Resident assessee, bringing out the difference with a suitable illustrative table. [15]

Q4. Discuss, in detail, the basic and additional conditions laid down under section 6 of the Income Tax Act, 1961, for determining the residential status of an individual assessee, along with the special provisions applicable to Indian citizens or persons of Indian origin visiting India and to Indian citizens leaving India for employment abroad. [15]

Q5. Mr. Rohan is employed with a private company and receives, during the previous year 2024-25, Basic Salary of Rs. 40,000 per month and Dearness Allowance (forming part of salary for retirement benefits) of Rs. 10,000 per month. He also receives House Rent Allowance of Rs. 15,000 per month and resides in Delhi, paying actual rent of Rs. 16,000 per month. Assuming he has no other income and is not entitled to any other perquisite, compute his exempt House Rent Allowance under section 10(13A) and his Income from Salary, after allowing the standard deduction under section 16(ia), for the assessment year 2025-26. [15]

Q6. Mr. Iqbal is provided by his employer, a company, with rent-free unfurnished accommodation owned by the employer, situated in a city having a population exceeding forty lakh as per the 2011 census. His Basic Salary is Rs. 35,000 per month and Dearness Allowance (forming part of salary for retirement benefits) is Rs. 5,000 per month. Compute the taxable value of the perquisite of rent-free accommodation and his Income from Salary, after allowing the standard deduction under section 16(ia), for the assessment year 2025-26. [15]

Q7. Explain the meaning of "Perquisite" under section 17(2) of the Income Tax Act, 1961, and discuss the broad categories of perquisites that are taxable in the hands of all employees, taxable only in the hands of specified employees, and exempt from tax. [15]

Q8. Mr. Kartik is a member of a recognised provident fund. His employer contributes 15 percent of his salary (basic pay plus dearness allowance forming part of retirement benefits, aggregating Rs. 6,00,000 for the previous year 2024-25) to the fund. Compute the amount, if any, chargeable to tax as a perquisite on account of the employer's contribution to the recognised provident fund, and determine his Income from Salary after allowing the standard deduction under section 16(ia). [15]

Q9. Explain the concept of aggregation (clubbing) of income under sections 60 to 64 of the Income Tax Act, 1961, discussing briefly the provisions relating to transfer of income without transfer of the asset, revocable transfer of assets, and clubbing of income of a spouse and a minor child. [15]

Q10. Discuss the general rules governing set-off and carry forward of losses under the Income Tax Act, 1961, explaining the concepts of inter-source and inter-head set-off, along with the important restrictions placed on the set-off of losses under different heads of income. [15]

Set B

Q1. Mr. Kunal, an individual resident in India aged 35 years, has a net agricultural income of Rs. 1,20,000 and a non-agricultural (total) income of Rs. 4,80,000 for the previous year 2024-25. Assuming the old tax regime slab rates apply to him, examine whether the provisions relating to partial integration of agricultural income are attracted in his case, and compute his tax liability (including health and education cess) for the assessment year 2025-26, showing every step of the partial integration method clearly. [15]

Q2. Explain the meaning of "Casual Income" and discuss its treatment under the Income Tax Act, 1961. Mr. Anil, a salaried employee, has income from salary (computed) of Rs. 5,00,000 for the previous year 2024-25. During the same year, he also won a cash prize of Rs. 1,00,000 in a lottery. Compute his total tax liability for the assessment year 2025-26 under the old tax regime, clearly bringing out the special tax treatment applicable to casual income under section 115BB. [15]

Q3. Mr. Rajesh, an Indian citizen, was present in India for 100 days during the previous year 2024-25. His total stay in India during the four years immediately preceding this previous year was 380 days. He was resident in India in 4 out of the 10 previous years immediately preceding 2024-25, and his total stay in India during the 7 years immediately preceding 2024-25 was 760 days. He did not leave India for the purpose of employment abroad, nor is he a person of Indian origin coming on a visit to India. Determine, with reasons and with reference to the relevant provisions of section 6, his residential status for the assessment year 2025-26. [15]

Q4. Distinguish between a Resident and Ordinarily Resident, a Resident but Not Ordinarily Resident, and a Non-Resident, with reference to the tax incidence on income received in India, income accruing in India, and income accruing and received outside India. [15]

Q5. Mr. Deshmukh owns a house property which he occupies for his own residence throughout the previous year 2024-25. He had taken a loan for the construction of this property, and the construction was completed within five years from the end of the financial year in which the loan was taken. He paid interest of Rs. 2,40,000 on the said loan during the previous year. Compute his Income from House Property for the assessment year 2025-26, and state the maximum amount of loss, if any, that can be set off against his income under other heads in the same assessment year. [15]

Q6. Mr. Bhaskar owns a house property which he has let out throughout the previous year 2024-25. Particulars relating to the property are as follows : Municipal Value, Rs. 2,40,000 ; Fair Rent, Rs. 2,60,000 ; Standard Rent under the Rent Control Act, Rs. 2,50,000 ; Actual Rent received during the year, Rs. 3,00,000 ; Municipal taxes paid by the owner during the year, Rs. 20,000 ; Interest on loan taken for the property, Rs. 1,00,000. Compute his Income from House Property for the assessment year 2025-26. [15]

Q7. Explain the manner of determination of the Annual Value of a house property under section 23 of the Income Tax Act, 1961, bringing out clearly the meaning of Municipal Value, Fair Rent, Standard Rent and Actual Rent Received or Receivable. [15]

Q8. Mrs. Kavita owns two house properties. House A is self-occupied by her throughout the previous year 2024-25 ; she had taken a loan for its purchase and paid interest of Rs. 1,50,000 during the year. House B is let out throughout the year and has a Net Annual Value (after deduction of municipal taxes) of Rs. 1,80,000 ; interest paid on a loan taken for this property during the year is Rs. 60,000. Compute her total Income from House Property for the assessment year 2025-26. [15]

Q9. Mr. Vikram has a profit of Rs. 3,00,000 from Business A and a loss of Rs. 5,00,000 from Business B (both non-speculative businesses) during the previous year 2024-25. He also has income from salary (computed) of Rs. 4,00,000 for the same year. Compute his Gross Total Income for the assessment year 2025-26, and state the amount of loss, if any, that has to be carried forward, along with the head of income against which such loss can be set off in future years. [15]

Q10. Mrs. Fatima has a loss from house property of Rs. 2,50,000 for the previous year 2024-25, on account of interest on a housing loan, and income from salary (computed) of Rs. 6,00,000 for the same year. Compute her Gross Total Income for the assessment year 2025-26 after set-off of the loss from house property against her salary income, and state the amount of loss, if any, to be carried forward to subsequent years. [15]

Set C

Q1. Explain the meaning of "Assessment Year" and "Previous Year" as defined under the Income Tax Act, 1961, and discuss the exceptions, if any, where the income of a previous year is assessed in the same year in which it is earned. [15]

Q2. Distinguish between "Gross Total Income" and "Total Income" as used in the Income Tax Act, 1961, and explain, with the help of a suitable computation format, how Total Income is arrived at from Gross Total Income. [15]

Q3. The following particulars relate to the income of Mrs. Neha for the previous year 2024-25 : (i) Salary received in India, Rs. 3,00,000 ; (ii) Income earned and received in the U.S.A. from a business wholly controlled from the U.S.A., Rs. 5,00,000 ; (iii) Income accruing in India but received in the United Kingdom, Rs. 1,00,000 ; (iv) Income earned in the U.S.A. during the previous year 2018-19, on which no tax was payable there, and which was brought into India during the previous year 2024-25, Rs. 2,00,000. Compute her Total Income for the assessment year 2025-26 if she is (a) Resident and Ordinarily Resident, (b) Resident but Not Ordinarily Resident, and (c) Non-Resident. [15]

Q4. Discuss the important categories of income which do not form part of Total Income under section 10 of the Income Tax Act, 1961, giving a brief account of at least six such exemptions. [15]

Q5. The Profit and Loss Account of Mr. Malhotra, a sole proprietor, for the previous year 2024-25 shows a net profit of Rs. 5,00,000. On scrutiny of the accounts, the following further particulars are noticed : (i) Income tax paid, Rs. 40,000, has been debited to the Profit and Loss Account ; (ii) Depreciation as per books of account, Rs. 60,000, has been debited to the Profit and Loss Account, while depreciation admissible under the Income Tax Rules is Rs. 45,000 ; (iii) Donation to the Prime Minister's National Relief Fund, Rs. 20,000, has been debited to the Profit and Loss Account ; (iv) Personal expenses of the proprietor, Rs. 15,000, have been debited to the Profit and Loss Account ; (v) Rental income from a house property, Rs. 30,000, and dividend income, Rs. 10,000, both credited to the Profit and Loss Account, are separately taxable under the appropriate heads. Compute the income chargeable under the head "Profits and Gains of Business or Profession" for the assessment year 2025-26. [15]

Q6. Discuss the general principles governing the allowability of business expenditure under sections 30 to 37 of the Income Tax Act, 1961, and explain briefly the important categories of expenditure expressly disallowed under sections 40 and 40A. [15]

Q7. The written down value of the block of Plant and Machinery (depreciation rate 15 percent) of Mr. Farooqui as on 1st April, 2024 was Rs. 8,00,000. During the previous year 2024-25, he purchased new machinery of the same block for Rs. 2,00,000, which was put to use for more than 180 days during the year, and sold an old machine from the same block for Rs. 1,00,000. Compute the depreciation allowable under the Income Tax Rules for the assessment year 2025-26 under the Written Down Value method, and determine the written down value of the block as on 31st March, 2025. [15]

Q8. Explain the presumptive taxation scheme available to eligible businesses under section 44AD of the Income Tax Act, 1961, including the conditions of eligibility and the rates of presumptive income. Mr. Gupta, a resident individual carrying on an eligible retail business, has a total turnover of Rs. 80,00,000 for the previous year 2024-25, of which Rs. 30,00,000 was received in cash and the remaining Rs. 50,00,000 was received through banking channels and other prescribed digital modes. Compute his presumptive income chargeable to tax under section 44AD. [15]

Q9. Mr. Yadav furnishes the following particulars for the previous year 2024-25 : Short-Term Capital Loss of the current year, Rs. 1,00,000 ; Long-Term Capital Loss brought forward from an earlier year, Rs. 1,50,000 ; Short-Term Capital Gain of the current year, Rs. 80,000 ; Long-Term Capital Gain of the current year, Rs. 2,00,000. Explain the order in which these capital losses have to be set off against the capital gains, and compute the amount of capital gains chargeable to tax for the assessment year 2025-26. [15]

Q10. Discuss briefly the deductions available to an individual assessee from his Gross Total Income under Chapter VI-A of the Income Tax Act, 1961, with special reference to sections 80C, 80D, 80E, 80G and 80TTA. [15]

Set D

Q1. Define the term "Person" as given in section 2(31) of the Income Tax Act, 1961, and discuss briefly each of the categories of persons recognised under this definition with suitable examples. [15]

Q2. Distinguish between Tax Evasion, Tax Avoidance and Tax Planning, bringing out clearly the legal and ethical differences between them with the help of suitable examples. [15]

Q3. Mr. Verma, an employee not covered by the Central Civil Services (Pension) Rules but covered under the Payment of Gratuity Act, 1972, retires after completing 20 years of service. His last drawn salary (basic pay plus dearness allowance forming part of retirement benefits) was Rs. 26,000 per month, and he received gratuity of Rs. 4,00,000 on retirement. Compute the amount of gratuity exempt under section 10(10) and the amount, if any, chargeable to tax. [15]

Q4. Mr. Ahmed, an employee of a private company, retires after 25 years of service. His average monthly salary (basic pay plus dearness allowance forming part of retirement benefits) for the ten months preceding retirement was Rs. 20,000. He was entitled to 30 days' leave for each completed year of service, of which he had already availed 15 months' leave during his service, leaving 10 months' leave to his credit at the time of retirement. He received leave encashment of Rs. 2,50,000 at the time of retirement. Compute the amount of leave encashment exempt under section 10(10AA) and the amount chargeable to tax. [15]

Q5. Explain the meaning of "Capital Asset" and "Transfer" under the Income Tax Act, 1961, and distinguish between Short-Term Capital Gain and Long-Term Capital Gain with reference to the periods of holding applicable to different classes of capital assets. [15]

Q6. Mr. Chandrasekhar purchased listed equity shares of a company (on which Securities Transaction Tax was paid at the time of sale) on 1st June, 2024 for Rs. 2,00,000. He sold the shares on 1st December, 2024 for Rs. 2,80,000, incurring brokerage of Rs. 2,000 on the sale. Compute the amount of Short-Term Capital Gain chargeable to tax for the assessment year 2025-26. [15]

Q7. Mr. Subramaniam purchased a plot of land during the financial year 2001-02 for Rs. 5,00,000 (Cost Inflation Index for 2001-02 being 100). He sold the plot during the previous year 2024-25 for Rs. 25,00,000, incurring expenses on transfer of Rs. 30,000. Given that the Cost Inflation Index for the financial year 2024-25 is 363, compute the amount of Long-Term Capital Gain chargeable to tax for the assessment year 2025-26 after allowing indexation of the cost of acquisition. [15]

Q8. Discuss briefly the exemptions available in respect of Long-Term Capital Gains under sections 54, 54EC and 54F of the Income Tax Act, 1961, bringing out the conditions attached to each. [15]

Q9. Mr. Srinivasan, aged 45 years, made the following payments during the previous year 2024-25 : Life Insurance Premium, Rs. 80,000 ; contribution to Public Provident Fund, Rs. 60,000 ; Mediclaim insurance premium for self and spouse (both not senior citizens), Rs. 22,000 ; Mediclaim insurance premium for his dependent parents, both senior citizens, Rs. 45,000. Compute the total deduction allowable to him under sections 80C and 80D of the Income Tax Act, 1961, for the assessment year 2025-26. [15]

Q10. Mr. Oberoi furnishes the following particulars of his income for the previous year 2024-25 : Income from Salary, Rs. 5,50,000 ; Loss from House Property, Rs. 1,20,000 ; Income from Other Sources, Rs. 40,000 ; Deduction admissible under Chapter VI-A, Rs. 1,50,000. Compute his Gross Total Income and Total Income for the assessment year 2025-26. [15]

Set E

Q1. Explain the meaning of the term "Assessee" under the Income Tax Act, 1961, and discuss the various categories of assessees recognised under the Act. [15]

Q2. Mr. Suresh received the following amounts during the previous year 2024-25 : (i) Net rent from agricultural land situated in India, Rs. 60,000 ; (ii) Winnings from a horse race, Rs. 40,000 ; (iii) Income from salary (computed), Rs. 4,00,000. Examine, giving reasons, the tax treatment applicable to each of the above items, and compute the amount includible in his Total Income for the assessment year 2025-26. [15]

Q3. Discuss the exemptions available under section 10 in respect of agricultural income, scholarships granted to meet the cost of education, and income of a minor child clubbed in the hands of a parent. [15]

Q4. Explain briefly the rules for determining the residential status of a Hindu Undivided Family, a firm, an association of persons, and a company under the Income Tax Act, 1961. [15]

Q5. Explain the residuary nature of the head "Income from Other Sources" under section 56 of the Income Tax Act, 1961, and discuss the specific categories of income that are chargeable to tax under this head. [15]

Q6. Mr. Narayan received the following income during the previous year 2024-25 : Interest on Fixed Deposits with a bank, Rs. 45,000 ; Dividend from shares of Indian companies, Rs. 25,000 ; Family Pension, Rs. 72,000. Compute his taxable income under the head "Income from Other Sources" for the assessment year 2025-26, showing the deduction admissible in respect of family pension. [15]

Q7. During the previous year 2024-25, Mr. Prakash received, otherwise than on the occasion of his marriage, a cash gift of Rs. 60,000 from a friend who is not a relative, and a painting having a fair market value of Rs. 80,000, without consideration, from another friend who is also not a relative. He also received a cash gift of Rs. 1,00,000 from his father. Examine, with reference to section 56(2)(x), the amount, if any, chargeable to tax under the head "Income from Other Sources" for the assessment year 2025-26. [15]

Q8. Mr. Qureshi holds Rs. 5,00,000, 8 percent unlisted debentures of a company. During the previous year 2024-25, he received interest thereon and paid Rs. 500 as bank collection charges for realising the interest. Compute the amount taxable under the head "Income from Other Sources" for the assessment year 2025-26. [15]

Q9. The Total Income of Mr. Bhatt, a resident individual aged 30 years, for the assessment year 2025-26 is Rs. 4,80,000. Compute his tax liability for the year under the old tax regime slab rates, clearly showing the rebate, if any, admissible under section 87A, and the health and education cess. [15]

Q10. Mr. Trivedi, a resident individual aged 50 years, furnishes the following particulars for the previous year 2024-25 : Income from Salary (computed), Rs. 6,00,000 ; Income from a let-out house property (computed), Rs. 80,000 ; Loss from a non-speculative business, Rs. 1,00,000 ; Income from Other Sources, Rs. 70,000 ; deduction admissible under section 80C, Rs. 1,00,000 ; deduction admissible under section 80D, Rs. 20,000. Compute his Gross Total Income, Total Income and tax liability (including health and education cess) for the assessment year 2025-26 under the old tax regime slab rates. [15]

P23: Business Ethics — Model Question Papers

Business Ethics (Paper P23) covers the concept, nature and evolving ethical values of business ethics, arguments against business ethics, teleological and deontological approaches, universalism versus ethical relativism, utilitarianism, ethical principles, ethics and morality, ethical dilemmas, decision making, competency and conflict of interest; work life in Indian philosophy including Indian ethos and values for work life, work-life balance, Gandhian philosophy of wealth management and trusteeship, and values and ethical behaviour; application of business ethics to intellectual property rights, marketing, finance, information technology, human resource management (whistle blowing, discrimination) and environmental ethics and carbon trading; and corporate social responsibility, covering stakeholders, Carroll's Pyramid, CSR and strategy, shareholder theory, voluntary guidelines, regulatory mandates and corporate governance. Time: 3 Hours, Maximum Marks: 75. Answer any five of the ten questions given below; all questions carry equal marks (15 each).

Set A

Q1. Explain the concept and nature of Business Ethics, and discuss how ethical values in business have evolved over time in response to changing social expectations. [15]

Q2. Critically examine the principal arguments advanced against the practice of Business Ethics, and evaluate whether ethics and profitability are genuinely at odds with each other. [15]

Q3. Distinguish between the Teleological approach and the Deontological approach to ethical theory, and discuss the strengths and limitations of each in guiding business conduct. [15]

Q4. Discuss the relevance of Indian ethos for work life, and examine how the values embedded in Indian philosophical thought can contribute to more meaningful and productive organisational behaviour. [15]

Q5. Explain the important Indian values for the workplace, and discuss how the inculcation of such values among employees can improve organisational effectiveness. [15]

Q6. Explain the meaning and significance of Intellectual Property Rights, and discuss the ethical issues involved in the protection of designs, patents, trademarks and copyrights. [15]

Q7. Discuss the ethical dimensions of protecting Intellectual Property Rights in the context of growing digital piracy and counterfeiting, and examine the responsibilities of business enterprises in this regard. [15]

Q8. Discuss the ethical issues arising in the area of Marketing, with particular reference to the protection of Consumer Rights. [15]

Q9. Explain the concept of Social Responsibility of business and discuss its scope with respect to different stakeholders such as shareholders, employees, consumers, suppliers, the government and society at large. [15]

Q10. Explain Carroll's Pyramid of Corporate Social Responsibility, and discuss the manner in which economic, legal, ethical and philanthropic responsibilities are arranged within it. [15]

Set B

Q1. Explain Utilitarianism as an ethical theory and discuss its application to business decision-making, bringing out the main criticisms levelled against it. [15]

Q2. Distinguish between Universalism and Ethical Relativism, and discuss which of the two approaches provides a more workable basis for ethical decision-making by multinational business enterprises operating across diverse cultures. [15]

Q3. Discuss the important ethical principles that should guide business conduct, and examine the role these principles play in building stakeholder trust. [15]

Q4. Discuss the concept and significance of Work-Life Balance, and examine the role of Indian ethos in helping employees achieve a healthy balance between professional and personal life. [15]

Q5. Explain Mahatma Gandhi's Philosophy of Wealth Management, with particular reference to the doctrine of Trusteeship, and discuss its relevance for contemporary business enterprises. [15]

Q6. Examine the ethical concerns associated with Advertising, and discuss the responsibilities of business firms in ensuring that advertisements are truthful and not misleading. [15]

Q7. Explain the practice of Dumping in international trade, and discuss the ethical and economic concerns it raises for the importing country's domestic industry. [15]

Q8. Discuss the relationship between Corporate Social Responsibility and Corporate Strategy, and examine how CSR initiatives can be aligned with a firm's long-term business objectives. [15]

Q9. Explain the Shareholder Theory of the firm as propounded by Milton Friedman, and critically examine its adequacy as a basis for determining the social responsibility of business in contemporary times. [15]

Q10. Distinguish between the Shareholder Theory and the Stakeholder Theory of the firm, and discuss which of the two theories provides a more comprehensive basis for corporate social responsibility. [15]

Set C

Q1. Distinguish between Ethics and Morality, and explain how the two concepts, though related, differ in their scope and application to business situations. [15]

Q2. Explain the meaning of an Ethical Dilemma and discuss, with the help of a suitable framework, the steps involved in resolving an ethical dilemma faced by a manager. [15]

Q3. Critically examine the Gandhian concept of Trusteeship as a means of reconciling the interests of capital and labour, and discuss the practical difficulties in its implementation in a modern capitalist economy. [15]

Q4. Explain the concept and relevance of Values in a business context, and discuss the various types of values that guide individual and organisational conduct. [15]

Q5. Discuss the relationship between Values and Ethical Behaviour, and examine how a strong value system within an organisation contributes to ethical decision-making by its employees. [15]

Q6. Discuss the ethical issues involved in Financial Disclosures made by companies, and examine why transparency in financial reporting is regarded as an ethical obligation of management. [15]

Q7. Explain the meaning and significance of Insider Trading, and discuss why it is regarded as an unethical and illegal practice in the securities market. [15]

Q8. Explain the practice of Window Dressing in financial statements, and discuss its ethical implications for shareholders, creditors and other stakeholders of a company. [15]

Q9. Discuss the Voluntary Guidelines relating to Corporate Social Responsibility issued by the Government of India, and examine their significance in promoting responsible business conduct. [15]

Q10. Explain the Regulatory Mandates for Corporate Social Responsibility contained in the Companies Act, 2013, and discuss the practical difficulties companies face in complying with them. [15]

Set D

Q1. Discuss the process of Ethical Decision Making in an organisation, and examine the personal and organisational factors that influence a manager's ethical choices. [15]

Q2. Explain the meaning and significance of Ethical Competency, and discuss the concept of Conflict of Interest and the steps an organisation should take to manage it effectively. [15]

Q3. Explain the meaning and importance of Professional Values, and discuss the specific values that a business manager is expected to uphold in the discharge of professional duties. [15]

Q4. Discuss how Indian philosophical concepts such as detachment from the fruits of action (Nishkama Karma) can be applied to reduce stress and enhance productivity in contemporary organisational life. [15]

Q5. Examine the contribution of Gandhian thought to the development of a value-based approach to management, and discuss its relevance for present-day corporate leaders. [15]

Q6. Discuss the ethical issues involved in the use of Information Technology and business information systems, with particular reference to the maintenance of Data Confidentiality. [15]

Q7. Explain the concept and significance of Whistle Blowing in an organisation, and discuss the ethical dilemmas faced by an employee who witnesses wrongdoing within the company. [15]

Q8. Discuss the ethical issues relating to Discrimination in Human Resource Management, and examine the measures an organisation should adopt to ensure fair and equitable treatment of all employees. [15]

Q9. Explain the concept and significance of Corporate Governance, and discuss its essential principles as applicable to the functioning of a modern corporation. [15]

Q10. Discuss the meaning and characteristics of Corporations, and examine the ethical responsibilities that arise from the separation of ownership and management in a corporate enterprise. [15]

Set E

Q1. A purchase manager of a company is offered an expensive gift by a long-standing supplier just before the renewal of an annual supply contract that is due to be decided upon shortly. Discuss the ethical dilemma involved in this situation and explain, with reasons, how the manager ought to resolve it. [15]

Q2. A financial analyst discovers, during the course of her routine work, information that if disclosed would adversely affect the fortunes of a colleague she is professionally close to, though the information itself has no bearing on her official duties. Discuss the ethical dilemma involved and examine the various options available to her along with their possible consequences. [15]

Q3. Discuss the significance of self-discipline and Karma Yoga, as propounded in Indian philosophy, for improving individual performance and organisational commitment in the modern workplace. [15]

Q4. Examine the ethical implications of Gandhian economic thought, particularly the principles of Aparigraha (non-possession) and Sarvodaya (welfare of all), for responsible business conduct in India. [15]

Q5. Explain the meaning and significance of Environmental Ethics in business, and discuss the concept of Carbon Trading as a market-based mechanism for addressing environmental concerns. [15]

Q6. An employee in the accounts department of a company discovers that senior management has been deliberately overstating revenue figures in the quarterly financial statements to mislead investors. Discuss the ethical dilemma faced by the employee and examine the courses of action, including whistle blowing, available to resolve it. [15]

Q7. A human resources manager is instructed by senior management to reject a well-qualified candidate's job application solely because of the candidate's age, even though no valid business justification exists for such rejection. Discuss the ethical issues involved in this situation and explain how the manager should respond. [15]

Q8. Examine the Global Corporate Governance Practices followed by leading economies of the world, and discuss the lessons that Indian corporations may draw from them. [15]

Q9. Discuss the role of the Board of Directors in ensuring good Corporate Governance, and examine the significance of independent directors in safeguarding the interests of minority shareholders. [15]

Q10. Examine the causes of major corporate governance failures witnessed in recent years, and discuss the reforms that have been introduced to strengthen corporate governance practices in India. [15]

P24: Business Law — Model Question Papers

Business Law (Paper P24) covers the Indian Contract Act, 1872 — scope, essentials of a valid contract, agreement, performance of contracts, breach of contract and remedies, quasi-contracts, contracts of indemnity and guarantee, and bailment and pledge; the Sale of Goods Act, 1930 — formation of a contract of sale, conditions and warranties, caveat emptor, transfer of ownership, performance of a contract of sale, and the unpaid seller and his rights; the Partnership Act (nature of partnership, rights and duties of partners, types of partners, dissolution), the Negotiable Instruments Act, 1881 (types of instruments, negotiation and assignment, holder-in-due-course, dishonour and discharge) and arbitration; and the Companies Act, 1956 — nature and types of companies, formation, memorandum and articles of association, prospectus, share capital, membership, meetings and winding-up. Time: 3 Hours, Maximum Marks: 75. Answer any five of the ten questions given below; all questions carry equal marks (15 each).

Set A

Q1. Discuss the scope and object of the Indian Contract Act, 1872, and state in detail the essential elements of a valid contract. [15]

Q2. Define 'offer' and 'acceptance' under the Indian Contract Act, 1872, and discuss the legal rules governing a valid offer and its acceptance, including the rules relating to communication and revocation. [15]

Q3. What is meant by an 'agreement'? Distinguish between an agreement and a contract, and classify contracts on the basis of their validity, giving suitable examples of each. [15]

Q4. Define a 'contract of sale' of goods under the Sale of Goods Act, 1930, and distinguish between a sale and an agreement to sell. [15]

Q5. Discuss the essential elements required for the formation of a valid contract of sale of goods. [15]

Q6. Define 'partnership' under the Indian Partnership Act, 1932, and discuss the essential elements constituting the nature of a partnership. [15]

Q7. Discuss the mutual rights and duties of partners inter se under the Indian Partnership Act, 1932. [15]

Q8. Discuss the various kinds of partners recognised under the Indian Partnership Act, 1932, bringing out the distinguishing features of each. [15]

Q9. Discuss the nature and meaning of a company, and explain the various kinds of companies that may be formed under the Companies Act, 1956. [15]

Q10. Discuss the various stages and procedure involved in the formation and incorporation of a company under the Companies Act, 1956. [15]

Set B

Q1. Discuss the various modes in which a contract may be performed, and explain the rules relating to the time, place and manner of performance of a contract. [15]

Q2. Explain the meaning of breach of contract and discuss its various kinds. What remedies are available to the aggrieved party in case of breach of contract? [15]

Q3. Explain the meaning, nature and essential elements of a quasi-contract, and discuss the different kinds of quasi-contractual obligations recognised under the Indian Contract Act, 1872. [15]

Q4. Distinguish between a 'condition' and a 'warranty' as used in the Sale of Goods Act, 1930, and explain the circumstances in which a breach of condition may be treated as a breach of warranty. [15]

Q5. Discuss the implied conditions and implied warranties in a contract of sale of goods, as laid down under the Sale of Goods Act, 1930. [15]

Q6. Explain the meaning of dissolution of a partnership firm and discuss the various modes by which a partnership firm may be dissolved. [15]

Q7. Explain the meaning and nature of a negotiable instrument, and discuss its essential characteristics as recognised under the Negotiable Instruments Act, 1881. [15]

Q8. Discuss the various types of negotiable instruments recognised under the Negotiable Instruments Act, 1881, namely a promissory note, a bill of exchange and a cheque. [15]

Q9. Explain the meaning and contents of the Memorandum of Association of a company, and discuss the doctrine of ultra vires in relation to it. [15]

Q10. Explain the meaning and contents of the Articles of Association of a company, and distinguish between the Memorandum of Association and the Articles of Association. [15]

Set C

Q1. Distinguish between a contract of indemnity and a contract of guarantee, bringing out their meaning and the essential points of difference between the two. [15]

Q2. Discuss the rights and duties of an indemnifier and an indemnified (indemnity-holder) under a contract of indemnity. [15]

Q3. Discuss the rights and duties of a surety in a contract of guarantee, and explain the various modes by which a surety's liability may be discharged. [15]

Q4. Explain the doctrine of Caveat Emptor and discuss the exceptions to this rule recognised under the Sale of Goods Act, 1930. [15]

Q5. Discuss the rules relating to the transfer of property (ownership) in goods from the seller to the buyer under a contract of sale. [15]

Q6. Distinguish between 'negotiation' and 'assignment' of a negotiable instrument, bringing out the essential points of difference between the two. [15]

Q7. Who is a 'holder in due course' under the Negotiable Instruments Act, 1881? Discuss the special privileges enjoyed by a holder in due course. [15]

Q8. Discuss the meaning of dishonour of a negotiable instrument, distinguishing between dishonour by non-acceptance and dishonour by non-payment, and state the consequences that follow. [15]

Q9. Discuss the meaning and contents of a prospectus, and explain the liability of directors and promoters for a misstatement contained in a prospectus. [15]

Q10. Discuss the meaning of share capital and explain the various kinds of shares and share capital that a company may issue under the Companies Act, 1956. [15]

Set D

Q1. Explain the meaning and essential elements of a contract of bailment, and distinguish it from a contract of pledge. [15]

Q2. Discuss the rights and duties of a bailor and a bailee under the Indian Contract Act, 1872. [15]

Q3. Discuss the rights and duties of a pawnor (pledgor) and a pawnee (pledgee) under a contract of pledge. [15]

Q4. Discuss the duties of the seller and the buyer regarding the performance of a contract of sale, and explain the rules relating to delivery of goods. [15]

Q5. Who is an 'unpaid seller' under the Sale of Goods Act, 1930? Discuss his rights against the goods sold and against the buyer personally. [15]

Q6. Discuss the various modes by which a negotiable instrument and the parties liable thereon may be discharged from liability. [15]

Q7. Explain the meaning and essentials of a valid arbitration agreement, and discuss the procedure for the appointment of an arbitrator. [15]

Q8. Discuss the advantages of arbitration as a mode of settling disputes, and distinguish it from ordinary litigation through courts of law. [15]

Q9. Discuss who can become a member of a company, and explain the various modes by which a person may acquire and cease to be a member of a company. [15]

Q10. Discuss the various kinds of company meetings, and explain the requisites of a valid meeting along with the rules relating to notice, quorum and resolutions. [15]

Set E

Q1. A offers to sell his car to B for Rs. 3,00,000 by a letter posted on Monday. Before B's letter of acceptance reaches A, A sends a telegram on Wednesday revoking the offer, which reaches B on Thursday, whereas B's letter of acceptance posted on Tuesday reaches A on Friday. Discuss the legal position and state whether a valid contract has come into existence between A and B. [15]

Q2. X pledges his gold ornaments with Y as security for a loan of Rs. 50,000 repayable within six months. X fails to repay the loan on the due date. Discuss the rights available to Y, as pawnee, against the goods pledged and against X personally. [15]

Q3. A guarantees to B the payment of the price of goods to be supplied by B to C up to Rs. 1,00,000. B supplies goods worth Rs. 1,00,000 to C, but C fails to pay for them. Discuss the liability of A as surety, and state the rights that A would have against C after discharging his liability to B. [15]

Q4. Discuss the unpaid seller's right of lien, right of stoppage of goods in transit, and right of resale under the Sale of Goods Act, 1930. [15]

Q5. A agrees to sell 100 bags of a specific lot of wheat lying in his godown to B for a lump sum price. Before the goods are delivered to B, the entire lot of wheat is destroyed by an accidental fire, without any fault on the part of either party. Discuss the legal position regarding passing of risk and the rights and liabilities of A and B in this situation. [15]

Q6. A, B and C are partners in a firm carrying on a retail business. A dies suddenly during the continuance of the partnership. Discuss the effect of A's death on the partnership firm, and state the rights of A's legal heirs and the obligations of the continuing partners, B and C. [15]

Q7. X issues a cheque in favour of Y towards payment of a debt, but the cheque is dishonoured by the bank on presentation for want of sufficient funds in X's account. Discuss the remedies available to Y under the Negotiable Instruments Act, 1881. [15]

Q8. A draws a bill of exchange on B, payable to the order of C. C endorses the bill in favour of D for value. Discuss the rights that D acquires as the holder of the bill, and the liabilities of A, B and C thereon. [15]

Q9. Discuss the meaning of winding-up of a company, and explain the various modes and grounds on which a company may be wound up under the Companies Act, 1956. [15]

Q10. The promoters of a proposed company enter into a contract with X on behalf of the company before its incorporation, for the supply of machinery required for its business. After incorporation, the company refuses to honour the contract. Discuss the legal position regarding pre-incorporation contracts and the liability, if any, of the company and the promoters to X. [15]