Section B (2 Mark)
Which of the following statements is TRUE concerning zero coupon bonds?

Section A (1 Mark)
For calculating the benefit under Entertainment allowance, Salary means,

Section B (2 Mark)
As per article 12 Double Taxation Avoidance Agreement with Singapore, Royalties and fees for technical services arising in a Contracting State and paid to a resident of the other Contracting State may be taxed in that other State.However, such royalties and fees for technical services may also be taxed in the Contracting State in which they arise and according to the laws of that Contracting State, but if the recipient is the beneficial owner of the royalties or fees for technical services, the tax so charged shall not exceed__________ per cent.

Section A (1 Mark)
If your credit application is denied, you:

Section C (4 Mark)
The current dividend on an equity share of Bharat Limited is Rs.8.00 on earnings per share of Rs. 30.00.
Assume that the dividend per share will grow at the rate of 20 percent per year for the next 5 years. Thereafter, the growth rate is expected to fall and stabilize at 12 percent. Investors require a return of 15 percent from Bharat's equity shares. What is the intrinsic value of Bharat's equity share?