NMIMS Global Access
School for Continuing Education (NGA-SCE)
Course: Taxation - Direct & Indirect
Internal Assignment Applicable for September 2016 Examination
Assignment Marks: 30
Instructions:
All Questions carry equal marks.
All Questions are compulsory
All answers to be explained in not more than 1000 words for question 1 and 2 and for question
3 in not more than 500 words for each subsection. Use relevant examples, illustrations as far as
possible.
All answers to be written individually. Discussion and group work is not advisable.
Students are free to refer to any books/reference material/website/internet for attempting
their assignments, but are not allowed to copy the matter as it is from the source of reference.
Students should write the assignment in their own words. Copying of assignments from other
students is not allowed
Required to –
Q.1 . Compute the net taxable income of Mr. Aditya vyas for the Assessment year 2015-16, the
details required are as under : (10 Marks)
(Amount in Rs)
1 Income from chemical manufacturing business 1000000
2 long term capital gain on transfer of debentures 600000
3 Agriculture income 82000
4
Following amount as Interest received on bank fixed deposit
a) Deposit in his own name
119000
b) In the name of minor son Aadi
1250
c) In the name of minor daughter Aditi
7500
NMIMS Global Access
School for Continuing Education (NGA-SCE)
Course: Taxation - Direct & Indirect
Internal Assignment Applicable for September 2016 Examination
5 Donation to notified charitable institution 120000
6
Bought forward loss of a discontinued business
pertaining to A. Y 2013-14 30000
7 Deposit in PPF a/c 175000
8 Winning from horse race (net of TDS) 70000
Q2) Mr. Avinash is a manufacturer of plastic containers, started his production unit a year
back, and now wants to shift his factory to another site. He wants to know the procedure to
avail CENVAT Credit on inputs and provisions related to transfer of CENVAT Credit.
Discuss. (10 Marks)
Q3 a) Mr. Amit owns a house property It is given on rent. Explain the concept of basis of
charge under the above situation under the head Income from house property. (5 marks)
Q3 b) Mr. Romi is liable to deduct tax as he has entered a lot of transactions during the year
liable to TDS. As a tax deductor, discuss his duties specified under the Income Tax Act.
(5 marks)
****************
School for Continuing Education (NGA-SCE)
Course: Taxation - Direct & Indirect
Internal Assignment Applicable for September 2016 Examination
Assignment Marks: 30
Instructions:
All Questions carry equal marks.
All Questions are compulsory
All answers to be explained in not more than 1000 words for question 1 and 2 and for question
3 in not more than 500 words for each subsection. Use relevant examples, illustrations as far as
possible.
All answers to be written individually. Discussion and group work is not advisable.
Students are free to refer to any books/reference material/website/internet for attempting
their assignments, but are not allowed to copy the matter as it is from the source of reference.
Students should write the assignment in their own words. Copying of assignments from other
students is not allowed
Required to –
Q.1 . Compute the net taxable income of Mr. Aditya vyas for the Assessment year 2015-16, the
details required are as under : (10 Marks)
(Amount in Rs)
1 Income from chemical manufacturing business 1000000
2 long term capital gain on transfer of debentures 600000
3 Agriculture income 82000
4
Following amount as Interest received on bank fixed deposit
a) Deposit in his own name
119000
b) In the name of minor son Aadi
1250
c) In the name of minor daughter Aditi
7500
NMIMS Global Access
School for Continuing Education (NGA-SCE)
Course: Taxation - Direct & Indirect
Internal Assignment Applicable for September 2016 Examination
5 Donation to notified charitable institution 120000
6
Bought forward loss of a discontinued business
pertaining to A. Y 2013-14 30000
7 Deposit in PPF a/c 175000
8 Winning from horse race (net of TDS) 70000
Q2) Mr. Avinash is a manufacturer of plastic containers, started his production unit a year
back, and now wants to shift his factory to another site. He wants to know the procedure to
avail CENVAT Credit on inputs and provisions related to transfer of CENVAT Credit.
Discuss. (10 Marks)
Q3 a) Mr. Amit owns a house property It is given on rent. Explain the concept of basis of
charge under the above situation under the head Income from house property. (5 marks)
Q3 b) Mr. Romi is liable to deduct tax as he has entered a lot of transactions during the year
liable to TDS. As a tax deductor, discuss his duties specified under the Income Tax Act.
(5 marks)
****************
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