NMIMS Global Access
School for Continuing Education (NGA-SCE)
Course: Taxation - Direct & Indirect
Internal Assignment Applicable for December 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
1. Mrs Mangla owns a house. It is given on rent to a post office. Municipal value of
the property is Rs230,000. Fair rent is 240,000 and standard rent is Rs
234,000.Muncipal taxes paid by Mrs Mangla is Rs 50000 on March15,2015 and
Rs 55000on May15,2015. On May 1, 2015, rent is increased from Rs 15,000 to
20,000 per month with retrospective effect from April 1,2014Arrears of rent of
2014-15 are paid on May1, 2015. Find out the income chargeable to tax for the
assessment year 2015-16 and 2016-17. (10 Marks)
2. Mr Amaar purchased a land for 50 lacs and a building for 48 Lac for business
purpose. He wants to claim depreciation on both. As a tax consultant advise him
and also explain the conditions he should satisfy to claim depreciation.
(10 Marks)
NMIMS Global Access
School for Continuing Education (NGA-SCE)
Course: Taxation - Direct & Indirect
Internal Assignment Applicable for December 2016 Examination
3. a) ZARA International is a Spanish clothing and accessories retailer based in
Arteixo. The company established one of its subsidiary company in India to sell
the clothes and accessories of the non-resident parent company. Can these
intimate connections between these two can be termed as business connection?
Elaborate and illustrate with regard to the same. (5 Marks)
3. b) SecuritiesTransaction Tax (STT) is levied on every purchase or sale of
securities to stop tax avoidance of capital gains. Do all types of
securities/transactions falls in the scope of STT. Discuss the same with the
current rates of STT. (5 Marks)
*********************
School for Continuing Education (NGA-SCE)
Course: Taxation - Direct & Indirect
Internal Assignment Applicable for December 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
1. Mrs Mangla owns a house. It is given on rent to a post office. Municipal value of
the property is Rs230,000. Fair rent is 240,000 and standard rent is Rs
234,000.Muncipal taxes paid by Mrs Mangla is Rs 50000 on March15,2015 and
Rs 55000on May15,2015. On May 1, 2015, rent is increased from Rs 15,000 to
20,000 per month with retrospective effect from April 1,2014Arrears of rent of
2014-15 are paid on May1, 2015. Find out the income chargeable to tax for the
assessment year 2015-16 and 2016-17. (10 Marks)
2. Mr Amaar purchased a land for 50 lacs and a building for 48 Lac for business
purpose. He wants to claim depreciation on both. As a tax consultant advise him
and also explain the conditions he should satisfy to claim depreciation.
(10 Marks)
NMIMS Global Access
School for Continuing Education (NGA-SCE)
Course: Taxation - Direct & Indirect
Internal Assignment Applicable for December 2016 Examination
3. a) ZARA International is a Spanish clothing and accessories retailer based in
Arteixo. The company established one of its subsidiary company in India to sell
the clothes and accessories of the non-resident parent company. Can these
intimate connections between these two can be termed as business connection?
Elaborate and illustrate with regard to the same. (5 Marks)
3. b) SecuritiesTransaction Tax (STT) is levied on every purchase or sale of
securities to stop tax avoidance of capital gains. Do all types of
securities/transactions falls in the scope of STT. Discuss the same with the
current rates of STT. (5 Marks)
*********************
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