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assignments NMIMS assignments September 2019
Taxation- Direct and Indirect
Taxation Direct & Indirect NMIMS SEPTEMBER 2019
NMIMS SOLVED 2019 ASSIGNMENTS
NMIMS UNIQUE ASSIGNMENTS
NMIMS MBA SEPTEMBER 2019 SOLVED ASSIGNMENTS
1. Mr Bob is a resident of London. He visits India to understand the business environment.
He is keen to start up a business in India. However, he is not aware of the tax structure
prevalent in India. As a tax consultant, discuss with him the tax structure in India post the
introduction of Goods and Service Tax Act. (10 Marks)
2. Income from house property is the only income that is charged on the notional basis. It
means that the incidence of tax depends not only on the income earned from the property, but
also on the inherent potential of the property to earn income. Tax has to be paid even in cases
where no income is being earned. Discuss the Cases where income from house property is not
chargeable to tax under the head ‘Income from House Property and thus chargeable under
any other head.
(10 Marks)
3. Following information is available for Mr. Saurabh Pandey for Assessment Year 2019-20
with respect to the premium paid of life insurance during Financial Year 2018-19.
PLEASE FIND THE TABLE BELOW
Policy Issue
Date
In the name of Capital Sum
Assured
%
Restriction
of Sum
Assured
Insurance
Premium
Paid in
Financial
Year
2018-19
May 01, 2015 Spouse 1.5 lacs 10% Rs 20,000
May 31,2012 Self 2 lacs 20% Rs 50,000
SEPTEMBER
01,2015
Daughter with
a disease
specified
under section
80DDB
3 lacs 15% Rs 60,000
Jan 01,2013 Son with a
disease
defined under
Section
80DDB
2 lacs 10% Rs 40,000
May 01, 2015 Parents 5 lacs 10% Rs 75,000
a. Calculate the total eligible deduction, as per Section 80C, with reasons for each payment
inclusion and exclusion, for Mr. Saurabh Pandey (5 Marks)
b. Discuss, briefly the eligibility norms and provisions for claiming deduction under the said
section. (5 Marks)
Taxation Direct & Indirect NMIMS SEPTEMBER 2019
NMIMS SOLVED 2019 ASSIGNMENTS
NMIMS UNIQUE ASSIGNMENTS
NMIMS MBA SEPTEMBER 2019 SOLVED ASSIGNMENTS
1. Mr Bob is a resident of London. He visits India to understand the business environment.
He is keen to start up a business in India. However, he is not aware of the tax structure
prevalent in India. As a tax consultant, discuss with him the tax structure in India post the
introduction of Goods and Service Tax Act. (10 Marks)
2. Income from house property is the only income that is charged on the notional basis. It
means that the incidence of tax depends not only on the income earned from the property, but
also on the inherent potential of the property to earn income. Tax has to be paid even in cases
where no income is being earned. Discuss the Cases where income from house property is not
chargeable to tax under the head ‘Income from House Property and thus chargeable under
any other head.
(10 Marks)
3. Following information is available for Mr. Saurabh Pandey for Assessment Year 2019-20
with respect to the premium paid of life insurance during Financial Year 2018-19.
PLEASE FIND THE TABLE BELOW
Policy Issue
Date
In the name of Capital Sum
Assured
%
Restriction
of Sum
Assured
Insurance
Premium
Paid in
Financial
Year
2018-19
May 01, 2015 Spouse 1.5 lacs 10% Rs 20,000
May 31,2012 Self 2 lacs 20% Rs 50,000
SEPTEMBER
01,2015
Daughter with
a disease
specified
under section
80DDB
3 lacs 15% Rs 60,000
Jan 01,2013 Son with a
disease
defined under
Section
80DDB
2 lacs 10% Rs 40,000
May 01, 2015 Parents 5 lacs 10% Rs 75,000
a. Calculate the total eligible deduction, as per Section 80C, with reasons for each payment
inclusion and exclusion, for Mr. Saurabh Pandey (5 Marks)
b. Discuss, briefly the eligibility norms and provisions for claiming deduction under the said
section. (5 Marks)
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