NMIMS Global Access
School for Continuing Education (NGA-SCE)
Course: Taxation Direct & Indirect
Internal Assignment Applicable for December 2018 Examination
Assignment Marks: 30
NMIMS December 2018 solved assignments: Contact us at assignmentssolution@gmail.com
School for Continuing Education (NGA-SCE)
Course: Taxation Direct & Indirect
Internal Assignment Applicable for December 2018 Examination
Assignment Marks: 30
NMIMS December 2018 solved assignments: Contact us at assignmentssolution@gmail.com
Question 1
Miss Nihali recently joined Accenture as Head IT. Her CTC amounts to 24 lacs. There is
formal procedure which every company’s accounts department follows while processing
the salaries payment to the employees for any financial year. You being the accounts
manager of the company,a discuss on
the points to be taken care of while charging tax
under the head income from salary for the employees. (10 Marks)
under the head income from salary for the employees. (10 Marks)
Question 2
Mr. Abhishek recently passed the MBBS exams and started practicing as a doctor. On the
occasion of his birthday, he received a cash gift worth 51000 from one of his father’s
friend. Further, one of his patients also gifted him a plot of land, as an appreciation for his
personal qualities and dedication towards his work. Discuss with suitable reasons, whether
the receipts are taxable or not and if yes, then the head of income under which the receipts
are taxable. (10 Marks)
Mr. Abhishek recently passed the MBBS exams and started practicing as a doctor. On the
occasion of his birthday, he received a cash gift worth 51000 from one of his father’s
friend. Further, one of his patients also gifted him a plot of land, as an appreciation for his
personal qualities and dedication towards his work. Discuss with suitable reasons, whether
the receipts are taxable or not and if yes, then the head of income under which the receipts
are taxable. (10 Marks)
Question 3
Mr. Arman has a gross total income of Rs 1350000 for the Assessment year 2018-19. He
made following payments during the year
Mr. Arman has a gross total income of Rs 1350000 for the Assessment year 2018-19. He
made following payments during the year
|
PPF amount paid (Sum insured on
account
of LIC is Rs150000.) |
75000
|
|
LIC premium paid
|
30000
|
|
Medical insurance premium for self
and
wife |
10000
|
|
Repayment of housing loan to Bank Of
Baroda |
125000
|
|
Medical premium paid for his mother
(aged
85 years) |
25000
|
a. Compute the eligible amount of deduction under Chapter VI-A for the
Assessment Year 2018-19 (5 Marks)
b. What if, in addition
to this he also contributed in certain work of literacy and
earned a royalty income amounting Rs15 lacs, as a lump sum consideration
by authoring certain books. Compute the additional eligible amount of
deduction explaining the relevant provision. (5 Marks)
***************
earned a royalty income amounting Rs15 lacs, as a lump sum consideration
by authoring certain books. Compute the additional eligible amount of
deduction explaining the relevant provision. (5 Marks)
***************
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