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School for Continuing Education (NGA-SCE)
Course: Taxation- Direct and Indirect
Internal Assignment Applicable for December
2019 Examination
Assignment Marks: 30
1 . Mr. Somaya recently joined as
a marketing executive in a construction company. The Human resource department
of the company recruited him at a CTC of Rs6.5 lacs, annually. The said
department asked him to follow adequate tax planning so as to minimize income
tax liability. However, being a graduate in Marketing Somaya is confused among
the terms tax planning, tax avoidance and tax evasion. He approached you for
discussing the differences in these terms. You recently come to know about the
difference by studying them under the course of Taxation – Direct and Indirect.
Explain him the needful with suitable examples. (10 Marks)
2. The basis of charge under the
head salary is different when compared with income from other various sources.
Further, there are certain deductions under the Income tax Act which are
available only to the salaried employees and which are in addition to the
deductions under Chapter VI of the income tax Act. Mention at least three of
the deductions available to salaried employees with the maximum deductible
amount for each of them. Also, discuss the conditions needed to be satisfied in
order to charge any income under the salary head. (10 Marks)
3 a. Mr. Morgan received
voluntary retirement compensation of Rs7.5 lakhs after service of 30 years. He
still has 5 years of service left. At the time of VRS, he was drawing basic
salary of Rs 25000 per month, Dearness allowance Rs 7000per month. Compute his
taxable voluntary retirement compensation, assuming he can’t claim any relief
U/S 89. (5 Marks)
b. Ramman is a resident and
ordinary resident in India for the previous year 2018-19. He owes a house in
London, which he has to let out at pound 15000 per month. The municipal taxes
paid to the Municipal Corporation of London is pound 7000 during the previous
year 2018-19. The value of one pound in India rupees to be taken Rs 90.50.
Compute Ramman’s Net Annual Value of the property for the Assessment year
2019-20. (5 Marks)
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