Taxation- Direct & Indirect nmims dec 2018 solved assignment help
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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, discuss on the points to be taken care of while charging tax under the
head income from salary for the employees.
Answer: Salary
is the remuneration received by an individual for service rendered as a result
of an express or implied contract. The statute gives an inclusive but not
exhaustive definition of salary.
As per Section 17(1), salary includes the following:
·
Wages
·
Annuity or
pension
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.
Answer: In
1998, gift tax was repealed in India. The gift is added to the income of the receiver
and is taxed accordingly. Earlier (prior to October 1st 2009), gifts in kind (a
car or a house) were not considered at the cash value. Also all gifts received
at the time of marriage were exempt from tax. The gifts
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
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
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.
Answer: Calculation of eligible amount of
Deduction under Chapter VI-A
Deductions under Section 80C: Life Insurance Premiums, Provident Fund, NSC, ELSS, tuition
fees (maximum two children) repayment of principal of house loan, bank deposit
of five years’ period, et
Complete
Assignment available for NMIMS
in
rs 250 per assignment only
You
can call us 87-55555-879
Within
1 hour will revert you by mail
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