MF0012 –Taxation Management

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Master of Business Administration- MBA Semester 3

MF0012 –Taxation Management- 4 Credits

(Book ID: B1210)

Assignment Set- 1 (60 Marks)

Note: Answer all questions (with 300 to 400 words each) must be written within 6-8 pages. Each Question carries 10 marks 6 X 10=60

Q1.Tax planning may be effective in every area of business management. Discuss some of the important areas where tax planning may be attempted.

Answer : Tax Planning of Business Income

The income from business and profession is known as profit and gains. While calculating the profit and gains, we deduct various expenses from it.

Q2.When minors are not allowed to be employed under the Constitution of India, can a minor still have income? If yes then how? Analyse the exemption from income-tax available in the case of a minor child.

Answer However, every income is taxable under income tax law, whether it is received in cash or in kind, whether it is capital or revenue income, but still some incomes are given exemption from tax. In this lesson we will study those incomes which are exempt from tax.

Q3.Define the merits and de-merits of sole-proprietorship. What is the other income which is included in individual’s income to calculate their tax liability?

Answer Easy to start and dissolve:

A sole proprietorship can be set up easily and quickly. No legal formalities and expenditure are involved in the establishment of a proprietorship. There is no need to associate others or to enter into any agreement.

Q4.Define the partnership form of organisation. What are the tax provisions for assessment of firms?

Answer: A partnership is a business where there are two or more owners of the enterprise. Most partnerships are between two and twenty members though there are examples like John Lewis and some of the major world accountancy firms where there are hundreds of partners.

Q5.Enumerate the tax implications on the income received from venture capital investment.

Answer: Many people have been burned by the stock market over the past decade and find the stock market a confusing and complex place. On the other hand, many people feel that they have a better understanding

Q6.Compute the net wealth and wealth tax liability of R Ltd. as on 31-3-2011. The company is engaged in jewellery business-exports and domestic sales:

	Rs
Factory buildings	43,00,000
Bank balance	12,20,000
Unaccounted cash balance	6,50,000
Silver ware	94,00,000
Gold ornaments	96,00,000
Motor cars	15,00,000
Guest house in London	8,00,000

The company has taken a loan of Rs. 6,00,000 by mortgaging guest house and built the factory premises.

Answer

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