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DRIVE-summer
2016
PROGRAM/SEMESTER-MBADS
(SEM 3/SEM 5)MBAFLEX/ MBAN2 (SEM PGDFMN (SEM 1)
SUBJECT
CODE &NAME-MF0012 &TAXATION MANAGEMENT
BK ID-B1760
CREDITS-4
MARKS-60
Note: Answer all questions. Kindly note that answers
for 10 marks questions should be approximately of 400words. Each question is followed
by evaluation scheme.
Q1. Explain the objectives of tax planning.
Discuss the factors to be considered in tax planning.
(Objectives of tax
planning, Factors in tax planning) 5,5
Answer-1
Objectives of Tax
Planning
The following are the
important objectives of Tax planning.
1. Reduction of Tax
liability
2.
Q2.Explain the categories in Capital assets.
Mr. C acquired a plot
of land on 15th June, 1993 for 10,00,000 and sold it on 5th
January, 2010 for
41,00,000. The expenses of transfer were 1,00,000.
Mr. C made the
following investments on 4th February, 2010 from the proceeds of the plot.
a) Bonds of Rural
Electrification Corporation redeemable after a period of three years,12,00,000
b) Deposits under
Capital Gain Scheme for purchase of a residential house 8,00,000 (he does not
own any house)
Compute the capital
gain chargeable to tax for the AY2010-11.
(Explanation of
categories of capital assets, Calculation of indexed cost of acquisition, Calculation
of long term capital gain, Calculation of taxable long term capital gain)
4,2,2,2
Answer-2
Categories of capital
assets
For taxation purposes,
the capital assets have been, divided into (a) short term capital assets and
(b) long-term capital assets.
(a)
Short
Q3.Explain major considerations in capital
structure planning. Write about the dividend policy and factors affecting
dividend decisions.
(Explanation of
factors of capital structure planning, Explanation of dividend policy, Factors
affecting dividend decisions) 6, 2, 2
Answer-3
Major considerations
in capital structure planning
Broadly, the following
factors would be worth considering, while planning the capital structure.
1.
Risk of two kinds, that is, financial risk and
business risk: In
the context of capital structure planning, financial risk is more
2.
Q4.X Ltd. has Unit C which is not functioning
satisfactorily. The following are the details of its fixed assets:
The written down value
(WDV) is ` 25 lakh for the machinery, and15 lakh for the plant. The liabilities
on this Unit on 31st March, 2011 are35 lakh.
The following are two
options as on 31st March, 2011:
Option 1: Slump sale
to Y Ltd for a consideration of 85 lakh.
Option 2: Individual
sale of assets as follows: Land ` 48 lakh, goodwill ` 20 lakh, machinery 32
lakh, Plant 17 lakh.
The other units derive
taxable income and there is no carry forward of loss or depreciation for the
company as a whole. Unit C was started on 1st January, 2005.Which option would
you choose, and why?
(Computation of
capital gain for both the options, Computation of tax liability for both the options,
Conclusion) 4,4,2
Answer-4
Option 1: Slump sale
Q5.Explain the Service Tax Law in India and
concept of negative list. Write about the exemptions and rebates in Service Tax
Law.
(Explanation of
Service Tax Law in India, Explanation of concept of negative list, Explanation
of exemptions and rebates in Service Tax Law) 5, 2 , 3
Answer-5
Service Tax Law in
India
Service tax was
introduced in India in 1994 by Chapter V of the Finance Act,1994. It was
imposed on an initial set of three services in 1994 and the scope of the
service tax has since been expanded continuously by subsequent Finance
Q6.What do you understand by customs duty?
Explain the taxable events for imported, warehoused and exported goods. List
down the types of duties in customs
An importer imports
goods for subsequent sale in India at $10,000 on assessable value basis.
Relevant exchange rate and rate of duty are as follows:
|
Particulars
|
Date
|
Exchange
Rate Declared by CBE&C
|
Rate of
Basic Customs
Duty
|
|
Date of submission
of
bill of entry
|
25th
February, 2010
|
45/$
|
8%
|
|
Date of entry
inwards granted to
the
vessel
|
5th
March, 2010
|
`
49/$
|
10%
|
Calculate assessable
value and customs duty.
(Meaning and
explanation of customs duty, Explanation of taxable events for imported,
warehoused and exported goods, Listing of duties in customs, Calculation of
assessable value and customs duty) 2, 3, 2, 3
Answer-6
Meaning and explanation of customs duty
Customs duty is the
duty imposed on goods imported into the country.
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students get fully solved assignments
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