Course: Taxation - Direct & Indirect

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School for Continuing Education (NGA-SCE)

Course: Taxation - Direct & Indirect

Internal Assignment Applicable for December 2016 Examination

Assignment Marks: 30

Instructions:

·       All Questions carry equal marks.

·       All Questions are compulsory

·       All answers to be explained in not more than 1000 words for question 1 and 2 and for question 3in not more than 500 words for each subsection. Use relevant examples, illustrations as far aspossible.

·       All answers to be written individually. Discussion and group work is not advisable.

·       Students are free to refer to any books/reference material/website/internet for attempting theirassignments, but are not allowed to copy the matter as it is from the source of reference.

·       Students should write the assignment in their own words. Copying of assignments from otherstudents is not allowed.

Question. 1. Mrs Mangla owns a house. It is given on rent to a post office. Municipal value of the property is Rs230,000. Fair rent is 240,000 and standard rent is Rs 234,000.Muncipal taxes paid by Mrs Mangla is Rs 50000 on March15,2015 and Rs 55000on May15,2015. On May 1, 2015, rent is increased from Rs 15,000 to 20,000 per month with retrospective effect from April 1,2014Arrears of rent of 2014-15 are paid on May1, 2015. Find out the income chargeable to tax for the assessment year 2015-16 and 2016-17. (10 Marks)

Answer: Let us state the information given:

1.       Mrs Mangla owns a house which is given on rent to a post office. Municipal value of a property is Rs 2,30,000. Fair rent is 2,40,000 and standard rent is 2,34,000.

2.       Municipal taxes paid by Mrs Mangla isRs. 50,000 on March 15, 2015 and Rs. 55,000 on May 15, 2015.

3.       On May 1, 2015 rent is increased from Rs. 15,000 to 20,000 per month with retrospective effect from April 1, 2014.

4.       Arrears of rent of 2014-15 are paid on May 1, 2015.

Now, we have to find income chargeable

Question. 2. Mr Amaar purchased a land for 50 lacs and a building for 48 Lac for business purpose. He wants to claim depreciation on both. As a tax consultant advise him and also explain the conditions he should satisfy to claim depreciation.(10 Marks)

Answer:The procedure of claiming depreciation can offer you different results in different situations. When you are going to file depreciation claim then the most important thing that should be clear in your mind is the use and variety of depreciation claim. In this case, Mr Amaar purchased a land for 50 lacs and a building for 48 Lac for business purpose. He wants to claim depreciation on both. Well, the most important thing to understand here is the fact that depreciation claim procedure is different for both residential and commercial

Question. 3. a) ZARA International is a Spanish clothing and accessories retailer based in Arteixo. The company established one of its subsidiary company in India to sell the clothes and accessories of the non-resident parent company. Can these intimate connections between these two can be termed as business connection? Elaborate and illustrate with regard to the same. (5 Marks)

Answer:ZARA International, a Spanish clothing firm and accessories retailer firm. Clothing and accessories are connected to each other but in this case, the task is about the identification of market possibilities of their business. Clothing and accessories both are different from each other but still they relate to each other because they both make each other complete.

In the present time, customers

b) SecuritiesTransaction Tax (STT) is levied on every purchase or sale of securities to stop tax avoidance of capital gains. Do all types of securities/transactions falls in the scope of STT. Discuss the same with the current rates of STT. (5 Marks)

Answer:STT or Securities Transaction Tax is levied on every single securitypurchase or sale to stop tax ignorance of capital achievements. It is really very common that securities or transactions falls in general category of the scope of STT but it is also the fact that not all types of securities and transactions will fall in the category of STTscope. There are some types of securities and transactions that fallunder the STTscope.

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