Description
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Taxation- Direct and Indirect
1. GST registration requires getting a unique number from the tax authorities for the purpose of collecting tax on behalf of the government. However, in certain cases certain persons are exempt from the GST registration.
Discuss in brief, about persons who need to get the Compulsory registration under the GST, and the persons who are exempted from GST registration even though their turnover exceeds 40 Lakhs (10 Marks)
2. Currently, 500 employees are working in your organization. You applied for Tax deduction and collection account number so as to carry out various formalities in relation to deducting tax at source. With reference to above, discuss, any five obligations of a tax deductor as specified under the Indian Income Tax Act (10 Marks)
3. Mr Rahim purchased a property in Mumbai in the year 2000 for Rs. 15 lacs He sold the property on Dec 13th 2019, for Rs 30 lacs. The fair market value of the property as on 1.4.2001 was 22 lacs.
a. Define and Calculate the indexed cost of acquisition (5 Marks)
b. Define, Calculate and indicate the amount and type of gain or loss, if any
Given the relevant assessment year is 2020-2021.
Cost inflation index for the year 2001-02 is 100
Cost inflation index for the year 2018-19 is 280
Cost inflation index for the year 2019-20 is 289
Cost inflation index for the year 2020-21 is 301 (5 Marks)
For Nmims answersheets contact
[email protected]
+91 95030-94040
doc_491245566.docx
For Nmims answersheets contact
[email protected]
+91 95030-94040
Taxation- Direct and Indirect
1. GST registration requires getting a unique number from the tax authorities for the purpose of collecting tax on behalf of the government. However, in certain cases certain persons are exempt from the GST registration.
Discuss in brief, about persons who need to get the Compulsory registration under the GST, and the persons who are exempted from GST registration even though their turnover exceeds 40 Lakhs (10 Marks)
2. Currently, 500 employees are working in your organization. You applied for Tax deduction and collection account number so as to carry out various formalities in relation to deducting tax at source. With reference to above, discuss, any five obligations of a tax deductor as specified under the Indian Income Tax Act (10 Marks)
3. Mr Rahim purchased a property in Mumbai in the year 2000 for Rs. 15 lacs He sold the property on Dec 13th 2019, for Rs 30 lacs. The fair market value of the property as on 1.4.2001 was 22 lacs.
a. Define and Calculate the indexed cost of acquisition (5 Marks)
b. Define, Calculate and indicate the amount and type of gain or loss, if any
Given the relevant assessment year is 2020-2021.
Cost inflation index for the year 2001-02 is 100
Cost inflation index for the year 2018-19 is 280
Cost inflation index for the year 2019-20 is 289
Cost inflation index for the year 2020-21 is 301 (5 Marks)
For Nmims answersheets contact
[email protected]
+91 95030-94040
doc_491245566.docx