Description
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Taxation- Direct and Indirect
1. Ms. Dimple earns rental income from three house properties. She wants to plan effectively her investments so that she can get adequate deductions from her gross total income. Discuss the nature of at least five investments or contribution in specified assets that qualifies for getting deduction under section 80 C of the Income Tax Act 1961 (10 Marks)
2. Mr. Vaishnav completed his Bachelor of Science from Holkar Science College. He wants to start a business of manufacturing sanitizers looking to the current business scenario. But before starting the business he wants to understand the points of difference between direct tax and indirect tax. Elaborate. (any five points ) (10 Marks)
3. Ms. Neha submits following details for her income for the assessment year 2020-21. Compute the gross total income after considering the relevant provisions of set off and carry forward of losses
a. Calculate income from Business and Profession (5 Marks)
b. Calculate income under the head of House Property, income from other sources and capital gain
PARTICULARS AMOUNT
Speculation income 85000
Winning in cross word puzzles 78000
Profit from printing business of school textbooks 435000
Short term capital gain 4500
Income from house property 240000
long term capital gain 20000
long term capital losses -5000
Loss from house property under construction -150000
The items brought forward for set off
Loss from discontinued business operation, loss belongs to the A.Y 2017- 18 10000
Long term capital loss for the AY 2008-09 1000
Speculation loss for the AY 2016-17 50000
Loss in retail business of groceries AY 2019-20 45000
For Nmims Assignments Contact
[email protected]
+91 95030-94040
doc_808605336.doc
For Nmims Assignments Contact
[email protected]
+91 95030-94040
Taxation- Direct and Indirect
1. Ms. Dimple earns rental income from three house properties. She wants to plan effectively her investments so that she can get adequate deductions from her gross total income. Discuss the nature of at least five investments or contribution in specified assets that qualifies for getting deduction under section 80 C of the Income Tax Act 1961 (10 Marks)
2. Mr. Vaishnav completed his Bachelor of Science from Holkar Science College. He wants to start a business of manufacturing sanitizers looking to the current business scenario. But before starting the business he wants to understand the points of difference between direct tax and indirect tax. Elaborate. (any five points ) (10 Marks)
3. Ms. Neha submits following details for her income for the assessment year 2020-21. Compute the gross total income after considering the relevant provisions of set off and carry forward of losses
a. Calculate income from Business and Profession (5 Marks)
b. Calculate income under the head of House Property, income from other sources and capital gain
PARTICULARS AMOUNT
Speculation income 85000
Winning in cross word puzzles 78000
Profit from printing business of school textbooks 435000
Short term capital gain 4500
Income from house property 240000
long term capital gain 20000
long term capital losses -5000
Loss from house property under construction -150000
The items brought forward for set off
Loss from discontinued business operation, loss belongs to the A.Y 2017- 18 10000
Long term capital loss for the AY 2008-09 1000
Speculation loss for the AY 2016-17 50000
Loss in retail business of groceries AY 2019-20 45000
For Nmims Assignments Contact
[email protected]
+91 95030-94040
doc_808605336.doc