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NMIMS
School for
Continuing Education (NGA-SCE)
Master of
Business Administration - MBA Semester 3
Taxation - Direct and Indirect
Q1. Ms. Ankita
completed her MBA from DAVV, Indore. She joined an enterprise as an Accounts
Manager at a CTC of Rs 650000. She invested Rs 150000 in PPF and paid mediclaim
for herself Rs 15000 using cash as a mode of payment. Discuss and compute her
tax liability assuming she is residential individual for the Assessment year
2019-20
Q2. Ms.
Urrjja is running successfully the business of supplying &selling woolens
on the digital platform. She is keen to understand how business expenses are
allowed under the Indian Income Tax Act 1961. However, these days she is more
concerned about whether there is any provision under the Act which allows
claiming deductions in relation to residuary expenses.
As a
knowledgeable person in taxation, how will you address the worry of Ms. Urrjja.
Is there any provision under the IT Act which allows to claim deductions of
residual expenses? If yes, how can she avail the benefit of the said provision
for her business?
(10 Marks)
Q3. Mr.
Mohan, aged 65 years, derives Rs 7.5 lacs as salary from Amiir PanWala &
Company for the year ended 31.03.2019. He supplies the following information to
the accounts department of the employer. (Applicable Assessment year 2019-20)
Particulars
Amount
Loss from
one of the Self - occupied property
Rs 200000
Loss from
let out house property Rs 360000
Interest
from Flexi Fixed Deposits Rs 150000
a. Explain
and examine the applicability of TDS provision (5 Marks)
b. Compute
total tax liability and monthly deduction for TDS.
Get fully solved
assignments.
For queries mail us at: subjects4u@gmail.com or contact at
08894344452,
08728863595
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