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Taxation - Direct and Indirect-NMIMS Solved Assignments-Sep16

Taxation - Direct and Indirect-NMIMS Solved Assignments-Sep16

Required to –

Q1: Compute the net taxable income of Mr. Aditya vyas for the Assessment year 2015-16, the details required are as under: (10 Marks)

(Amount in Rs)

1 Income from chemical manufacturing business

1000000

2 long term capital gain on transfer of debentures

600000

3 Agriculture income

82000

4 Following amount as Interest received on bank fixed deposit

a) Deposit in his own name

 b) In the name of minor son Aadi

 c) In the name of minor daughter Aditi

 

119000

1250

7500

5 Donation to notified charitable institution

120000

6 Bought forward loss of a discontinued business pertaining to A. Y 2013-14

30000

7 Deposit in PPF a/c

175000

8 Winning from horse race (net of TDS)

70000

 

Q2) Mr. Avinash is a manufacturer of plastic containers, started his production unit a year back, and now wants to shift his factory to another site. He wants to know the procedure to avail CENVAT Credit on inputs and provisions related to transfer of CENVAT Credit. Discuss. (10 Marks)

Q3 a) Mr. Amit owns a house property. It is given on rent. Explain the concept of basis of charge under the above situation under the head Income from house property.                       (5 marks)

Q3 b) Mr. Romi is liable to deduct tax as he has entered a lot of transactions during the year liable to TDS. As a tax deductor, discuss his duties specified under the Income Tax Act. (5 marks)

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