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Taxation - Direct and Indirect-NMIMS Sep 18

Taxation - Direct and Indirect-NMIMS Sep 18

Must read before purchase: You must edit approx 10-20 percent answer for avoid copy case.

Q1. Mr. Kumar is a small trader. His annual turnover has never exceeded Rs. 1500000 during the last 5 years. In the earlier indirect tax regime, he did not have any VAT or Service Tax registration. He is undecided whether to register for GST, and has approached you for guidance. Prepare a detailed report, advising him regarding benefits of GST Registration. (10 Marks)

 

Q2. Ravi has two houses, both of which are self occupied. The particulars of the houses for Previous Year 2017 – 18 are as under:

Particulars

House I

House II

Municipal Value per annum

100000

150000

Fair Rent per annum

75000

175000

Standard Rent per annum

90000

160000

Date of Completion

31.03.1999

31.03.2001

Municipal taxes paid during the year

12%

8%

Interest on money borrowed for repair of property

NIL

55000

 

Compute Ravi’s income from house property for the Assessment Year 2018 – 19 and suggest which house should be opted by Ravi to be assessed as self occupied to minimize his tax liability. (10 Marks)

 

Q3. A) Joseph, a foreign citizen, visits India since 1995 every year for a period of 100 days. Determine the residential status of Joseph for the assessment year 2018-19?

 

Q3. B) During the assessment year 2018 – 19, Joseph (the above mentioned person) had the following details of income:

Particulars

Amount (Rs.)

Profit from a business in Delhi, but managed entirely from London

15000

Income from house property in London, deposited in a British Bank in London

50000

Short term capital gains on sale of shares of an Indian company, received in London, later on remitted to India

50000

Interest on debentures of an Indian company, received in London

12000

Fees for technical services rendered in US, but received in London

8000

Compute the taxable income in the hands of Joseph for the AY 2018 – 19. (5 Marks)

 

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