Taxation – Direct and Indirect-1st-2016-NMIMS

Taxation – Direct and Indirect-1st-2016-NMIMS
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Q1. As a tax advisor, explain the various deductions available to an Individual u/s 80 of the Income tax Act. (10 Marks)
Q2. Ascertain the head of taxability of the incomes and give reasons for the same (10 Marks)
• Dividend of Rs.84,000 received by Mr. Raja from an Indian company.
• Lease rent of vacant plot of land of Rs.52,200 received by Mr. Kumar.
• Rs.8,400 won by Mr. Shan from a crossword puzzle.
• Rs.2,52,000 received by Mr. Kumar from his friends on his wedding anniversary.
• Rent of building let out along with certain amenities of Rs.1,52,000 (Rs.1,00,000 pertain to rent of building and Rs.52,000 towards other amenities) received by Mr. Subham.
• Compensation amounting to Rs.1,25,252 received by Mr. Sohil from the Government for compulsory acquisition of Industrial land.
• Interest of Rs.8,252 received by Mr. Sahil on a bank deposit.
• Compensation of an amount of Rs. 1,35,000 received from Employer
• Fees of Rs 1,45,000 received from one of the client for winning a case in Income tax.
• Interest of Rs.3,500 received on refund from tax authorities
Q3. Explain the following:
a. The definition of Income is not restricted to the Actual Income received or accrued during the previous years but goes beyond and includes Deemed Income also.
Explain the same with suitable examples. (5 Marks)
b. Explain the importance of FORM C, FORM D, FORM E1 and FORM F under the Central Sales Tax Act. (5 Marks)
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