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Taxation Direct and Indirect-NMIMS-2017

Taxation Direct and Indirect-NMIMS-2017

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Question 1:  Mrs. Davidee, not being a person of Indian origin, comes to visit India for the first time on April 15, 2010. She plans to visit all the historical palaces in India. Determine her residential status for the Assessment year 2015-16 given during the financial years she is in India for following days-

2010-11

130

2011-12

80

2012-13

13

2013-14

210

2014-15

75

 

Question 2:  “Indirect tax is an umbrella term which not only includes Excise Duty or Custom Duty but certain other taxes, with different statutes governing them. Discuss in detail the different taxes.

 

Question 3

A) Determine the amount of disallowances for the cases given below (5 Marks )

i. Generally Mr Ravil pays salary to his employees by account payee cheques. But salary for the month of March 2015, is paid to Mr. X, Mr. Y , Mr. Z by bearer cheques (payment being Rs.20000, Rs.25000,Rs20200, respectively

 

ii. Daisy Ltd purchased raw material on credit from Mr. Navneet on credit who hold 20 % of equity share capital in Daisy Ltd(the amount of the bill being Rs.38800 however the market price of the goods was Rs.19460) the same is paid in cash on June 25,2016

 

 

B) On April 2014, the depreciated value of a block of asset is Rs.80000 (rate of depreciation being 12 %). It consists of Plants P & Q. The assessee being Mr. Ammar purchased one more plant C (rate of depreciation being 12 %), during the previous year 2014-15 for Rs.50000 and sells Plant P on April 5,2014 for Rs185000. Calculate the amount of depreciation admissible for the assessment year 2015-16 and give reasons for the computation done.

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