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Taxation Direct and Indirect-NMIMS Sep 17

Taxation Direct and Indirect-NMIMS Sep 17

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1. Mr. Bhaalla started with a grocery shop. You being the tax consultant to Mr. Bhaalla advise him on how the income from the grocery will be assessed under the Income tax Act and the principles to be considered while computing the taxable income? (10 Marks)


2. You want to remit 1000 dollars as a payment of interest to Mr. Albert. Your tax consultant advises that such payment can be done if relevant procedures and guidelines for making such payment outside India are followed. Discuss the same in the light of the different provisions of Income Tax Act. (10 Marks)


3. Mr. Rajat owns two houses. The details with respect to let out property is as under

Standard rent Rs 81000

Fair rent Rs 92500

Municipal valuation Rs 95000

Actual rent received is Rs 7000 per month

Municipal tax @ 15 % of Municipal valuation

Light and water charges Rs 1000 per month

Repairs: Rs 12000 per annum



a. Gross annual value of the house property. (5 Marks)

b. Income taxable under the head Income from house property. (5 Marks)

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