NMIMSGlobalAccess

SchoolforContinuingEducation(NGASCE)
Course:TaxationDirect&Indirect
InternalAssignmentApplicableforSeptember2017Examination

AssignmentMarks:30

Instructions:

AllQuestionscarryequalmarks.
AllQuestionsarecompulsory.
All answers to be explained in not more than 1000 words for question 1 and 2 and for
question 3 in not more than 500 words for each subsection. Use relevant examples,
illustrationsasfaraspossible.
Allanswerstobewrittenindividually.Discussionandgroupworkisnotadvisable.
Students are free to refer to any books/reference material/website/internet for
attempting their assignments, but are not allowed to copy the matter as it is from the
sourceofreference.

Students should write the assignment in their own words. Copying of assignments from
otherstudentsisnotallowed.

Studentsshouldfollowthefollowingparameterforansweringtheassignmentquestions.

ForTheoreticalAnswer ForNumericalAnswer
AssessmentParameter Weightage AssessmentParameter Weightage
Introduction 20% Formula 20%
ConceptsandApplication 60% Procedure/Steps 50%
relatedtothequestion
CorrectAnswer& 30%
Conclusion 20%
Interpretation

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

NMIMSGlobalAccess
SchoolforContinuingEducation(NGASCE)
Course:TaxationDirect&Indirect
InternalAssignmentApplicableforSeptember2017Examination
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

Compute
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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