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INCOME
TAX MANAGEMENT
CASE STUDY : 1
Mr Bhatnagar an employee of
private limited company is drawing Rs 20,000 p.m. as basic salary, Rs 10,000
p.m. as DA (Forming part), Rs 3,000 p.m. as CCA, Rs 2,000 p.m. as lunch
allowance and Rs 25,000 p.a. towards leave travel concession (LTC),Professional
tax of Rs 1,000, LIC Premium of Rs 2,000 and Club bill of Rs 3,000 are paid by
the employer. The employee was provided with a motor car (big car), expenses met
by the employer. Calculate Income from Salary in the following cases.
Question :
1) Mr Bhatnagar as
specified employee working in Chennai.
2) Mr Bhatnagar as
unspecified employee working in Ahmedabad.
3) Explain the provisions
and exemptions available U/s 10 for Income from Salaries.
4) State the perquisites
which can be taxed only in the case of specified employees.
AN ISO 9001 : 2000 CERTIFIED
INTERNATIONAL B-SCHOOL
CASE STUDY : 2
Following are the incomes
of Mr Shinde for the previous year. Calculate his taxable
income on the assumption
that he is.
Question :
1) a) Ordinary Resident
b) Not Ordinary Resident
c) Non Resident
i) Profit from business
carried from Hyderabad Rs 50,000.
ii) Income accured in India
but received in Hongkong Rs 75,000.
iii) Past untaxed income
brought into India during this previous year Rs 42,000.
iv) Income from house
property situated in Srilanka Rs 48,000.
v) Income from agriculture
in USA Rs 1,00,000.
2) Explain the provisions
for finding the residence of an individual.
3) Explain “Every Resident
person is not necessarily an ordinarily Resident”.
4) When are the following
deemed to accrue or in India.
a) Income from business
connections
b) Salary
c) Interest
d) Dividend
e) Royalty
CASE STUDY : 3
Mrs Parab owns a house
which is let out for residential purposes. The construction of the house is
completed in June 2005. The annual letting value of the house is Rs 1,06,000.
Municipal tax is Rs 26,000. On 1-4-2003 she had borrowed Rs 60,000 at 15%
interest and spent it on the construction of the house, so far nothing has been
repaid.
Question :
1) Calculate her income
from house property.
2) Calculate interest on
borrowed capital
3) Explain “Annual Value”
U/s 23(1) of the Income Tax Act
4) State various expenses
and allowances that are deductible under the Income Tax Act
1961 to compute “Income
from House Property”.
CASE STUDY : 4
On 01/04/2008 a plant and
machinery has a WDV of Rs 6,50,000. On 1st August 2008 a new machinery costing
Rs 1,00,000 was purchased. Rs 75,000 worth of machinery was sold on 12/08/2008.
Question :
1) Calculate depreciation
that can be claimed for the current assessment year 2009- 2010 if rate of
depreciation is 15%. The assessee is engaged in the manufacture of computer
posts.
2) Discuss and explain the
provisions in respect of depreciation allowable under the Income Tax Act.
3) Explain in detail about
depreciation on Foreign car.
4) Explain the basic
principle regarding computation of `Income from Business or
Profession’.
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Project Report and Thesis contact
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