May 12, 2012

MF0012 [Taxation Management] Set1 Assignments

Master of Business Administration
Semester 3
MF0012 – Taxation Management
Assignment
Set-1 (60 Marks)
3rd Sem Spring/Fall Assignments

Note: Each Question carries 10 marks. Answer all the questions. 

Q1. Tax planning may be effective in every area of business management. Discuss some of the important areas where tax planning may be attempted

Q2. When minors are not allowed to be employed under the Constitution of India, can a minor still have income? If yes then how? Analyse the exemption from income-tax available in the case of a minor child. 

Q3. Profit and Loss A/c of CS and Daughters, a partnership firm is as follows: Particulars 
Rs. 
Particulars 
Rs. 
Establishment and other expenses 
3,00,000 
Gross Profit 
6,60,000 
Interest on capital to partners @ 24% p.a. 
48,000 
Rent from House Property 
60,000 
Interest on loan to partners @ 20% 
20,000 
Interest from Government securities 
32,000 
Interest on loan to Mr. C @ 24% 
24,000 
Municipal taxes of let out house property 
10,000 
Repairs of the house property 
5,000 
Donations to National Children’s Fund 
10,000 
Remuneration to partners 
2,00,000 
Int. on money borrowed for investment in Govt. securities 
10,000 
Sales tax 
25,000 
Net Profit 
1,00,000 
7,52,000 
7,52,000 

Other Information: 
a) Out of municipal taxes of Rs. 10,000; Rs. 6,000 was payable on 31.3.2011 and the same was paid on 30.6.2011.
b) Sales tax includes a sum of Rs. 10,000 payable on 31.3.2011. Rs. 6,000 was paid on 31.7.2011 and Rs. 4,000 was paid on 30.11.20 although the due date of payment under the Sales Tax Act was 14.5.2011. 
Compute: 
a) The book profit 
b) The maximum amount of remuneration deductible u/s 40(b) 
c) The total income of the firm assuming that the maximum remuneration allowable u/s 40(b) is paid to the partners. 
d) Also state the income from the firm which will be taxable in the hands of the partners. 

Hint: Book profit= 2,79,000; maximum amount of remuneration=1,64,100; Total Income= 1,71,100; Total Income of each partner as business income =Rs.1, 00,050 

Q4. Write a note on income from capital gain.

Q5. Discuss the taxable services under the service tax. 

Q6. Sameer who is a person with disability submits the following information. Compute (a) the taxable income; (b) the tax payable for the assessment year 2010-11. 
Rs. 
i) Salary per annum 180,000 
ii) Rent received per month 3,500 
iii) Dividend from cooperative society 1,000 
iv) Interest on bank deposits 8,000 
v) Interest on Government securities 1,000 
vi) Winnings from lotteries (gross) 4,000 
vii) NSC (VIII issue) purchased during the year 10,000 
viii) Deposit under PPF Scheme 30,000 

He earned a long-term capital gain of Rs.12,000 on sale of gold during the year. 
Hint: Total Income = 145,400 ; Tax payable = 5710

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