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    Taxation

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    Kavish Babla
    The document outlines an assignment for a Taxation Management course, providing the subject code and credits, along with 5 questions assessing various aspects of taxation. It requests calculations of capital gains tax, explanations of capital structure planning and dividend policy, comparisons of options for sale of business units, descriptions of service tax law and customs duty procedures, and a worked example of calculating customs duty amounts.

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    Taxation

    Uploaded by

    Kavish Babla
    25 views3 pages
    The document outlines an assignment for a Taxation Management course, providing the subject code and credits, along with 5 questions assessing various aspects of taxation. It requests calculations of capital gains tax, explanations of capital structure planning and dividend policy, comparisons of options for sale of business units, descriptions of service tax law and customs duty procedures, and a worked example of calculating customs duty amounts.

    Original Description:

    this is all about internal audit.

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    The document outlines an assignment for a Taxation Management course, providing the subject code and credits, along with 5 questions assessing various aspects of taxation. It requests calculations of capital gains tax, explanations of capital structure planning and dividend policy, comparisons of options for sale of business units, descriptions of service tax law and customs duty procedures, and a worked example of calculating customs duty amounts.

    Copyright:

    © All Rights Reserved
    Download as PDF, TXT or read online from Scribd
    Download as pdf or txt
    25 views3 pages

    Taxation

    Uploaded by

    Kavish Babla
    The document outlines an assignment for a Taxation Management course, providing the subject code and credits, along with 5 questions assessing various aspects of taxation. It requests calculations of capital gains tax, explanations of capital structure planning and dividend policy, comparisons of options for sale of business units, descriptions of service tax law and customs duty procedures, and a worked example of calculating customs duty amounts.

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    ASSIGNMENT

    DRIVE
    PROGRAM

    SUBJECT CODE &


    NAME
    BK ID
    CREDITS
    MARKS

    Fall 2015
    MBADS (SEM 3/SEM 5)
    MBAFLEX/ MBA (SEM 3)
    PGDFMN (SEM 1)
    MF0012 &
    TAXATION MANAGEMENT
    B1760
    4
    60

    Note: Answer all questions. Kindly note that answers for 10 marks questions should be approximately of 400
    words. Each question is followed by evaluation scheme.

    Q.No

    Questions

    Marks

    Total
    Marks

    Explain the objectives of tax planning. Discuss the factors to be considered in tax
    planning.

    Objectives of tax planning

    Factors in tax planning

    10

    Explain the categories in Capital assets.


    Mr. C acquired a plot of land on 15th June, 1993 for Rs.10,00,000 and sold it on 5th
    January, 2010 for Rs.41,00,000. The expenses of transfer were Rs.1,00,000.
    Mr. C made the following investments on 4th February, 2010 from the proceeds of the
    plot.
    a) Bonds of Rural Electrification Corporation redeemable after a period of three years,
    Rs.12,00,000
    b) Deposits under Capital Gain Scheme for purchase of a residential house Rs.8,00,000
    (he does not own any house)
    Compute the capital gain chargeable to tax for the AY2010-11.

    Explanation of categories of capital assets

    Calculation of indexed cost of acquisition

    Calculation of long term capital gain

    Calculation of taxable long term capital gain

    10

    Explain major considerations in capital structure planning. Write about the dividend
    policy and factors affecting dividend decisions.

    Explanation of factors of capital structure planning

    Explanation of dividend policy

    Factors affecting dividend decisions

    10

    X Ltd. has Unit C which is not functioning satisfactorily. The following are the details
    of its fixed assets:
    Asset
    Land
    Goodwill (raised in books on 31st March,
    2005)

    Date of
    acquisition

    Book value (`
    lakh)

    10th February,
    2003

    30
    10

    5th April, 1999

    Machinery

    40

    th

    Plant

    12 April, 2004

    20

    The written down value (WDV) is ` 25 lakh for the machinery, and
    15 lakh for the plant. The liabilities on this Unit on 31st March, 2011 are
    35 lakh.
    The following are two options as on 31st March, 2011:
    Option 1:

    Slump sale to Y Ltd for a consideration of 85 lakh.

    Option 2: Individual sale of assets as follows: Land ` 48 lakh, goodwill ` 20 lakh,


    machinery 32 lakh, Plant 17 lakh.
    The other units derive taxable income and there is no carry forward of loss or
    depreciation for the company as a whole. Unit C was started on 1st January, 2005.
    Which option would you choose, and why?

    Computation of capital gain for both the options

    Computation of tax liability for both the options

    Conclusion

    10

    Explain the Service Tax Law in India and concept of negative list. Write about the
    exemptions and rebates in Service Tax Law.

    Explanation of Service Tax Law in India

    Explanation of concept of negative list

    Explanation of exemptions and rebates in Service Tax Law

    10

    What do you understand by customs duty? Explain the taxable events for imported,
    warehoused and exported goods. List down the types of duties in customs.

    An importer imports goods for subsequent sale in India at $10,000 on assessable value
    basis. Relevant exchange rate and rate of duty are as follows:

    Particulars

    Date

    Exchange
    Rate Declared
    by CBE&C

    Rate of
    Basic
    Customs
    Duty

    ` 45/$

    8%

    ` 49/$

    10%

    Date of submission 25th February, 2010


    of bill of entry
    Date of entry
    inwards granted to
    the vessel

    5th March, 2010

    Calculate assessable value and customs duty.


    Meaning and explanation of customs duty

    Explanation of taxable events for imported, warehoused and

    exported goods

    Listing of duties in customs

    Calculation of assessable value and customs duty.

    10

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