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1. Dear students get fully solved assignments
Send your semester & Specialization name to our mail id :
help.mbaassignments@gmail.com
or
call us at : 08263069601
NMIMS Global Access
School for Continuing Education (NGA-SCE)
Course: Taxation - Direct & Indirect
Internal Assignment Applicable for December 2016 Examination
Assignment Marks: 30
Instructions:
 All Questions carry equal marks.
 All Questions are compulsory
 All answers to be explained in not more than 1000 words for question 1 and 2 and for
question 3in not more than 500 words for each subsection. Use relevant examples,
illustrations as far aspossible.
 All answers to be written individually. Discussion and group work is not advisable.
 Students are free to refer to any books/reference material/website/internet for attempting
theirassignments, but are not allowed to copy the matter as it is from the source of
reference.
 Students should write the assignment in their own words. Copying of assignments from
otherstudents is not allowed.

2. Question. 1. Mrs Mangla owns a house. It is given on rent to a post
office. Municipal value of the property is Rs230,000. Fair rent is
240,000 and standard rent is Rs 234,000.Muncipal taxes paid by
Mrs Mangla is Rs 50000 on March15,2015 and Rs 55000on
May15,2015. On May 1, 2015, rent is increased from Rs 15,000 to
20,000 per month with retrospective effect from April
1,2014Arrears of rent of 2014-15 are paid on May1, 2015. Find out
the income chargeable to tax for the assessment year 2015-16 and
2016-17. (10 Marks)
Answer: Let us state the information given:
1. Mrs Mangla owns a house which is given on rent to a post office. Municipal value of a
property is Rs 2,30,000. Fair rent is 2,40,000 and standard rent is 2,34,000.
2. Municipal taxes paid by Mrs Mangla isRs. 50,000 on March 15, 2015 and Rs. 55,000 on May
15, 2015.
3. On May 1, 2015 rent is increased from Rs. 15,000 to 20,000 per month with retrospective
effect from April 1, 2014.
4. Arrears of rent of 2014-15 are paid on May 1, 2015.
Now, we have to find income chargeable
Question. 2. Mr Amaar purchased a land for 50 lacs and a building
for 48 Lac for business purpose. He wants to claim depreciation on
both. As a tax consultant advise him and also explain the conditions
he should satisfy to claim depreciation.(10 Marks)
Answer:The procedure of claiming depreciation canofferyoudifferentresultsindifferentsituations.
Whenyouare goingto file depreciation claimthenthe most important thing that should be clear in
your mind is the use and variety of depreciation claim. In this case, Mr Amaar purchased a land for
50 lacs and a buildingfor48 Lac forbusinesspurpose.He wantstoclaimdepreciationon both. Well,
the most important thing to understand here is the fact that depreciation claim procedure is
different for both residential and commercial
Question. 3. a) ZARA International is a Spanish clothing and
accessories retailer based in Arteixo. The company established one
of its subsidiary company in India to sell the clothes and accessories
of the non-resident parent company. Can these intimate
connections between these two can be termed as business

3. connection? Elaborate and illustrate with regard to the same. (5
Marks)
Answer:ZARA International, a Spanish clothing firm and accessories retailer firm. Clothing and
accessories are connected to each other but in this case, the task is about the identification of
market possibilities of their business. Clothing and accessories both are different from each other
but still they relate to each other because they both make each other complete.
In the present time, customers
b) SecuritiesTransaction Tax (STT) is levied on every purchase or
sale of securities to stop tax avoidance of capital gains. Do all types
of securities/transactions falls in the scope of STT. Discuss the same
with the current rates of STT. (5 Marks)
Answer:STT or Securities Transaction Tax is levied on every single securitypurchase or sale to stop
tax ignorance of capital achievements. Itisreallyvery commonthatsecurities ortransactions falls in
general category of the scope of STT but it is also the fact that not all types of securities and
transactions will fall inthe categoryof STTscope.There are some typesof securities andtransactions
that fallunder the STTscope.
Dear students get fully solved assignments
Send your semester & Specialization name to our mail id :
help.mbaassignments@gmail.com
or
call us at : 08263069601