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Taxation- Direct and Indirect
Question 1GST registration requires getting a unique number from the tax authorities for the purpose of collecting tax on behalf of the government. However, in certain cases certain persons are exempt from the GST registration.
Discuss in brief, about persons who need to get the Compulsory registration under the GST, and the persons who are exempted from GST registration even though their turnover exceeds 40 Lakhs (10 Marks) – 800 Words.
Solution:
Introduction
Registration under any act is one of the most elementary requirements for ensuring the person who is accountable under the act to make tax payment and comply with the norms. It is evident that under any taxation law, a registered person/entity has to necessarily ensure compliance with a whole lot of terms and conditions but when looking on the other side, the rebates, exemptions, and all other kinds of benefits are provided to a person registered under
Question 2
Currently, 500 employees are working in your organization. You applied for Tax deduction and collection account number so as to carry out various formalities in relation to deducting tax at source. With reference to above, discuss, any five obligations of a tax deduct or as specified under the Indian Income Tax Act (10 Marks) – 800 Words.
Solution:
Introduction
The basic fundamental of Indian Income Tax Laws is that the income earned by the assesses in the previous year is taxable in its relevant assessment year. The Indian Income Tax Act, 1961 sets out various modes of recovery of tax from the assessee in which either the assessee can make payment of his income tax liability himself or any other person prescribed will be obliged to pay the tax. When of tax liability is discharged by a person other than
Question 3 Mr Rahim purchased a property in Mumbai in the year 2000 for Rs. 15 lacs He sold the property on Dec 13th 2019, for Rs. 30 lacs. The fair market value of the property as on 1.4.2001 was 22 lacs.
a. Define and Calculate the indexed cost of acquisition (5 Marks) –
Define, Calculate and indicate the amount and type of gain or loss, if any
Given the relevant assessment year is 2020-2021.
Cost inflation index for the year 2001-02 is 100
Cost inflation index for the year 2018-19 is 280
Cost inflation index for the year 2019-20 is 289
Cost inflation index for the year 2020-21 is 301
(5 Marks)
Solution3(a).
Introduction
Section 48 Income Tax Act, 1961 sets out major parameters and conditions for the taxability of capital assets. As per section 2(14), a capital asset is a property of any nature held by the assessee, whether it is connected with the business or profession or not, and includes securities
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