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Taxation- Direct and Indirect
1. Mr Amman started the Café Coffee Any Day Venture a year back. As a GST taxpayer he needs to maintain three ledgers, as specified for the tax scheme. He also appreciates the facilities with regard to making payment of GST through various options, on the GST portal. Discuss your understanding about the concept of E-ledger. Also, discuss the various options available for payment of tax on the GST common portal (4 +6 = 10 Marks)
SOLUTION:
Introduction:
The government introduced goods and Service Tax (GST) in the year 2017. Electronic Cash Ledger is a money record that contains stores that a citizen has made and any GST instalments made through money. Electronic ledgers are a form of a statement of the activities undertaken by the taxpayer under GST. These Electronic ledgers show the amount of GST Deposited in cash to the government, the Balance of Input Tax Credit Available, and liability payable after setting off the balance with money and Input Tax
2. Mr. Karan is a builder in Kolkata. He constructs residential quarters and let them to the employees so that he can carry on the work more effectively. He mentions that this letting down of quarters is an incidental act to the business. Decide the head of income under which such income will be taxable and explain, why? What would be your answer if by letting out of the residential quarter he earns 50000 rupees as rental income and the letting out activity is not incidental to the business, then, how such rental incomes will be assessed to tax? Give reasons for the same (10 Marks)
SOLUTION:
Introduction:
The income of an assessee in India is governed by the provisions of the Income-tax Act, 1961. The Act provides for five different heads under which the total gross income can be distributed. These heads are:
- Salary
- Capital gains
- House property
- Income from Business and Profession
- Income from Other sources
3. Mr. Samir Mehta is an employee in the Government law college who receives Rs 25000 per month as basic salary. Rs 200per month as Dearness allowance and Rs 500per month as entertainment allowance. Compute the salary income for the Assessment year 2021-22
a. Discuss the provisions regarding entertainment allowance and calculate the taxable entertainment allowance, if any (5 Marks)
SOLUTION:
Introduction:
Every taxpayer is eligible for certain deductions from the total gross income earned by him. These deductions help them to reduce the burden of tax that is leviable on their taxable income. However, specific allowances are available to the taxpayer but are taxable above some specified limits. The entertainment allowance available to a salaried employee is one such allowance.
b. If, he had paid the Medi -claim for his parents being the senior citizen Rs 35000 in cash; calculate the taxable salary post deduction, if any. (5 Marks)
Introduction:
As per the Income-tax Act, 1961, the taxable income of an assessee is calculated after deducting the various deductions available under Chapter -VI of the Act. These deductions are provided to encourage saving and investment among the assessee are intended to benefit the assessee by reducing his tax liability. One such deduction is available regarding medical insurance or Mediclaim payments under Section 80D of the Act.
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