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Internal
Assignment Applicable for April 2018 Examination
Taxation - Direct and Indirect
Q1. Dr Kabra is
planning to visit Singapore to attend a round table conference on Neurological
diseases. The conference is for 25 days. He wants to plan his tour in such a
manner that his residential status for the relevant previous year remains
unaffected. Discuss the charging section which governs the residential status
of an Individual? Further, what conditions he has to satisfy in order to remain
as Ordinary resident of India for the applicable assessment year.
Q2. From Income Tax
Preview, what factors every Company needs to consider while disbursement of
Salary to its Employees? In case of general CTC structure, on which types of
allowances management needs to consider tax imposition? Explain the same in
light of provisions applicable to the allowances which are fully taxable. What
if, an Individual receives salary from more than one employer during the same
previous year, how the same will be assessed at the year end? Provide
sufficient reasoning for your answer.
Q3a) Apart from
Normal Salary, House Rent, Income from Business / Profession and capital gain,
what could be other differential sources of Income for an Individual from
Income Tax Act point. of view. Conclude the same with relevant examples.
b) Mr. Pratik – a
Corporate Employee lives in New Delhi and earns a basic salary of Rs. 30,000
per month. The HRA component of his salary is Rs. 15,000 but the actual rent
paid by him is Rs. 10,000. How much exemption can he get? What steps Company
Management will undertake for calculation of this HRA exemption amount?
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