NMIMS Taxation direct & Indirect Solved Assignment April 2023

Description

NMIMS Global Access
School for Continuing Education (NGA-SCE)
Course: Taxation- Direct and Indirect
Internal Assignment Applicable for April 2023 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 3 in not more than 500 words for each subsection. Use relevant examples,
illustrations as far as possible.
 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
their assignments, 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
other students is not allowed.
 Students should follow the following parameter for answering the assignment questions.

1. For the purpose of charging taxes, the Indian Income Tax Act, 1961 has identified and
defined the specific heads of income. The charging sections of each head defines the
scope of income to be charged under each head. Discuss precisely all the heads of income
as mentioned under the Income Tax Act 1961. (10 Marks)

2. Discuss the functions discharged by the GSTN in details (10 Marks)
3. Mrs Meera purchased a residential house property on August 6, 2019for R 30 lakhs. She
made certain capital expenditure for the house in the month of January 2020 for Rs2
lakhs. She disposed off the property in April 2021, for Rs 40Lakhs.
a. Discuss about the exemption available under section 54 (5 Marks)
b. Considering Section 54, Discuss the amount of exemption if any, amount of type of
capital gain taxable in the hands of Mrs. Meera if she purchased another property from
the sales proceed in the month of May 2021. (5 Marks)

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