NMIMS 2018 MBA ASSIGNMENTS ABC Ltd.’s profit before tax as per P&L account was Rs. 240 crores. The following information was available regarding ABC Ltd on scrutiny
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SOLVED 2018 JUNE NMIMS
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NMIMS 2018 MBA ASSIGNMENTS
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PLAGIARISED ASSIGNMENTS
Taxation
– Direct and Indirect
1. Mr.
Fernandez has a portfolio of equity shares worth Rs. 2 crores by current market
valuation. He had inherited the shares from his father 10 years ago. He has
become extremely concerned about the introduction of 10% LTCG tax on equity
shares in this year’s Union Budget. Not sure about the impact of this newly introduced
tax, he is contemplating selling of all the shares before 31st March 2018, and
escaping the taxation. He has sought your opinion on this. Prepare a detailed
report citing the implications of the LTCG tax, and guide Mr. Fernandez in his
decision making. (10 Marks)
2. ABC
Ltd.’s profit before tax as per P&L account was Rs. 240 crores. The
following information was available regarding ABC Ltd on scrutiny: • During the
year, it had paid royalty of Rs. 40 crores to a German company, but TDS was not
deposited with the IT department till the time of filing income tax returns. •
For a bill of Rs. 30000, ABC Ltd made cash payment of Rs. 30000 to the vendor
on 29th January 2018. Critically analyze whether the above expenditures will be
allowed or disallowed as deductions, with reasons, discussing the applicable
sections. What will be the impact of such allowance / disallowance on the
computation of Profits and Gains from Business or Profession of ABC Ltd for the
AY 2018 – 19? (10 Marks)
3. A)
Harish, an Indian citizen, leaves India for the first time on May 22, 2015 for
London and returns on April 9, 2017, and stays in the country thereafter.
Determine the residential status of Harish for the assessment year 2018-19? (5
Marks)
3. B) During the assessment year 2018 – 19,
Harish (the above mentioned person) had the following details of income: (5
Marks) Particulars Amount (Rs.) Interest on UK Development Bonds (50% of the
interest amount is received in India) 100000 Income from a business in Chennai
2000000 LTCG on sale of shares of an Indian company 200000 Dividend from an
Indian Company 500000 Compute the taxable income in the hands of Harish for the
AY 2018 – 19.
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