Taxation-direct and indirect April 2024

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Assignment Sample Solution: Taxation-direct and indirect April 2024

NMIM$ Global Access

School for Continuing Education (NGA-SCE)

Course: Taxation-direct and indirect April 2024

Internal Assignment Applicable for April 2024 Examination

1) What do the following terms mean and how do they differ from one another: tax planning, tax avoidance, tax evasion, and tax management, and how do they affect an individual’s or business’s tax liabilities? (10 Marks)
2) David Warner, an Australian player visits India for 95 days in every financial year. This has been his practice for the past 15 financial years.
Find out residential status of David Warner for the assessment year 2023-24.
Would your answer change if the above facts relate to Ish Sodhi, an Indian Origin who resides in New Zealand and represents the New Zealand cricket team?
What would be your answer if David Warner had visited India for 130 days instead of 95 days every year, including P.Y.2021-22? (10 marks)
3) Ms. Ria, a resident individual in India, earned income during the financial year 2022-2023 from multiple sources. Her income details are as follows:
i. Salary income from her job: INR 6,00,000
ii. Interest income from a Fixed Deposit: INR 20,000
iii. Profit from the sale of shares: INR 50,000
iv. Rental income from a property: INR 1,80,000
Ms. Ria wants to understand the income tax implications of her earnings for the financial year 2022-2023. Can you help her with the following questions?
a) What are the various sources of income for Ms. Ria, and how will they be categorized under the Income Tax Act in India? (5 Marks)
b) How will her total taxable income and tax liability be calculated for the financial year 2022-2023? (5 Marks)
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