Description
Assignment Sample Solution: Taxation-direct and indirect September 2024
NMIM$ Global Access
School for Continuing Education (NGA-SCE)
Course: Taxation-direct and indirect September 2024
Internal Assignment Applicable for September 2024 Examination
Q1. How does the implementation of Goods and Services Tax (GST) resonate with the concept of
‘one nation, one tax’, and what are its implications for businesses and consumers in simplifying the
indirect tax system of the country? (10 Marks)
Q2. The following are the particulars of income of Ms. Sushmita for the previous year ended 31st
March 2023. She is employed in a private institution.
1. Basic Salary Rs.9000 p.m.
2. Bonus equal to 2 months’ salary
3. Tiffin allowance Rs. 150 p.m.
4. Entertainment allowances Rs. 120 pm
5. Employee’s contribution to RPF @ 15% of salary.
6. Employer’s contribution to RPF @ 15% of the salary.
7. Interest credited to the provident fund @ 9.5% p.a is Rs. 5600
8. She is provided with free lunch in office. The cost per meal is Rs. 30.
9. The employer has given her a small car which she uses for personal as well as official
purpose. She meets the expenses of the car which is used for personal purposes.
Compute her income from salary for the assessment year 2023-24. (10 Marks)
Q3.
a) How does the Income Tax Act of 1961 elaborate on the criteria and conditions that determine
the residential status of an individual for the purposes of taxation within India?
(5 Marks)
b) Considering the case of Mr. Potter, a foreign national, who arrived in India for the first time on
June 15, 2017. Over the financial years 2017-18, 2018-19, 2019-20, 2020-21, 2021-22 and 2022-
23 he spent 120 days, 115 days, 15 days, 191 days, 124 days, and 80 days in India, respectively.
Determine Mr. Potter’s residential status for the Assessment Year 2023-2024. (5 Marks)
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